- Fiscal Year 2015 Revenue was $100.3 Million -
- FY 2015 EBITDA Increased 10% Compared to Prior Year-
-Company Expects FY 2016 Operating Income to
Increase Approximately 75% Compared to FY 2015-
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (the "Company" or "Limoneira") (NASDAQ: LMNR), a
leading agribusiness with prime agricultural land and operations, real
estate and water rights in California and Arizona, today reported
financial results for the fourth quarter and full year ended October 31,
2015 and guidance for fiscal year 2016.
Fiscal Year 2015 Fourth Quarter Results
For the fourth quarter of fiscal year 2015, revenue was $14.2 million,
compared to revenue of $16.3 million in the fourth quarter of the
previous fiscal year. Agribusiness revenue was $12.9 million, compared
to $15.0 million in the fourth quarter last year, primarily due to lower
lemon sales. Rental operations revenue was $1.3 million in the fourth
quarter of fiscal year 2015, compared to $1.2 million in the fourth
quarter of last year. Real estate development revenue was $21,000
compared to $104,000 in the fourth quarter last year.
Agribusiness revenue for the fourth quarter of fiscal year 2015 includes
$11.6 million in lemon sales, compared to $13.8 million of lemon sales
during the same period of fiscal year 2014, primarily reflecting lower
fresh lemon prices and volume. Approximately 388,000 cartons of fresh
lemons were sold during the fourth quarter of fiscal year 2015 at a
$25.00 average price per carton compared to approximately 413,000
cartons sold at a $29.09 average price per carton during the fourth
quarter of fiscal year 2014. As anticipated, the Company did not
recognize any avocado revenue in the fourth quarter of fiscal year 2015.
In the fourth quarter of fiscal year 2014, avocado revenue was $54,000.
The Company recognized $0.6 million of orange revenue in the fourth
quarter of fiscal year 2015, which was similar to the same period of
fiscal year 2014. Specialty citrus and other crop revenues were $0.7
million in the fourth quarter of fiscal year 2015, compared to $0.6
million in the fourth quarter of fiscal year 2014.
Costs and expenses for the fourth quarter of fiscal year 2015 were $19.1
million compared to $20.8 million in the fourth quarter of last fiscal
year. The fourth quarter of fiscal year 2015 decrease in operating
expenses reflects lower agribusiness costs and selling, general and
administrative expenses net of approximately $0.4 million in legal,
consulting and accounting expenses associated with the Company's real
estate development joint venture described below.
Operating loss for the fourth quarter of fiscal year 2015 was $4.9
million, compared to $4.5 million in the fourth quarter of the previous
fiscal year. Net income applicable to common stock, after preferred
dividends, for the fourth quarter of fiscal year 2015 was $0.5 million,
compared to net loss applicable to common stock of $3.0 million in the
fourth quarter of fiscal year 2014. Fourth quarter fiscal year 2015 net
income includes a $5.0 million gain associated with the sale of 140,000
shares of Calavo Growers, Inc. (NASDAQ: CVGW) ("Calavo") common stock
and a $0.9 million gain on the sale of the Company's Wilson Ranch.
Earnings per diluted share for the fourth quarter of fiscal year 2015
were $0.04 compared to a net loss per diluted share of $0.21 for the
same period of fiscal year 2014, with both periods based on
approximately 14.1 million weighted average diluted common shares
outstanding.
The difference between the Company's previously expected fourth quarter
fiscal year 2015 operating results and its actual operating results are
primarily due to lower lemon revenue related to less volume of fresh
lemon cartons sold and additional legal costs associated with the
Company's joint venture with the Lewis Group as further described below,
offset by lower operating expenses and the gain on the sale of Calavo
stock.
EBITDA was $2.4 million in the fourth quarter of fiscal year 2015
compared to a negative $3.3 million in the same period of fiscal year
2014. A reconciliation of EBITDA to net income is provided at the end of
this release.
Fiscal Year 2015 Results
For the fiscal year ended October 31, 2015, revenue was $100.3 million
compared to $103.5 million for fiscal year 2014. Operating income for
fiscal year 2015 was $4.6 million compared to $9.9 million last year.
