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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><strong>1. Business</strong></p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">Limoneira Company, a Delaware corporation (the “Company”), engages primarily in growing citrus and avocados, picking and hauling citrus, and packing, marketing and selling lemons. The Company is also engaged in residential rentals and other rental operations and real estate development activities.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The Company markets and sells lemons directly to foodservice, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The Company sells all of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on NASDAQ under the symbol CVGW. Calavo's customers include many of the largest retail and food service companies in the United States and Canada. The Company's avocados are packed by Calavo, sold and distributed under Calavo brands to its customers.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><font style=" font-size: 10pt;">The unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. The unaudited interim consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of cash flows of the Company and its wholly-owned subsidiaries. The Company's subsidiaries include: Limoneira International Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC, Templeton Santa Barbara, LLC, and Associated Citrus Packers, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The Company considers the criteria established under the Financial Accounting Standards Board – Accounting Standards Code (“FASB ASC”) 810,<font class="Apple-converted-space"> </font><em>Consolidations</em></font><font class="Apple-converted-space"> </font><font style=" font-size: 10pt;">and the effect of variable interest entities, in its consolidation process. These unaudited consolidated financial statements should be read in conjunction with the notes thereto included in this quarterly report.</font></p>
</div>
</div>
53871000
51538000
11038000
11276000
21928000
20605000
86837000
83419000
4686000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>7. Real Estate Development Assets</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Real estate development assets consist of the following:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">East Areas 1 and 2</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>53,871,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>51,538,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Templeton Santa Barbara, LLC</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>11,038,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>11,276,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Windfall Investors, LLC</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>21,928,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>20,605,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>86,837,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>83,419,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>East Areas 1 and 2</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In fiscal year 2005, the Company began capitalizing the costs of <font>two</font> real estate development projects east of Santa Paula, California, for the development of <font>550</font> acres of land into residential units, commercial buildings and civic facilities. During the three months ended July 31, 2014 and 2013, the Company capitalized $<font>827,000</font> and $<font>1,712,000</font>, respectively, of costs related to these projects. During the nine months ended July 31, 2014 and <font>2013</font>, the Company capitalized $<font>2,333,000</font> and $<font>3,526,000</font>, respectively, of costs related to these projects. Additionally, in relation to these projects, the Company has incurred expenses of $<font>4,000</font> and $<font>3,000</font> in the three months ended July 31, 2014 and 2013, respectively, and $<font>13,000</font> and $<font>7,000</font> in the nine months ended July 31, 2014 and 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On August 24, 2010, the Company entered into an amendment (the “Amendment”) to a Real Estate Advisory Management Consultant Agreement (the “Consultant Agreement”) with Parkstone Companies, Inc. (the “Consultant”) dated April 1, 2004, that includes provisions for the Consultant to earn a success fee (the “Success Fee”) upon the annexation by the City of Santa Paula, California of East Area I. Under the terms of the Amendment, the Company agrees to pay the Success Fee in an amount equal to <font>4</font>% of the incremental Property Value under a formula defined in the Amendment.  The Success Fee is due and payable <font>120</font> days following the earlier to occur of (a) the sale of all or any portion of East Area I, including any unrelated third party material investment in the property, (b) the determination of an appraised value of the East Area I or (c) the second anniversary of the property annexation (each a “Success Fee Event”).</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Success Fee, if any, shall be paid in cash, shares of the Company's common stock, or any combination of the forgoing at the sole discretion of the Company.  The Success Fee is based on the calculated value of the property, which can vary over time until the settlement date. Accordingly, the Success Fee will be “marked to market” periodically to recognize the potential variability in the property value. Changes in the value, if any, will be recorded to capitalized development costs and additional paid in capital (“APIC”). To the extent that it becomes probable that cash will be used in the settlement rather than stock, such amount of cash will be classified as a liability rather than APIC.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">If the Success Fee is paid in shares of common stock, deemed to be an equity award, the amount of common stock paid will be determined using a price per share equal to the average of closing prices of the common stock on the NASDAQ Global Market for the <font>20</font> trading days ending on the last trading day prior to the earliest occurring Success Fee Event; provided, however, that the price per share shall be no less than $<font>16.00</font> per share. Previously recognized capitalized development costs will be adjusted to reflect the calculated value of the property upon settlement. The related APIC amount will be adjusted to common stock to reflect the issuance of common stock. To the extent that it becomes probable that cash will be used in the settlement rather than stock, such amount of cash will be classified as a liability rather than APIC / common stock. As of July 31, 2014, the estimated amount of the Success Fee was <font>zero</font>.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In connection with facilitating the annexation of East Area 1 into the City of Santa Paula, during February 2013, the Company entered into a Capital Improvement Cost Sharing Agreement for Improvements to Santa Paula Creek Channel (the “Cost Sharing Agreement”) with the Ventura County Watershed Protection District (the “District”). The Cost Sharing Agreement requires the Company to reimburse the District <font>28.5</font>% of the costs of the improvements, up to a maximum of $<font>5,000,000</font>. Additionally, the Company is required to pay the cost of preparing a study to determine a feasible scope of work and budget for the improvements. As of July 31, 2014, $<font>150,000</font> has been accrued for the cost of the study.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>Templeton Santa Barbara, LLC</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The <font>three</font> real estate development parcels within the Templeton Santa Barbara, LLC project are described as Centennial Square (“Centennial”), The Terraces at Pacific Crest (“Pacific Crest”), and Sevilla. The net carrying values of Centennial, Pacific Crest and Sevilla at July 31, 2014 were $<font>2,982,000</font>, $<font>3,370,000</font> and $<font>4,686,000</font>, respectively, and at October 31, 2013 were $<font>3,220,000</font>, $<font>3,370,000</font> and $<font>4,686,000</font>, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">During the three months ended July 31, 2014 and 2013, the Company capitalized $<font>24,000</font> and $<font>172,000</font>, respectively, of costs related to these real estate parcels. During the nine months ended July 31, 2014 and 2013, the Company capitalized $<font>197,000</font> and $<font>678,000</font>, respectively, of costs related to these real estate parcels. Additionally, in relation to these parcels, the Company incurred net expenses of $<font>465,000</font> and $<font>3,000</font> in the three months ended July 31, 2014 and 2013, respectively, and $<font>527,000</font> and $<font>29,000</font> in the nine months ended July 31, 2014 and 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">On August 25, 2014, the Company entered</font> into a non-binding letter of intent to sell its Centennial property for $<font>3,100,000</font> cash, which terms include a <font>45</font>-day buyer due diligence period, payment by the buyer of $<font>250,000</font> in deposits, which become non-refundable at the end of the due diligence period and a transaction close date of approximately <font>seven</font> months following the execution of a purchase and sale agreement. As a result of entering into the letter of intent, the Company recognized an impairment charge of $<font>435,000</font> on the property as of July 31, 2014 for the difference between the selling price net of estimated selling and other transaction costs and the net book value of the property as July 31, 2014.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>Windfall Investors, LLC</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On November 15, 2009, the Company acquired Windfall Investors, LLC, which included $<font>16,842,000</font> of real estate development assets. During the three months ended July 31, 2014 and 2013, the Company capitalized $<font>673,000</font> and $<font>184,000</font>, respectively, of costs related to this real estate development project. During the nine months ended July 31, 2014 and 2013, the Company capitalized $<font>1,323,000</font> and $<font>595,000</font>, respectively, of costs related to this real estate development project. Additionally, in relation to this project, the Company has incurred net expenses of $<font>265,000</font> and $<font>199,000</font>, in the three months ended July 31, 2014 and 2013, respectively, and $<font>720,000</font> and $<font>549,000</font> in the nine months ended July 31, 2014 and 2013, respectively.</p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Real estate development assets consist of the following:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">East Areas 1 and 2</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>53,871,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>51,538,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Templeton Santa Barbara, LLC</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>11,038,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>11,276,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Windfall Investors, LLC</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>21,928,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>20,605,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>86,837,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>83,419,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
827000
1712000
2333000
3526000
4000
3000
3220000
3370000
4686000
24000
172000
197000
678000
465000
3000
527000
29000
16842000
673000
184000
1323000
595000
265000
199000
720000
549000
2
550
3
3100000
250000
435000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>15. Related-Party Transactions</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $<font>132,000</font> and $<font>127,000</font> of rental revenue from employees in the three months ended July 31, 2014 and 2013, respectively. The Company recorded $<font>405,000</font> and $<font>392,000</font> of rental revenue from employees in the nine months ended July 31, 2014 and 2013, respectively. There were <font>no</font> rental payments due from employees at July 31, 2014 and October 31, 2013.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has representation on the boards of directors of the mutual water companies in which the Company has investments. The Company recorded capital contributions and purchased water and water delivery services from such mutual water companies, in aggregate, of $<font>202,000</font> and $<font>213,000</font> in the three months ended July 31, 2014 and 2013, respectively. The Company made capital contributions and purchased water and water delivery services from such mutual water companies, in aggregate, of $<font>947,000</font> and $<font>903,000</font> in the nine months ended July 31, 2014 and 2013, respectively. Water purchase and delivery systems are included in agribusiness expense in the Company's consolidated statements of operations. Payments due to the mutual water companies were, in aggregate, $<font>73,000</font> and $<font>78,000</font> at July 31, 2014 and October 31, 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies of $<font>438,000</font> and $<font>438,000</font> from the association in the three months ended July 31, 2014 and 2013, respectively. The Company purchased services and supplies of $<font>989,000</font> and $<font>801,000</font> from the association in the nine months ended July 31, 2014 and 2013, respectively. Such amounts are included in agribusiness expense in the Company's consolidated statements of operations. Payments due to the association were $<font>69,000</font> and $<font>26,000</font> at July 31, 2014 and October 31, 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company received dividend income of $<font>350,000</font> and $<font>432,000</font> in the nine months ended July 31, 2014 and 2013, respectively, on its investment in Calavo, which is included in other income, net in the Company's consolidated statements of operations. The Company had $<font>6,147,000</font> and $<font>7,748,000</font> of avocado sales to Calavo for the three months ended July 31, 2014 and 2013, respectively. The Company had $<font>7,320,000</font> and $<font>10,455,000</font> of avocado sales to Calavo for the nine months ended July 31, 2014 and 2013, respectively. Such amounts are included in agribusiness revenues in the Company's consolidated statements of operations. There was $<font>2,128,000</font> receivable by the Company from Calavo at July 31, 2014 and <font>zero</font> receivable at October 31, 2013. Additionally, the Company leases office space to Calavo and received rental income of $<font>69,000</font> and $<font>69,000</font> in the three months ended July 31, 2014 and 2013, respectively. The Company received rental income from Calavo of $<font>207,000</font> and $<font>205,000</font> in the nine months ended July 31, 2014 and 2013, respectively. Such amounts are included in rental operations revenues in the Company's consolidated statements of operations.