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Limoneira   Agribusiness revenue was $18.2 million

Limoneira Q4 revenue increased 37% to $19.5 million

LimoneiraLimoneira Company reported financial results for the fourth quarter and full year ended October 31, 2016.

For the fourth quarter of fiscal year 2016, revenue increased 37% to $19.5 million, compared to revenue of $14.2 million in the fourth quarter of the previous fiscal year.

READ MORE Limoneira Company revenue $29.9 million

Agribusiness revenue was $18.2 million, compared to $12.9 million in the fourth quarter last year, primarily due to stronger lemon sales.

Rental operations revenue was $1.3 million in the fourth quarter of fiscal year 2016, which is similar to the same period last year.

Real estate development revenue was not significant in the fourth quarter of fiscal year 2016 or 2015.

Agribusiness revenue for the fourth quarter of fiscal year 2016 includes $16.4 million in lemon sales, compared to $11.6 million of lemon sales during the same period of fiscal year 2015, primarily reflecting increased fresh lemon prices and volume.

Approximately 521,000 cartons of fresh lemons were sold during the fourth quarter of fiscal year 2016 at a $25.91 average price per carton compared to approximately 388,000 cartons sold at a $25.00 average price per carton during the fourth quarter of fiscal year 2015.

As anticipated, the company recognized minimal avocado revenue in the fourth quarter of fiscal year 2016, similar to the same period last year.

The company recognized $0.6 million of orange revenue in the fourth quarter of fiscal year 2016, which was similar to the same period of fiscal year 2015.

Specialty citrus and other crop revenues were $1.2 million in the fourth quarter of fiscal year 2016, compared to $0.7 million in the fourth quarter of fiscal year 2015.

Fiscal year 2016 specialty citrus and other crop revenues includes the company's first wine grape harvest from its Windfall Farms ranch of approximately 200 tons for $0.3 million.

Costs and expenses for the fourth quarter of fiscal year 2016 were $20.4 million compared to $19.1 million in the fourth quarter of last fiscal year. The fourth quarter of fiscal year 2016 increase in operating expenses primarily reflects higher agribusiness costs mainly related to higher lemon sales volume.

Operating loss for the fourth quarter of fiscal year 2016 was $0.9 million, compared to a $4.9 million loss in the fourth quarter of the previous fiscal year.

Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2016 was $0.1 million, which includes a $1.0 million gain associated with the sale of a conservation easement to The Nature Conservancy.

The company retains title to the property and the easement allows it to continue agriculture and related activities on the property. These results compare to net income applicable to common stock of $0.5 million in the fourth quarter of fiscal year 2015.

Fourth quarter fiscal year 2015 net income includes a $5.0 million gain associated with the sale of 140,000 shares of Calavo Growers common stock and a $0.9 million gain on the sale of the company's Wilson Ranch.

Net loss per diluted share for the fourth quarter of fiscal year 2016 was $0.01 compared to net income per diluted share of $0.04 for the same period of fiscal year 2015, with both periods based on approximately 14.1 million weighted average diluted common shares outstanding.

EBITDA was $2.0 million in the fourth quarter of fiscal year 2016 compared to $2.4 million in the same period of fiscal year 2015. A reconciliation of EBITDA to net income is provided at the end of this release.

For the fiscal year ended October 31, 2016, revenue increased 11% to $111.8 million compared to $100.3 million for fiscal year 2015.

Operating income for fiscal year 2016 was $9.2 million compared to $4.6 million last year.

Higher fiscal year 2016 operating income reflects increased revenue for all agriculture crops, particularly lemons and avocados, offset primarily by higher third-party grower expense due to greater lemon procurement costs and higher packing costs, related to increased lemon sales volume.

In addition, selling, general and administrative expenses for fiscal year 2016 were less than fiscal year 2015 by approximately $0.5 million, primarily due to a decrease in legal and consulting costs associated with the Limoneira / Lewis joint venture.

Net income applicable to common stock, after preferred dividends, was $7.4 million for fiscal year 2016 compared to $6.4 million for fiscal year 2015.

Fiscal year 2016 results include a $3.4 million gain associated with the sale of 60,000 shares of Calavo Growers common stock and the aforementioned $1.0 million easement sale as well as $1.2 million of transaction costs incurred in the first quarter in connection with the Limoneira / Lewis joint venture.

Fiscal year 2015 results include the aforementioned $5.0 million gain associated with the sale of Calavo Growers common stock and a $0.9 million gain associated with the sale of the Wilson Ranch.

Earnings per diluted share for fiscal year 2016 and 2015 was $0.52 and $0.46, respectively, with both years based on approximately 14.1 million weighted average diluted common shares outstanding.

EBITDA for fiscal year 2016 increased 30% to $20.1 million compared to EBITDA of $15.4 million in fiscal year 2015.

During fiscal year 2016, net cash provided by operating activities was $14.3 million, compared to $7.7 million in the prior year.

Net cash used in investing activities was $11.5 million in fiscal year 2016, compared to $25.8 million in the prior year, with both years including the company's investments in orchards, construction and equipment for the company's new lemon packing facilities and real estate development projects.

Net cash used in financing activities was $2.8 million in fiscal year 2016. For the year ended October 31, 2015 net cash provided by financial activities was $18.1 million.

Long-term debt as of October 31, 2016 was $88.2 million, compared to $89.1 million at the end of fiscal year 2015.

During fiscal year 2016, the company executed its on-going real estate development strategy by capitalizing real estate development costs of $6.9 million. In fiscal year 2015, the company capitalized real estate development costs of $8.0 million.




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