FORM 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
FOR THE TRANSITION PERIOD FROM TO |
LIMONEIRA COMPANY | ||
(Exact name of registrant as specified in its charter) |
Delaware | 77-0260692 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1141 Cummings Road, Santa Paula, CA | 93060 | ||||
(Address of principal executive offices) | (Zip code) |
Title of Each Class | Trading Symbol | Name of Each Exchange of Which Registered | ||||||
Common Stock, $0.01 par value | LMNR | The NASDAQ Stock Market LLC (NASDAQ Global Select Market) |
☐ | Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ||||||||||||
☐ | Non-accelerated filer | ☐ | Smaller reporting company |
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Consolidated Balance Sheets – | ||||||||
Consolidated Statements of Operations – three | ||||||||
Consolidated Statements of Comprehensive Income (Loss) – three | ||||||||
Consolidated Statements of Stockholders' Equity and Temporary Equity – three | ||||||||
Consolidated Statements of Cash Flows – | ||||||||
Notes to Consolidated Financial Statements | ||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
Item 4. | Controls and Procedures | |||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | Legal Proceedings | |||||||
Item 1A. | Risk Factors | |||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Item 3. | Defaults Upon Senior Securities | |||||||
Item 4. | Mine Safety Disclosures | |||||||
Item 5. | Other Information | |||||||
Item 6. | Exhibits | |||||||
SIGNATURES |
April 30, 2022 | October 31, 2021 | January 31, 2023 | October 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||
Cash | Cash | $ | 960 | $ | 439 | Cash | $ | 12,464 | $ | 857 | ||||||||||||
Accounts receivable, net | Accounts receivable, net | 22,139 | 17,483 | Accounts receivable, net | 17,703 | 15,651 | ||||||||||||||||
Cultural costs | Cultural costs | 2,858 | 7,500 | Cultural costs | 2,901 | 8,643 | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 10,648 | 10,709 | Prepaid expenses and other current assets | 5,434 | 8,496 | ||||||||||||||||
Receivables/other from related parties | Receivables/other from related parties | 5,347 | 5,958 | Receivables/other from related parties | 3,392 | 3,888 | ||||||||||||||||
Total current assets | Total current assets | 41,952 | 42,089 | Total current assets | 41,894 | 37,535 | ||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 239,594 | 242,420 | Property, plant and equipment, net | 171,682 | 222,628 | ||||||||||||||||
Real estate development | Real estate development | 23,049 | 22,828 | Real estate development | 9,849 | 9,706 | ||||||||||||||||
Equity in investments | Equity in investments | 64,290 | 64,072 | Equity in investments | 73,383 | 72,855 | ||||||||||||||||
Goodwill | Goodwill | 1,520 | 1,527 | Goodwill | 1,529 | 1,506 | ||||||||||||||||
Intangible assets, net | Intangible assets, net | 7,873 | 8,329 | Intangible assets, net | 7,424 | 7,317 | ||||||||||||||||
Other assets | Other assets | 12,466 | 11,011 | Other assets | 15,367 | 16,971 | ||||||||||||||||
Total assets | Total assets | $ | 390,744 | $ | 392,276 | Total assets | $ | 321,128 | $ | 368,518 | ||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||
Accounts payable | Accounts payable | $ | 9,800 | $ | 8,963 | Accounts payable | $ | 9,850 | $ | 10,663 | ||||||||||||
Growers and suppliers payable | Growers and suppliers payable | 9,495 | 10,371 | Growers and suppliers payable | 4,240 | 10,740 | ||||||||||||||||
Accrued liabilities | Accrued liabilities | 6,802 | 6,542 | Accrued liabilities | 11,333 | 11,060 | ||||||||||||||||
Payables to related parties | Payables to related parties | 8,035 | 6,976 | Payables to related parties | 5,226 | 4,860 | ||||||||||||||||
Income taxes payable | Income taxes payable | 7,619 | 219 | |||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | 3,678 | 2,472 | Current portion of long-term debt | 448 | 1,732 | ||||||||||||||||
Total current liabilities | Total current liabilities | 37,810 | 35,324 | Total current liabilities | 38,716 | 39,274 | ||||||||||||||||
Long-term liabilities: | Long-term liabilities: | Long-term liabilities: | ||||||||||||||||||||
Long-term debt, less current portion | Long-term debt, less current portion | 135,575 | 130,353 | Long-term debt, less current portion | 40,919 | 104,076 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 20,975 | 22,853 | Deferred income taxes | 23,523 | 23,497 | ||||||||||||||||
Other long-term liabilities | Other long-term liabilities | 5,598 | 4,501 | Other long-term liabilities | 7,101 | 9,807 | ||||||||||||||||
Total liabilities | Total liabilities | 199,958 | 193,031 | Total liabilities | 110,259 | 176,654 | ||||||||||||||||
Commitments and contingencies (See Note 16) | — | — | ||||||||||||||||||||
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2022 and October 31, 2021) (8.75% coupon rate) | 1,479 | 1,479 | ||||||||||||||||||||
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at April 30, 2022 and October 31, 2021) (4% dividend rate on liquidation value of $1,000 per share) | 9,331 | 9,331 | ||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies | — | — | |||||||||||||||||||
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at January 31, 2023 and October 31, 2022) (8.75% coupon rate) | Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at January 31, 2023 and October 31, 2022) (8.75% coupon rate) | 1,479 | 1,479 | |||||||||||||||||||
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at January 31, 2023 and October 31, 2022) (4% dividend rate on liquidation value of $1,000 per share) | Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at January 31, 2023 and October 31, 2022) (4% dividend rate on liquidation value of $1,000 per share) | 9,331 | 9,331 | |||||||||||||||||||
Stockholders' Equity: | Stockholders' Equity: | Stockholders' Equity: | ||||||||||||||||||||
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2022 and October 31, 2021) | — | — | ||||||||||||||||||||
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,972,528 and 17,936,377 shares issued and 17,721,551 and 17,685,400 shares outstanding at April 30, 2022 and October 31, 2021, respectively) | 180 | 179 | ||||||||||||||||||||
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at January 31, 2023 and October 31, 2022) | Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at January 31, 2023 and October 31, 2022) | — | — | |||||||||||||||||||
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,081,581 and 17,935,292 shares issued and 17,830,604 and 17,684,315 shares outstanding at January 31, 2023 and October 31, 2022, respectively) | Common Stock – $0.01 par value (39,000,000 shares authorized: 18,081,581 and 17,935,292 shares issued and 17,830,604 and 17,684,315 shares outstanding at January 31, 2023 and October 31, 2022, respectively) | 178 | 177 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 164,253 | 163,965 | Additional paid-in capital | 166,232 | 165,169 | ||||||||||||||||
Retained earnings | Retained earnings | 13,691 | 21,552 | Retained earnings | 29,669 | 15,500 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (6,539) | (5,733) | Accumulated other comprehensive loss | (3,961) | (7,908) | ||||||||||||||||
Treasury stock, at cost, 250,977 shares at April 30, 2022 and October 31, 2021 | (3,493) | (3,493) | ||||||||||||||||||||
Treasury stock, at cost, 250,977 shares at January 31, 2023 and October 31, 2022 | Treasury stock, at cost, 250,977 shares at January 31, 2023 and October 31, 2022 | (3,493) | (3,493) | |||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | 11,884 | 11,965 | Noncontrolling interest | 11,434 | 11,609 | ||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 179,976 | 188,435 | Total stockholders' equity | 200,059 | 181,054 | ||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 390,744 | $ | 392,276 | Total liabilities and stockholders' equity | $ | 321,128 | $ | 368,518 |
Three Months Ended April 30, | Six Months Ended April 30, | Three Months Ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net revenues: | Net revenues: | Net revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Agribusiness | Agribusiness | $ | 45,369 | $ | 43,989 | $ | 83,452 | $ | 81,126 | Agribusiness | $ | 36,528 | $ | 38,083 | ||||||||||||||||||||||||||||||||
Other operations | Other operations | 1,381 | 1,143 | 2,572 | 2,281 | Other operations | 1,373 | 1,191 | ||||||||||||||||||||||||||||||||||||||