Lower fiscal year 2015 operating income primarily reflects $2.0 million
lower orange revenues on lower prices and volume, $0.7 million lower
lemon revenues and higher agribusiness expenses, primarily associated
with the Company's packing operations in Yuma, Arizona, that was
acquired June 2014. In addition, while selling, general and
administrative expenses for fiscal year 2015 were less than fiscal year
2014 by approximately $0.5 million, primarily reflecting lower incentive
compensation, such expenses include approximately $0.9 million in legal,
consulting and accounting expenses associated with the Company's real
estate development joint venture described below.
Net income applicable to common stock, after preferred dividends, was
$6.4 million for fiscal year 2015 compared to $6.5 million for fiscal
year 2014. Fiscal year 2015 operating results include the aforementioned
$5.0 million gain associated with the sale of Calavo Growers common
stock and $0.9 million gain associated with the sale of the Wilson
Ranch. Earnings per diluted share for fiscal years 2015 and 2014 was
$0.46 with both years based on approximately 14.1 million weighted
average diluted common shares outstanding.
EBITDA for fiscal year 2015 was $15.4 million compared to EBITDA of
$14.0 million in fiscal year 2014.
Real Estate Development
On November 10, 2015, Limoneira Lewis Community Builders, LLC, a real
estate development partnership between Limoneira Company and The Lewis
Group of Companies ("The Lewis Group"), was formed. Limoneira received
$18.0 million ($16.8 million, net of transaction costs) upon the
establishment of the partnership in addition to $2.0 million the Company
received from The Lewis Group in September 2015, in anticipation of
forming the partnership. Limoneira Lewis Community Builders is a 50%/50%
partnership between Limoneira and The Lewis Group that will engage in
the residential development of Harvest at Limoneira (formerly Santa
Paula Gateway Project and East Area 1). The formation of the partnership
culminated with Limoneira's contribution of its East Area 1 property and
The Lewis Group's contribution of $20.0 million. The funds were
distributed to Limoneira upon closing the transaction, which it expects
to record as a reduction in the basis of its joint venture investment.
Limoneira expects to receive 25% to 80% of the net cash flow of the
project, based on projected cash flow milestones provided in the
partnership agreement, which is estimated to aggregate approximately 70%
of total net cash flows to Limoneira, including the initial $20 million
distribution, and the balance of net cash flows to The Lewis Group over
the estimated seven to ten year life of the project. The build-out of
lots is expected to begin in 2016. The Company anticipates that
Limoneira Lewis Community Builders will begin receiving security
deposits from homebuilders for lots sales in mid-2017 and the sale of
lots is expected to begin in the fourth quarter of 2017.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, "Over the
past year, we continued to execute on our long-term growth strategy. We
formed a development partnership between our company and The Lewis
Group, a leading real estate development and investment company, for the
development of Harvest at Limoneira. We expect to receive $100 million
to $130 million from the joint venture, including the $20 million we
have received, over the seven to ten year life of the project. We are
also focused on the development of over 40 acres of commercial
properties adjacent to project property, which represents an additional
opportunity for meaningful cash flows."
Mr. Edwards continued, "In addition, in fiscal year 2015, we made
significant progress on our agribusiness. We substantially completed the
expansion of our lemon packing house in Santa Paula. We expect the new
packing facilities to become operational in the first quarter of fiscal
year 2016 and anticipate that it will increase our packing efficiency
and double the annual capacity of our lemon packing operations with
significantly less labor costs. We also recently acquired approximately
900 acres of lemon, orange, and specialty citrus orchards in California
that we had previously been leasing and expect to benefit from
incremental operating results and cash flows resulting from the
elimination of lease expense beginning in fiscal year 2016. Looking
forward, we intend to continue to make investments to expand our
agribusiness operations in both California and internationally in order
to expand Limoneira's position as a leading global citrus agribusiness."
Mr. Edwards concluded, "Our financial results for the fourth quarter of
fiscal year 2015 reflect our ability to strategically monetize
investments and non-core assets, including the sale of Calavo stock and
the sale of the Wilson Ranch, which combined generated approximately $6
million of gain in the quarter. Our operating cash flows combined with
projected future cash flows from real estate development initiatives,
are expected to provide the financial flexibility to invest in our
business while continuing to pay a quarterly dividend, which we recently
raised by 11%."
