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Q2
LMNR
LIMONEIRA CO
false
Accelerated Filer
2012
10-Q
2012-04-30
0001342423
--10-31
795000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>18. Sheldon Ranches Operating Leases</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In January 2012, the Company entered into a series of operating
leases for approximately 1,000 acres of lemon, orange, specialty
citrus and other crop orchards in Lindsay, California. Each of the
leases is for a ten-year term and provides for four five-year
renewal options with an aggregate base rent of approximately
$500,000 per year. The leases also contain profit share
arrangements with the lessors as additional rent on each of the
properties and a provision for the potential purchase of the
properties by Limoneira in the future. In accordance with the terms
of the lease agreements, Limoneira will not share in the citrus
crop revenue in its fiscal year ending October 31, 2012. The
Company incurred $115,000 and $159,000 of net lease expense in the
three and six month periods ended April 30, 2012, respectively.</p>
</div>
6000
116000
88000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>16. Stockholders’ Equity</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
As of April 30, 2012, there are 7,810 shares of common stock issued
to employees in connection with a discontinued stock option plan.
Such shares are subject to repurchase by the Company and constitute
a liability due to the repurchase obligation. Reductions of
stock-based compensation of approximately $3,000 and $4,000 were
recorded in the six months ended April 30, 2012 and 2011,
respectively, to reflect the fair value of the repurchase
obligation. In February 2012, the Company repurchased 7,500 shares
for approximately $6,000 in accordance with this repurchase
obligation. The repurchase obligation of $6,000 and $17,000 is
included in other long-term liabilities in the Company’s
consolidated balance sheets at April 30, 2012 and October 31, 2011,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In January 2012, members of management exchanged 10,679 shares of
common stock with a fair market value of $17.77 per share (at the
date of the exchange) for the payment of payroll taxes associated
with the vesting of shares under the Company’s stock-based
compensation programs. The Company recognized $137,000 and $101,000
of stock-based compensation to management during the three months
ended April 30, 2012 and 2011, respectively. The Company recognized
$273,000 and $327,000 of stock-based compensation to management
during the six months ended April 30, 2012 and 2011,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In January 2012, 9,999 shares of common stock were granted to the
Company’s non-employee directors under the Company’s
stock-based compensation plans. The Company recognized zero
stock-based compensation to non-employee directors during each of
the three month periods ended April 30, 2012 and 2011. The Company
recognized $180,000 of stock-based compensation to non-employee
directors during each of the six month periods ended April 30, 2012
and 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In February 2012, members of management exchanged 316 shares of
common stock with a fair market value of $18.08 per share (at the
date of the exchange) for the repayment of notes issued in relation
to payroll taxes associated with the vesting of shares under the
Company’s stock-based compensation programs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
On May 22, 2012, the Company’s board of directors authorized
a donation of $100,000 of the Company’s common stock to the
Museum of Ventura County (the “Museum”), a California
non-profit corporation. The shares will be issued on June 30, 2012
and the number of shares will be based on the stock price on that
date. The donation is to be used by the Museum to establish and
operate an agriculture museum in Santa Paula, California depicting
the history of agriculture in Ventura County.</p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>15. Other Long-term Liabilities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Other long-term liabilities consist of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
October 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt; text-align: justify">
Minimum pension liability</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
5,188,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
5,474,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Fair value
liability on derivatives</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">3,512,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">2,352,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">
Other</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
54,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
66,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
8,754,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
7,892,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
</div>
1098000
-3902000
52000
208000
4693000
91000
26333000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>17. Segment Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company operates in three reportable operating segments:
agribusiness, rental operations and real estate development.
The reportable operating segments of the Company are strategic
business units with different products and services, distribution
processes and customer bases. The agribusiness segment includes
farming and citrus packing operations. The rental
operations segment includes residential and commercial rental
operations, leased land and organic recycling. The real estate
development segment includes real estate development operations.