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Certain members of the Company's Board of Directors market lemons through the Company pursuant to its customary marketing agreements. During the three months ended July 31, 2014 and 2013, the aggregate amount of lemons procured from entities owned or controlled by members of the Board of Directors was $<font>915,000</font> and $<font>798,000</font>, respectively. During the nine months ended July 31, 2014 and 2013, the aggregate amount was $<font>1,311,000</font> and $<font>1,023,000</font>, respectively. Such amounts are included in agribusiness expense in the accompanying consolidated statements of operations. Payments due to these Board members were $<font>786,000</font> and $<font>240,000</font> at July 31, 2014 and October 31, 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On July 1, 2013, the Company and Cadiz Real Estate, LLC (“Cadiz”), a wholly-owned subsidiary of Cadiz, Inc., entered into a long-term lease agreement (the “Lease”) for a minimum of <font>320</font> acres, with an option to lease up to an additional <font>640</font> acres, located within <font>9,600</font> zoned agricultural acres owned by Cadiz in eastern San Bernardino County, California. The initial term of the Lease runs for <font>20</font> years and the annual base rental rate will be equal to the sum of $<font>200</font> per planted acre and <font>20</font>% of gross revenues from the sale of harvested lemons (less operating expenses) and will not exceed $<font>1,200</font> per acre per year. As of July 31, 2014, $<font>15,000</font> of lease expense has been incurred. A member of the Company's board of directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc. Additionally, this board member is an attorney with a law firm that provided services of $<font>71,000</font> and $<font>1,000</font> to the Company during the nine months ended July 31, 2014 and 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has representation on the board of directors of Colorado River Growers, Inc. (“CRG”), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting and marketing business in Yuma County, Arizona. The Company paid harvest and third-party grower expense to CRG of <font>zero</font> and $<font>5,505,000</font> during the three and nine months ended July 31, 2014, respectively. Such amounts are included in agribusiness expense in the Company's consolidated financial statements. Additionally, the Company's subsidiary, Associated Citrus Packers, Inc. (“Associated”) provided harvest management and administrative services to CRG in the amount of <font>zero</font> and $<font>295,000</font> during the three and nine months ended July 31, 2014, respectively. Such amounts are included in agribusiness revenues in the Company's consolidated financial statements. There was $<font>227,000</font> and $<font>194,000</font> due to Associated from CRG at July 31, 2014 and October 31, 2013, respectively, which is included in accounts receivable in the Company's consolidated balance sheets.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District. The Company purchased water in the amount of <font>zero</font> and $<font>62,000</font> during three and nine months ended July 31, 2014, respectively. Such amounts are included in agribusiness expenses in the Company's consolidated statements of operations. There were <font>no</font> amounts due to the district at July 31, 2014 and October 31, 2013. Additionally, we recorded income of $<font>43,000</font> and $<font>111,000</font> during the three and nine months ended July 31, 2014, respectfully related to a Pilot Fallowing Program. There was $<font>20,000</font> and <font>zero</font> due to Associated from Yuma Mesa Irrigation and Drainage District at July 31, 2014 and October 31, 2013, respectfully, which is included in accounts receivable in the Company's consolidated balance sheets.</p>
</div>
</div>
132000
127000
405000
392000
202000
213000
947000
903000
73000
78000
438000
438000
989000
801000
69000
26000
350000
432000
6147000
7748000
7320000
10455000
2128000
0
69000
69000
207000
205000
915000
798000
1311000
1023000
786000
240000
200
0.2
1200
15000
71000
1000
0
5505000
0
295000
227000
194000
0
62000
20000
0
P20Y
43000
111000
125000
975000
205000
180000
268000
240000
-195000
-258000
166000
239000
102000
123000
615000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>17. Retirement Plans</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Limoneira Company Retirement Plan (the “Plan”) is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees of the Company. Benefits paid by the Plan are calculated based on years of service, highest <font>five</font>-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and <font>no</font> additional benefits accrued to participants subsequent to that date. The Plan is administered by City National Bank and Mercer Human Resource Consulting.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of $<font>125,000</font> and $<font>975,000</font> during the <font>three</font> month periods ended July 31, 2014 and <font>2013</font>, respectively, and $<font>375,000</font> and $<font>1,127,000</font> during the nine month periods ended July 31, 2014 and 2013, respectively. </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The net periodic pension costs for the Plan for the three months ended July 31 were as follows:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">Service cost</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>34,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>41,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Interest cost</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>205,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>180,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Expected return on plan assets</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(268,000</font></td>
<td style=" text-align: left;">)</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(240,000</font></td>
<td style=" text-align: left;">)</td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Recognized actuarial loss</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>195,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>258,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>166,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>239,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The net periodic pension costs for the Plan for the nine months ended July 31 were as follows:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: right;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: right;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: left;">Service cost</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>102,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>123,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Interest cost</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>615,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>540,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;">Expected return on plan assets</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(804,000</font></td>
<td style=" text-align: left;">)</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(720,000</font></td>
<td style=" text-align: left;">)</td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left; padding-bottom: 1pt;">Recognized actuarial loss</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>585,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>774,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>498,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>717,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
</div>
<div class="CursorPointer"></div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The net periodic pension costs for the Plan for the three months ended July 31 were as follows:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">Service cost</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>34,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>41,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Interest cost</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>205,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>180,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Expected return on plan assets</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(268,000</font></td>
<td style=" text-align: left;">)</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(240,000</font></td>
<td style=" text-align: left;">)</td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Recognized actuarial loss</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>195,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>258,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>166,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>239,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The net periodic pension costs for the Plan for the nine months ended July 31 were as follows:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: right;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: right;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: left;">Service cost</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>102,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>123,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Interest cost</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>615,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>540,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;">Expected return on plan assets</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(804,000</font></td>
<td style=" text-align: left;">)</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>(720,000</font></td>
<td style=" text-align: left;">)</td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left; padding-bottom: 1pt;">Recognized actuarial loss</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>585,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>774,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>498,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>717,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
</div>
375000
1127000
34000
41000
540000
804000
720000
-585000
-774000
498000
717000
2443000
2905000
831000
1523000
54000
55000
4483000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>18. Other Long-Term Liabilities</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Other long-term liabilities consist of the following:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">Minimum pension liability</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>2,443,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>2,905,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Fair value of derivative instrument</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>831,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,523,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Contingent consideration</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>300,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>-</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Other</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>54,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>55,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>3,628,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>4,483,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Other long-term liabilities consist of the following:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">Minimum pension liability</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>2,443,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>2,905,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Fair value of derivative instrument</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>831,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,523,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Contingent consideration</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>300,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>-</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Other</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>54,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>55,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>3,628,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>4,483,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
300000
31000
3039000
2972000
16587000
13597000
96842000
86210000
1756000
1800000
17245000
14845000
17000
2082000
2024000
8249000
229598000
209914000
5436000
4784000
6233000
2325000
10108000
795000
717000
569000
23166000
53000
14675000
61563000
19972000
18540000
3628000
98275000
99261000
10000
9300
1000
9331000
100
50000
30000
0.0875
10805000
3000000
3000000
0.01
19900000
14078077
14016011
141000
140000
89494000
88160000
6419000
26935000
19098000
2422000
255000
121992000
110653000
229598000
209914000
2690000
4124000
30000
9300
3000000
3000000
30000
0.0875
19900000
50000
14078077
100
0.01
30000
14016011
65909000
48593000
7320000
10455000
7031000
5168000
3221000
2898000
67114000
1833000
1788000
1469000
1286000
181000
81000
3483000
3155000
196000
328000
87160000
70597000
83481000
3483000
196000
56669000
1923000
1398000
10189000
70179000
2061000
308000
58000
137000
24751000
1252000
-1260000
-10326000
67114000
3155000
328000
50611000
1618000
867000
8852000
61948000
1170000
277000
46000
145000
1638000
15333000
1260000
-585000
-8997000
121000
239000
29929000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>21. Segment Information</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company operates in <font>three</font> reportable operating segments: agribusiness, rental operations, and real estate development. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The agribusiness segment includes farming and citrus packing operations. The rental operations segment includes residential and commercial rental operations, leased land, and organic recycling. The real estate development segment includes real estate development operations. No asset information is provided for reportable segments as these specified amounts are not included in the measure of segment profit or loss reviewed by the company's chief operating decision maker. The Company measures operating performance, including revenues and earnings, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, other income or expense, interest expense and income tax expense, or specifically identify them to its operating segments.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the three months ended July 31, 2014:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/>