Total net revenues | Total net revenues | 46,750 | 45,132 | 86,024 | 83,407 | Total net revenues | 37,901 | 39,274 | ||||||||||||||||||||||||||||||||||||||
Costs and expenses: | Costs and expenses: | Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Agribusiness | Agribusiness | 37,599 | 36,442 | 78,843 | 73,380 | Agribusiness | 41,241 | 41,244 | ||||||||||||||||||||||||||||||||||||||
Other operations | Other operations | 1,093 | 1,090 | 2,167 | 2,172 | Other operations | 1,238 | 1,074 | ||||||||||||||||||||||||||||||||||||||
Loss on disposal of assets, net | 346 | — | 261 | — | ||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of assets, net | Gain on disposal of assets, net | (39,742) | (85) | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | 5,126 | 5,216 | 11,725 | 11,111 | Selling, general and administrative | 9,280 | 6,599 | ||||||||||||||||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 44,164 | 42,748 | 92,996 | 86,663 | Total costs and expenses | 12,017 | 48,832 | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 2,586 | 2,384 | (6,972) | (3,256) | Operating income (loss) | 25,884 | (9,558) | ||||||||||||||||||||||||||||||||||||||
Other (expense) income: | Other (expense) income: | Other (expense) income: | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 27 | 25 | 48 | 68 | Interest income | 8 | 21 | ||||||||||||||||||||||||||||||||||||||
Interest expense, net of patronage dividends | (696) | (622) | (481) | (488) | ||||||||||||||||||||||||||||||||||||||||||
Interest (expense), net of patronage dividends | Interest (expense), net of patronage dividends | (1,172) | 215 | |||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investments, net | Equity in earnings of investments, net | 299 | 643 | 350 | 1,009 | Equity in earnings of investments, net | 253 | 51 | ||||||||||||||||||||||||||||||||||||||
Other income, net | 78 | 57 | 93 | 51 | ||||||||||||||||||||||||||||||||||||||||||
Other (expense) income, net | Other (expense) income, net | (2,612) | 15 | |||||||||||||||||||||||||||||||||||||||||||
Total other (expense) income | Total other (expense) income | (292) | 103 | 10 | 640 | Total other (expense) income | (3,523) | 302 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax (expense) benefit | 2,294 | 2,487 | (6,962) | (2,616) | ||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (722) | (974) | 1,928 | 213 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax (provision) benefit | Income (loss) before income tax (provision) benefit | 22,361 | (9,256) | |||||||||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit | Income tax (provision) benefit | (6,827) | 2,650 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 1,572 | 1,513 | (5,034) | (2,403) | Net income (loss) | 15,534 | (6,606) | ||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | (11) | 420 | 77 | 128 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | Net loss attributable to noncontrolling interest | 97 | 88 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Limoneira Company | Net income (loss) attributable to Limoneira Company | 1,561 | 1,933 | (4,957) | (2,275) | Net income (loss) attributable to Limoneira Company | 15,631 | (6,518) | ||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (126) | (126) | (251) | (251) | Preferred dividends | (125) | (125) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stock | $ | 1,435 | $ | 1,807 | $ | (5,208) | $ | (2,526) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) applicable to common stock | Net income (loss) applicable to common stock | $ | 15,506 | $ | (6,643) | |||||||||||||||||||||||||||||||||||||||||
Basic net income (loss) per common share | Basic net income (loss) per common share | $ | 0.08 | $ | 0.10 | $ | (0.30) | $ | (0.15) | Basic net income (loss) per common share | $ | 0.87 | $ | (0.38) | ||||||||||||||||||||||||||||||||
Diluted net income (loss) per common share | Diluted net income (loss) per common share | $ | 0.08 | $ | 0.10 | $ | (0.30) | $ | (0.15) | Diluted net income (loss) per common share | $ | 0.84 | $ | (0.38) | ||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding-basic | Weighted-average common shares outstanding-basic | 17,511,000 | 17,461,000 | 17,461,000 | 17,429,000 | Weighted-average common shares outstanding-basic | 17,573,000 | 17,448,000 | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding-diluted | Weighted-average common shares outstanding-diluted | 17,511,000 | 17,461,000 | 17,461,000 | 17,429,000 | Weighted-average common shares outstanding-diluted | 18,378,000 | 17,448,000 |
Three Months Ended April 30, | Six Months Ended April 30, | Three Months Ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 1,572 | $ | 1,513 | $ | (5,034) | $ | (2,403) | Net income (loss) | $ | 15,534 | $ | (6,606) | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | (1,006) | 577 | (951) | 1,372 | Foreign currency translation adjustments | 2,223 | 55 | ||||||||||||||||||||||||||||||||||||||
Minimum pension liability adjustment, net of tax of $27, $50, $54 and $100 for the three and six months ended April 30, 2022 and 2021, respectively. | 73 | 134 | 145 | 268 | ||||||||||||||||||||||||||||||||||||||||||
Minimum pension liability adjustment, net of tax of $(135) and $27 for the three months ended January 31, 2023 and 2022, respectively. | Minimum pension liability adjustment, net of tax of $(135) and $27 for the three months ended January 31, 2023 and 2022, respectively. | (220) | 72 | |||||||||||||||||||||||||||||||||||||||||||
Pension settlement, net of tax of $756 and $0 for the three months ended January 31, 2023 and 2022, respectively. | Pension settlement, net of tax of $756 and $0 for the three months ended January 31, 2023 and 2022, respectively. | 1,944 | — | |||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income, net of tax | (933) | 711 | (806) | 1,640 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | Total other comprehensive income, net of tax | 3,947 | 127 | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | 639 | 2,224 | (5,840) | (763) | Comprehensive income (loss) | 19,481 | (6,479) | ||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | (5) | 403 | 81 | 72 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | Comprehensive loss attributable to noncontrolling interest | 97 | 86 | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Limoneira Company | Comprehensive income (loss) attributable to Limoneira Company | $ | 634 | $ | 2,627 | $ | (5,759) | $ | (691) | Comprehensive income (loss) attributable to Limoneira Company | $ | 19,578 | $ | (6,393) |
Stockholders' Equity | Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Accumulated Other Comprehensive | Treasury | Non- controlling | Total | Series B Preferred | Series B-2 Preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | (Loss) Income | Stock | Interest | Equity | Stock | Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2022 | 17,684,315 | $ | 177 | $ | 165,169 | $ | 15,500 | $ | (7,908) | $ | (3,493) | $ | 11,609 | $ | 181,054 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||
Dividends Common ($0.075 per share) | — | — | — | (1,337) | — | — | — | (1,337) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($2.19 per share) | — | — | — | (32) | — | — | — | (32) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 ($10 per share) | — | — | — | (93) | — | — | — | (93) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | 146,289 | 1 | 1,063 | — | — | — | — | 1,064 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest adjustment | — | — | — | — | — | — | (78) | (78) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 15,631 | — | — | (97) | 15,534 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 3,947 | — | — | 3,947 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2023 | 17,830,604 | $ | 178 | $ | 166,232 | $ | 29,669 | $ | (3,961) | $ | (3,493) | $ | 11,434 | $ | 200,059 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Accumulated Other Comprehensive | Treasury | Non- controlling | Total | Series B Preferred | Series B-2 Preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Loss | Stock | Interest | Equity | Stock | Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2021 | 17,685,400 | $ | 179 | $ | 163,965 | $ | 21,552 | $ | (5,733) | $ | (3,493) | $ | 11,965 | $ | 188,435 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||