The Company measures operating performance, including revenues and
earnings, of its operating segments and allocates resources based
on its evaluation. The Company does not allocate selling, general
and administrative expense, other income (expense), interest
expense and income tax expense, or specifically identify them to
its operating segments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
Segment information for the three months ended April 30, 2012:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Agribusiness</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Rental<br />
Operations</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Real Estate<br />
Development</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Corporate <br />
and Other</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 30%; font-size: 10pt">Revenues</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
15,046,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,006,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
44,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
–</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
16,096,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Costs and
expenses</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">11,294,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">437,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">228,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">2,459,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">14,418,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Depreciation and amortization</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
386,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
93,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
13,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
54,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
546,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Operating income (loss)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
3,366,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
476,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(197,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(2,513,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,132,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
Segment information for the three months ended April 30, 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Agribusiness</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Rental<br />
Operations</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Real Estate<br />
Development</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Corporate <br />
and Other</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 30%; font-size: 10pt">Revenues</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
11,463,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
996,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
51,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
–</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
12,510,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Costs and
expenses</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">9,378,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">440,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">346,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">2,163,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">12,327,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Depreciation and
amortization</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">362,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">92,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">21,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">57,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">532,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Impairment charges</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
–</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
–</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,196,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
–</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,196,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Operating income (loss)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,723,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
464,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(1,512,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(2,220,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(1,545,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
The following table sets forth revenues by category, by segment for
the three months ended:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 66%; font-size: 10pt; text-align: justify">
Lemons</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 13%; font-size: 10pt; text-align: right">
12,398,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 13%; font-size: 10pt; text-align: right">
8,817,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Avocados</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">601,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">369,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Navel and Valencia
oranges</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">788,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">849,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">
Specialty citrus and other crops</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,259,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,428,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Agribusiness
revenues</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">15,046,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">11,463,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Rental
operations</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">579,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">565,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Leased land</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">380,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">386,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Organic
recycling and other</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
47,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
45,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Rental operations
revenues</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,006,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">996,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Real
estate development revenues</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
44,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
51,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total
revenues</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
16,096,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
12,510,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
Segment information for the six months ended April 30, 2012:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Agribusiness</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Rental<br />
Operations</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Real Estate<br />
Development</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Corporate <br />
and Other</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 30%; font-size: 10pt">Revenues</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
24,248,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,997,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
88,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
–</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
26,333,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Costs and
expenses</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">22,322,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">913,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">463,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">5,177,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">28,875,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Depreciation and amortization</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
748,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
185,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
26,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
107,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,066,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Operating income (loss)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
1,178,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
899,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(401,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(5,284,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(3,608,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
Segment information for the six months ended April 30, 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Agribusiness</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Rental<br />
Operations</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Real Estate<br />
Development</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">
Corporate<br />
and Other</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 30%; font-size: 10pt">Revenues</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
16,338,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,966,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
107,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
–</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
18,411,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Costs and
expenses</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">16,618,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">911,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">614,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">5,054,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">23,197,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Depreciation and
amortization</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">760,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">181,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">43,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">116,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,100,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Impairment of real estate assets</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
–</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
–</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,196,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
–</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
1,196,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">
Operating (loss) income</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(1,040,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
874,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(1,746,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(5,170,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
(7,082,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
The following table sets forth revenues by category, by segment for
the six months ended:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 66%; font-size: 10pt; text-align: justify">
Lemons</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 13%; font-size: 10pt; text-align: right">
20,165,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 13%; font-size: 10pt; text-align: right">
11,908,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Avocados</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">725,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">375,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Navel and Valencia
oranges</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,288,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,793,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">
Specialty citrus and other crops</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,070,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
2,262,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Agribusiness
revenues</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">24,248,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">16,338,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Rental
operations</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,138,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,115,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Leased land</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">758,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">761,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Organic
recycling and other</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
101,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
90,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Rental operations
revenues</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,997,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,966,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Real
estate development revenues</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
88,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
107,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total
revenues</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
26,333,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
18,411,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>9. Long-Term Debt</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Long-term debt is comprised of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
October 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: justify">
Rabobank revolving credit facility secured by property with a net
book value of $12,260,000 at<br />
April 30, 2012 and October 31, 2011. The interest rate is variable
based on the one-month<br />
London Interbank Offered Rate (LIBOR), which was 0.24% at April 30,
2012 plus 1.50%.<br />
Interest is payable monthly and the principal is due in full in
June 2018.</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
62,008,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
53,802,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; text-indent: -9pt; padding-left: 9pt">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">
Farm Credit West term loan secured by property with a net book
value of $11,632,000 at<br />
April 30, 2012 and $11,638,000 at October 31, 2011. The interest
rate is variable and was<br />
3.25% at April 30, 2012. The loan is payable in quarterly
installments through November 2022.</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">5,978,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">6,208,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; text-indent: -9pt; padding-left: 9pt">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">
Farm Credit West term loan secured by property with a net book
value of $11,632,000 at<br />
April 30, 2012 and $11,638,000 at October 31, 2011. The interest
rate is variable and was<br />
3.25% at April 30, 2012. The loan is payable in monthly
installments through May 2032.</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">877,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">892,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; text-indent: -9pt; padding-left: 9pt">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">
Farm Credit West non-revolving line of credit secured by property
with a net book value of<br />
$3,852,000 at April 30, 2012 and $3,839,000 at October 31, 2011.
