Limoneira Company Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended October 31, 2015; Provides Operational and Earnings Guidance for the Fiscal Year Ending October 31, 2016
January 12, 2016 at 02:35 am IST
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Limoneira Company reported unaudited consolidated financial results for the fourth quarter and full year ended October 31, 2015. For the quarter, the company reported net income of $654,000 against net loss of $2,835,000 for the same period a year ago. EBITDA was $2,402,000 against LBITDA of $3,347,000 for the same period a year ago. Adjusted EBITDA was $2,402,000 against LBITDA of $3,347,000 for the same period a year ago. Total revenue was $14,212,000 against $16,302,000 for the same period a year ago. Operating loss was $4,878,000 against $4,524,000 for the same period a year ago. Income before income taxes was $1,151,000 against loss of $4,298,000 a year ago. Net income applicable to common stock was $496,000 or $0.04 per common share basic and diluted against net loss applicable to common stock of $2,993,000 or $0.21 loss per common share basic and diluted for the same period a year ago.
For the full year, the company reported net income of $7,082,000 against $6,991,000 for the same period a year ago. EBITDA was $14,212,000 against $16,302,000 for the same period a year ago. Adjusted EBITDA was $15,388,000 against $14,020,000 for the same period a year ago. Total revenue was $100,311,000 against $103,462,000 for the same period a year ago. Operating income was $4,583,000 against $9,893,000 for the same period a year ago. Income before income taxes was $11,056,000 against $10,564,000 a year ago. Net income applicable to common stock was $6,447,000 or $0.46 per common share basic and diluted against $6,531,000 or $0.46 per common share basic and diluted for the same period a year ago. During fiscal year 2015, net cash provided by operating activities was $7.7 million, compared to $16.1 million in the prior year. Lower fiscal year 2015 operating income primarily reflects $2.0 million lower orange revenues on lower prices and volume, $0.7 million lower lemon revenues and higher agribusiness expenses, primarily associated with the Company's packing operations in Yuma, Arizona, that was acquired June 2014.
For the fiscal year ending October 31, 2016, the company expects to sell between 2.7 million and 3.0 million cartons of fresh lemons at an average price of approximately $22.50 per carton, and expects to sell approximately 8.5 to 9.5 million pounds of avocados at approximately $0.80 per pound.
The company expects operating income for fiscal year 2016 to be approximately $7.8 million to $8.3 million compared to operating income of $4.5 million for fiscal year 2015. Fiscal year 2016 EBITDA is expected to be in the range of $13.6 million to $14.1 million. Excluding the combined gain of approximately $6.0 million associated with the sale of Calavo stock and the Company's Wilson Ranch, fiscal year 2015 EBITDA was $9.4 million. The Company expects fiscal year 2016 earnings per diluted share to be in the range of $0.25 to $0.29. Excluding certain expenses described below, fiscal year 2016 earnings per diluted share are expected to be in the range of $0.42 to $0.46.
Limoneira Company is primarily an agribusiness company. The Company's operations consist of fruit production, sales and marketing, rental operations, real estate, and capital investment activities. It operates in three business divisions: agribusiness, rental operations, and real estate development. The agribusiness division is comprised of four segments: fresh lemons, lemon packing, avocados, and other agribusiness, which includes oranges, specialty citrus and other crops. The agribusiness division includes its core operations of farming, harvesting, lemon packing and lemon sales operations. The rental operations division includes its residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes its investments in real estate development projects. It markets and sells citrus directly to food service, wholesale, and retail customers throughout the United States, Canada, Asia, Australia, and other international markets.
Limoneira Company Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended October 31, 2015; Provides Operational and Earnings Guidance for the Fiscal Year Ending October 31, 2016