Dividends Common ($0.075 per share) | — | — | — | (1,328) | — | — | — | (1,328) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($2.19 per share) | — | — | — | (32) | — | — | — | (32) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 ($10 per share) | — | — | — | (93) | — | — | — | (93) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | 70,000 | 1 | 996 | — | — | — | — | 997 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | (55,362) | — | (900) | — | — | — | — | (900) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (6,518) | — | — | (88) | (6,606) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 127 | — | 2 | 129 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2022 | 17,700,038 | $ | 180 | $ | 164,061 | $ | 13,581 | $ | (5,606) | $ | (3,493) | $ | 11,879 | $ | 180,602 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||
Dividends Common ($0.075 per share) | — | — | — | (1,325) | — | — | — | (1,325) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($2.19 per share) | — | — | — | (33) | — | — | — | (33) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 ($10 per share) | — | — | — | (93) | — | — | — | (93) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | 34,231 | — | 378 | — | — | — | — | 378 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | (12,718) | — | (186) | — | — | — | — | (186) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,561 | — | — | 11 | 1,572 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (933) | — | (6) | (939) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 30, 2022 | 17,721,551 | $ | 180 | $ | 164,253 | $ | 13,691 | $ | (6,539) | $ | (3,493) | $ | 11,884 | $ | 179,976 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Accumulated Other Comprehensive | Treasury | Non- controlling | Total | Series B Preferred | Series B-2 Preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Loss | Stock | Interest | Equity | Stock | Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2020 | 17,606,730 | $ | 179 | $ | 162,084 | $ | 30,797 | $ | (7,548) | $ | (3,493) | $ | 13,741 | $ | 195,760 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends Common ($0.075 per share) | — | — | — | (1,324) | — | — | — | (1,324) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($2.19 per share) | — | — | — | (32) | — | — | — | (32) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 $10 per share) | — | — | — | (93) | — | — | — | (93) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | 125,190 | 1 | 1,066 | — | — | — | — | 1,067 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | (46,993) | (1) | (700) | — | — | — | — | (701) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | (4,208) | — | — | 292 | (3,916) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 929 | — | 39 | 968 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2021 | 17,684,927 | $ | 179 | $ | 162,450 | $ | 25,140 | $ | (6,619) | $ | (3,493) | $ | 14,072 | $ | 191,729 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends Common ($0.075 per share) | — | — | — | (1,327) | — | — | — | (1,327) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($2.19 per share) | — | — | — | (33) | — | — | — | (33) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 ($10 per share) | — | — | — | (93) | — | — | — | (93) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | 473 | — | 570 | — | — | — | — | 570 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 1,933 | — | — | (420) | 1,513 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 711 | — | 17 | 728 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 30, 2021 | 17,685,400 | $ | 179 | $ | 163,020 | $ | 25,620 | $ | (5,908) | $ | (3,493) | $ | 13,669 | $ | 193,087 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Accumulated Other Comprehensive | Treasury | Non- controlling | Total | Series B Preferred | Series B-2 Preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | (Loss) Income | Stock | Interest | Equity | Stock | Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2021 | 17,685,400 | $ | 179 | $ | 163,965 | $ | 21,552 | $ | (5,733) | $ | (3,493) | $ | 11,965 | $ | 188,435 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends Common ($0.075 per share) | — | — | — | (1,328) | — | — | — | (1,328) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($2.19 per share) | — | — | — | (32) | — | — | — | (32) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 $10 per share) | — | — | — | (93) | — | — | — | (93) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | 70,000 | 1 | 996 | — | — | — | — | 997 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | (55,362) | — | (900) | — | — | — | — | (900) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (6,518) | — | — | (88) | (6,606) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 127 | — | 2 | 129 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2022 | 17,700,038 | $ | 180 | $ | 164,061 | $ | 13,581 | $ | (5,606) | $ | (3,493) | $ | 11,879 | $ | 180,602 | $ | 1,479 | $ | 9,331 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, | Three Months Ended January 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||
Net loss | $ | (5,034) | $ | (2,403) | ||||||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 15,534 | $ | (6,606) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 4,963 | 5,053 | Depreciation and amortization | 2,447 | 2,480 | ||||||||||||||||
Loss (gain) on disposal of assets, net | 261 | (16) | ||||||||||||||||||||
Gain on disposal of assets, net | Gain on disposal of assets, net | (39,742) | (85) | |||||||||||||||||||
Stock compensation expense | Stock compensation expense | 1,375 | 1,637 | Stock compensation expense | 1,064 | 997 | ||||||||||||||||
Non-cash lease expense | Non-cash lease expense | 207 | 237 | Non-cash lease expense | 389 | 152 | ||||||||||||||||
Equity in earnings of investments, net | Equity in earnings of investments, net | (350) | (1,009) | Equity in earnings of investments, net | (253) | (51) | ||||||||||||||||
Cash distributions from equity investments | 132 | — | ||||||||||||||||||||
Deferred income taxes | Deferred income taxes | (1,928) | (213) | Deferred income taxes | 6,827 | (2,650) | ||||||||||||||||
Other, net | Other, net | 360 | 274 | Other, net | 171 | 213 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable and receivables/other from related parties | Accounts receivable and receivables/other from related parties | (3,877) | (6,733) | Accounts receivable and receivables/other from related parties | (1,676) | (2,188) | ||||||||||||||||
Cultural costs | Cultural costs | 4,640 | 2,724 | Cultural costs | 1,343 | 2,654 | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | (2,392) | (1,158) | Prepaid expenses and other current assets | 529 | (1,676) | ||||||||||||||||
Income taxes receivable | — | 4,966 | ||||||||||||||||||||
Other assets | Other assets | 33 | — | Other assets | (10) | 29 | ||||||||||||||||
Accounts payable and growers and suppliers payable | Accounts payable and growers and suppliers payable | (413) | 2,738 | Accounts payable and growers and suppliers payable | (7,838) | (2,666) | ||||||||||||||||
Accrued liabilities and payables to related parties | Accrued liabilities and payables to related parties | 1,030 | (1,197) | Accrued liabilities and payables to related parties | 455 | 1,347 | ||||||||||||||||
Other long-term liabilities | Other long-term liabilities | (167) | (257) | Other long-term liabilities | (430) | (112) | ||||||||||||||||
Net cash (used in) provided by operating activities | (1,160) | 4,643 | ||||||||||||||||||||
Net cash used in operating activities | Net cash used in operating activities | (21,190) | (8,162) | |||||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||
Capital expenditures | Capital expenditures | (4,123) | (5,409) | Capital expenditures | (2,151) | (2,080) | ||||||||||||||||
Net proceeds from sale of assets | 1,121 | 83 | ||||||||||||||||||||
Net proceeds from sales of assets | Net proceeds from sales of assets | 98,888 | 1,090 | |||||||||||||||||||
Net proceeds from sale of real estate development assets | Net proceeds from sale of real estate development assets | 2,577 | — | |||||||||||||||||||
Cash distribution from Trapani Fresh | Cash distribution from Trapani Fresh | 82 | — | |||||||||||||||||||
Collection on note receivable | 2,600 | 25 | ||||||||||||||||||||
Collection on notes receivable | Collection on notes receivable | — | 250 | |||||||||||||||||||
Equity investment contributions | Equity investment contributions | (275) | — | |||||||||||||||||||
Investments in mutual water companies and water rights | Investments in mutual water companies and water rights | (40) | (200) | Investments in mutual water companies and water rights | (11) | — | ||||||||||||||||