The interest rate is variable<br />
and was 3.50% at April 30, 2012. Interest is payable monthly and
the principal is due in full in<br />
May 2013 (replaced with new non-revolving line of credit maturing
May 2018).</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">12,966,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">12,966,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; text-indent: -9pt; padding-left: 9pt">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">
Farm Credit West term loan secured by property with a net book
value of $18,841,000 at<br />
April 30, 2012 and $18,867,000 at October 31, 2011. The interest
rate is fixed at 3.65% until<br />
November 2014, becoming variable for the remainder of the loan. The
loan is payable in<br />
monthly installments through October 2035.</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
8,891,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
9,003,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-indent: -9pt; padding-left: 9pt">
Subtotal</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">90,720,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">82,871,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">
Less current portion</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
748,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
736,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">
Total long-term debt, less current portion</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
89,972,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
82,135,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In November 2011, the Company entered into a Second Amendment to
Amended and Restated Line of Credit Agreement dated as of December
15, 2008, between the Company and Rabobank in order to (i) increase
the revolving line of credit from $80,000,000 to the lesser of
$100,000,000 or 60% of the appraised value of any real estate
pledged as collateral, which was $87,000,000 at April 30, 2012,
(ii) amend the interest rate such that the line of credit bears
interest equal to LIBOR plus 1.80% effective July 1, 2013 and (iii)
extend the maturity date from June 30, 2013 to June 30, 2018. The
Company is subject to an annual financial covenant and certain
other restrictions measured at its fiscal year end.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
On May 1, 2012, the Company entered into a new non-revolving line
of credit facility with Farm Credit West (the “New Loan
Agreement”), replacing the existing non-revolving line of
credit. The terms of the New Loan Agreement are substantially
similar to the existing line of credit including a commitment of
$13,000,000 and monthly interest only payments at a variable rate,
which was 3.50% as of May 1, 2012. The New Loan Agreement extends
the maturity date from May 2013 until May 2018, removes Windfall
Farms, LLC as a borrower under the agreement and requires the
Company remit to Farm Credit West special principal payments of a
minimum of $175,000 per lot sold on the Windfall Investors, LLC
real estate development project.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Interest is capitalized on non-bearing orchards, real estate
development projects and significant construction in progress. The
Company capitalized interest of $665,000 and $549,000 during the
three months ended April 30, 2012 and 2011, respectively and
$1,372,000 and $1,148,000 during the six months ended April 30,
2012 and 2011, respectively. Capitalized interest is included in
property, plant and equipment and real estate development assets in
the Company’s consolidated balance sheets.</p>
</div>
29941000
131000
-3024000
489000
98000
-292000
131000
-205000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>11. Basic and Diluted Net Income per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Basic net income per common share is calculated using the
weighted-average number of common shares outstanding during the
period without consideration of the dilutive effect of stock-based
compensation. Diluted net income per common share is calculated
using the weighted-average number of common shares outstanding plus
the dilutive effect of stock-based compensation calculated using
the treasury stock method. Diluted weighted-average shares were
zero for each of the three month periods ended April 30, 2012 and
2011 and zero for each of the six month periods ended April 30,
2012 and 2011, respectively. The Series B convertible preferred
shares are anti-dilutive.</p>
</div>
23070000
700000
-3239000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>6. Investment in Calavo Growers, Inc.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In June 2005, the Company entered into a stock purchase agreement
with Calavo. Pursuant to this agreement, the Company purchased
1,000,000 shares, or approximately 6.9%, of Calavo’s common
stock for $10,000,000 and Calavo purchased 172,857 shares, or
approximately 15.1%, of the Company’s common stock for
$23,450,000. Under the terms of the agreement, the Company received
net cash consideration of $13,450,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">In fiscal year 2009, the Company sold
335,000 shares of Calavo stock for a total of $6,079,000,
recognizing a gain of $2,729,000. The Company has classified its
marketable securities investment as available-for-sale.</font>
<font style="font-size: 10pt">Additionally, changes in the fair
value of the available-for-sale securities result in unrealized
holding gains or losses for the remaining shares held by the
Company. The Company recorded unrealized holding gains (losses) of
$984,000 ($592,000 net of tax) and ($1,383,000) (($833,000), net of
tax), during the three months ended April 30, 2012 and 2011,
respectively. The Company recorded unrealized holding gains
(losses) of $4,063,000 ($2,446,000 net of tax) and ($599,000)
(($362,000) net of tax), during the six months ended April 30, 2012
and 2011, respectively.</font></p>
</div>
451000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>Preface </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The preparation of the unaudited interim consolidated financial
statements requires management to make use of estimates and
assumptions that affect the reported amount of assets and
liabilities, revenue and expenses and certain financial statement
disclosures. Actual results may differ from these estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The unaudited interim consolidated financial statements for the
three and six months ended April 30, 2012 and 2011 and balance
sheet as of April 30, 2012 included herein have not been audited by
an independent registered public accounting firm, but in
management’s opinion, all adjustments (consisting of normal
recurring adjustments) necessary to make a fair statement of the
financial position at April 30, 2012 and the results of operations
and the cash flows for the periods presented herein have been made.