Balance Sheet and Liquidity
During fiscal year 2015, net cash provided by operating activities was
$7.7 million, compared to $16.1 million in the prior year. Net cash used
in investing activities was $25.8 million in fiscal year 2015, compared
to $28.6 million in the prior year, primarily related to the Company's
investments in the expansion of its lemon packing facilities,
acquisition of agriculture property and additional farm worker housing
units, as well as investments in real estate development projects. Net
cash provided by financing activities was approximately $18.1 million in
fiscal year 2015 compared to net cash provided by financing activities
of $12.5 million last year. Long-term debt as of October 31, 2015 was
$89.2 million, compared to $67.8 million at the end of fiscal year 2014.
During fiscal year 2015, the Company executed its on-going real estate
development strategy by capitalizing real estate development costs of
$8.0 million. In fiscal year 2014, the Company capitalized real estate
development costs of $4.7 million.
Business Segments
During the fourth quarter of fiscal year ended October 31, 2015, the
Company changed the composition of its operating segments from three
reportable segments to four reportable segments, which are lemon
operations, other agribusiness, rental operations and real estate
development. As a result, the Company now has three business divisions:
agribusiness, rental operations, and real estate development. The
agribusiness division is comprised of two reportable segments, lemon
operations and other agribusiness and each of the rental operations and
real estate development divisions are comprised of one reportable
segment.
Recent Business Highlights
The Company continues to benefit from the success of its direct lemon
sales and marketing strategy. During fiscal year 2015, lemon sales were
comprised of approximately 75% domestic sales, 21% sales to domestic
exporters, and 4% international sales.
Alex Teague, Senior Vice President stated, "We continue to make progress
expanding our agribusiness. As we begin fiscal year 2016, we will
benefit from our expanded and modernized lemon packing house, along with
other investments we have made over the past several years. We look
forward to capitalizing on opportunities to expand our acreage of
productive land, as well as driving organic growth."
On February 3, 2015, Limoneira and Cadiz Inc. (NASDAQ: CDZI) ("Cadiz")
announced that they amended their existing agricultural lease agreement
to include an additional 200 acres. Limoneira acquired a total of 200
acres of lemon trees and associated irrigation lines from Cadiz and one
of its leasing tenants for approximately $1.2 million. Under the amended
lease agreement, Limoneira now has the right to plant up to 1,480 acres
of lemons over the next three years at the Cadiz Ranch operations in the
Cadiz Valley. Including the 200 acres of lemons purchased in February,
the Company currently has 360 acres of lemon trees growing on the
property leased from Cadiz.
On August 21, 2015, the Company completed the sale its Wilson Ranch,
which is comprised of 52 acres of land with 33 acres of avocado orchards
located near the City of Fillmore, in Ventura County, California. The
sales price was approximately $2.8 million and the gain on the sale was
approximately $0.9 million. The sales price represents approximately
$53,000 and $83,000 per acre for total acres and productive avocado
acres, respectively.
In September 2015, the Company completed the acquisition of 157 acres of
lemon, orange and specialty citrus orchards in California's San Joaquin
Valley, for approximately $3.4 million. On December 2, 2015, the Company
completed the acquisition of an additional 757 acres of lemon, orange
and specialty citrus orchards in the region, for approximately $15.1
million. The orchards were acquired pursuant to purchase options
contained in certain operating leases the Company has had since 2012 for
approximately 1,000 acres of lemon, orange, specialty citrus and other
crops, which the Company refers to as the Sheldon Ranch leases. The
lease agreements included base rent of $500 per acre and contingent rent
of 50% of the operating profit of the leased property as defined in the
lease agreements. Total rent expense for fiscal year 2015 on the
acquired property was approximately $1.0 million and was approximately
$1.4 million for fiscal year 2014.
In fiscal year 2015, the Company completed its farm worker housing
project and began renting 65 additional units in May 2015, which is
expected to add approximately $0.9 million of rental revenue on an
annual basis. The Company anticipates the additional farm worker housing
will help maintain a consistent supply of labor for its agribusiness
operations.
On December 15, 2015, the Company declared a quarterly cash dividend of
$0.05 per common share payable on January 15, 2016 in the aggregate
amount of approximately $0.7 million to stockholders of record on
December 28, 2015. This represents an 11% increase compared to the
Company's previous quarterly dividend of $0.045 per common share.