Net cash used in investing activities | (442) | (5,501) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 99,110 | (740) | |||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||
Borrowings of long-term debt | Borrowings of long-term debt | 75,247 | 48,185 | Borrowings of long-term debt | 57,940 | 44,439 | ||||||||||||||||
Repayments of long-term debt | Repayments of long-term debt | (68,762) | (42,675) | Repayments of long-term debt | (122,692) | (32,731) | ||||||||||||||||
Principal paid on finance leases | (169) | — | ||||||||||||||||||||
Principal paid on finance lease and equipment financings | Principal paid on finance lease and equipment financings | (107) | (69) | |||||||||||||||||||
Dividends paid – common | Dividends paid – common | (2,653) | (2,651) | Dividends paid – common | (1,337) | (1,328) | ||||||||||||||||
Dividends paid – preferred | Dividends paid – preferred | (251) | (251) | Dividends paid – preferred | (125) | (125) | ||||||||||||||||
Exchange of common stock | Exchange of common stock | (1,086) | (700) | Exchange of common stock | — | (900) | ||||||||||||||||
Net cash provided by financing activities | 2,326 | 1,908 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (66,321) | 9,286 | |||||||||||||||||||
Effect of exchange rate changes on cash | Effect of exchange rate changes on cash | (203) | 39 | Effect of exchange rate changes on cash | 8 | (7) | ||||||||||||||||
Net increase in cash | Net increase in cash | 521 | 1,089 | Net increase in cash | 11,607 | 377 | ||||||||||||||||
Cash at beginning of period | Cash at beginning of period | 439 | 501 | Cash at beginning of period | 857 | 439 | ||||||||||||||||
Cash at end of period | Cash at end of period | $ | 960 | 1,590 | Cash at end of period | $ | 12,464 | $ | 816 |
Six Months Ended April 30, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the period for interest, net of amounts capitalized | $ | 431 | $ | 780 | |||||||
Cash paid (received) during the period for income taxes, net | $ | — | $ | (4,997) | |||||||
Non-cash investing and financing activities: | |||||||||||
Capital expenditures accrued but not paid at period-end | $ | 88 | $ | 150 | |||||||
Accrued contribution obligation of investment in water company | $ | 450 | $ | 450 | |||||||
Three Months Ended January 31, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the period for interest (net of amounts capitalized) | $ | 1,006 | $ | 618 | |||||||
Non-cash investing and financing activities: | |||||||||||
Capital expenditures accrued but not paid at period-end | $ | 818 | $ | 25 | |||||||
Accrued contribution obligation of investment in water company | $ | — | $ | 450 | |||||||
Three Months Ended April 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Pre-tax Amount | Tax Expense | Net Amount | Pre-tax Amount | Tax Expense | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (1,006) | $ | — | $ | (1,006) | $ | 577 | $ | — | $ | 577 | |||||||||||||||||||||||
Minimum pension liability adjustments: | |||||||||||||||||||||||||||||||||||
Other comprehensive gain before reclassifications | 100 | (27) | 73 | 184 | (50) | 134 | |||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (906) | $ | (27) | $ | (933) | $ | 761 | $ | (50) | $ | 711 | |||||||||||||||||||||||
Three Months Ended January 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Pre-tax Amount | Tax Benefit (Expense) | Net Amount | Pre-tax Amount | Tax Expense | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 2,223 | $ | — | $ | 2,223 | $ | 55 | $ | — | $ | 55 | |||||||||||||||||||||||
Minimum pension liability adjustments: | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (355) | 135 | (220) | 99 | (27) | 72 | |||||||||||||||||||||||||||||
Amounts reclassified to earnings included in "Other (expense) income, net" | 2,700 | (756) | 1,944 | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive income | $ | 4,568 | $ | (621) | $ | 3,947 | $ | 154 | $ | (27) | $ | 127 | |||||||||||||||||||||||
Six Months Ended April 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Pre-tax Amount | Tax Expense | Net Amount | Pre-tax Amount | Tax Expense | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (951) | $ | — | $ | (951) | $ | 1,372 | $ | — | $ | 1,372 | |||||||||||||||||||||||
Minimum pension liability adjustments: | |||||||||||||||||||||||||||||||||||
Other comprehensive gain before reclassifications | 199 | (54) | 145 | 368 | (100) | 268 | |||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (752) | $ | (54) | $ | (806) | $ | 1,740 | $ | (100) | $ | 1,640 |
Foreign Currency Translation (Loss) Gain | Defined Benefit Pension Plan | Accumulated Other Comprehensive Loss (Income) | |||||||||||||||||||||||||||
Balance at October 31, 2022 | $ | (6,184) | $ | (1,724) | $ | (7,908) | |||||||||||||||||||||||
Other comprehensive income | 2,223 | 1,724 | 3,947 | ||||||||||||||||||||||||||
Balance at January 31, 2023 | $ | (3,961) | $ | — | $ | (3,961) |
Foreign Currency Translation (Loss) Gain | Defined Benefit Pension Plan | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||
Balance at October 31, 2021 | $ | (3,754) | $ | (1,979) | $ | (5,733) | |||||||||||||||||||||||
Other comprehensive (loss) income | (951) | 145 | (806) | ||||||||||||||||||||||||||
Balance at April 30, 2022 | $ | (4,705) | $ | (1,834) | $ | (6,539) |
Foreign Currency Translation (Loss) Gain | Defined Benefit Pension Plan | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||
Balance at October 31, 2020 | $ | (3,069) | $ | (4,479) | $ | (7,548) | |||||||||||||||||||||||
Other comprehensive income | 1,372 | 268 | 1,640 | ||||||||||||||||||||||||||
Balance at April 30, 2021 | $ | (1,697) | $ | (4,211) | $ | (5,908) |
Foreign Currency Translation (Loss) Gain | Defined Benefit Pension Plan | Accumulated Other Comprehensive Loss (Income) | |||||||||||||||||||||||||||
Balance at October 31, 2021 | $ | (3,754) | $ | (1,979) | $ | (5,733) | |||||||||||||||||||||||
Other comprehensive income | 55 | 72 | 127 | ||||||||||||||||||||||||||
Balance at January 31, 2022 | $ | (3,699) | $ | (1,907) | $ | (5,606) |
January 31, 2023 | |||||
Net cash proceeds received | $ | 85,891 | |||
Debt directly repaid through the transaction | 12,917 | ||||
Total net proceeds received | 98,808 | ||||
Less: net book value of assets sold | |||||
Cultural costs | 4,405 | ||||
Property, plant and equipment, net | 53,144 | ||||
Intangible assets, net | 12 | ||||
Other assets | 1,320 | ||||
Accrued liabilities | (68) | ||||
58,813 | |||||
Gain on disposal of assets | $ | 39,995 |
April 30, 2022 | October 31, 2021 | January 31, 2023 | October 31, 2022 | |||||||||||||||||||
Prepaid supplies and insurance | Prepaid supplies and insurance | $ | 3,030 | $ | 2,521 | Prepaid supplies and insurance | $ | 3,315 | $ | 2,958 | ||||||||||||
Note receivable and related interest | — | 2,438 | ||||||||||||||||||||
Real estate development held for sale | Real estate development held for sale | 2,543 | 2,543 | Real estate development held for sale | — | 2,670 | ||||||||||||||||
Sales tax receivable | Sales tax receivable | 477 | 909 | Sales tax receivable | 752 | 475 | ||||||||||||||||
Lemon supplier advances | Lemon supplier advances | 3,073 | 676 | Lemon supplier advances | 1,019 | 1,188 | ||||||||||||||||
Other | Other | 1,525 | 1,622 | Other | 348 | 1,205 | ||||||||||||||||
$ | 10,648 | $ | 10,709 | $ | 5,434 | $ | 8,496 |
April 30, 2022 | October 31, 2021 | ||||||||||
East Area I - Retained Property | $ | 13,511 | $ | 13,335 | |||||||
East Area II | 9,538 | 9,493 | |||||||||
$ | 23,049 | $ | 22,828 |
April 30, 2022 | October 31, 2021 | ||||||||||
Limoneira Lewis Community Builders, LLC | $ | 60,479 | $ | 60,216 | |||||||
Limco Del Mar, Ltd. | 1,970 | 1,997 | |||||||||
Rosales | 1,335 | 1,351 | |||||||||
Romney Property Partnership | 506 | 508 | |||||||||
$ | 64,290 | $ | 64,072 |
January 31, 2023 | October 31, 2022 | ||||||||||
Limoneira Lewis Community Builders, LLC | $ | 61,250 | $ | 61,154 | |||||||
LLCB II, LLC | 8,297 | 8,023 | |||||||||
Limco Del Mar, Ltd. | 2,176 | 2,024 | |||||||||
Rosales | 1,155 | 1,147 | |||||||||
Romney Property Partnership | 505 | 507 | |||||||||
$ | 73,383 | $ | 72,855 |
Six Months Ended April 30, | |||||||||||
2022 | 2021 | ||||||||||
Revenues | $ | 865 | $ | 19,827 | |||||||
Cost of land sold | — | 15,336 | |||||||||
Operating expenses | 435 | 467 | |||||||||
Net income | $ | 430 | $ | 4,024 | |||||||