The results of operations for the three and six months ended April
30, 2012 are not necessarily indicative of the operating results
expected for the full fiscal year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The consolidated balance sheet at October 31, 2011 included herein
has been derived from the audited consolidated financial statements
at that date but does not include all of the information and
footnotes required by U.S. generally accepted accounting principles
for complete financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The unaudited interim consolidated financial statements included
herein have been prepared pursuant to the rules and regulations of
the U.S. Securities and Exchange Commission (the
“SEC”). Although we believe the disclosures made are
adequate to make the information presented not misleading, certain
information and footnote disclosures normally included in financial
statements prepared in accordance with U.S. generally accepted
accounting principles have been condensed or omitted pursuant to
such rules or regulations. These unaudited interim consolidated
financial statements should be read in conjunction with the October
31, 2011 consolidated financial statements and notes thereto
included in the Company’s Form 10-K for the fiscal year ended
October 31, 2011.</p>
</div>
-0.20
1780000
-400000
0.06
15000
328000
246000
-912000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>8. Other Assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Other assets consist of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
October 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt; text-align: justify">
Investments in mutual water companies</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,765,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,480,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify">Acquired water and
mineral rights</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,536,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,536,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify">Definite-lived
intangibles and other assets</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,474,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">1,293,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">
Revolving funds and memberships</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
358,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
373,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
5,133,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
4,682,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>20. Subsequent Events</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has evaluated events subsequent to April 30, 2012
to assess the need for potential recognition or disclosure in this
Quarterly Report on Form 10-Q. Based upon this evaluation, it was
determined that no subsequent events occurred that require
recognition or disclosure in the unaudited consolidated financial
statements.</p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>14. Retirement Plans</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Limoneira Company Retirement Plan (the “Plan”) is a
noncontributory, defined benefit, single employer pension plan,
which provides retirement benefits for all eligible employees of
the Company. Benefits paid by the Plan are calculated based on
years of service, highest five-year average earnings, primary
Social Security benefit and retirement age. Effective June 2004,
the Company froze the Plan and no additional benefits accrued to
participants subsequent to that date. The Plan is administered by
City National Bank and Mercer Human Resource Consulting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Plan is funded consistent with the funding requirements of
federal law and regulations. There were funding contributions of
$159,000 and $121,000 during the three month periods ended April
30, 2012 and 2011, respectively, and $266,000 and $121,000 during
the six month periods ended April 30, 2012 and 2011,
respectively. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
The net periodic pension costs for the Plan for the three months
ended April 30 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt; text-align: left">Service
cost</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
37,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
37,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Interest cost</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">201,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">213,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Expected return on
plan assets</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">(248,000</td>
<td style="font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">(248,000</td>
<td style="font-size: 10pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Recognized actuarial loss</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
205,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
224,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net
periodic pension cost</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
195,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
226,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The net periodic pension costs for the Plan for the six months
ended April 30 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b> </b></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt; text-align: left">Service
cost</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
73,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
74,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Interest cost</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">402,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">425,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left">Expected return on
plan assets</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">(495,000</td>
<td style="font-size: 10pt; text-align: left">)</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">(497,000</td>
<td style="font-size: 10pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Recognized actuarial loss</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
409,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
449,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net
periodic pension cost</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
389,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
451,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
</div>
10846000
3774000
-2072000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>7. Notes Receivable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
To finance tenant improvements in connection with the lease of a
retail facility, the Company recorded a note receivable in May 2007
of $350,000. This note is unsecured and originally matured in May
2012. In April 2012, the borrower exercised an option to extend the
note an additional five years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In connection with the Company’s stock grant program, the
Company has recorded total notes receivable and accrued interest
from certain related parties of $57,000 and $92,000 at April 30,
2012 and October 31, 2011, respectively.</p>
</div>
369000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>2. Summary of Significant Accounting Policies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>Recently Adopted Accounting Pronouncements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<i>FASB ASU 2011-04, Fair Value Measurement (Topic 820).</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In May 2011, the <font style="color: black">Financial
Accounting Standards Board</font> (“FASB”) issued
<font style="color: black">Accounting Standards Update
(“</font>ASU”) 2011-04, <i>Amendments to Achieve Common
Fair Value Measurement and Disclosure Requirements in U.S. GAAP and
IFRS</i>, which amends ASC 820, <i>Fair Value Measurement</i>. The
amended guidance changes the wording used to describe many
requirements in U.S. GAAP for measuring fair value and for
disclosing information about fair value measurements. Additionally,
the amendments clarify the FASB’s intent about the
application of existing fair value measurement requirements. The
guidance provided in ASU 2011-04 is effective for interim and
