SANTA PAULA, Calif.--(BUSINESS WIRE)--
On September 25, 2012, the Board of Directors of Limoneira Company
(NASDAQ: LMNR), a leading agribusiness with prime agricultural land and
operations, real estate and water rights in California, declared a
quarterly cash dividend of $0.03750 per common share payable on October
15, 2012, to stockholders of record on October 8, 2012. This represents
a 20% increase compared to previous quarterly dividend payments.
Harold Edwards, President and Chief Executive Officer, stated,
"Limoneira is well positioned for another year of improving net income
and solid cash flow from operations in fiscal year 2012. We are
returning a portion of our cash flow to our loyal shareholders by
increasing our dividend by 20%."
Mr. Edwards continued, "We believe the significant investments we have
made in our long-term strategic growth opportunities for global
agribusiness, real estate development, waste and water asset utilization
and rental business has created a diversified asset portfolio that will
offer shareholders a superior return on our investments. Our low cost
debt and asset rich balance sheet combined with our solid cash flow from
operations enables us to increase our dividend and continue to invest in
our business."
About Limoneira Company
Limoneira Company, a 119-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra) is a dedicated sustainability company with approximately 8,200
acres of rich agricultural lands, real estate properties and water
rights in California. The Company is a leading producer of lemons,
avocados, oranges, specialty citrus and other crops that are enjoyed
throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on Limoneira's current expectations
about future events and can be identified by terms such as "expect,"
"may," "anticipate," "intend," "should be," "will be," "is likely to,"
"strive to," and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking
statements are reasonable but cannot guarantee future results, level of
activity, performance or achievements. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Therefore, Limoneira cautions you against relying on
any of these forward-looking statements. Factors which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to: changes in laws,
regulations, rules, quotas, tariffs and import laws; weather conditions
that affect production, transportation, storage, import and export of
fresh product; increased pressure from disease, insects and other pests;
disruption of water supplies or changes in water allocations; pricing
and supply of raw materials and products; market responses to industry
volume pressures; pricing and supply of energy; changes in interest and
currency exchange rates; availability of financing for land development
activities; political changes and economic crises; international
conflict; acts of terrorism; labor disruptions, strikes or work
stoppages; loss of important intellectual property rights; inability to
pay debt obligations; inability to engage in certain transactions due to
restrictive covenants in debt instruments; government restrictions on
land use; increased costs from becoming a public company and market and
pricing risks due to concentrated ownership of stock. Other risks
and uncertainties include those that are described in Limoneira's SEC
filings, which are available on the SEC's website at http://www.sec.gov.
Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
Investor Contact:
ICR
John Mills
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