Net income attributable to Limoneira Company | $ | 287 | $ | 2,005 |
Goodwill Carrying Amount | |||||
Balance at October 31, | $ | ||||
Foreign currency translation adjustment | |||||
Balance at | $ |
January 31, 2023 | October 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life in Years | ||||||||||||||||||||||||||||||||||||||||
Trade names and trademarks | $ | 2,108 | (951) | 1,157 | 8 | $ | 2,108 | $ | (881) | $ | 1,227 | 8 | |||||||||||||||||||||||||||||||||||
Customer relationships | 4,037 | (1,772) | 2,265 | 9 | 4,037 | (1,660) | 2,377 | 9 | |||||||||||||||||||||||||||||||||||||||
Non-competition agreement | 437 | (91) | 346 | 8 | 437 | (76) | 361 | 8 | |||||||||||||||||||||||||||||||||||||||
Acquired water and mineral rights | 3,656 | — | 3,656 | Indefinite | 3,352 | — | 3,352 | Indefinite | |||||||||||||||||||||||||||||||||||||||
$ | 10,238 | $ | (2,814) | $ | 7,424 | $ | 9,934 | $ | (2,617) | $ | 7,317 |
2023 (excluding the three months ended January 31, 2023) | $ | 532 | |||
2024 | 711 | ||||
2025 | 711 | ||||
2026 | 711 | ||||
2027 | 427 | ||||
Thereafter | 676 | ||||
$ | 3,768 |
April 30, 2022 | October 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life in Years | ||||||||||||||||||||||||||||||||||||||||
Trade names and trademarks | $ | 2,108 | (771) | 1,337 | 8 | $ | 2,108 | $ | (663) | $ | 1,445 | 8 | |||||||||||||||||||||||||||||||||||
Customer relationships | 4,037 | (1,434) | 2,603 | 9 | 4,037 | (1,209) | 2,828 | 9 | |||||||||||||||||||||||||||||||||||||||
Non-competition agreement | 437 | (50) | 387 | 8 | 437 | (22) | 415 | 8 | |||||||||||||||||||||||||||||||||||||||
Acquired water and mineral rights | 3,546 | — | 3,546 | Indefinite | 3,641 | — | 3,641 | Indefinite | |||||||||||||||||||||||||||||||||||||||
$ | 10,128 | $ | (2,255) | $ | 7,873 | $ | 10,223 | $ | (1,894) | $ | 8,329 |
2022 (excluding the six months ended April 30, 2022) | $ | 362 | |||
2023 | 724 | ||||
2024 | 716 | ||||
2025 | 711 | ||||
2026 | 711 | ||||
Thereafter | 1,103 | ||||
$ | 4,327 |
April 30, 2022 | October 31, 2021 | January 31, 2023 | October 31, 2022 | |||||||||||||||||||
Compensation | Compensation | $ | 2,392 | $ | 2,112 | Compensation | $ | 3,609 | $ | 3,572 | ||||||||||||
Property taxes | Property taxes | 14 | 676 | Property taxes | 361 | 664 | ||||||||||||||||
Operating expenses | Operating expenses | 2,343 | 1,203 | Operating expenses | 3,512 | 2,341 | ||||||||||||||||
Leases | Leases | 795 | 604 | Leases | 2,072 | 2,026 | ||||||||||||||||
Other | Other | 1,258 | 1,947 | Other | 1,779 | 2,457 | ||||||||||||||||
$ | 6,802 | $ | 6,542 | $ | 11,333 | $ | 11,060 |
April 30, 2022 | October 31, 2021 | |||||||||||||
Farm Credit West revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 0.45% at April 30, 2022, plus 1.75%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 4.77% through July 1, 2022, 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026. | $ | 114,797 | $ | 111,293 | ||||||||||
Farm Credit West revolving equity line of credit: the interest rate is variable based on the Lender's variable interest rate plan, which was 2.75% at April 30, 2022. The loan is payable in interest-only monthly payments through April 2023 and monthly principal and interest payments thereafter, through February 2043. | 4,305 | — | ||||||||||||
Farm Credit West term loan: The interest rate is fixed at 2.48%. The loan is payable in quarterly installments through November 2022. | 488 | 809 | ||||||||||||
Farm Credit West term loan: The interest rate is fixed at 3.24%. The loan is payable in monthly installments through October 2035. | 947 | 974 | ||||||||||||
Farm Credit West term loan: The interest rate is fixed at 3.24%. The loan is payable in monthly installments through March 2036. | 7,784 | 8,004 | ||||||||||||
Farm Credit West term loan: The interest rate is fixed at 2.77% until July 1, 2025, becoming variable for the remainder of the loan. The loan is payable in monthly installments through March 2036. | 5,725 | 5,892 | ||||||||||||
Farm Credit West term loan: Effective August 2, 2021, the interest rate was fixed at 3.19%. The loan is payable in monthly installments through September 2026. | 2,240 | 2,475 | ||||||||||||
Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025. | 764 | 1,011 | ||||||||||||
Note Payable: the interest rate ranges from 5.00% to 7.00% and was 7.00% at April 30, 2022. The loan includes interest only monthly payments and principal is due in February 2023. | 1,435 | 1,435 | ||||||||||||
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024. | 325 | 411 | ||||||||||||
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026. | 552 | 652 | ||||||||||||
Subtotal | 139,362 | 132,956 | ||||||||||||
Less deferred financing costs, net of accumulated amortization | 109 | 131 | ||||||||||||
Total long-term debt, net | 139,253 | 132,825 | ||||||||||||
Less current portion | 3,678 | 2,472 | ||||||||||||
Long-term debt, less current portion | $ | 135,575 | $ | 130,353 |
January 31, 2023 | October 31, 2022 | ||||||||||
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month Secured Overnight Financing Rate ("SOFR"), which was 4.33% at January 31, 2023, plus 1.85%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026. | $ | 40,000 | $ | 88,521 | |||||||
AgWest Farm Credit term loan: The interest rate was fixed at 3.24%. The loan was repaid in January 2023. | — | 919 | |||||||||
AgWest Farm Credit term loan: The interest rate was fixed at 3.24%. The loan was repaid in January 2023. | — | 7,562 | |||||||||
AgWest Farm Credit term loan: The interest rate was fixed at 2.77% until July 1, 2025, becoming variable for the remainder of the loan. The loan was repaid in January 2023. | — | 5,555 | |||||||||
AgWest Farm Credit term loan: The interest rate was fixed at 3.19%. The loan was repaid in January 2023. | — | 2,003 | |||||||||
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025. | 656 | 675 | |||||||||
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024. | 237 | 233 | |||||||||
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026. | 474 | 434 | |||||||||
Subtotal | 41,367 | 105,902 | |||||||||
Less deferred financing costs, net of accumulated amortization | — | 94 | |||||||||
Total long-term debt, net | 41,367 | 105,808 | |||||||||
Less current portion | 448 | 1,732 | |||||||||
Long-term debt, less current portion | $ | 40,919 | $ | 104,076 |
January 31, 2023 | October 31, 2022 | ||||||||||
Minimum pension liability | $ | — | $ | 2,272 | |||||||
Loan guarantee | 1,080 | 1,080 | |||||||||
Leases | 4,703 | 5,062 | |||||||||
Other | 1,318 | 1,393 | |||||||||
$ | 7,101 | $ | 9,807 |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating lease revenue | $ | 1,295 | $ | 1,070 | $ | 2,413 | $ | 2,129 | |||||||||||||||
Variable lease revenue | 86 | 73 | 159 | 152 | |||||||||||||||||||
Total lease revenue | $ | 1,381 | $ | 1,143 | $ | 2,572 | $ | 2,281 |
Three Months Ended January 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Operating lease revenue | $ | 1,291 | $ | 1,118 | |||||||||||||||||||
Variable lease revenue | 82 | 73 | |||||||||||||||||||||
Total lease revenue | $ | 1,373 | $ | 1,191 |
Classification | April 30, 2022 | October 31, 2021 | |||||||||||||||
Assets | |||||||||||||||||
Operating lease ROU assets | Other assets | $ | 2,177 | $ | 2,041 | ||||||||||||
Finance lease assets | Other assets | 2,036 | 1,142 | ||||||||||||||
Total lease assets | $ | 4,213 | $ | 3,183 | |||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Current operating lease liabilities | Accrued liabilities and payables to related parties | $ | 456 | $ | 488 | ||||||||||||
Current finance lease liabilities | Accrued liabilities | 473 | 249 | ||||||||||||||
Non-current operating lease liabilities | Other long-term liabilities | 1,757 | 1,648 | ||||||||||||||
Non-current finance lease liabilities | Other long-term liabilities | 1,512 | 884 | ||||||||||||||
Total lease liabilities | $ | 4,198 | $ | 3,269 |
Classification | January 31, 2023 | October 31, 2022 | |||||||||||||||
Assets | |||||||||||||||||
Operating lease ROU assets | Other assets | $ | 5,926 | $ | 6,190 | ||||||||||||
Finance lease assets | Other assets | 1,058 | 1,091 | ||||||||||||||
$ | 6,984 | $ | 7,281 | ||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Current operating lease liabilities | Accrued liabilities and payables to related parties | $ | 1,939 | $ | 1,892 | ||||||||||||
Current finance lease liabilities | Accrued liabilities | 268 | 268 | ||||||||||||||
Non-current operating lease liabilities | Other long-term liabilities | 4,047 | 4,347 | ||||||||||||||
