false
--10-31
Q1
2014
2014-01-31
10-Q
0001342423
14050390
Accelerated Filer
Limoneira CO
LMNR
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>4. Accounts Receivable</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; 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. As of January 31, 2014 and October 31, 2013 the allowances totaled $179,000 and $85,000, respectively.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Preface</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The unaudited interim consolidated financial statements for the three months ended January 31, 2014 and 2013 and balance sheet as of January 31, 2014 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 January 31, 2014 and the results of operations and the cash flows for the periods presented herein have been made. The results of operations for the three months ended January 31, 2014 are not necessarily indicative of the operating results expected for the full fiscal year.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The consolidated balance sheet at October 31, 2013 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 24.5pt"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 consolidated financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended October 31, 2013.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>5. Concentrations</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's primary concentration of credit risk at January 31, 2014 consists of $1,907,000 due from a third-party packing house for oranges and specialty citrus and other crops. Sales to a domestic exporter for lemons represented 11% of total revenues in the three months ended January 31, 2014. The Company sells all of its avocado production to Calavo.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> Lemons procured from third-party growers were 46% of lemon supply in the three months ended January 31, 2014, of which two third-party growers were 17% and 13% of lemon supply, respectively.</p> <!--EndFragment--></div> </div>
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2018-06-30
2013-06-30
2022-11-30
2018-05-30
2035-10-31
2015-07-31
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2013-07-01
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>11. Derivative Instruments and Hedging Activities</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">Notional Amount</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">Fair Value Liability</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31, 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31, 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 44%; 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; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 40,000,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 40,000,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 2,020,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 2,240,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 liability is included in fair value of derivative instruments, other long-term liabilities and related accumulated other comprehensive income at January 31, 2014 and October 31, 2013.</p> <!--EndFragment--></div> </div>
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271000
78000
3000
26000
16000
194000
0
240000
0
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>12. Basic and Diluted Net Loss per Share</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Basic net loss 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 loss 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. There was no dilution due to stock-based compensation for the three months ended January 31, 2014 and 2013. The Series B convertible preferred shares are anti-dilutive.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>3. Fair Value Measurements</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Under the FASB ASC 820, <em>Fair Value Measurement and Disclosures</em>, 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table sets forth the Company's financial assets and liabilities as of January 31, 2014, that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Level 1</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Level 2</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Level 3</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">Assets at fair value:</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 44%; TEXT-ALIGN: justify; PADDING-LEFT: 0.125in"> Available-for-sale securities</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 15,190,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 15,190,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">Liabilities at fair value:</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify; PADDING-LEFT: 0.125in"> Derivative</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left">$</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">$</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,020,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left">$</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">2,020,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Available-for-sale securities consist of marketable securities in Calavo common stock. The Company currently owns 500,000 shares, representing approximately 3.2% of Calavo's outstanding common stock. These securities are measured at fair value by quoted market prices. Calavo's stock price at January 31, 2014 was $30.38 per share.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The derivative consists of an interest rate swap (see Note 11), the fair value of which is 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.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>14. Income Taxes</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's estimated effective tax rate for the first quarter of fiscal year 2014 is approximately 37.0%, inclusive of certain discrete items.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> There has been no material change to the Company's uncertain tax position for the three months ended January 31, 2014. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 January 31, 2014.</p> <!--EndFragment--></div> </div>
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1632000
4124000
350000
432000
20000
24000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>7. Investment in Calavo Growers, Inc.</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 1,728,570 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. The Company has classified its marketable securities investment as available-for-sale.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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. In fiscal year 2013, the Company sold 165,000 shares to Calavo pursuant to the 2005 Stock Purchase Agreement for a total of $4,788,000, recognizing a gain of $3,138,000. The Company continues to own 500,000 shares of Calavo common stock.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 of $345,000 ($208,000 net of tax) and $864,000 ($520,000 net of tax) during the three months ended January 31, 2014 and 2013, respectively. </p> <!--EndFragment--></div> </div>
P20Y
219135000
209914000
15241000
14675000
94290000
84586000
100000000
80000000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>8. Notes Receivable</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has recorded a note receivable and accrued interest from an employee totaling $17,000 at January 31, 2014 and October 31, 2013, payable December 2014.</p> <!--EndFragment--></div> </div>
64337000
54380000
5137000
5262000
1851000
1975000
20000
23000
492000
492000
71837000
62132000
573000
569000
71264000
