Delaware
|
001-34755
|
77-0260692
|
||
(State
or other jurisdiction
|
(Commission
File Number)
|
(I.R.S.
Employer Identification
|
||
of
incorporation)
|
No.)
|
Section 2
|
Financial
Information
|
Item 2.02
|
Results of Operations and
Financial Condition
|
Section 9
|
Financial Statements and
Exhibits
|
|||
Item 9.01
|
Financial Statements and
Exhibits
|
(d)
|
Exhibits.
|
||
99.1
|
Limoneira
Press Release dated June 14, 2010.
|
Date:
June 14, 2010
|
LIMONEIRA
COMPANY
|
||||
By:
|
/s/
Don Delmatoff
|
||||
Don Delmatoff
|
|||||
Vice
President of Finance & Administration, Chief Financial Officer, and
Secretary
|
-
Second quarter revenue increased 70% to $13.2 million
–
|
-
Operating income grew 166% to $1.0 million, driven by operating
improvement in
agribusiness –
|
-
Achieved positive net income
–
|
Limoneira
Company
|
|||||||
Consolidated
Condensed Statements of Operations
(unaudited)
|
Three months
ended
|
Six months
ended
|
|||||||||||||||
April
30
|
April
30
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues:
|
||||||||||||||||
Agriculture
|
$ | 12,202,000 | $ | 6,797,000 | $ | 17,474,000 | $ | 10,802,000 | ||||||||
Rental
|
962,000 | 955,000 | 1,917,000 | 1,866,000 | ||||||||||||
Other
|
45,000 | 8,000 | 180,000 | 8,000 | ||||||||||||
Total
revenues
|
13,209,000 | 7,760,000 | 19,571,000 | 12,676,000 | ||||||||||||
Costs and
expenses:
|
||||||||||||||||
Agriculture
|
8,791,000 | 6,995,000 | 15,684,000 | 13,633,000 | ||||||||||||
Rental
|
584,000 | 480,000 | 1,091,000 | 1,061,000 | ||||||||||||
Other
|
396,000 | 58,000 | 723,000 | 141,000 | ||||||||||||
Selling, general, and
administrative
|
2,413,000 | 1,784,000 | 5,829,000 | 3,262,000 | ||||||||||||
Loss on sale of
assets
|
- | 3,000 | - | 3,000 | ||||||||||||
Total cost and
expenses
|
12,184,000 | 9,320,000 | 23,327,000 | 18,100,000 | ||||||||||||
Operating income
(loss)
|
1,025,000 | (1,560,000 | ) | (3,756,000 | ) | (5,424,000 | ) | |||||||||
Other income
(expense):
|
||||||||||||||||
Other
|
||||||||||||||||
Other income (expense),
net
|
1,000 | (22,000 | ) | 364,000 | 314,000 | |||||||||||
Interest
income
|
29,000 | 86,000 | 58,000 | 123,000 | ||||||||||||
Interest
expense
|
(955,000 | ) | (88,000 | ) | (1,383,000 | ) | (301,000 | ) | ||||||||
Total other income
(expense)
|
(925,000 | ) | (24,000 | ) | (961,000 | ) | 136,000 | |||||||||
Income (loss) from continuing
operations before income
|
||||||||||||||||
tax (provision) benefit and equity
in investments
|
100,000 | (1,584,000 | ) | (4,717,000 | ) | (5,288,000 | ) | |||||||||
Income tax (provision)
benefit
|
(48,000 | ) | 739,000 | 1,661,000 | 2,391,000 | |||||||||||
Equity in earnings (losses) of
investments
|
64,000 | (75,000 | ) | 48,000 | (99,000 | ) | ||||||||||
Income (loss) from continuing
operations
|
116,000 | (920,000 | ) | (3,008,000 | ) | (2,996,000 | ) | |||||||||
Loss from discontinued operations,
net of income taxes
|
(4,000 | ) | (5,000 | ) | (12,000 | ) | (6,000 | ) | ||||||||
Net income
(loss)
|
112,000 | (925,000 | ) | (3,020,000 | ) | (3,002,000 | ) | |||||||||
Preferred
dividends
|
(65,000 | ) | (65,000 | ) | (131,000 | ) | (131,000 | ) | ||||||||
Net income (loss) applicable to
common stock
|
$ | 47,000 | $ | (990,000 | ) | $ | (3,151,000 | ) | $ | (3,133,000 | ) | |||||
Per common
share-basic:
|
||||||||||||||||
Continuing
operations
|
0.00 | (0.09 | ) | (0.28 | ) | (0.28 | ) | |||||||||
Discontinued
operations
|
(0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||
Basic net income (loss) per
share
|
$ | 0.00 | $ | (0.09 | ) | $ | (0.28 | ) | $ | (0.28 | ) | |||||