Fiscal Year 2016 Outlook
For the fiscal year ending October 31, 2016, the Company expects to sell
between 2.7 million and 3.0 million cartons of fresh lemons at an
average price of approximately $22.50 per carton, and expects to sell
approximately 8.5 to 9.5 million pounds of avocados at approximately
$0.80 per pound.
The Company expects operating income for fiscal year 2016 to be
approximately $7.8 million to $8.3 million compared to operating income
of $4.5 million for fiscal year 2015. Fiscal year 2016 EBITDA is
expected to be in the range of $13.6 million to $14.1 million. Excluding
the combined gain of approximately $6.0 million associated with the sale
of Calavo stock and the Company's Wilson Ranch, fiscal year 2015 EBITDA
was $9.4 million. The Company expects fiscal year 2016 earnings per
diluted share to be in the range of $0.25 to $0.29. Excluding certain
expenses described below, fiscal year 2016 earnings per diluted share
are expected to be in the range of $0.42 to $0.46.
As previously described, gains from the sale of Calavo stock and the
Wilson Ranch totaled approximately $6.0 million and are included in
fiscal year 2015 earnings. Such gains represent approximately $3.8
million net of income tax or approximately $0.27 earnings per diluted
share. Excluding the Calavo stock and Wilson Ranch gains, earnings per
diluted share would have been approximately $0.19 for fiscal year 2015.
Fiscal year 2016 estimated operating results reflect an anticipated
increase in operating income primarily related to cost savings from the
Company's new lemon packing facilities, additional revenues from
additional farm worker housing units and the elimination of lease
expense resulting from the acquisition of the previously leased Sheldon
Ranches, offset by a transaction fee of $1.1 million incurred on the
close of the Limoneira / Lewis joint venture, an expected increase in
depreciation expense that results from the new packing facilities, the
acquired Sheldon Ranch property and the additional farm working housing
units. In addition, interest expense is expected to increase in fiscal
year 2016 related to the new packing house and the additional farm
worker housing units being placed into service because related interest
costs were capitalized during the construction period. The $1.1 million
transaction fee and the fiscal year 2016 estimated incremental increase
in depreciation and interest expense aggregate approximately $3.8
million, which represents an estimated $2.4 million in expense net of
income tax or approximately $0.17 earnings per diluted share.
Conference Call Information
The Company will host a conference call and audio webcast on January 11,
2016, at 1:30 pm Pacific Time (4:30 pm Eastern Time) to discuss its
financial results. To access the conference call, participants in the
U.S. should dial (888) 713-3589, and international participants should
dial (913) 312-1430. Participants are encouraged to dial in to the
conference call ten minutes prior to the scheduled start time. The call
will also be broadcast live over the Internet and accessible through the
Investor Relations section of the Company's website at www.limoneira.com. Visitors
to the website should select the "Investor" link to access the
webcast. The webcast will be archived and accessible on the same website
for 30 days following the call. A telephone replay will be available
through January 25, 2016, by calling (877) 870-5176 from the U.S. or
(858) 384-5517 from international locations to access the playback;
passcode is 262452.
About Limoneira Company
Limoneira Company, a 120-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 10,700
acres of rich agricultural lands, real estate properties and water
rights in California and Arizona. 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, including
earnings guidance for fiscal year 2015, 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 crop 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; 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.