61563000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>10. Long-Term Debt</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Long-term debt is comprised of the following:</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 72%; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Rabobank revolving credit facility secured by property with a net book value of<br /> $12,260,000 at January 31, 2014 and October 31, 2013. The interest rate is variable<br /> based on the one-month London Interbank Offered Rate (LIBOR), which was 0.17%<br /> at January 31, 2014, plus 1.80%. Interest is payable monthly and the principal is<br /> due in full in June 2018.</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 64,337,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 54,380,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; 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="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Farm Credit West term loan secured by property with a net book value of $11,613,000<br /> at January 31, 2014 and $11,615,000 at October 31, 2013. The interest rate is variable<br /> and was 2.75% at January 31, 2014. The loan is payable in quarterly installments<br /> 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">5,137,000</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">5,262,000</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="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Farm Credit West non-revolving line of credit secured by property with a net book value<br /> of $3,896,000 at January 31, 2014 and $3,890,000 at October 31, 2013. The interest rate<br /> is variable and was 2.75% at January 31, 2014. Interest is payable monthly and the<br /> principal is due in full in 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">492,000</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">492,000</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="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Farm Credit West term loan secured by property with a net book value of $20,790,000 at<br /> January 31, 2014 and $20,605,000 at October 31, 2013. The interest rate is fixed at 3.65%<br /> until November 2014 and will become variable for the remainder of the loan. The loan<br /> is payable in monthly installments through October 2035.</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,851,000</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">1,975,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> CNH Capital loans secured by property with a net book value of $11,000 at January 31, 2014 and October 31, 2013. The interest rate is zero and the loans are payable in monthly installments through May and July 2015.</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 23,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; 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">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">71,837,000</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">62,132,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Less current portion</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 573,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 569,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Total long-term debt, less current portion</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 71,264,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 61,563,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 $89,343,000 at January 31, 2014, 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. The Company paid debt financing costs of $68,000 in November 2013 related to this line of credit.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. Interest of $597,000 and $777,000 was capitalized during the three months ended January 31, 2014 and 2013, respectively, and is included in property, plant and equipment and real estate development assets in the Company's consolidated balance sheets.</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>1. Business</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Limoneira Company, a Delaware corporation (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 residential rentals and other rental operations and real estate development activities.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 food service companies in the United States and Canada. The Company's avocados are packed by Calavo, sold and distributed under Calavo brands to its customers.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <font style="FONT-SIZE: 10pt">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 loss and consolidated statements of cash flows of the Company and its wholly-owned subsidiaries. The Company's subsidiaries include: Limoneira International Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC, Templeton Santa Barbara, LLC, and Associated Citrus Packers, Inc. 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, <em>Consolidations</em></font> <font style="FONT-SIZE: 10pt">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.</font></p> <!--EndFragment--></div> </div>
9045000
6882000
-4596000
-2006000
-4473000
-4863000
-1219000
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-1285000
-3188000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Recent Accounting Pronouncements</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em> </em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Financial Accounting Standards Board - Accounting Standards Update ("FASB ASU") 2011-05, Comprehensive Income (Topic 220).</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In December 2011, the FASB issued ASU 2011-12, "Comprehensive Income (Topic 220), Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05," 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.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220), Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income." The objective of this update is to have companies provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, a company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2012. The Company's adoption of this update in the first quarter of fiscal year 2014 had no effect on the reported results of operations. </p> <!--EndFragment--></div> </div>
270000
270000
173000
538000
2043000
2024000
17000
17000
17000
17000
27258000
22172000
22811000
18194000
626000
530000
326000
230000
3495000
3218000
-2193000
-5332000
1242000
-2289000
406000
417000
-300000
-195000
-3541000
-3265000
1134000
1036000
615000
584000
490000
431000
29000
21000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>9. Other Assets</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other assets consist of the following:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify"> Investments in mutual water companies</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 3,708,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 3,430,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; 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">Deferred lease assets and other</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,482,000</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">1,522,000</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">Revolving funds and memberships</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">358,000</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">Acquired trade names and trademarks</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">471,000</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">476,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Goodwill</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 680,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 680,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,223,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,002,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
8223000
8002000
458000
901000
-118000
-155000
132000
226000
208000
520000
55000
55000
6089000