Operations</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/>
Development</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/>
Other</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 35%; text-align: justify;">Revenues</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>35,173,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,182,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>121,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>36,476,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Costs and expenses</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>17,077,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>691,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>833,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>3,593,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>22,194,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>728,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>105,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>22,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>47,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>902,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>17,368,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>386,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(734,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(3,640,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>13,380,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the three months ended July 31, 2013:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/>
Operations</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/>
Development</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/>
Other</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 35%; text-align: justify;">Revenues</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>28,626,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,064,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>239,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>29,929,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Costs and expenses</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>15,541,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>541,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>429,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>2,910,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>19,421,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>391,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>97,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>15,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>48,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>551,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>12,694,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>426,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(205,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(2,958,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>9,957,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth revenues by category, by segment for the three months ended:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" align="center" style=" border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">Lemons</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>26,845,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>19,112,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Avocados</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>6,147,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>7,748,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Navel and Valencia oranges</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,711,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,470,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Specialty citrus and other crops</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>470,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>296,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Agribusiness revenues</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>35,173,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>28,626,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Rental operations</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>618,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>603,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Leased land</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>496,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>427,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Organic recycling and other</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>68,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>34,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Rental operations revenues</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,182,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,064,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Real estate development revenues</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>121,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>239,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Total revenues</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>36,476,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>29,929,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
</div>
<div> <div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the nine months ended July 31, 2014</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/> Operations</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/> Development</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/> Other</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td> <td style=" padding-bottom: 1pt;"> </td> </tr> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" width: 35%; text-align: justify;">Revenues</td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>83,481,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>3,483,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>196,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>–</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>87,160,000</font></td> <td style=" width: 1%; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Costs and expenses</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>56,669,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,923,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,398,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>10,189,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>70,179,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>2,061,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>308,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>58,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>137,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>2,564,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>24,751,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>1,252,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(1,260,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(10,326,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>14,417,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> </tr> </table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the nine months ended July 31, 2013:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/> Operations</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/> Development</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/> Other</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td> <td style=" padding-bottom: 1pt;"> </td> </tr> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" width: 35%; text-align: justify;">Revenues</td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>67,114,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>3,155,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>328,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>–</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>70,597,000</font></td> <td style=" width: 1%; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Costs and expenses</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>50,611,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,618,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>867,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>8,852,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>61,948,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,170,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>277,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>46,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>145,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,638,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>15,333,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>1,260,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(585,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(8,997,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>7,011,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> </tr> </table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p></div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p><div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth revenues by category, by segment for the nine months ended:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" align="center" style=" border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif;"> <tr style=" vertical-align: bottom;"> <td> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July  31,<br/> 2014</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/> 2013</strong></td> <td style=" padding-bottom: 1pt;"> </td> </tr> <tr style=" vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" width: 74%; text-align: justify;">Lemons</td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>65,909,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>48,593,000</font></td> <td style=" width: 1%; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Avocados</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>7,320,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>10,455,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;">Navel and Valencia oranges</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>7,031,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>5,168,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 1pt;">Specialty citrus and other crops</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>3,221,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>2,898,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;">Agribusiness revenues</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>83,481,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>67,114,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;">Rental operations</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,833,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,788,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Leased land</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,469,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,286,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 1pt;">Organic recycling and other</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>181,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>81,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Rental operations revenues</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>3,483,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>3,155,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 1pt;">Real estate development revenues</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>196,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>328,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 2.5pt;">Total revenues</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>87,160,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>70,597,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> </tr> </table></div></div><div class="CursorPointer"></div> </div> </div>
17805000
15932000
58730000
51781000
796000
638000
2231000
1895000
420000
444000
1021000
913000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the three months ended July 31, 2014:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/>
Operations</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/>
Development</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/>
Other</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: justify;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 35%; text-align: justify;">Revenues</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>35,173,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,182,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>121,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>36,476,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Costs and expenses</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>17,077,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>691,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>833,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>3,593,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>22,194,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>728,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>105,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>22,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>47,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>902,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>17,368,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>386,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(734,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(3,640,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>13,380,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the three months ended July 31, 2013:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/>
Operations</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/>
Development</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/>
Other</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 35%; text-align: justify;">Revenues</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>28,626,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,064,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>239,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>29,929,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Costs and expenses</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>15,541,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>541,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>429,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>2,910,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>19,421,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>391,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>97,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>15,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>48,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>551,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>12,694,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>426,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(205,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(2,958,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;">)</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>9,957,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth revenues by category, by segment for the three months ended:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" align="center" style=" border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