Per common
share-diluted:
|
||||||||||||||||
Continuing
operations
|
0.00 | (0.09 | ) | (0.28 | ) | (0.28 | ) | |||||||||
Discontinued
operations
|
(0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||
Diluted net income (loss) per
share
|
$ | 0.00 | $ | (0.09 | ) | $ | (0.28 | ) | $ | (0.28 | ) | |||||
Dividends per common
share
|
$ | 0.03 | $ | - | $ | 0.06 | $ | 0.03 | ||||||||
Weighted-average shares
outstanding – basic
|
11,194,000 | 11,263,000 | 11,194,000 | 11,224,000 | ||||||||||||
Weighted-average shares
outstanding – diluted
|
11,194,000 | 11,263,000 | 11,194,000 | 11,247,000 |
Limoneira
Company
|
||||||||
Consolidated
Condensed Balance Sheets (unaudited)
|
||||||||
April 30
|
October 31
|
|||||||
2010
|
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 11,000 | $ | 603,000 | ||||
Accounts
receivable
|
6,981,000 | 3,735,000 | ||||||
Notes receivable – related
parties
|
- | 1,519,000 | ||||||
Inventoried cultural
costs
|
529,000 | 858,000 | ||||||
Prepaid expenses and other current
assets
|
1,618,000 | 894,000 | ||||||
Income taxes
receivable
|
1,669,000 | - | ||||||
Current assets of discontinued
operations
|
5,000 | 9,000 | ||||||
Total current
assets
|
10,813,000 | 7,618,000 | ||||||
Property, plant, and equipment,
net
|
53,964,000 | 53,817,000 | ||||||
Real estate
development
|
64,531,000 | 53,125,000 | ||||||
Assets held for
sale
|
6,774,000 | 6,774,000 | ||||||
Equity in
investments
|
8,834,000 | 1,635,000 | ||||||
Investment in Calavo Growers,
Inc.
|
11,531,000 | 11,870,000 | ||||||
Notes receivable-related
parties
|
94,000 | 284,000 | ||||||
Notes
receivable
|
2,109,000 | 2,000,000 | ||||||
Other
assets
|
4,471,000 | 4,307,000 | ||||||
Noncurrent assets of discontinued
operations
|
438,000 | 438,000 | ||||||
Total
assets
|
$ | 163,559,000 | $ | 141,868,000 | ||||
Liabilities and stockholders’
equity
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 1,048,000 | $ | 970,000 | ||||
Growers
payable
|
2,616,000 | 988,000 | ||||||
Accrued
liabilities
|
2,947,000 | 2,764,000 | ||||||
Current portion of long-term
debt
|
613,000 | 465,000 | ||||||
Current liabilities of
discontinued operations
|
- | 2,000 | ||||||
Total current
liabilities
|
7,224,000 | 5,189,000 | ||||||
Long-term
liabilities:
|
||||||||
Long-term debt, less current
portion
|
95,609,000 | 69,251,000 | ||||||
Deferred income
taxes
|
8,469,000 | 8,764,000 | ||||||
Other long-term
liabilities
|
5,172,000 | 6,903,000 | ||||||
Total long-term
liabilities
|
109,250,000 | 84,918,000 | ||||||
Commitments and
contingencies
|
||||||||
Stockholders’
equity:
|
||||||||
Series B Convertible Preferred
Stock – $100.00 par value (50,000 shares
|
||||||||
authorized: 30,000 shares issued
and outstanding at April 30, 2010
|
||||||||
and October 31, 2009) (8.75%
coupon rate)
|
3,000,000 | 3,000,000 | ||||||
Series A Junior Participating
Preferred Stock – $.01 par value (50,000 shares
|
||||||||
authorized: 0 issued or
outstanding at April 30, 2010 and October 31, 2009)
|
- | - | ||||||
Common Stock – $.01 par value
(19,900,000 shares authorized:
|
||||||||
11,194,460 and 11,262,880 shares
issued and outstanding at April 30,
|
||||||||
2010 and October 31, 2009,
respectively)
|
112,000 | 113,000 | ||||||
Additional paid-in
capital
|
33,817,000 | 34,718,000 | ||||||
Retained
earnings
|
12,534,000 | 16,386,000 | ||||||
Accumulated other comprehensive
loss
|
(2,378,000 | ) | (2,456,000 | ) | ||||
Total stockholders’
equity
|
47,085,000 | 51,761,000 | ||||||
Total liabilities and
stockholders’ equity
|
$ | 163,559,000 | $ | 141,868,000 |