2325000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>16. Other Long-Term Liabilities</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other long-term liabilities consist of the following:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify"> Minimum pension liability</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 2,876,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 2,905,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">Fair value of derivative instrument</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,254,000</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">1,523,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Other</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 55,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 55,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,185,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,483,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
4185000
4483000
15190000
14845000
19000
19000
19000
19000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify"> Minimum pension liability</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 2,876,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 2,905,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">Fair value of derivative instrument</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,254,000</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">1,523,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Other</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 55,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 55,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,185,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,483,000</td> </tr> </table> <!--EndFragment--></div> </div>
153000
417000
2809000
68000
68000
526000
420000
66000
66000
10000000
8000
80000
8000
8000
4764000
1918000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>15. Retirement Plans</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of zero and $27,000 during the three months ended January 31, 2014 and 2013, respectively. </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The components of net periodic benefit cost for the Plan for the three months ended January 31 were as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify"> Service cost</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 34,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 41,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">205,000</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">180,000</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">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">(268,000</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">(240,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Recognized actuarial loss</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 195,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 258,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Net periodic benefit cost</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 166,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 239,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
0
27000
100
100
0.01
0.01
50000
50000
20000
20000
30000
30000
0
0
30000
30000
0
0
3000000
3000000
3000000
3000000
3549000
2972000
184000
17027000
11580000
4788000
6079000
89809000
86210000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>6. Real Estate Development Assets</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Real estate development assets consist of the following:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 72%; TEXT-ALIGN: justify">East Areas 1 and 2</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 52,181,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 51,538,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">11,357,000</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">11,276,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Windfall Investors, LLC</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,790,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,605,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 84,328,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 83,419,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>East Areas 1 and 2</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; FONT-SIZE: 10pt; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> In fiscal year 2005, the Company began capitalizing the costs of two real estate 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 January 31, 2014 and 2013, the Company capitalized $643,000 and $811,000, respectively, of costs related to these real estate projects, respectively. Additionally, in relation to these projects, the Company incurred net expenses of $5,000 and $2,000 in the three months ended January 31, 2014 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On August 24, 2010, the Company entered into an amendment (the "Amendment") to a Real Estate Advisory Management Consultant Agreement (the "Consultant Agreement") with Parkstone Companies, Inc. (the "Consultant") dated April 1, 2004, that includes provisions for the Consultant to earn a success fee (the "Success Fee") upon the annexation by the City of Santa Paula, California of East Area I. Under the terms of the Amendment, the Company agrees to pay the Success Fee in an amount equal to 4% of the incremental Property Value under a formula defined in the Amendment. The Success Fee is due and payable 120 days following the earlier to occur of (a) the sale of all or any portion of East Area I, including any unrelated third party material investment in the property, (b) the determination of an appraised value of the East Area I or (c) the second anniversary of the property annexation (each a "Success Fee Event").</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Success Fee, if any, shall be paid in cash, shares of the Company's common stock, or any combination of the forgoing at the sole discretion of the Company. The Success Fee is based on the calculated value of the property, which can vary over time until the settlement date. Accordingly, the Success Fee will be "marked to market" periodically to recognize the potential variability in the property value. Changes in the value, if any, will be recorded to capitalized development costs and additional paid in capital ("APIC"). To the extent that it becomes probable that cash will be used in the settlement rather than stock, such amount of cash will be classified as a liability rather than APIC.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> If the Success Fee is paid in shares of common stock, deemed to be an equity award, the amount of common stock paid will be determined using a price per share equal to the average of closing prices of the common stock on the NASDAQ Global Market for the 20 trading days ending on the last trading day prior to the earliest occurring Success Fee Event; provided, however, that the price per share shall be no less than $16.00 per share. Previously recognized capitalized development costs will be adjusted to reflect the calculated value of the property upon settlement. The related APIC amount will be adjusted to common stock to reflect the issuance of common stock. To the extent that it becomes probable that cash will be used in the settlement rather than stock, such amount of cash will be classified as a liability rather than APIC / common stock. As of January 31, 2014, the estimated amount of the Success Fee was zero.