Non-current finance lease liabilities | Other long-term liabilities | 656 | 715 | ||||||||||||||
$ | 6,910 | $ | 7,222 |
Three Months Ended January 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash outflows from operating leases | $ | 478 | $ | 189 | |||||||||||||||||||
Operating cash outflows from finance leases | $ | 8 | $ | 12 | |||||||||||||||||||
Financing cash outflows from finance leases | $ | 59 | $ | 69 | |||||||||||||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | 99 | $ | 288 | |||||||||||||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | — | $ | 1,020 |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash outflows from operating leases | $ | 126 | $ | 121 | $ | 315 | $ | 310 | |||||||||||||||
Operating cash outflows from finance leases | $ | 18 | $ | — | $ | 30 | $ | — | |||||||||||||||
Financing cash outflows from finance leases | $ | 100 | $ | — | $ | 169 | $ | — | |||||||||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | 62 | $ | — | $ | 350 | $ | 271 | |||||||||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | — | $ | — | $ | 1,020 | $ | — |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic net income (loss) per common share: | |||||||||||||||||||||||
Net income (loss) applicable to common stock | $ | 1,435 | $ | 1,807 | $ | (5,208) | $ | (2,526) | |||||||||||||||
Less: Earnings allocated to unvested, restricted stock | (15) | (17) | (29) | (35) | |||||||||||||||||||
Numerator: Net income (loss) for basic EPS | 1,420 | 1,790 | (5,237) | (2,561) | |||||||||||||||||||
Denominator: Weighted average common shares-basic | 17,511 | 17,461 | 17,461 | 17,429 | |||||||||||||||||||
Basic net income (loss) per common share | $ | 0.08 | $ | 0.10 | $ | (0.30) | $ | (0.15) |
Diluted net income (loss) per common share: | |||||||||||||||||||||||
Net income (loss) for basic EPS | $ | 1,420 | $ | 1,790 | $ | (5,237) | $ | (2,561) | |||||||||||||||
Effect of dilutive unvested, restricted stock and preferred stock | $ | — | $ | — | — | — | |||||||||||||||||
Numerator: Net income (loss) for diluted EPS | $ | 1,420 | $ | 1,790 | (5,237) | (2,561) | |||||||||||||||||
Weighted average common shares–basic | 17,511 | 17,461 | 17,461 | 17,429 | |||||||||||||||||||
Effect of dilutive unvested, restricted stock and preferred stock | — | — | — | — | |||||||||||||||||||
Denominator: Weighted average common shares–diluted | 17,511 | 17,461 | 17,461 | 17,429 | |||||||||||||||||||
Diluted net income (loss) per common share | $ | 0.08 | $ | 0.10 | $ | (0.30) | $ | (0.15) |
Three Months Ended January 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Basic net income (loss) per common share: | |||||||||||||||||||||||
Net income (loss) applicable to common stock | $ | 15,506 | $ | (6,643) | |||||||||||||||||||
Effect of unvested, restricted stock | (161) | (13) | |||||||||||||||||||||
Numerator: Net income (loss) for basic EPS | 15,345 | (6,656) | |||||||||||||||||||||
Denominator: Weighted average common shares-basic | 17,573 | 17,448 | |||||||||||||||||||||
Basic net income (loss) per common share | $ | 0.87 | $ | (0.38) | |||||||||||||||||||
Diluted net income (loss) per common share: | |||||||||||||||||||||||
Net income (loss) for basic EPS | $ | 15,345 | $ | (6,656) | |||||||||||||||||||
Effect of dilutive preferred stock | 125 | — | |||||||||||||||||||||
Numerator: Net income (loss) for diluted EPS | 15,470 | (6,656) | |||||||||||||||||||||
Weighted average common shares–basic | 17,573 | 17,448 | |||||||||||||||||||||
Effect of dilutive preferred stock | 805 | — | |||||||||||||||||||||
Denominator: Weighted average common shares–diluted | 18,378 | 17,448 | |||||||||||||||||||||
Diluted net income (loss) per common share | $ | 0.84 | $ | (0.38) |
April 30, 2022 | October 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Receivable/Other from Related Parties | Other Assets | Payables to Related Parties | Other Long-Term Liabilities | Receivable/Other from Related Parties | Other Assets | Payables to Related Parties | Other Long-Term Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | — | $ | 490 | $ | 532 | $ | — | $ | — | $ | 432 | $ | 40 | $ | — | |||||||||||||||||||||||||||||||||||||||
3 | Cooperative association | $ | — | $ | — | $ | 47 | $ | — | $ | — | $ | — | $ | 19 | $ | — | |||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | — | $ | 1,328 | $ | 329 | $ | 1,238 | $ | — | $ | 1,386 | $ | 273 | $ | 1,297 | |||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | 4,901 | $ | 980 | $ | 832 | $ | — | $ | 4,598 | $ | 980 | $ | 832 | $ | — | |||||||||||||||||||||||||||||||||||||||
9 | LLCB | $ | — | $ | — | $ | 5,771 | $ | — | $ | — | $ | — | $ | 5,771 | $ | — | |||||||||||||||||||||||||||||||||||||||
11 | Third-party growers | $ | — | $ | — | $ | 55 | $ | — | $ | — | $ | — | $ | 41 | $ | — |
Three Months Ended April 30, 2022 | Three Months Ended April 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Net Revenue Agribusiness | Net Revenue Rental Operations | Agribusiness Expense and Other | Dividends Paid | Net Revenue Agribusiness | Net Revenue Rental Operations | Agribusiness Expense and Other | Dividends Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Employees | $ | — | $ | 219 | $ | — | $ | — | $ | — | $ | 206 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | — | $ | — | $ | 355 | $ | — | $ | — | $ | — | $ | 163 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Cooperative association | $ | — | $ | — | $ | 419 | $ | — | $ | — | $ | — | $ | 369 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Calavo | $ | — | $ | — | $ | — | $ | — | $ | 2,553 | $ | 78 | $ | 279 | $ | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | — | $ | — | $ | 472 | $ | — | $ | — | $ | — | $ | 85 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
7 | YMIDD | $ | — | $ | — | $ | 62 | $ | — | $ | — | $ | — | $ | 53 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | 83 | $ | 171 | $ | — | $ | — | $ | 884 | $ | — | $ | 970 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
10 | Freska | $ | — | $ | — | $ | — | $ | — | $ | 96 | $ | — | $ | 142 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Third-party growers | $ | 104 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 116 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2022 | Six Months Ended April 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Net Revenue Agribusiness | Net Revenue Rental Operations | Agribusiness Expense and Other | Dividends Paid | Net Revenue Agribusiness | Net Revenue Rental Operations | Agribusiness Expense and Other | Dividends Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Employees | $ | — | $ | 430 | $ | — | $ | — | $ | — | $ | 404 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | — | $ | — | $ | 494 | $ | — | $ | — | $ | — | $ | 605 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Cooperative association | $ | — | $ | — | $ | 784 | $ | — | $ | — | $ | — | $ | 526 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Calavo | $ | — | $ | 80 | $ | 2 | $ | 126 | $ | 2,553 | $ | 157 | $ | 280 | $ | 252 | |||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | — | $ | — | $ | 1,189 | $ | — | $ | — | $ | — | $ | 235 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Colorado River Growers | $ | — | $ | — | $ | — | $ | — | $ | 157 | $ | — | $ | 2,772 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
7 | YMIDD | $ | — | $ | — | $ | 76 | $ | — | $ | — | $ | — | $ | 62 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | 165 | $ | 171 | $ | — | $ | — | $ | 2,555 | $ | — | $ | 1,228 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
10 | Freska | $ | — | $ | — | $ | — | $ | — | $ | 96 | $ | — | $ | 142 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Third-party growers | $ | 104 | $ | — | $ | 12 | $ | — | $ | — | $ | — | $ | 116 | $ | — |
January 31, 2023 | October 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Receivable/Other from Related Parties | Other Assets | Payables to Related Parties | Other Long-Term Liabilities | Receivable/Other from Related Parties | Other Assets | Payables to Related Parties | Other Long-Term Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | — | $ | 11 | $ | 207 | $ | — | $ | — | $ | 506 | $ | 133 | $ | — | |||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | — | $ | 1,268 | $ | 722 | $ | 1,178 | $ | — | $ | 1,288 | $ | 446 | $ | 1,198 | |||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | 2,896 | $ | 2,858 | $ | 837 | $ | — | $ | 2,965 | $ | 2,652 | $ | 837 | $ | — | |||||||||||||||||||||||||||||||||||||||