<td> </td>
<td colspan="2" style=" text-align: center;"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: justify;">Lemons</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>26,845,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>19,112,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Avocados</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>6,147,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>7,748,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Navel and Valencia oranges</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,711,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,470,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Specialty citrus and other crops</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>470,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>296,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Agribusiness revenues</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>35,173,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>28,626,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Rental operations</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>618,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>603,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Leased land</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>496,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>427,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 1pt;">Organic recycling and other</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>68,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>34,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Rental operations revenues</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,182,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,064,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Real estate development revenues</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>121,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>239,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Total revenues</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>36,476,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>29,929,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the nine months ended July 31, 2014</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/> Operations</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/> Development</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/> Other</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td> <td style=" padding-bottom: 1pt;"> </td> </tr> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: justify;"> </td> <td> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" width: 35%; text-align: justify;">Revenues</td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>83,481,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>3,483,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>196,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>–</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>87,160,000</font></td> <td style=" width: 1%; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Costs and expenses</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>56,669,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,923,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,398,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>10,189,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>70,179,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>2,061,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>308,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>58,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>137,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>2,564,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>24,751,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>1,252,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(1,260,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(10,326,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>14,417,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> </tr> </table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Segment information for the nine months ended July 31, 2013:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Agribusiness</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Rental<br/> Operations</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Real Estate<br/> Development</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Corporate and<br/> Other</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td> <td style=" padding-bottom: 1pt;"> </td> </tr> <tr style=" vertical-align: bottom;"> <td style=" text-align: justify;"> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" width: 35%; text-align: justify;">Revenues</td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>67,114,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>3,155,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>328,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>–</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>70,597,000</font></td> <td style=" width: 1%; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Costs and expenses</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>50,611,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,618,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>867,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>8,852,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>61,948,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 1pt;">Depreciation and amortization</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,170,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>277,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>46,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>145,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,638,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 2.5pt;">Operating income (loss)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>15,333,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>1,260,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(585,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>(8,997,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;">)</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>7,011,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> </tr> </table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth revenues by category, by segment for the nine months ended:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" align="center" style=" border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif;"> <tr style=" vertical-align: bottom;"> <td> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July  31,<br/> 2014</strong></td> <td style=" padding-bottom: 1pt;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/> 2013</strong></td> <td style=" padding-bottom: 1pt;"> </td> </tr> <tr style=" vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style=" text-align: center;"> </td> <td> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" width: 74%; text-align: justify;">Lemons</td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>65,909,000</font></td> <td style=" width: 1%; text-align: left;"> </td> <td style=" width: 1%;"> </td> <td style=" width: 1%; text-align: left;">$</td> <td style=" width: 10%; text-align: right;"><font>48,593,000</font></td> <td style=" width: 1%; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Avocados</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>7,320,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>10,455,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;">Navel and Valencia oranges</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>7,031,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>5,168,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 1pt;">Specialty citrus and other crops</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>3,221,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>2,898,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;">Agribusiness revenues</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>83,481,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>67,114,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;">Rental operations</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,833,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,788,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Leased land</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,469,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>1,286,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 1pt;">Organic recycling and other</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>181,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>81,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify;">Rental operations revenues</td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>3,483,000</font></td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"><font>3,155,000</font></td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> <td> </td> <td style=" text-align: left;"> </td> <td style=" text-align: right;"> </td> <td style=" text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: White;"> <td style=" text-align: justify; padding-bottom: 1pt;">Real estate development revenues</td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>196,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> <td style=" padding-bottom: 1pt;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: left;"> </td> <td style=" border-bottom: Black 1pt solid; text-align: right;"><font>328,000</font></td> <td style=" padding-bottom: 1pt; text-align: left;"> </td> </tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);"> <td style=" text-align: justify; padding-bottom: 2.5pt;">Total revenues</td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>87,160,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> <td style=" padding-bottom: 2.5pt;"> </td> <td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>70,597,000</font></td> <td style=" padding-bottom: 2.5pt; text-align: left;"> </td> </tr> </table></div></div>
28626000
83481000
435000
435000
3640000
2958000
10326000
8997000
23096000
19972000
72743000
63586000
13380000
9957000
14417000
7011000
124000
269000
711000
3138000
20000
19000
59000
65000
39000
1000
254000
389000
59000
289000
313000
4179000
13439000
10246000
14730000
11190000
4608000
3772000
5036000
3544000
101000
133000
132000
-1656000
9826000
5990000
171000
66000
302000
197000
8761000
6541000
9524000
5793000
0.62
0.49
0.68
0.46
0.61
0.49
0.68
0.46
0.05
0.04
0.12
0.12
14064000
13308000
14048000
12473000
14486000
13308000
14227000
12473000
3
35173000
1182000
121000
36476000
17077000
691000
833000
3593000
22194000
728000
105000
22000
47000
902000
17368000
386000
-734000
-3640000
28626000
1064000
239000
15541000
541000
429000
2910000
19421000
391000
97000
15000
48000
551000
12694000
426000
-205000
-2958000
26845000
19112000
6147000
7748000
1711000
1470000
470000
296000
35173000
618000
603000
496000
427000
68000
34000
1182000
1064000
91000
34721
50000
50000
150000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">Stock-based compensation expense, including an estimate for expected 2014 stock grants is included in selling, general and administrative expense and is recognized over the performance and vesting periods as summarized below:
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td colspan="2" nowrap="nowrap" style=" text-align: center;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="6" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Three Months Ended<br/>
July 31,</strong></td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="6" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Nine Months Ended<br/>
July 31,</strong></td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">Performance<br/>
Year</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">Shares<br/>
Granted</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2014</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2013</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2014</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2013</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 14%; text-align: center;">2010</td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%; text-align: center;"> </td>
<td style=" width: 1%; text-align: center;"> </td>
<td style=" width: 14%; text-align: center;"><font>62,287</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 14%; text-align: right;"><font>-</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 14%; text-align: right;"><font>-</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 14%; text-align: right;"><font>-</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 13%; text-align: right;"><font>91,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;"> </td>
<td style=" text-align: center;">2012</td>
<td style=" text-align: left;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"><font>34,721</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>50,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>50,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>150,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>159,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;"> </td>
<td style=" text-align: center;">2013</td>