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In connection with facilitating the annexation of East Area 1 into the City of Santa Paula, during February 2013, the Company entered into a Capital Improvement Cost Sharing Agreement for Improvements to Santa Paula Creek Channel (the "Cost Sharing Agreement") with the Ventura County Watershed Protection District (the "District"). The Cost Sharing Agreement requires the Company to reimburse the District 28.5% of the costs of the improvements, up to a maximum of $5,000,000. Additionally, the Company is required to pay the cost of preparing a study to determine a feasible scope of work and budget for the improvements. As of January 31, 2014, $150,000 has been accrued for the cost of the study.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Templeton Santa Barbara, LLC</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The three real estate development parcels within the Templeton Santa Barbara, LLC project are described as Centennial Square ("Centennial"), The Terraces at Pacific Crest ("Pacific Crest"), and Sevilla. The net carrying values of Centennial, Pacific Crest and Sevilla at January 31, 2014 were $3,301,000, $3,370,000 and $4,686,000, respectively, and at October 31, 2013 were $3,220,000, $3,370,000 and $4,686,000, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> During the three months ended January 31, 2014 and 2013, the Company capitalized $81,000 and $275,000, respectively, of costs related to these real estate parcels. Additionally, in relation to these parcels, the Company incurred net expenses of $27,000 and $18,000 in the three months ended January 31, 2014 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On November 29, 2013, the Company entered into Purchase and Sale agreements to sell Pacific Crest and Sevilla to the same buyer for a combined purchase price of approximately $8,300,000. Upon execution of the agreements, the buyer deposited $500,000 into escrow. The buyer had the option to terminate the purchase of the parcels prior to the close of 90-day escrow period. The sales were terminated by the buyer during February 2014 and the deposit was returned to the buyer.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Windfall Investors, LLC</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 January 31, 2014 and 2013, the Company capitalized $185,000 and $244,000, respectively, of costs related to this real estate development project. Additionally, in relation to this project, the Company incurred net expenses of $268,000 and $175,000 during the three months ended January 31, 2014 and 2013, respectively.</p> <!--EndFragment--></div> </div>
3301000
3220000
3370000
3370000
4686000
4686000
344000
243000
185000
244000
643000
811000
81000
275000
587000
560000
249000
256000
10000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>13. Related-Party Transactions</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $147,000 and $120,000 of rental income from employees in the three months ended January 31, 2014 and 2013, respectively. There were no rental payments due from employees at January 31, 2014 and October 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 the mutual water companies, in aggregate, of $587,000 and $560,000 in the three months ended January 31, 2014 and 2013, respectively. Capital contributions are included in other assets in the Company's consolidated balance sheets and purchases of water and water delivery services are included in agribusiness expense in the Company's consolidated statements of operations. Payments due to the mutual water companies were, in aggregate, $271,000 and $78,000 at January 31, 2014 and October 31, 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 $249,000 and $256,000 from the association in the three months ended January 31, 2014 and 2013, respectively. Such amounts are included in agribusiness expense in the Company's consolidated statements of operations. Payments due to the association were $3,000 and $26,000 at January 31, 2014 and October 31, 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company recorded dividend income of $350,000 and $432,000 in the three months ended January 31, 2014 and 2013, respectively, on its investment in Calavo, which is included in other income, net in the Company's consolidated statements of operations. The Company had $8,000 and $7,000 of avocados sales to Calavo for the three months ended January 31, 2014 and 2013, respectively. Such amounts are included in agribusiness revenues in the Company's consolidated statements of operations. There were no amounts that were receivable by the Company from Calavo at January 31, 2014 and October 31, 2013. Additionally, the Company leases office space to Calavo and received rental income of $69,000 and $68,000 in the three months ended January 31, 2014 and 2013, respectively. Such amounts are included in rental revenues in the Company's consolidated statements of operations. </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 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 January 31, 2014 and 2013, the aggregate amount of lemons procured from entities owned or controlled by members of the Board of Directors was $6,000 and $22,000, respectively, which is included in agribusiness expense in the Company's consolidated statements of operations. Payments due to these Board members were zero and $240,000 at January 31, 2014 and October 31, 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On July 1, 2013, the Company and Cadiz Real Estate, LLC ("Cadiz"), a wholly-owned subsidiary of Cadiz, Inc., entered into a long-term lease agreement (the "Lease") for a minimum of 320 acres, with an option to lease up to an additional 640 acres, located within 9,600 zoned agricultural acres owned by Cadiz in eastern San Bernardino County, California. The initial term of the Lease runs for 20 years and the annual base rental rate will be equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses) and will not exceed $1,200 per acre per year. As of January 31, 2014, no acres have been planted on the leased property; therefore no lease expense has been incurred. A member of the Company's board of directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of the September 6, 2013 acquisition of Associated Citrus packers, Inc. ("Associated"), the Company has representation on the board of directors of Colorado River Growers, Inc. ("CRG"), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting and marketing business in Yuma County, Arizona. The Company paid harvest advances to CRG of $2,809,000 during the three months ended January 31, 2014. Such amounts are included in agribusiness expense in the Company's consolidated statements of operations. Additionally, Associated provided harvest management and administrative services to CRG in the amount of $295,000 during the three months ended January 31, 2014. Such amounts are included in agribusiness revenues in the Company's consolidated statements of operations. There was $16,000 and $194,000 due to Associated from CRG at January 31, 2014 and October 31, 2013, respectively, which is included in accounts receivable in the Company's consolidated balance sheets.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District. The Company purchased water in the amount of $10,000 during three months ended January 31, 2014 and this amount is included in agribusiness expenses in the Company's consolidated statements of operations. There were no amounts due to the district at January 31, 2014 and October 31, 2013.</p> <!--EndFragment--></div> </div>
7322000
4212000
44000
48000
17287000
19098000
6000
22000
147000
120000
8000
7000
69000
68000
295000
25882000
17382000
24704000
16298000
1134000
1036000
44000
48000
24704000
16298000
20930000
13968000
8000
7000
1886000
1440000
1880000
