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Limoneira Company Q2 total net revenue was $42.0 million

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Christian Fernsby |
Limoneira
Limoneira Company   There were no real estate development revenues in the second quarter

Limoneira Company reported financial results for the second quarter ended April 30, 2019.

For the second quarter of fiscal year 2019, total net revenue was $42.0 million, compared to total net revenue of $43.1 million in the second quarter of the previous fiscal year.

Agribusiness revenue was $40.8 million, compared to $41.9 million in the second quarter of last fiscal year.

Rental operations revenue was $1.2 million, compared to $1.3 million in the second quarter of last fiscal year.

There were no real estate development revenues in the second quarter of fiscal year 2019 or 2018.

Agribusiness revenue for the second quarter of fiscal year 2019 includes $36.4 million in lemon sales, compared to $33.6 million of lemon sales during the same period of fiscal year 2018, with the increase primarily the result of higher volume of lemon by-products partially offset by lower prices of fresh lemons sold.

The lower pricing was due to excessive rains in Southern California during the first and second quarters of fiscal year 2019 creating an overabundance of large fresh lemons, which created a decrease in lemon carton pricing.

Approximately 1,300,000 cartons of fresh lemons were sold during the second quarter of fiscal year 2019 at a $20.26 average price per carton, compared to approximately 1,157,000 cartons sold at a $23.42 average price per carton during the second quarter of fiscal year 2018.

The Company recognized $0.5 million of avocado revenue in the second quarter of fiscal year 2019, compared to $0.9 million in the same period last fiscal year, with the decrease primarily the result of lower volume partially offset by higher prices of avocados sold.

The Company recognized $2.0 million of orange revenue in the second quarter of fiscal year 2019, compared to $5.2 million in the same period of fiscal year 2018, primarily attributable to unfavorable weather conditions for oranges resulting in significantly lower than expected volume and pricing in the orange market.

Approximately 361,000 cartons of oranges were sold during the second quarter of fiscal year 2019 at a $5.52 average price per carton, compared to approximately 471,000 cartons sold at an $11.09 average price per carton during the second quarter of fiscal year 2018.

Specialty citrus and other crop revenues were $1.9 million in the second quarter of fiscal year 2019, compared to $2.1 million in the second quarter of fiscal year 2018.

Total costs and expenses for the second quarter of fiscal year 2019 increased to $43.0 million, compared to $33.8 million in the second quarter of last fiscal year.

The second quarter of fiscal year 2019 increase in operating expenses was primarily attributable to increases in agribusiness and selling, general and administrative costs and expenses.

Costs and expenses associated with its agribusiness include packing costs, harvest costs, growing costs, costs related to the fruit procured and sold for third-party growers and depreciation and amortization expense.

Operating loss for the second quarter of fiscal year 2019 was $1.0 million, compared to operating income of $9.4 million in the second quarter of the previous fiscal year.

Net income applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2019 was $2.7 million, compared to $6.5 million in the second quarter of fiscal year 2018.

Net income per diluted share for the second quarter of fiscal year 2019 was $0.15 compared to net income per diluted share of $0.44 for the same period of fiscal year 2018, based on approximately 18.2 million and 15.0 million, respectively, weighted average diluted common shares outstanding.

Excluding the non-cash $3.6 million unrealized gain on stock in Calavo Growers, Inc.

(“Calavo”) and $2.3 million equity in earnings of Limoneira Lewis Community Builders, LLC (“LLC”) for the second quarter of fiscal year 2019, adjusted net loss applicable to common stock was $1.6 million, compared to net income of $6.6 million for the same period last fiscal year.

Excluding the unrealized gain on stock in Calavo and equity in earnings of LLC, adjusted net loss per diluted share for the second quarter of fiscal year 2019 was $0.09, compared to net income per diluted share of $0.44 for the same period of fiscal year 2018.

Adjusted EBITDA was $0.8 million in the second quarter of fiscal year 2019 compared to $11.0 million in the same period of fiscal year 2018.

A reconciliation of adjusted EBITDA to net income (loss) is provided at the end of this release.

Adjusted EBITDA excludes the quarterly fair value non-cash effect of Calavo shares and equity in earnings of LLC.


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