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature of the
Company's operations and interest costs associated with its capital
structure, management believes that earnings before interest, income
taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA,
which excludes impairments on real estate development assets when
applicable, is an important measure to evaluate the Company's results of
operations between periods on a more comparable basis. Such measurements
are not prepared in accordance with U.S. generally accepted accounting
principles ("GAAP"), and should not be construed as an alternative to
reported results determined in accordance with GAAP. The non-GAAP
information provided is unique to the Company and may not be consistent
with methodologies used by other companies. EBITDA and adjusted EBITDA
is summarized and reconciled to net income, which management considers
to be the most directly comparable financial measure calculated and
presented in accordance with GAAP as follows:
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Years Ended October 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
654,000
|
|
|
$
|
(2,835,000
|
)
|
|
$
|
7,082,000
|
|
|
$
|
6,991,000
|
|
|
Total interest expense (income), net
|
|
|
46,000
|
|
|
|
(1,000
|
)
|
|
|
148,000
|
|
|
|
(60,000
|
)
|
|
Income taxes
|
|
|
497,000
|
|
|
|
(1,463,000
|
)
|
|
|
3,974,000
|
|
|
|
3,573,000
|
|
|
Depreciation and amortization
|
|
|
1,205,000
|
|
|
|
952,000
|
|
|
|
4,184,000
|
|
|
|
3,516,000
|
|
|
EBITDA
|
|
|
2,402,000
|
|
|
|
(3,347,000
|
)
|
|
|
15,388,000
|
|
|
|
14,020,000
|
|
|
Impairments of real estate development assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
435,000
|
|
|
Adjusted EBITDA
|
|
$
|
2,402,000
|
|
|
$
|
(3,347,000
|
)
|
|
$
|
15,388,000
|
|
|
$
|
14,455,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
|
October 31,
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash
|
|
$
|
39,000
|
|
|
$
|
92,000
|
|
Accounts receivable, net
|
|
|
7,420,000
|
|
|
|
7,236,000
|
|
Cultural costs
|
|
|
3,916,000
|
|
|
|
3,691,000
|
|
Prepaid expenses and other current assets
|
|
|
2,387,000
|
|
|
|
2,658,000
|
|
Income taxes receivable
|
|
|
-
|
|
|
|
1,143,000
|
|
Total current assets
|
|
|
13,762,000
|
|
|
|
14,820,000
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
128,951,000
|
|
|
|
105,873,000
|
|
Real estate development
|
|
|
96,067,000
|
|
|
|
88,088,000
|
|
Equity in investments
|
|
|
3,047,000
|
|
|
|
3,638,000
|
|
Investment in Calavo Growers, Inc.
|
|
|
18,508,000
|
|
|
|
24,270,000
|
|
Note receivable
|
|
|
589,000
|
|
|
|
2,084,000
|
|
Other assets
|
|
|
8,602,000
|
|
|
|
8,114,000
|
|
Total Assets
|
|
$
|
269,526,000
|
|
|
$
|
246,887,000
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
6,611,000
|
|
|
$
|
6,363,000
|
|
Growers payable
|
|
|
5,841,000
|
|
|
|
5,839,000
|
|
Accrued liabilities
|
|
|
5,864,000
|
|
|
|
7,539,000
|
|
Fair value of derivative instrument
|
|
|
767,000
|
|
|
|
809,000
|
|
Current portion of long-term debt
|
|
|
589,000
|
|
|
|
583,000
|
|
Total current liabilities
|
|
|
19,672,000
|
|
|
|
21,133,000
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
89,235,000
|
|
|
|
67,771,000
|
|
Deferred income taxes
|
|
|
19,425,000
|
|
|
|
21,041,000
|
|
Other long-term liabilities
|
|
|
7,641,000
|
|
|
|
6,282,000
|
|
Total liabilities
|
|
|
135,973,000
|
|
|
|
116,227,000
|
|
Commitments and contingencies
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock - $100.00 par value (50,000
shares authorized: 29,500 and 30,000 shares issued and outstanding
at October 31, 2015 and 2014) (8.75% coupon rate)
|
|
|
2,950,000
|
|
|
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
Series B-2 Convertible Preferred Stock - $100.00 par value (10,000
shares authorized: 9,300 shares issued and outstanding at October
31, 2015 and 2014) (4% dividend rate on
liquidation value of $1,000 per share)
|
|
|
9,331,000