<td style=" text-align: left;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"><font>27,091</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>59,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>75,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>177,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>225,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;">2014</td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;"><font>-</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>142,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>-</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>262,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>-</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>251,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>125,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>589,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>475,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>20. Stockholders' Equity</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As of July 31, 2014, there are <font>7,810</font> shares of common stock issued to employees in connection with a discontinued stock option plan. Such shares are subject to repurchase by the Company and constitute a liability due to the repurchase right. The repurchase obligation of $<font>6,000</font> is included in other long-term liabilities in the Company's consolidated balance sheets at July 31, 2014 and October 31, 2013.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has a stock-based compensation plan (the “Stock Plan”) that allows for the grant of common stock of the Company to members of management based on achievement of certain annual financial performance and other criteria. The number of shares granted is based on a percentage of the employee's base salary divided by the stock price on the grant date. Shares granted under the Stock Plan generally vest over a <font>two</font> year period beginning <font>one</font> year from the grant date. During December 2013, 27,091 shares of common stock were granted to management under the Stock Plan for fiscal year <font>2013</font> performance, resulting in total compensation expense of approximately $<font>727,000</font>, with $<font>253,000</font> recognized in the year ended October 31, 2013 and the balance to be recognized over the next <font>two</font> years as the shares vest.  During December 2012, 34,721 shares of common stock were granted to management under the Stock Plan for fiscal year <font>2012</font> performance, resulting in total compensation expense of approximately $<font>657,000</font>, with $<font>216,000</font> recognized in the year ended October 31, 2012 and the balance to be recognized over the next <font>two</font> years as the shares vest. <font>No</font> shares were granted for fiscal year <font>2011</font> performance. <font>Stock-based compensation expense, including an estimate for expected 2014 stock grants is included in selling, general and administrative expense and is recognized over the performance and vesting periods as summarized below:</font></p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td colspan="2" nowrap="nowrap" style=" text-align: center;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="6" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Three Months Ended<br/>
July 31,</strong></td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="6" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Nine Months Ended<br/>
July 31,</strong></td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">Performance<br/>
Year</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">Shares<br/>
Granted</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2014</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2013</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2014</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
<td colspan="2" nowrap="nowrap" style=" text-align: center; border-bottom: Black 1pt solid;">2013</td>
<td nowrap="nowrap" style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 14%; text-align: center;">2010</td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%; text-align: center;"> </td>
<td style=" width: 1%; text-align: center;"> </td>
<td style=" width: 14%; text-align: center;"><font>62,287</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 14%; text-align: right;"><font>-</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 14%; text-align: right;"><font>-</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 14%; text-align: right;"><font>-</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 13%; text-align: right;"><font>91,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;"> </td>
<td style=" text-align: center;">2012</td>
<td style=" text-align: left;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"><font>34,721</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>50,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>50,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>150,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>159,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;"> </td>
<td style=" text-align: center;">2013</td>
<td style=" text-align: left;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"> </td>
<td style=" text-align: center;"><font>27,091</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>59,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>75,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>177,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>225,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;">2014</td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;"> </td>
<td style=" padding-bottom: 1pt; text-align: center;"><font>-</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>142,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>-</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>262,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>-</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: center;"> </td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>251,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>125,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>589,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>475,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
</div>
<div class="CursorPointer"></div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">During December 2013, members of management exchanged <font>6,299</font> shares of common stock with fair market values of $<font>26.82</font> per share (at the date of the exchanges), respectively, for the payment of payroll taxes associated with the vesting of shares under the Company's stock-based compensation programs.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">During January 2014, <font>13,587</font> shares of common stock were granted to the Company's non-employee directors under the Company's stock-based compensation plans with compensation expense recognized on the grant date. The Company incurred <font>no</font> stock-based compensation to non-employee directors during each of the three month periods ended July 31, 2014 and 2013. The Company recognized $<font>303,000</font> and $<font>200,000</font> of stock-based compensation to non-employee directors during the nine months ended July 31, 2014 and 2013, respectively.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On June 24, 2014 the Company's board of directors authorized a donation of $<font>100,000</font> of the Company's common stock to the Museum of Ventura County (the “Museum”), a California non-profit corporation. On July 1, 2014, the Company issued <font>4,552</font> unregistered shares of the Company's common stock with a per share value of $<font>21.97</font> at the date of issuance. The donation is to be used by the Museum to establish and operate an agriculture museum in Santa Paula, California depicting the history of agriculture in Ventura County.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On June 30, 2014, the Company acquired the packing house property, equipment and certain intangible assets of Marlin Packing Company from its sole shareholder, Marlin Ranching Company. The purchase price was $<font>1,700,000</font>, comprised of <font>23,455</font> unregistered shares of the Company's common stock valued at $<font>518,600</font>, $<font>700,000</font> in cash, contingent consideration consisting of an earn-out with a fair value of $<font>300,000</font> and a deferred cash payment of $<font>181,400</font> to be made upon the completion of certain land remediation activities required to be completed by the seller.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"> </p>
</div>
62287
159000
27091
59000
75000
177000
225000
142000
262000
251000
125000
589000
475000
7810
6000
727000
253000
657000
216000
6299
26.82
13587
303000
200000
100000
4552
21.97
P2Y
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><strong>Preface</strong></p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The preparation of the unaudited interim consolidated financial statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, revenue and expenses and certain financial statement disclosures. Actual results may differ from these estimates.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The unaudited interim consolidated financial statements for the three months and nine months ended July 31, 2014 and 2013 and balance sheet as of July 31, 2014 included herein have not been audited by an independent registered public accounting firm, but in management's opinion, all adjustments (consisting of normal recurring adjustments) necessary to make a fair statement of the financial position at July 31, 2014 and the results of operations and the cash flows for the periods presented herein have been made. The results of operations for the three and nine months ended July 31, 2014 are not necessarily indicative of the operating results expected for the full fiscal year.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The consolidated balance sheet at October 31, 2013 included herein has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Although we believe the disclosures made are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules or regulations. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended October 31, 2013.</p>
</div>
</div>
201000
0.04
100
9300000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>19. Issuance of Series B-2 Convertible Preferred Stock</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">During March and April of 2014, pursuant to a Series B-2 Stock Purchase Agreement dated March 21, 2014, the Company issued an aggregate of <font>9,300</font> shares of Series B-2, <font>4</font>% voting preferred stock with a par value of $<font>100</font> per share (“Series B-2 Preferred Stock”) to an entity (“WPI”) affiliated with Water Asset Management, LLC (“WAM”) for total proceeds of $<font>9,300,000</font>. The transactions were exempt from the registration requirements of the Securities Act of 1933, as amended. The Series B-2 Preferred Stock has the following rights, preferences, privileges, and restrictions:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><em>Conversion</em> - <font>Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Company's common stock based upon the closing price of the Company's common stock on the NASDAQ Stock Market, LLC or on such other principal market on which the Company's common stock may then be trading and (b) $<font>15.00</font> per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock at (i) any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within <font>30</font> calendar days following such termination.</font></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><em>Dividends - </em>The holder of shares of the Series B-2 Preferred Stock is entitled to receive cumulative cash dividends at an annual rate of <font>4</font>% of the liquidation value of $<font>1,000</font> per share. Such dividends are payable <font>quarterly </font>on the first day of January, April, July and October in each year commencing July 1, 2014.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><em>Liquidation Rights</em> - In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holder of shares of the Series B-2 Preferred Stock is entitled to be paid out of the assets available for distribution, before any payment is made to the holders of the Company's common stock or any other series or class of the Company's shares ranking junior to the Series B-2 Preferred Stock, an amount equal to the liquidation value of $<font>1,000</font> per share, plus an amount equal to all accrued and unpaid dividends.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">  </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><em>Voting Rights</em> - Each share of Series B-2 Preferred Stock is entitled to one vote on all matters submitted to a vote of the Company's stockholders.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><em>Redemption</em> - The Company may redeem shares of Series B-2 Preferred Stock only (i) from WPI or its designee and (ii) upon, and to the extent of, an election to exercise the option pursuant to the Option Agreement, described below, at a redemption price equal to the liquidation value of $1,000 per share plus accrued and unpaid dividends.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Because the Series B-2 Preferred Stock may be redeemed by WPI at its discretion with the exercise of the Option Agreement, the redemption is outside of the control the Company and accordingly, the Series B-2 Preferred Stock has been classified as temporary equity.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In connection with the sale of the Series B-2 Preferred Stock, Associated, and another affiliate (“WPI-ACP”) of WAM entered into a series of agreements related to the future ownership and disposition of farmland with associated Colorado River water rights and other real estate that is held by Associated in Yuma, Arizona. The agreements allow the parties to explore strategies that will make the highest and best use of those assets, including but not limited to the sale or lease of assets or the expansion of a fallowing and water savings program in which a portion of Associated's property is currently enrolled. The net proceeds of any monetization event would be shared equally by the parties. The agreements entered into include a Water Development Agreement and an Option Agreement. Pursuant to the Water Development Agreement, Associated granted WPI-ACP exclusive rights to develop water assets attributable to the real estate owned by Associated for the mutual benefit of Associated and WAM. Pursuant to the Option Agreement, Associated granted WPI-ACP an option to purchase an undivided interest of up to one-half of the real estate owned by Associated in Yuma County, Arizona (the “Property”) and the water rights associated therewith until January 1, 2026. The purchase price for the Property subject to the Option Agreement will be paid via the redemption by the Company of a proportionate percentage of the Series B-2 Preferred Stock. Unless and until a definitive agreement or definitive agreements with respect to Associated's real estate and water rights is entered into that would cause the cessation of farming operations, Associated expects to continue farming the Property and recognize all results of operations and retain all proceeds from such operations.</p> </div> </div>
quarterly
85000
430000
476000
Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Company's common stock based upon the closing price of the Company's common stock on the NASDAQ Stock Market, LLC or on such other principal market on which the Company's common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock at (i) any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination.