883000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 72%; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Rabobank revolving credit facility secured by property with a net book value of<br /> $12,260,000 at January 31, 2014 and October 31, 2013. The interest rate is variable<br /> based on the one-month London Interbank Offered Rate (LIBOR), which was 0.17%<br /> at January 31, 2014, plus 1.80%. Interest is payable monthly and the principal is<br /> due in full in June 2018.</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 64,337,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 54,380,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; 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="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Farm Credit West term loan secured by property with a net book value of $11,613,000<br /> at January 31, 2014 and $11,615,000 at October 31, 2013. The interest rate is variable<br /> and was 2.75% at January 31, 2014. The loan is payable in quarterly installments<br /> 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">5,137,000</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">5,262,000</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="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Farm Credit West non-revolving line of credit secured by property with a net book value<br /> of $3,896,000 at January 31, 2014 and $3,890,000 at October 31, 2013. The interest rate<br /> is variable and was 2.75% at January 31, 2014. Interest is payable monthly and the<br /> principal is due in full in 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">492,000</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">492,000</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="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Farm Credit West term loan secured by property with a net book value of $20,790,000 at<br /> January 31, 2014 and $20,605,000 at October 31, 2013. The interest rate is fixed at 3.65%<br /> until November 2014 and will become variable for the remainder of the loan. The loan<br /> is payable in monthly installments through October 2035.</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,851,000</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">1,975,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> CNH Capital loans secured by property with a net book value of $11,000 at January 31, 2014 and October 31, 2013. The interest rate is zero and the loans are payable in monthly installments through May and July 2015.</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 23,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; 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">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">71,837,000</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">62,132,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Less current portion</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 573,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 569,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Total long-term debt, less current portion</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 71,264,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 61,563,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">Notional Amount</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">Fair Value Liability</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31, 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31, 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 44%; 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; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 40,000,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 40,000,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 2,020,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 2,240,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">Three Months Ended<br /> January 31,</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"> Performance<br /> Year</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Shares<br /> Granted</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 52%; TEXT-ALIGN: center"> 2010</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 62,287</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 91,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center">2012</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">34,721</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">50,000</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">60,000</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: center">2013</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">27,091</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">59,000</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">75,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center"> 2014</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 60,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: center"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 169,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 226,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"><!--StartFragment--> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Level 1</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Level 2</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Level 3</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">Assets at fair value:</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 44%; TEXT-ALIGN: justify; PADDING-LEFT: 0.125in"> Available-for-sale securities</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 15,190,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 15,190,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">Liabilities at fair value:</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify; PADDING-LEFT: 0.125in"> Derivative</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left">$</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">$</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,020,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left">$</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">$</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">2,020,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify"> Service cost</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 34,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 41,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">205,000</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">180,000</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">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">(268,000</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">(240,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Recognized actuarial loss</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 195,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 258,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Net periodic benefit cost</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 166,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 239,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify"> Investments in mutual water companies</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 3,708,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 3,430,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; 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">Deferred lease assets and other</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">1,482,000</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">1,522,000</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">Revolving funds and memberships</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">358,000</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">Acquired trade names and trademarks</td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right">471,000</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">476,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Goodwill</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 680,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 