9 | LLCB | $ | 66 | $ | — | $ | 3,444 | $ | — | $ | 66 | $ | — | $ | 3,444 | $ | — | |||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, 2023 | Three Months Ended January 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Net Revenue Agribusiness | Net Revenue Other Operations | Agribusiness Expense and Other | Dividends Paid | Net Revenue Agribusiness | Net Revenue Other Operations | Agribusiness Expense and Other | Dividends Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Employees | $ | — | $ | 223 | $ | — | $ | — | $ | — | $ | 211 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | — | $ | — | $ | 372 | $ | — | $ | — | $ | — | $ | 139 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Cooperative association | $ | — | $ | — | $ | 393 | $ | — | $ | — | $ | — | $ | 365 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Calavo | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 80 | $ | 2 | $ | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | — | $ | — | $ | 1,138 | $ | — | $ | — | $ | — | $ | 717 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
7 | YMIDD | $ | 135 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | 83 | $ | 74 | $ | 10 | $ | — | $ | 229 | $ | — | $ | 59 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
12 | Principal owner | $ | — | $ | — | $ | — | $ | 209 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Administrative expenses | $ | 179 | $ | 69 | $ | 359 | $ | 138 | |||||||||||||||||||||||||||
Interest cost | 130 | 138 | 260 | 275 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (128) | (236) | (255) | (472) | |||||||||||||||||||||||||||||||
Prior service cost | 11 | 11 | 22 | 22 | |||||||||||||||||||||||||||||||
Recognized actuarial loss | 100 | 184 | 199 | 368 | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 292 | $ | 166 | $ | 585 | $ | 331 |
Three Months Ended January 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Administrative expenses | $ | 20 | $ | 180 | |||||||||||||||||||||||||||||||
Interest cost | 34 | 130 | |||||||||||||||||||||||||||||||||
Expected return on plan assets | (17) | (127) | |||||||||||||||||||||||||||||||||
Prior service cost | 4 | 11 | |||||||||||||||||||||||||||||||||
Recognized actuarial loss | — | 99 | |||||||||||||||||||||||||||||||||
Settlement loss recognized | 2,700 | — | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 2,741 | $ | 293 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 28,481 | $ | 5,648 | $ | — | $ | — | $ | 2,399 | $ | 36,528 | $ | 1,373 | $ | 37,901 | ||||||||||
Intersegment revenue | — | 7,363 | (7,363) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 28,481 | 13,011 | (7,363) | — | 2,399 | 36,528 | 1,373 | 37,901 | ||||||||||||||||||
Costs and expenses (gain) | 33,300 | 11,353 | (7,363) | — | 1,816 | 39,106 | (29,536) | 9,570 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,135 | 312 | 2,447 | ||||||||||||||||||
Operating income (loss) | $ | (4,819) | $ | 1,658 | $ | — | $ | — | $ | 583 | $ | (4,713) | $ | 30,597 | $ | 25,884 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 30,992 | $ | 6,743 | $ | — | $ | 3,576 | $ | 4,058 | $ | 45,369 | $ | 1,381 | $ | 46,750 | ||||||||||
Intersegment revenue | — | 9,373 | (9,373) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 30,992 | 16,116 | (9,373) | 3,576 | 4,058 | 45,369 | 1,381 | 46,750 | ||||||||||||||||||
Costs and expenses | 27,222 | 11,662 | (9,373) | 2,073 | 3,828 | 35,412 | 6,269 | 41,681 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,187 | 296 | 2,483 | ||||||||||||||||||
Operating income (loss) | $ | 3,770 | $ | 4,454 | $ | — | $ | 1,503 | $ | 230 | $ | 7,770 | $ | (5,184) | $ | 2,586 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 32,600 | $ | 6,103 | $ | — | $ | 2,707 | $ | 2,579 | $ | 43,989 | $ | 1,143 | $ | 45,132 | ||||||||||
Intersegment revenue | — | 9,282 | (9,282) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 32,600 | 15,385 | (9,282) | 2,707 | 2,579 | 43,989 | 1,143 | 45,132 | ||||||||||||||||||
Costs and expenses | 28,629 | 10,874 | (9,282) | 1,433 | 2,503 | 34,157 | 6,039 | 40,196 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,285 | 267 | 2,552 | ||||||||||||||||||
Operating income (loss) | $ | 3,971 | $ | 4,511 | $ | — | $ | 1,274 | $ | 76 | $ | 7,547 | $ | (5,163) | $ | 2,384 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 60,592 | $ | 12,711 | $ | — | $ | 4,342 | $ | 5,807 | $ | 83,452 | $ | 2,572 | $ | 86,024 | ||||||||||
Intersegment revenue | — | 15,962 | (15,962) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 60,592 | 28,673 | (15,962) | 4,342 | 5,807 | 83,452 | 2,572 | 86,024 | ||||||||||||||||||
Costs and expenses | 59,383 | 22,218 | (15,962) | 2,394 | 6,438 | 74,471 | 13,562 | 88,033 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 4,372 | 591 | 4,963 | ||||||||||||||||||
Operating income (loss) | $ | 1,209 | $ | 6,455 | $ | — | $ | 1,948 | $ | (631) | $ | 4,609 | $ | (11,581) | $ | (6,972) |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 61,900 | $ | 11,000 | $ | — | $ | 2,707 | $ | 5,519 | $ | 81,126 | $ | 2,281 | $ | 83,407 | ||||||||||
Intersegment revenue | — | 15,967 | (15,967) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 61,900 | 26,967 | (15,967) | 2,707 | 5,519 | 81,126 | 2,281 | 83,407 | ||||||||||||||||||
Costs and expenses | 58,136 | 20,405 | (15,967) | 1,433 | 4,876 | 68,883 | 12,727 | 81,610 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 4,497 | 556 | 5,053 | ||||||||||||||||||
Operating income (loss) | $ | 3,764 | $ | 6,562 | $ | — | $ | 1,274 | $ | 643 | $ | 7,746 | $ | (11,002) | $ | (3,256) |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 29,600 | $ | 5,968 | $ | — | $ | 766 | $ | 1,749 | $ | 38,083 | $ | 1,191 | $ | 39,274 | ||||||||||
Intersegment revenue | — | 6,589 | (6,589) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 29,600 | 12,557 | (6,589) | 766 | 1,749 | 38,083 | 1,191 | 39,274 | ||||||||||||||||||
Costs and expenses | 32,161 | 10,556 | (6,589) | 321 | 2,610 | 39,059 | 7,293 | 46,352 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,185 | 295 | 2,480 | ||||||||||||||||||
Operating (loss) income | $ | (2,561) | $ | 2,001 | $ | — | $ | 445 | $ | (861) | $ | (3,161) | $ | (6,397) | $ | (9,558) |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Agribusiness | $ | 45,369 | $ | 43,989 | $ | 83,452 | $ | 81,126 | |||||||||||||||
Other operations | 1,381 | 1,143 | 2,572 | 2,281 | |||||||||||||||||||
Total net revenues | 46,750 | 45,132 | 86,024 | 83,407 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Agribusiness | 37,599 | 36,442 | 78,843 | 73,380 | |||||||||||||||||||
Other operations | 1,093 | 1,090 | 2,167 | 2,172 | |||||||||||||||||||
Loss on disposal of assets, net | 346 | — | 261 | — | |||||||||||||||||||
Selling, general and administrative | 5,126 | 5,216 | 11,725 | 11,111 | |||||||||||||||||||
Total costs and expenses | 44,164 | 42,748 | 92,996 | 86,663 | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Agribusiness | 7,770 | 7,547 | 4,609 | 7,746 | |||||||||||||||||||
Other operations | 288 | 53 | 405 | 109 | |||||||||||||||||||
Loss on disposal of assets, net | (346) | — | (261) | — | |||||||||||||||||||
Selling, general and administrative | (5,126) | (5,216) | (11,725) | (11,111) | |||||||||||||||||||
Operating income (loss) | 2,586 | 2,384 | (6,972) | (3,256) | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest income | 27 | 25 | 48 | 68 | |||||||||||||||||||
Interest expense, net of patronage dividends | (696) | (622) | (481) | (488) | |||||||||||||||||||
Equity in earnings of investments, net | 299 | 643 | 350 | 1,009 | |||||||||||||||||||
Other income, net | 78 | 57 | 93 | 51 | |||||||||||||||||||
Total other (expense) income | (292) | 103 | 10 | 640 | |||||||||||||||||||
Income (loss) before income tax (expense) benefit | 2,294 | 2,487 | (6,962) | (2,616) | |||||||||||||||||||
Income tax (expense) benefit | (722) | (974) | 1,928 | 213 | |||||||||||||||||||
Net income (loss) | 1,572 | 1,513 | (5,034) | (2,403) | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | (11) | 420 | 77 | 128 | |||||||||||||||||||
Net income (loss) attributable to Limoneira Company | $ | 1,561 | $ | 1,933 | $ | (4,957) | $ | (2,275) |
Three Months Ended January 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Agribusiness | $ | 36,528 | $ | 38,083 | |||||||||||||||||||
Other operations | 1,373 | 1,191 | |||||||||||||||||||||