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>2. Summary of Significant Accounting Policies</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>Recent Accounting Pronouncements</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><em>Financial Accounting Standards Board – Accounting Standards Update (“FASB ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606).</em></p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition – Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and tangible assets within the scope of Topic 350, Intangibles – Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><br/>
<font style=" font-size: 10pt;">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:</font></p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Identify the contract(s) with a customer.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Identify the performance obligations in the contract.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Determine the transaction price.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Allocate the transaction price to the performance obligations in the contract.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Recognize revenue when (or as) the entity satisfies a performance obligation.</td>
</tr>
</table>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements.</p>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
</div>
0.50
0.50
0.40
0.52
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>Recent Accounting Pronouncements</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><em>Financial Accounting Standards Board – Accounting Standards Update (“FASB ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606).</em></p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition – Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and tangible assets within the scope of Topic 350, Intangibles – Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU.</p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"><br/>
<font style=" font-size: 10pt;">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:</font></p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;"> </p>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Identify the contract(s) with a customer.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Identify the performance obligations in the contract.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Determine the transaction price.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Allocate the transaction price to the performance obligations in the contract.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" width="100%" style=" font-family : Times New Roman; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt;">
<tr style=" vertical-align: top;">
<td style=" width: 0.25in;"> </td>
<td style=" width: 0.25in;"><font style=" font-family: Symbol;">•</font></td>
<td>Recognize revenue when (or as) the entity satisfies a performance obligation.</td>
</tr>
</table>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>22. Subsequent Events</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On August 14, 2014, through its wholly owned subsidiary, Limoneira Chile SpA, the Company invested $<font>1,750,000</font> for a <font>35</font>% interest in Rosales S.A, (“Rosales”), a citrus packing, marketing and sales business located in La Serena, Chile. The Company will earn equity income from its investment and $<font>0.50</font> per carton on lemon sales to Asian markets. The Company's investment includes certain preferred interest provisions through December 31, 2016, including cash distributions of the <font>50</font>% and <font>40</font>% of the net income of Rosales for the years ending December 31, 2014 and 2015, respectively, as well as a liquidation preference on its investment. In addition, the Company has the right to acquire the <font>52</font>% interest of the majority shareholder of Rosales upon death or disability of Rosales' general manager for the fair value of the interest on the date of the event as defined in the shareholders' agreement.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has evaluated events subsequent to July 31, 2014 to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Based upon this evaluation, except as disclosed above and in the notes to consolidated financial statements, it was determined that no subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements.</p> </div>
1750000
0.35
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>5. Accounts Receivable</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white;">The Company grants credit in the course of its operations to customers, cooperatives, companies and lessees of the Company's property. The Company performs periodic credit evaluations of its customers' financial condition and generally does not require collateral. The Company provides allowances on its receivables, as required, based on accounts receivable aging and certain other factors. As of July 31, 2014 and October 31, 2013 the allowances totaled $<font>201,000</font> and $<font>85,000</font>, respectively.</p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>6. Concentrations</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company sells all of its avocado production to Calavo, which represented <font>20</font>% and <font>0</font>% of accounts receivable at July 31, 2014 and October 31, 2013.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white;">Lemons procured from third-party growers were <font>23</font>% and <font>35</font>% of lemon supply in the three and nine months ended July 31, 2014, respectively. Lemons procured from third-party growers were <font>20</font>% and <font>54</font>% of lemon supply in the three and nine months ended July 31, 2013, respectfully.</p>
</div>
</div>
0.20
0.00
0.23
0.35
0.20
0.54
0.339
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>16. Income Taxes</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company's effective tax rate for the first nine months of fiscal year 2014 is approximately <font>33.9</font>%, inclusive of certain discrete items.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has <font>no</font> uncertain tax positions as of July, 31 2014 and October 31, 2013.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company's policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. The Company has not accrued any interest and penalties associated with uncertain tax positions as of July 31, 2014.</p>
</div>
</div>
1000000
0.069
10000000
1728570
0.151
23450000
13450000
335000
6079000
2729000
165000
4788000
3138000
500000
1700000
1023000
-600000
-361000
2400000
1445000
-470000
-283000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>8. Investment in Calavo Growers, Inc.</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In June 2005, the Company entered into a stock purchase agreement with Calavo. Pursuant to this agreement, the Company purchased <font>1,000,000</font> shares, or approximately <font>6.9</font>%, of Calavo's common stock for $<font>10,000,000</font> and Calavo purchased <font>1,728,570</font> shares, or approximately <font>15.1</font>%, of the Company's common stock for $<font>23,450,000</font>. Under the terms of the agreement, the Company received net cash consideration of $<font>13,450,000</font>. The Company has classified its marketable securities investment as available-for-sale.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In fiscal year 2009, the Company sold <font>335,000</font> shares of Calavo stock for a total of $<font>6,079,000</font>, recognizing a gain of $<font>2,729,000</font>. In fiscal year 2013, the Company sold <font>165,000</font> shares to Calavo pursuant to the 2005 Stock Purchase Agreement for a total of $<font>4,788,000</font>, recognizing a gain of $<font>3,138,000</font>. The Company continues to own <font>500,000</font> shares of Calavo common stock.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Changes in the fair value of the available-for-sale securities result in unrealized holding gains or losses for the remaining shares held by the Company. The Company recorded unrealized holding gains (losses) of $<font>1,700,000</font> ($<font>1,023,000</font> net of tax) and ($<font>600,000</font>) (($<font>361,000</font>) net of tax), during the three months ended July 31, 2014 and 2013, respectively. The Company recorded unrealized holding gains (losses) of $<font>2,400,000</font> ($<font>1,445,000</font> net of tax) and ($<font>470,000</font>) (($<font>283,000</font>) net of tax), during the nine months ended July 31, 2014 and 2013, respectively.</p> </div> </div>
10000
17000
320
7000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9. Notes Receivable</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has a note receivable and accrued interest from an employee totaling $<font>10,000</font> at July 31, 2014 and $<font>17,000</font> at October 31, 2013, payable December 2014. On March 13, 2014 the employee exchanged <font>320</font> shares of the Company's common stock in the amount of $<font>7,000</font> to reduce this receivable. The note receivable balance is included in prepaid expenses and other current assets at July 31, 2014.</p></div></div>
3723000
3430000
1536000
1536000
1378000
1522000
342000
358000
680000
680000
8002000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10. Other Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b> </b></p> <div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other assets consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style=" padding-bottom: 1pt;"><strong> </strong></td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/> 2014</strong></td><td style="padding-bottom: 1pt;"><strong> </strong></td><td style=" padding-bottom: 1pt;"><strong> </strong></td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/> 2013</strong></td><td style="padding-bottom: 1pt;"><strong> </strong></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify">Investments in mutual water companies</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><font>3,723,000</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><font>3,430,000</font></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Acquired water and mineral rights</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,536,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,536,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred lease assets and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,378,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,522,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revolving funds and memberships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>342,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>358,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Acquired trade names and trademarks, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>430,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>476,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>160,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>-</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><font>680,000</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><font>680,000</font></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><font>8,249,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><font>8,002,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table></div></div><div class="CursorPointer"></div> </div></div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other assets consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style=" padding-bottom: 1pt;"><strong> </strong></td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/> 2014</strong></td><td style="padding-bottom: 1pt;"><strong> </strong></td><td style=" padding-bottom: 1pt;"><strong> </strong></td> <td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/> 2013</strong></td><td style="padding-bottom: 1pt;"><strong> </strong></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify">Investments in mutual water companies</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><font>3,723,000</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><font>3,430,000</font></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Acquired water and mineral rights</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,536,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,536,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred lease assets and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,378,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>1,522,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revolving funds and memberships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>342,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>358,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Acquired trade names and trademarks, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>430,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>476,000</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>160,000</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font>-</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><font>680,000</font></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><font>680,000</font></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><font>8,249,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><font>8,002,000</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table></div></div>
