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Limoneira Q3 revenue jumps to $39.9 million

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Staff Writer | September 10, 2016
Limoneira Company reported financial results for the third quarter ended July 31, 2016. Revenue was $39.9 million, compared to revenue of $29.8 million in the third quarter of the previous fiscal year.
Limoneira
Limoneira   Approximately 846,000 cartons of fresh lemons were sold
Agribusiness revenue was $38.4 million compared to $28.5 million in the third quarter last fiscal year, reflecting higher sales of lemons, avocados, oranges and specialty citrus and other crops.

Rental operations revenue was $1.5 million in the third quarter of fiscal year 2016, compared to $1.3 million in the third quarter of last fiscal year. Real estate development revenue was $19,000, compared to $34,000 in the third quarter last fiscal year.

Agribusiness revenue for the third quarter of fiscal year 2016 includes $26.2 million in lemon sales, compared to $23.9 million of lemon sales during the same period of fiscal year 2015, reflecting higher volume of fresh lemons sold partially offset by lower prices compared to the same period in fiscal year 2015.

Approximately 846,000 cartons of fresh lemons were sold during the third quarter of fiscal year 2016 at a $27.19 average price per carton, compared to approximately 759,000 cartons sold at a $28.06 average price per carton during the third quarter of fiscal year 2015.

Avocado revenue for the third quarter of fiscal year 2016 was $9.6 million, compared to $3.0 million in the same period last year, due to increased prices and volume of avocados sold compared to the same period in fiscal year 2015.

The avocado harvest for fiscal year 2016 is substantially complete with typical volatility in avocado production resulting in strong volume this year.

The Company recognized $1.9 million of orange revenue in the third quarter of fiscal year 2016, compared to $1.0 million in the same period of fiscal year 2015.

Specialty citrus and other crop revenues were $759,000 in the third quarter of fiscal year 2016, compared to $560,000 in the same period of fiscal year 2015. Third quarter of fiscal year 2016 results for oranges and specialty citrus reflect higher volume partially offset by lower prices compared to the same period in fiscal year 2015.

Costs and expenses for the third quarter of fiscal year 2016 were $25.7 million, compared to $22.0 million in the third quarter of last fiscal year.

The third quarter of fiscal year 2016 increase in operating expenses was primarily attributable to increases in agribusiness costs due to higher volume of fruit harvested and packed compared to the third quarter of fiscal year 2015.

Operating income for the third quarter of fiscal year 2016 was $14.2 million, compared to $7.8 million in the third quarter of the previous fiscal year.

Net income applicable to common stock, after preferred dividends, for the third quarter of fiscal year 2016 was $10.6 million, compared to net income applicable to common stock of $5.2 million in the third quarter of fiscal year 2015.

Net income per diluted share for the third quarter of fiscal year 2016 was $0.71 compared to a net income per diluted share of $0.36 for the same period of fiscal year 2015, based on approximately 15.1 million and 15.0 million weighted average diluted common shares outstanding, respectively.

EBITDA was $19.3 million in the third quarter of fiscal year 2016, compared to $9.1 million in the same period of fiscal year 2015. EBITDA in the third quarter of fiscal year 2016 includes a $3.4 million gain on the sale of stock in Calavo Growers, Inc.


 

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