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Good year for lemon and real estate at Limoneira

Staff writer ▼ | January 14, 2014
Limoneira company reported financial results for the fourth quarter and full fiscal year ended October 31, 2013. Revenue was $14.3 million, compared to revenue of $14.8 million in the fourth quarter of the previous fiscal year.
Limoneira
LimoneiraLimoneira company reported financial results for the fourth quarter and full fiscal year ended October 31, 2013. Revenue was $14.3 million, compared to revenue of $14.8 million in the fourth quarter of the previous fiscal year.


Agribusiness revenue was $12.9 million, compared to $13.6 million in the fourth quarter last year, primarily reflecting lower avocado volume and revenue. Rental operations revenue was $1.1 million in the fourth quarter of fiscal year 2013 and the fourth quarter last year. Real estate development revenue was $316,000, compared to $90,000 in the fourth quarter last year.

Agribusiness revenue for the fourth quarter of fiscal year 2013 includes $9.5 million in lemon sales, compared to $8.5 million of lemon sales during the same period of fiscal year 2012, reflecting a higher average price per carton due to more favorable market conditions, partially offset by a lower number of cartons of fresh lemons sold.

Avocado revenue was $1.2 million in the fourth quarter of fiscal year 2013, compared to $3.3 million during the same period of the previous fiscal year, reflecting an earlier completion of the avocado harvest in fiscal year 2013 compared to fiscal year 2012. The decrease in volume was partially offset by higher average price per pound.

The company recognized $0.4 million of orange revenue in the fourth quarter of fiscal year 2013 compared to $0.7 million of orange revenue in the same period of fiscal year 2012, reflecting a smaller crop compared to fiscal year 2012. Specialty citrus and other crop revenues were $1.7 million in the fourth quarter of fiscal year 2013, compared to $1.1 million in the fourth quarter of fiscal year 2012.

Costs and expenses for the fourth quarter of fiscal year 2013 were $15.9 million, compared to $14.3 million in the fourth quarter of last fiscal year. The year-over-year increase in operating expenses primarily reflects increased agribusiness costs associated with the company's expanded agribusiness, including the acquisition of Associated Citrus Packers, Inc., compared to the same period last year.

Operating loss for the fourth quarter of fiscal year 2013 was $1.6 million, compared to operating income of $0.5 million in the fourth quarter of the previous fiscal year. Operating loss for the quarter was primarily the result of a $2.1 million decrease in avocado revenue due to lower production. Associated earned approximately $0.5 million of operating income in the fourth quarter of fiscal year 2013 from its September 6, 2013 acquisition date.

EBITDA was ($0.6) million in the fourth quarter of fiscal year 2013, compared to $1.1 million in the same period of fiscal year 2012. A reconciliation of EBITDA and Adjusted EBITDA to the GAAP measure net income is provided at the end of this release.

In the fourth quarter of fiscal year 2013, the company did not incur any interest expense due to repayments of long-term debt made with the proceeds from the company's February 2013 public offering of common stock. All interest incurred during the fourth quarter of fiscal year 2013 was capitalized on non-bearing orchards, real estate development projects and significant construction in progress.

In the fourth quarter of fiscal year 2012, the company's interest expense was $0.1 million. Non-cash interest income as a result of fair value adjustments on the company's interest rate swap was zero in the fourth quarter of fiscal year 2013, compared to $0.2 million in the same period of the prior year. The interest rate swap that generated income in prior periods expired in the third quarter of fiscal year 2013.

Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2013 was $1.1 million, compared to net income applicable to common stock, after preferred dividends, in the fourth quarter of fiscal year 2012 of $0.1 million.

Loss per diluted share for the fourth quarter of fiscal year 2013 was $0.08 on approximately 13.6 million weighted average diluted common shares outstanding, compared to earnings per diluted share of $0.01 on approximately 11.2 million weighted average diluted common shares outstanding in the same period of the prior year.

The year-over-year increase in shares outstanding is primarily due to the company's February 2013 public offering of common stock and shares issued in connection with the acquisition of Associated.


 

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