160000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>14. Basic and Diluted Net Loss per Share</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" color: rgb(0, 0, 0); font-family : Times New Roman; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; text-align: justify;">Basic net income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of preferred stock. Diluted net income per common share is calculated using the weighted-average number of common shares outstanding plus the dilutive effect of conversion of preferred stock. The Series B convertible preferred shares are anti-dilutive.</p>
</div>
</div>
40000000
40000000
1626000
2240000
0.0430
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>13. Derivative Instruments and Hedging Activities</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company enters into interest rate swaps to minimize the risks and costs associated with its financing activities. Derivative financial instruments are as follows:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="6" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Notional Amount</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="6" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Fair Value Liability</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr> <tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 48%; text-align: left;">Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>40,000,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 10%; text-align: right;"><font>40,000,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,626,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 10%; text-align: right;"><font>2,240,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
</table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p></div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In November 2011, the Company entered into a forward interest rate swap agreement with Rabobank International, Utrecht to fix the interest rate at <font>4.30</font>% on $<font>40,000,000</font> of its outstanding borrowings under the Rabobank line of credit beginning July 2013 until June 2018. This interest rate swap qualifies as a cash flow hedge and is accounted for as a hedge under the short-cut method. Therefore, the fair value liability is included in fair value of derivative instruments, other long-term liabilities and related accumulated other comprehensive income at July 31, 2014 and October 31, 2013.</p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company enters into interest rate swaps to minimize the risks and costs associated with its financing activities. Derivative financial instruments are as follows:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="6" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Notional Amount</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="6" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Fair Value Liability</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr> <tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 48%; text-align: left;">Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>40,000,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 10%; text-align: right;"><font>40,000,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,626,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 10%; text-align: right;"><font>2,240,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
</table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p></div>
0.0015
0.018
45113000
54380000
0.0275
4884000
5262000
0.0275
492000
492000
0.0365
1602000
1975000
0
12000
23000
52103000
62132000
594000
51509000
2018-05-31
2309000
1979000
154000
469000
4666000
1732000
195000
208000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Long-term debt is comprised of the following: </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" width: 74%; text-align: justify;">Rabobank revolving credit facility: the interest rate is variable based on the <font>one</font>-month London Interbank Offered Rate (<font>LIBOR</font>), which was <font>0.15</font>% at July 31, 2014, plus <font>1.80</font>%. Interest is payable monthly and the principal is due in full in June 2018.</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>45,113,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>54,380,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify;">Farm Credit West term loan: the interest rate is variable and was <font>2.75</font>% at July 31, 2014.  The loan is payable in quarterly installments through November 2022.</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>4,884,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>5,262,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify;">Farm Credit West non-revolving line of credit: the interest rate is variable and was <font>2.75</font>% at July 31, 2014. Interest is payable monthly and the principal is due in full in May 2018.</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>492,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>492,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify;">Farm Credit West term loan: the interest rate is fixed at <font>3.65</font>% until November 2014 and will become variable for the remainder of the loan. The loan is payable in monthly installments through October 2035.</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,602,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,975,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify; padding-bottom: 1pt;">CNH Capital loans: the interest rate is <font>zero</font> and the loans are payable in monthly installments through May and July 2015.</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>12,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>23,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td>Subtotal</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>52,103,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>62,132,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: left; padding-bottom: 1pt;">Less current portion</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>594,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>569,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: left; padding-bottom: 2.5pt;">Total long-term debt, less current portion</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>51,509,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>61,563,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
489000
298000
1038000
546000
1257000
1048000
6280000
1700000
1023000
-361000
1445000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>12. Long-Term Debt</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Long-term debt is comprised of the following: </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,<br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" width: 74%; text-align: justify;">Rabobank revolving credit facility: the interest rate is variable based on the <font>one</font>-month London Interbank Offered Rate (<font>LIBOR</font>), which was <font>0.15</font>% at July 31, 2014, plus <font>1.80</font>%. Interest is payable monthly and the principal is due in full in June 2018.</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>45,113,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>54,380,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify;">Farm Credit West term loan: the interest rate is variable and was <font>2.75</font>% at July 31, 2014.  The loan is payable in quarterly installments through November 2022.</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>4,884,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>5,262,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify;">Farm Credit West non-revolving line of credit: the interest rate is variable and was <font>2.75</font>% at July 31, 2014. Interest is payable monthly and the principal is due in full in May 2018.</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>492,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>492,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify;">Farm Credit West term loan: the interest rate is fixed at <font>3.65</font>% until November 2014 and will become variable for the remainder of the loan. The loan is payable in monthly installments through October 2035.</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,602,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,975,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: justify; padding-bottom: 1pt;">CNH Capital loans: the interest rate is <font>zero</font> and the loans are payable in monthly installments through May and July 2015.</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>12,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>23,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td>Subtotal</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>52,103,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>62,132,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: #CCEEFF;">
<td style=" text-align: left; padding-bottom: 1pt;">Less current portion</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>594,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>569,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td style=" text-align: left; padding-bottom: 2.5pt;">Total long-term debt, less current portion</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>51,509,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>61,563,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
</div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Rabobank and Farm Credit West loans are secured by certain of the Company's agricultural properties and a portion of the equity interest in the Company's investments in certain mutual water companies.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On March 31, 2014, the Company entered into a Third Amendment to the Amended and Restated Line of Credit Agreement dated December 15, 2008 in order to, among other things, release Rabobank's security interest in Teague McKevett Ranch, which is also known as East Area I real estate development project, in Ventura County, California, and grant Rabobank a security interest in certain of the Company's agricultural properties located in Ventura and Tulare Counties. The line of credit provides for maximum borrowings of $<font>100,000,000</font> and the borrowing capacity based on collateral value was $<font>93,800,000</font> at July 31, 2014. The Company paid debt financing costs of $<font>106,000</font> related to this amendment.</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $<font>559,000</font> and $<font>626,000</font> during the three months ended July 31, 2014 and 2013, respectively, and $<font>1,757,000</font> and $<font>1,920,000</font> during the nine months ended July 31, 2014 and 2013, respectively. Capitalized interest is included in property, plant and equipment and real estate development assets in the Company's consolidated balance sheets.</p>
</div>
</div>
2018-06-30
2022-11-30
2035-10-31
100000000
93800000
559000
626000
1757000
1920000
2015-07-31