annual periods beginning after December 15, 2011 and is
applied prospectively. The Company’s adoption of these
provisions in the second quarter of fiscal year 2012 did not have a
material impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>Recent Accounting Pronouncements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<i>FASB ASU 2011-05, Comprehensive Income (Topic 220).</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In June 2011, the FASB issued guidance regarding the
presentation of comprehensive income. The new standard requires the
presentation of comprehensive income, the components of net income
and the components of other comprehensive income either in a single
continuous statement of comprehensive income or in two separate but
consecutive statements. The new standard also requires presentation
of adjustments for items that are reclassified from other
comprehensive income to net income in the statement where the
components of net income and the components of other comprehensive
income are presented. The updated guidance is effective on a
retrospective basis for financial statements issued for fiscal
years, and interim periods within those fiscal years, beginning
after December 15, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 <b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In December 2011, the FASB issued ASU 2011-12, <i>Comprehensive
Income (Topic 220),</i> to defer the effective date for those
aspects of ASU 2011-05 relating to the presentation of
reclassification adjustments out of accumulated other comprehensive
income. The adoption of this standard will only impact the
presentation of the Company’s consolidated financial
statements and will have no impact on the reported results of
operations.</p>
</div>
15000
-2203000
355000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>10. Derivative Instruments and Hedging Activities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
The Company enters into interest rate swaps to minimize the risks
and costs associated with its financing activities. Derivative
financial instruments are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Notional Amount</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Fair Value Liability</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
October 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
October 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 44%; font: 10pt Times New Roman, Times, Serif; text-align: justify">
Pay fixed-rate, receive floating-rate interest<br />
rate swap, maturing June 2013</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
42,000,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
42,000,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
1,727,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
2,352,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Pay fixed-rate,
receive floating-rate forward interest rate swap, beginning July
2013 until June 2018</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">40,000,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">-</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">1,785,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">-</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">In April 2010, the Company cancelled
two interest rate swaps with notional amounts of $10,000,000 each
and amended the remaining interest rate swap from a notional amount
of $22,000,000 to a notional amount of $42,000,000. This remaining
interest rate swap was also amended to a pay-fixed rate of 3.63%,
which is 62 basis points lower than the original pay-fixed rate.
The receive floating-rate and maturity date of the amended interest
rate swap remain unchanged.</font> <font style="font-size: 10pt">The Company did not incur any out-of-pocket fees
related to the cancellation or amendment of these interest rate
swaps.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
These interest rate swaps previously qualified as cash flow hedges
and were accounted for as hedges under the short-cut method. On the
amendment date of the swap agreements, the fair value liability and
the related accumulated other comprehensive loss balance was
$2,015,000. The accumulated other comprehensive loss balance is
being amortized and included in interest income from derivative
instruments over the remaining period of the original swap
agreements. Amortization for each of the three month periods ended
April 30, 2012 and 2011 was $135,000. Amortization for the six
month periods ended April 30, 2012 and 2011 was $270,000 and
$289,000, respectively. The remaining accumulated other
comprehensive loss balance is $632,000, net of amortization of
$1,383,000 at April 30, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
As a result of the re-negotiated terms of the derivatives above,
the remaining interest rate swap with a notional amount of
$42,000,000 no longer qualified for hedge accounting as of April
30, 2010. Therefore, mark to market adjustments to the underlying
fair value liability are being recorded in interest income
(expense) from derivative instruments and the liability balance
continues to be recorded in other long-term liabilities in the
Company’s consolidated balance sheets. The mark to market
adjustments recognized by the Company during the three month
periods ended April 30, 2012 and 2011 resulted in non-cash interest
income of $331,000 and $173,000, respectively. The mark to market
adjustments recognized by the Company during the six month periods
ended April 30, 2012 and 2011 resulted in non-cash interest income
of $625,000 and $804,000, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In November 2011, the Company entered into a forward interest rate
swap agreement with Rabobank International, Utrecht to fix the
interest rate at 4.30% on $40,000,000 of its outstanding borrowings
under the Rabobank line of credit beginning July 2013 until June
2018. This interest rate swap qualifies as a cash flow hedge and is
accounted for as a hedge under the short-cut method. Therefore, the
fair value adjustments to the underlying debt are deferred and
included in accumulated other comprehensive income (loss) and the
liability is being recorded in other long-term liabilities in the
Company’s consolidated balance sheet at April 30, 2012.</p>
</div>
-0.20
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>1. Business</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Limoneira Company, a Delaware Company (the “Company”),
engages primarily in growing citrus and avocados, picking and
hauling citrus and packing, marketing and selling lemons. The
Company is also engaged in housing and other rental operations and
real estate development activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company markets and sells lemons directly to foodservice,
wholesale and retail customers throughout the United States,
Canada, Asia and other international markets. The Company is a
member of Sunkist Growers, Inc. (“Sunkist”), an
agricultural marketing cooperative, and sells its oranges,
specialty citrus and other crops to Sunkist-licensed and other
third-party packinghouses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company sells all of its avocado production to Calavo Growers,
Inc. (“Calavo”), a packing and marketing company listed
on NASDAQ under the symbol CVGW. Calavo’s customers include
many of the largest retail and foodservice companies in the United
States and Canada. The Company’s avocados are packed by
Calavo, sold and distributed under Calavo brands to its customers
primarily in the United States and Canada.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The unaudited interim consolidated financial statements include the
accounts of the Company and the accounts of all the subsidiaries
and investments in which a controlling interest is held by the
Company. The unaudited interim consolidated financial statements
represent the consolidated balance sheets, consolidated statements
of operations, consolidated statements of comprehensive income
(loss) and consolidated statements of cash flows of the Company and
its wholly-owned subsidiaries. The Company’s subsidiaries
include: Limoneira Land Company, Limoneira Company International
Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC
and Templeton Santa Barbara, LLC. All significant intercompany
balances and transactions have been eliminated in consolidation.