|
|
|
|
9,331,000
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Series A Junior Participating Preferred Stock - $.01 par value
(20,000 shares authorized: zero issued or outstanding at October 31,
2015 and 2014)
|
|
|
-
|
|
|
|
-
|
|
Common Stock - $.01 par value (19,900,000 shares authorized:
14,135,080 and 14,078,077 shares issued and outstanding at October
31, 2015 and 2014, respectively)
|
|
|
141,000
|
|
|
|
140,000
|
|
Additional paid-in capital
|
|
|
90,759,000
|
|
|
|
89,770,000
|
|
Retained earnings
|
|
|
27,216,000
|
|
|
|
23,308,000
|
|
Accumulated other comprehensive income
|
|
|
3,156,000
|
|
|
|
5,111,000
|
|
Total stockholders' equity
|
|
|
121,272,000
|
|
|
|
118,329,000
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
269,526,000
|
|
|
$
|
246,887,000
|
|
|
|
|
|
|
|
|
|
|
Limoneira Company
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
October 31,
|
|
Twelve months ended
October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
$
|
12,856,000
|
|
|
$
|
15,041,000
|
|
|
$
|
95,124,000
|
|
|
$
|
98,522,000
|
|
Rental operations
|
|
|
1,335,000
|
|
|
|
1,157,000
|
|
|
|
5,104,000
|
|
|
|
4,640,000
|
|
Real estate development
|
|
|
21,000
|
|
|
|
104,000
|
|
|
|
83,000
|
|
|
|
300,000
|
|
Total net revenues
|
|
|
14,212,000
|
|
|
|
16,302,000
|
|
|
|
100,311,000
|
|
|
|
103,462,000
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness
|
|
|
13,878,000
|
|
|
|
15,595,000
|
|
|
|
77,186,000
|
|
|
|
74,325,000
|
|
Rental operations
|
|
|
969,000
|
|
|
|
842,000
|
|
|
|
3,440,000
|
|
|
|
3,073,000
|
|
Real estate development
|
|
|
524,000
|
|
|
|
379,000
|
|
|
|
1,330,000
|
|
|
|
1,400,000
|
|
Impairments of real estate development assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
435,000
|
|
Selling, general and administrative
|
|
|
3,719,000
|
|
|
|
4,010,000
|
|
|
|
13,772,000
|
|
|
|
14,336,000
|
|
Total costs and expenses
|
|
|
19,090,000
|
|
|
|
20,826,000
|
|
|
|
95,728,000
|
|
|
|
93,569,000
|
|
Operating income (loss)
|
|
|
(4,878,000
|
)
|
|
|
(4,524,000
|
)
|
|
|
4,583,000
|
|
|
|
9,893,000
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(50,000
|
)
|
|
|
-
|
|
|
|
(188,000
|
)
|
|
|
-
|
|
Gain on sale of stock in Calavo Growers, Inc.
|
|
|
5,033,000
|
|
|
|
-
|
|
|
|
5,033,000
|
|
|
|
-
|
|
Gain on sale of Wilson Ranch
|
|
|
935,000
|
|
|
|
-
|
|
|
|
935,000
|
|
|
|
-
|
|
Interest income
|
|
|
4,000
|
|
|
|
1,000
|
|
|
|
40,000
|
|
|
|
60,000
|
|
Equity in earnings of investments
|
|
|
50,000
|
|
|
|
131,000
|
|
|
|
243,000
|
|
|
|
263,000
|
|
Other income, net
|
|
|
57,000
|
|
|
|
94,000
|
|
|
|
410,000
|
|
|
|
348,000
|
|
Total other income
|
|
|
6,029,000
|
|
|
|
226,000
|
|
|
|
6,473,000
|
|
|
|
671,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
1,151,000
|
|
|
|
(4,298,000
|
)
|
|
|
11,056,000
|
|
|
|
10,564,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (provision) benefit
|
|
|
(497,000
|
)
|
|
|
1,463,000
|
|
|
|
(3,974,000
|
)
|
|
|
(3,573,000
|
|
Net income (loss)
|
|
|
654,000
|
|
|
|
(2,835,000
|
)
|
|
|
7,082,000
|
|
|
|
6,991,000
|
|
Preferred dividends
|
|
|
(158,000
|
)
|
|
|
(158,000
|
)
|
|
|
(635,000
|
)
|
|
|
(460,000
|
|
Net income (loss) applicable to common stock
|
|
$
|
496,000
|
|
|
$
|
(2,993,000
|
)
|
|
$
|
6,447,000
|
|
|
$
|
6,531,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
0.04
|
|
|
$
|
(0.21
|
)
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
$
|
0.04
|
|
|
$
|
(0.21
|
)
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.18
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding-basic
|
|
|
14,132,000
|
|
|
|
14,078,000
|
|
|
|
14,119,000
|
|
|
|
14,055,000
|
|
Weighted-average common shares outstanding-diluted
|
|
|
14,132,000
|
|
|
|
14,078,000
|
|
|
|
14,119,000
|
|
|
|
14,055,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160111006380/en/
ICR
John Mills
Partner
646-277-1254
Source: Limoneira Company
News Provided by Acquire Media