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>11. Accrued Liabilities</strong></p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Accrued liabilities consist of the following:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,  <br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: left;">Accrued compensation</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>2,309,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,979,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Accrued property taxes</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>154,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>469,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;">Accrued income taxes</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>4,666,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,732,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Accrued interest</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>195,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>208,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;">Deferred income</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>489,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>298,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Accrued lease expense</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,038,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>546,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" padding-bottom: 1pt;">Other</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,257,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,048,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>10,108,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>6,280,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
</div>
<div class="CursorPointer"></div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Accrued liabilities consist of the following:</p>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>July 31,  <br/>
2014</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>October 31,<br/>
2013</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr>
<tr style=" vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 74%; text-align: left;">Accrued compensation</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>2,309,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>1,979,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Accrued property taxes</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>154,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>469,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;">Accrued income taxes</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>4,666,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,732,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Accrued interest</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>195,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>208,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: left;">Deferred income</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>489,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>298,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: left;">Accrued lease expense</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>1,038,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>546,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" padding-bottom: 1pt;">Other</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,257,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>1,048,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style=" vertical-align: bottom; background-color: White;">
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>10,108,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>6,280,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
</div>
</div>
P5Y
23455
518600
700000
300000
181400
400000
395000
260000
885000
160000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>3. Acquisition</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On June 30, 2014, the Company acquired the packing house property, equipment and certain intangible assets of Marlin Packing Company from its sole shareholder, Marlin Ranching Company. Both companies are privately owned Arizona corporations located in Yuma, Arizona. <font>No</font> liabilities were assumed in the acquisition. The purchase price was $<font>1,700,000</font>, comprised of <font>23,455</font> unregistered shares of the Company's common stock valued at $<font>518,600</font>, $<font>700,000</font> in cash, contingent consideration consisting of an earn-out with a fair value of $<font>300,000</font> and a deferred cash payment of $<font>181,400</font> to be paid upon the completion of certain land remediation activities required by the seller. The earn-out has a maximum value of $<font>400,000</font> in cash based on the operating profits of the acquired business, as defined in the purchase agreement, over a five-year period ending October 31, 2019. The liability for the fair value of the earn-out is included in other long term liabilities and the deferred cash payment is included in accrued liabilities in the accompanying July 31, 2014 balance sheet. Transaction costs associated with the acquisition were not significant and were expensed in the nine months ended July 31, 2014. The acquisition was accounted for as a business combination. The results of operations of the acquired business are included in the Company's consolidated results of operations from the date of acquisition and were not significant for the three and nine months ended July 31, 2014.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following is a summary of the fair value of the assets acquired based on a third-party valuation on the date of the acquisition:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 87%; text-align: justify;">Building</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>395,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Land and improvements</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>260,000</font></td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Equipment</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>885,000</font></td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Customer relationships</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>160,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Fair value of assets acquired</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>1,700,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p></div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Customer relationships are subject to amortization over an estimated life of five years.</p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following is a summary of the fair value of the assets acquired based on a third-party valuation on the date of the acquisition:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" width: 87%; text-align: justify;">Building</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>395,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify;">Land and improvements</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>260,000</font></td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Equipment</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"><font>885,000</font></td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; padding-bottom: 1pt;">Customer relationships</td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: left;"> </td>
<td style=" border-bottom: Black 1pt solid; text-align: right;"><font>160,000</font></td>
<td style=" padding-bottom: 1pt; text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify; padding-bottom: 2.5pt;">Fair value of assets acquired</td>
<td style=" padding-bottom: 2.5pt;"> </td>
<td style=" border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style=" border-bottom: Black 2.5pt double; text-align: right;"><font>1,700,000</font></td>
<td style=" padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table></div> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p></div>
8932000
6607000
-117000
-155000
-352000
-465000
-283000
119000
701000
370000
672000
1259000
495000
2167000
854000
10191000
7102000
11993000
6844000
17245000
17245000
1626000
1626000
0.032
34.49
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><strong>4. Fair Value Measurements</strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Under the FASB ASC 820, <em>Fair Value Measurement and Disclosures</em>, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth the Company's financial assets and liabilities as of July 31, 2014, that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Level 1</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Level 2</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Level 3</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Assets at fair value:</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" width: 48%; text-align: justify; text-indent: -0.25in; padding-left: 27pt;">Available-for-sale securities</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>17,245,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>17,245,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Liabilities at fair value:</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; text-indent: -0.25in; padding-left: 27pt;">Derivative</td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>–</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>1,626,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>–</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>1,626,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
</table></div> </div><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Available-for-sale securities consist of marketable securities in Calavo common stock. The Company currently owns <font>500,000</font> shares, representing approximately <font>3.2</font>% of Calavo's outstanding common stock. These securities are measured at fair value by quoted market prices. Calavo's stock price at July 31, 2014 was $<font>34.49</font> per share.</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The derivative consists of an interest rate swap (see Note 13), the fair value of which is estimated using industry-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs.</p>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth the Company's financial assets and liabilities as of July 31, 2014, that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy:</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <div class="CursorPointer"><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style=" vertical-align: bottom;">
<td style=" text-align: justify;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Level 1</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Level 2</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Level 3</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
<td style=" padding-bottom: 1pt;"> </td>
<td colspan="2" style=" text-align: center; border-bottom: Black 1pt solid;"><strong>Total</strong></td>
<td style=" padding-bottom: 1pt;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Assets at fair value:</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" width: 48%; text-align: justify; text-indent: -0.25in; padding-left: 27pt;">Available-for-sale securities</td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>17,245,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>–</font></td>
<td style=" width: 1%; text-align: left;"> </td>
<td style=" width: 1%;"> </td>
<td style=" width: 1%; text-align: left;">$</td>
<td style=" width: 10%; text-align: right;"><font>17,245,000</font></td>
<td style=" width: 1%; text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: rgb(204,238,255);">
<td style=" text-align: justify;">Liabilities at fair value:</td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;"> </td>
<td style=" text-align: right;"> </td>
<td style=" text-align: left;"> </td>
</tr> <tr style=" vertical-align: bottom; background-color: White;">
<td style=" text-align: justify; text-indent: -0.25in; padding-left: 27pt;">Derivative</td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>–</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>1,626,000</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>–</font></td>
<td style=" text-align: left;"> </td>
<td> </td>
<td style=" text-align: left;">$</td>
<td style=" text-align: right;"><font>1,626,000</font></td>
<td style=" text-align: left;"> </td>
</tr>
</table></div> </div>
Limoneira CO
0001342423
10-Q
2014-07-31
false
--10-31
Accelerated Filer
2014
Q3
14078077