The Company considers the criteria established under the Financial
Accounting Standards Board – Accounting Standards Code
(“FASB ASC”) 810, <i>Consolidations,</i> and the effect
of variable interest entities, in its consolidation process. These
unaudited consolidated financial statements should be read in
conjunction with the notes thereto included in this quarterly
report.</p>
</div>
1066000
24248000
-3608000
3872000
1997000
-246000
5284000
-1195000
39000
11203000
866000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>3. Fair Value Measurements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Under the FASB ASC 820, <i>Fair Value Measurement and
Disclosures</i>, a fair value measurement is determined based on
the assumptions that a market participant would use in pricing an
asset or liability. A three-tiered hierarchy draws distinctions
between market participant assumptions based on (i) observable
inputs such as quoted prices in active markets (Level 1), (ii)
inputs other than quoted prices in active markets that are
observable either directly or indirectly (Level 2) and (iii)
unobservable inputs that require the Company to use present value
and other valuation techniques in the determination of fair value
(Level 3).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
The following table sets forth the Company’s financial assets
and liabilities as of April 30, 2012, that are measured on a
recurring basis during the period, segregated by level within the
fair value hierarchy:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Level 1</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Level 2</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Level 3</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">Assets at fair value:</td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 44%; font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 27pt">
Available- for -sale securities</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
19,072,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
–</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
–</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
19,072,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Liabilities at fair
value:</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-indent: -0.25in; padding-left: 27pt">
Derivatives</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">–</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">3,512,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">–</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">3,512,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Available-for-sale securities consist of marketable securities in
Calavo common stock. The Company currently owns approximately 4.5%
of Calavo’s outstanding common stock. These securities are
measured at fair value by quoted market prices. Calavo’s
stock price at April 30, 2012 was $28.68 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Derivatives consist of interest rate swaps, the fair values of
which are estimated using industry-standard valuation models. Such
models project future cash flows and discount the future amounts to
a present value using market-based observable inputs. The fair
value of the interest rate swaps is included in other long-term
liabilities in the consolidated balance sheets.</p>
</div>
45000
-5000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>13. Income Taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company’s projected annual effective tax rate for fiscal
year 2012 is approximately 34.0%. As such, a 34.3% effective tax
rate, after certain discrete items, was utilized by the Company for
the second quarter of fiscal year 2012 to calculate its income tax
provision.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
There has been no material change to the Company’s uncertain
tax position for the three and six month periods ended April 30,
2012. The Company does not expect its unrecognized tax benefits to
change significantly over the next 12 months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company’s policy is to recognize interest expense and
penalties related to income tax matters as a component of income
tax expense. The Company has not accrued any interest and penalties
associated with uncertain tax positions as of April 30, 2012 and
October 31, 2011.</p>
</div>
1770000
195000
-28000
2446000
355000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>12. Related-Party Transactions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company rents certain of its residential housing assets to
employees on a month-to-month basis. The Company recorded $144,000
and $141,000 of rental income from employees in the three months
ended April 30, 2012 and 2011, respectively. The Company recorded
$266,000 and $262,000 of rental income from employees in the six
months ended April 30, 2012 and 2011, respectively. There were no
rental payments due from employees at April 30, 2012 and October
31, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has representation on the boards of directors of the
mutual water companies in which the Company has investments. The
Company recorded capital contributions and purchased water and
water delivery services from such mutual water companies, in
aggregate, of $127,000 and $84,000 in the three months ended April
30, 2012 and 2011, respectively. The Company recorded capital
contributions and purchased water and water delivery services from
such mutual water companies, in aggregate, of $657,000 and $400,000
in the six months ended April 30, 2012 and 2011, respectively. Such
amounts are included in agribusiness expense in the Company’s
consolidated statements of operations. Payments due to the mutual
water companies were, in aggregate, $307,000 and $25,000 at April
30, 2012 and October 31, 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has a presence on the board of directors of a
non-profit cooperative association that provides pest control
services for the agricultural industry. The Company purchased
services and supplies of $53,000 and $114,000 from the association
in the three months ended April 30, 2012 and 2011, respectively.