680,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,223,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,002,000</td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">October 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 68%; TEXT-ALIGN: justify">East Areas 1 and 2</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 52,181,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 12%; TEXT-ALIGN: right"> 51,538,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">11,357,000</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">11,276,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Windfall Investors, LLC</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,790,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 20,605,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 84,328,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 83,419,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Segment information for the three months ended January 31, 2014:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Agribusiness</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Rental<br /> Operations</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Real Estate<br /> Development</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Corporate and<br /> 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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 30%; TEXT-ALIGN: justify"> Revenues</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 24,704,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 1,134,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 44,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 25,882,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">22,811,000</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">626,000</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">326,000</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">3,495,000</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">27,258,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Depreciation and amortization</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 651,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 102,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 18,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 46,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 817,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Operating (loss) income</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,242,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 406,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (300,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (3,541,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (2,193,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Segment information for the three months ended January 31, 2013:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Agribusiness</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Rental<br /> Operations</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Real Estate<br /> Development</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Corporate and<br /> 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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 30%; TEXT-ALIGN: justify"> Revenues</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 16,298,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 1,036,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 48,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 17,382,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">18,194,000</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">530,000</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">230,000</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">3,218,000</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">22,172,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Depreciation and amortization</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 393,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 89,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 13,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 47,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 542,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Operating (loss) income</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (2,289,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 417,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (195,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (3,265,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (5,332,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table sets forth revenues by category, by segment for the three months ended:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31, <br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 72%; TEXT-ALIGN: justify"> Lemons</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 20,930,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 13,968,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; 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">8,000</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">7,000</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">1,886,000</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">1,440,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Specialty citrus and other crops</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,880,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 883,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; 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">24,704,000</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">16,298,000</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"> </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">615,000</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">584,000</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">490,000</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">431,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Organic recycling and other</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 29,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 21,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; 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">1,134,000</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">1,036,000</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="PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif"> Real estate development revenues</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 44,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 48,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Total revenues</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 25,882,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,382,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>18. Segment Information</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company operates and tracks results 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. No asset information is provided for reportable segments as these specified amounts are not included in the measure of segment profit or loss reviewed by the company's chief operating decision maker. 