The Company purchased services and supplies of $486,000 and
$477,000 from the association in the six months ended April 30,
2012 and 2011, respectively. Such amounts are included in
agribusiness expense in the Company’s consolidated statements
of operations. Payments due to the association were zero and
$37,000 at April 30, 2012 and October 31, 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company recorded dividend income of $366,000 in each of the six
month periods ended April 30, 2012 and 2011, respectively, on its
investment in Calavo, which is included in other income (expense),
net in the Company’s consolidated statements of operations.
The Company had $601,000 and $369,000 of avocado sales to Calavo
for the three months ended April 30, 2012 and 2011, respectively.
The Company had $725,000 and $375,000 of avocado sales to Calavo
for the six months ended April 30, 2012 and 2011, respectively.
Such amounts are included in agribusiness revenues in the
Company’s consolidated statements of operations.
Additionally, the Company leases office space to Calavo and
received rental income of $66,000 and $62,000 in the three months
ended April 30, 2012 and 2011, respectively. The Company received
rental income from Calavo of $131,000 and $122,000 in the six
months ended April 30, 2012 and 2011, respectively. Such amounts
are included in rental revenues in the Company’s
consolidated statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Certain members of the Company’s Board of Directors market
lemons through the Company pursuant to its customary marketing
agreements. During the three months ended April 30, 2012 and 2011,
the aggregate amount of lemons procured from entities owned or
controlled by members of the Board of Directors was $388,000 and
$307,000, respectively, During the six months ended April 30, 2012
and 2011, the aggregate amount was $473,000 and $341,000,
respectively. Such amounts are included in agribusiness expense in
the accompanying consolidated statements of operations. Payments
due to these Board members were $266,000 and $125,000 at April 30,
2012 and October 31, 2011, respectively.</p>
</div>
11203000
6921000
21000
18695000
96000
270000
-4063000
39000
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>19. Agriculture Property Acquisitions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
In April 2012, the Company purchased land for use as a citrus
orchard and also entered into a separate agreement to acquire an
additional citrus orchard for purchase prices of $430,000 and
$800,000, respectively, paid or to be paid in cash. The
acquisitions are for 60 and 65 acres of agricultural property,
respectively, and both properties are located in close proximity to
the Company’s existing orchards in Porterville, California.
The acquired citrus orchard was accounted for as an asset purchase
with substantially the entire purchase price allocated to land and
included in property, plant and equipment on the Company’s
consolidated balance sheet at April 30, 2012. The second
acquisition was in escrow at April 30, 2012.</p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>5. Real Estate Development Assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Real estate development assets consist of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
April 30,<br />
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
October 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td colspan="2" style="font-size: 10pt; text-align: right">
 </td>
<td style="font-size: 10pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 72%; font-size: 10pt; text-align: left">East
Areas 1 and 2</td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
45,746,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
<td style="width: 2%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left">$</td>
<td style="width: 10%; font-size: 10pt; text-align: right">
44,431,000</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left">Templeton Santa
Barbara, LLC</td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">9,831,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td>
<td style="font-size: 10pt; text-align: right">9,325,000</td>
<td style="font-size: 10pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">
Windfall Investors, LLC</td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
18,841,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
18,867,000</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
74,418,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
<td style="font-size: 10pt; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
72,623,000</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 <b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>East Areas 1 and 2</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In fiscal year 2005, the Company began capitalizing the costs of
two real estate development projects east of Santa Paula,
California, for the development of 550 acres of land into
residential units, commercial buildings and civic facilities.
During the three months ended April 30, 2012 and 2011, the Company
capitalized $606,000 and $1,323,000, respectively, of costs related
to these projects. During the six months ended April 30, 2012 and
2011, the Company capitalized $1,315,000 and $1,998,000,
respectively, of costs related to these projects. Additionally, in
relation to these projects, the Company has incurred net expenses
of $33,000 and $41,000 in the three months ended April 30, 2012 and
2011, respectively, and $39,000 and $56,000 in the six months ended
April 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>Templeton Santa Barbara, LLC</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The four real estate development parcels within the Templeton Santa
Barbara, LLC project (the “Templeton Project”) are
described as Centennial Square (“Centennial”), The
Terraces at Pacific Crest (“Pacific Crest”), Sevilla
and East Ridge.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In February 2010, the Company and HM Manager, LLC formed a limited
liability company, HM East Ridge, LLC (“East Ridge”),
for the purpose of developing the East Ridge parcel. The
Company’s initial capital contribution into East Ridge was
the land parcel with a net carrying value of $7,207,000. The
Company made cash contributions of $44,000 to East Ridge during
each of the three month periods ended April 30, 2012 and 2011 and
$88,000 during each of the six month periods ended April 30, 2012
and 2011. Since the Company has significant influence over, but
less than a controlling interest in, East Ridge, the Company is
accounting for its investment in East Ridge using the equity method
of accounting and the investment is included in equity in
investments in the Company’s consolidated balance sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In December 2011, the Company resumed real estate development
activities on Centennial, Pacific Crest and Sevilla after a period
of being idle. During the three months ended April 30, 2012 and
2011, the Company capitalized $309,000 and zero, respectively, of
costs related to these real estate parcels. During the six months
ended April 30, 2012 and 2011, the Company capitalized $506,000 and
zero, respectively, of costs related to these real estate parcels.
Additionally, in relation to these parcels, the Company incurred
expenses of $3,000 and $83,000 in the three months ended April 30,
2012 and 2011, respectively and $16,000 and $117,000 in the six
months ended April 30, 2012 and 2011, respectively. The net
carrying values of Centennial, Pacific Crest and Sevilla at April
30, 2012 were $2,608,000, $2,958,000 and $4,265,000, respectively,
and at October 31, 2011 were $2,433,000, $2,800,000 and $4,092,000,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>Windfall Investors, LLC</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
On November 15, 2009, the Company acquired Windfall Investors, LLC,
which included $16,842,000 of real estate development assets.
During the three months ended April 30, 2012 and 2011, the Company
capitalized $167,000 and $245,000, respectively, of costs related
to this real estate development project. During the six months
ended April 30, 2012 and 2011, the Company capitalized $402,000 and
$530,000, respectively, of costs related to this real estate
development project. In March 2012, Windfall Investors, LLC
received $428,000 of insurance proceeds for wind damage to roofs,
reducing the capitalized costs of this project at April 30, 2012.
Repairs commenced in May 2012. Additionally, in relation to this
project, the Company has incurred net expenses of $164,000 and
$195,000, in the three months ended April 30, 2012 and 2011,
respectively, and $349,000 and $352,000 in the six months ended
April 30, 2012 and 2011, respectively.</p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>4. Accounts Receivable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">
The Company grants credit in the course of its operations to
customers, cooperatives, companies and lessees of the
Company’s facilities. The Company performs periodic credit
evaluations of its customers’ financial condition and
generally does not require collateral. The Company provides
allowances on its receivables, as required, based on accounts
receivable aging and certain other factors. At April 30, 2012 and
October 31, 2011, the allowances totaled $131,000 and $65,000,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">
The Company’s primary concentrations of credit risk at April
30, 2012 consists of $892,000 due from a domestic exporter for
lemons and $777,000 due from a third-party packinghouse for oranges
and specialty citrus. In aggregate, sales to these two customers
were 18% and 19% of total revenues in the three and six months
ended April 30, 2012, respectively. The Company sells all of its
avocado production to Calavo.</p>
</div>
51000
532000
27000
-34000
12510000
14055000
367000
-881000
65000
9740000
-431000
-0.03
-617000
0.03
268000
81000
-264000
1114000
1196000
-329000
38000
-0.03
11463000
-1545000
996000
-135000
2220000
-197000
11217000
1351000
-30000
-833000
11217000
44000
530000
27000
-137000
16096000
14964000
241000
1524000
65000
11680000
1147000
0.06
787000
0.03
71000
71000
737000
15000
672000
196000
0.06
15046000
1132000
1006000
-124000
2513000
385000
11201000
-25000
592000
11201000
0001342423
2012-02-01
2012-04-30
0001342423
2011-02-01
2011-04-30
0001342423
2011-11-01
2012-04-30
0001342423
2010-11-01
2011-04-30
0001342423
us-gaap:SeriesAPreferredStockMember
2011-10-31
0001342423
us-gaap:SeriesBPreferredStockMember
2011-10-31
0001342423
2011-10-31
0001342423
2010-10-31
0001342423
us-gaap:SeriesAPreferredStockMember
2012-04-30
0001342423
us-gaap:SeriesBPreferredStockMember
2012-04-30
0001342423
2012-04-30
0001342423
2011-04-30
0001342423
2012-05-31
shares
iso4217:USD
iso4217:USD
shares
pure