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="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Segment information for the three months ended January 31, 2014:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Agribusiness</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Rental<br /> Operations</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Real Estate<br /> Development</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Corporate and<br /> 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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 30%; TEXT-ALIGN: justify"> Revenues</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 24,704,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 1,134,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 44,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 25,882,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">22,811,000</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">626,000</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">326,000</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">3,495,000</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">27,258,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Depreciation and amortization</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 651,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 102,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 18,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 46,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 817,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Operating (loss) income</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,242,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 406,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (300,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (3,541,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (2,193,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Segment information for the three months ended January 31, 2013:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Agribusiness</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Rental<br /> Operations</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Real Estate<br /> Development</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">Corporate and<br /> 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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 30%; TEXT-ALIGN: justify"> Revenues</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 16,298,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 1,036,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 48,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 17,382,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">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">18,194,000</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">530,000</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">230,000</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">3,218,000</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">22,172,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Depreciation and amortization</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 393,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 89,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 13,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 47,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 542,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Operating (loss) income</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (2,289,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 417,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (195,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (3,265,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (5,332,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table sets forth revenues by category, by segment for the three months ended:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <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 style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31, <br /> 2014</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">January 31,<br /> 2013</td> <td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: center" colspan="2"> </td> <td style="FONT-SIZE: 10pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; WIDTH: 72%; TEXT-ALIGN: justify"> Lemons</td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 20,930,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 2%"> </td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="FONT-SIZE: 10pt; WIDTH: 10%; TEXT-ALIGN: right"> 13,968,000</td> <td style="FONT-SIZE: 10pt; WIDTH: 1%; 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">8,000</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">7,000</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">1,886,000</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">1,440,000</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Specialty citrus and other crops</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,880,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 883,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; 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">24,704,000</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">16,298,000</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"> </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">615,000</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">584,000</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">490,000</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">431,000</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; PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify"> Organic recycling and other</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 29,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 21,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; 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">1,134,000</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">1,036,000</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="PADDING-BOTTOM: 1pt; TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif"> Real estate development revenues</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 44,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 48,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: justify"> Total revenues</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 25,882,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,382,000</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
3541000
3265000
472000
426000
P3Y
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>17. Stock-based Compensation</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of January 31, 2014, 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 right. The repurchase obligation of $6,000 is included in other long-term liabilities in the Company's consolidated balance sheets at January 31, 2014 and October 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has a stock-based compensation plan (the "Stock Plan") that allows for the grant of common stock of the Company to members of management based on achievement of certain annual financial performance and other criteria. The number of shares granted is based on a percentage of the employee's base salary divided by the stock price on the grant date. Shares granted under the Stock Plan generally vest over a three year period. During December 2013, 27,091 shares of common stock were granted to management under the Stock Plan for fiscal year 2013 performance, resulting in total compensation expense of approximately $727,000, with $253,000 recognized in the year ended October 31, 2013 and the balance to be recognized over the next two years as the shares vest. During December 2012, 34,721 shares of common stock were granted to management under the Stock Plan for fiscal year 2012 performance, resulting in total compensation expense of approximately $657,000, with $216,000 recognized in the year ended October 31, 2012 and the balance to be recognized over the next two years as the shares vest. No shares were granted for fiscal year 2011 performance. 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26.82
6299
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109604000
110653000
1728570
13587
62287
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34721
23450000
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