Total net revenues | 37,901 | 39,274 | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Agribusiness | 41,241 | 41,244 | |||||||||||||||||||||
Other operations | 1,238 | 1,074 | |||||||||||||||||||||
Gain on disposal of assets, net | (39,742) | (85) | |||||||||||||||||||||
Selling, general and administrative | 9,280 | 6,599 | |||||||||||||||||||||
Total costs and expenses | 12,017 | 48,832 | |||||||||||||||||||||
Operating income: | |||||||||||||||||||||||
Agribusiness | (4,713) | (3,161) | |||||||||||||||||||||
Other operations | 135 | 117 | |||||||||||||||||||||
Gain on disposal of assets, net | 39,742 | 85 | |||||||||||||||||||||
Selling, general and administrative | (9,280) | (6,599) | |||||||||||||||||||||
Operating income (loss) | 25,884 | (9,558) | |||||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest income | 8 | 21 | |||||||||||||||||||||
Interest (expense), net of patronage dividends | (1,172) | 215 | |||||||||||||||||||||
Equity in earnings of investments, net | 253 | 51 | |||||||||||||||||||||
Other (expense) income, net | (2,612) | 15 | |||||||||||||||||||||
Total other (expense) income | (3,523) | 302 | |||||||||||||||||||||
Income (loss) before income tax (provision) benefit | 22,361 | (9,256) | |||||||||||||||||||||
Income tax (provision) benefit | (6,827) | 2,650 | |||||||||||||||||||||
Net income (loss) | 15,534 | (6,606) | |||||||||||||||||||||
Net loss attributable to noncontrolling interest | 97 | 88 | |||||||||||||||||||||
Net income (loss) attributable to Limoneira Company | $ | 15,631 | $ | (6,518) |
Three Months Ended April 30, | Six Months Ended April 30, | Three Months Ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Limoneira Company | Net income (loss) attributable to Limoneira Company | $ | 1,561 | $ | 1,933 | $ | (4,957) | $ | (2,275) | Net income (loss) attributable to Limoneira Company | $ | 15,631 | $ | (6,518) | ||||||||||||||||||||||||||||||||
Interest income | Interest income | (27) | (25) | (48) | (68) | Interest income | (8) | (21) | ||||||||||||||||||||||||||||||||||||||
Interest expense, net of patronage dividends | 696 | 622 | 481 | 488 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 722 | 974 | (1,928) | (213) | ||||||||||||||||||||||||||||||||||||||||||
Interest (expense), net of patronage dividends | Interest (expense), net of patronage dividends | 1,172 | (215) | |||||||||||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | Income tax provision (benefit) | 6,827 | (2,650) | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 2,483 | 2,552 | 4,963 | 5,053 | Depreciation and amortization | 2,447 | 2,480 | ||||||||||||||||||||||||||||||||||||||
EBITDA | EBITDA | $ | 5,435 | $ | 6,056 | $ | (1,489) | $ | 2,985 | EBITDA | $ | 26,069 | $ | (6,924) | ||||||||||||||||||||||||||||||||
Named executive officer severance | — | — | 770 | — | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets, net | 346 | (16) | 261 | (16) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 1,064 | 997 | |||||||||||||||||||||||||||||||||||||||||||
Named executive officer cash severance | Named executive officer cash severance | — | 432 | |||||||||||||||||||||||||||||||||||||||||||
Pension settlement cost | Pension settlement cost | 2,741 | — | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of assets, net | Gain on disposal of assets, net | (39,742) | (85) | |||||||||||||||||||||||||||||||||||||||||||
Cash bonus related to sale of assets | Cash bonus related to sale of assets | 2,000 | — | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 5,781 | $ | 6,040 | $ | (458) | $ | 2,969 | Adjusted EBITDA | $ | (7,868) | $ | (5,580) |
Agribusiness Revenues for the Three Months Ended April 30, | Agribusiness Revenues for the Three Months Ended January 31, | |||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Lemons | Lemons | $ | 37,735 | $ | 38,703 | $ | (968) | (3)% | Lemons | $ | 34,129 | $ | 35,568 | $ | (1,439) | (4)% | ||||||||||||||||||||||||
Avocados | Avocados | 3,576 | 2,707 | 869 | 32% | Avocados | — | 766 | (766) | (100)% | ||||||||||||||||||||||||||||||
Oranges | Oranges | 2,617 | 1,404 | 1,213 | 86% | Oranges | 1,152 | 873 | 279 | 32% | ||||||||||||||||||||||||||||||
Specialty citrus and other crops | Specialty citrus and other crops | 1,441 | 1,175 | 266 | 23% | Specialty citrus and other crops | 1,247 | 876 | 371 | 42% | ||||||||||||||||||||||||||||||
Agribusiness revenues | Agribusiness revenues | $ | 45,369 | $ | 43,989 | $ | 1,380 | 3% | Agribusiness revenues | $ | 36,528 | $ | 38,083 | $ | (1,555) | (4)% |
Agribusiness Costs and Expenses for the Three Months Ended April 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Packing costs | $ | 12,277 | $ | 11,653 | $ | 624 | 5% | |||||||||||||
Harvest costs | 5,566 | 5,520 | 46 | 1% | ||||||||||||||||
Growing costs | 7,997 | 6,713 | 1,284 | 19% | ||||||||||||||||
Third-party grower and supplier costs | 9,572 | 10,271 | (699) | (7)% | ||||||||||||||||
Depreciation and amortization | 2,187 | 2,285 | (98) | (4)% | ||||||||||||||||
Agribusiness costs and expenses | $ | 37,599 | $ | 36,442 | $ | 1,157 | 3% |
Agribusiness Costs and Expenses for the Three Months Ended January 31, | ||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||
Packing costs | $ | 12,339 | $ | 11,280 | $ | 1,059 | 9% | |||||||||||||
Harvest costs | 4,078 | 5,246 | (1,168) | (22)% | ||||||||||||||||
Growing costs | 7,671 | 8,278 | (607) | (7)% | ||||||||||||||||
Third-party grower and supplier costs | 15,018 | 14,255 | 763 | 5% | ||||||||||||||||
Depreciation and amortization | 2,135 | 2,185 | (50) | (2)% | ||||||||||||||||
Agribusiness costs and expenses | $ | 41,241 | $ | 41,244 | $ | (3) | —% |
Agribusiness Revenues for the Six Months Ended April 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Lemons | $ | 73,303 | $ | 72,900 | $ | 403 | 1% | |||||||||||||
Avocados | 4,342 | 2,707 | 1,635 | 60% | ||||||||||||||||
Oranges | 3,490 | 2,495 | 995 | 40% | ||||||||||||||||
Specialty citrus and other crops | 2,317 | 3,024 | (707) | (23)% | ||||||||||||||||
Agribusiness revenues | $ | 83,452 | $ | 81,126 | $ | 2,326 | 3% |
Agribusiness Costs and Expenses for the Six Months Ended April 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Packing costs | $ | 23,557 | $ | 22,030 | $ | 1,527 | 7% | |||||||||||||
Harvest costs | 10,812 | 10,443 | 369 | 4% | ||||||||||||||||
Growing costs | 16,275 | 14,825 | 1,450 | 10% | ||||||||||||||||
Third-party grower and supplier costs | 23,827 | 21,585 | 2,242 | 10% | ||||||||||||||||
Depreciation and amortization | 4,372 | 4,497 | (125) | (3)% | ||||||||||||||||
Agribusiness costs and expenses | $ | 78,843 | $ | 73,380 | $ | 5,463 | 7% |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 30,992 | $ | 6,743 | $ | — | $ | 3,576 | $ | 4,058 | $ | 45,369 | $ | 1,381 | $ | 46,750 | ||||||||||
Intersegment revenue | — | 9,373 | (9,373) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 30,992 | 16,116 | (9,373) | 3,576 | 4,058 | 45,369 | 1,381 | 46,750 | ||||||||||||||||||
Costs and expenses | 27,222 | 11,662 | (9,373) | 2,073 | 3,828 | 35,412 | 6,269 | 41,681 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,187 | 296 | 2,483 | ||||||||||||||||||
Operating income (loss) | $ | 3,770 | $ | 4,454 | $ | — | $ | 1,503 | $ | 230 | $ | 7,770 | $ | (5,184) | $ | 2,586 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 28,481 | $ | 5,648 | $ | — | $ | — | $ | 2,399 | $ | 36,528 | $ | 1,373 | $ | 37,901 | ||||||||||
Intersegment revenue | — | 7,363 | (7,363) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 28,481 | 13,011 | (7,363) | — | 2,399 | 36,528 | 1,373 | 37,901 | ||||||||||||||||||
Costs and expenses (gain) | 33,300 | 11,353 | (7,363) | — | 1,816 | 39,106 | (29,536) | 9,570 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,135 | 312 | 2,447 | ||||||||||||||||||
Operating income (loss) | $ | (4,819) | $ | 1,658 | $ | — | $ | — | $ | 583 | $ | (4,713) | $ | 30,597 | $ | 25,884 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 29,600 | $ | 5,968 | $ | — | $ | 766 | $ | 1,749 | $ | 38,083 | $ | 1,191 | $ | 39,274 | ||||||||||
Intersegment revenue | — | 6,589 | (6,589) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 29,600 | 12,557 | (6,589) | 766 | 1,749 | 38,083 | 1,191 | 39,274 | ||||||||||||||||||
Costs and expenses | 32,161 | 10,556 | (6,589) | 321 | 2,610 | 39,059 | 7,293 | 46,352 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,185 | 295 | 2,480 | ||||||||||||||||||
Operating (loss) income | $ | (2,561) | $ | 2,001 | $ | — | $ | 445 | $ | (861) | $ | (3,161) | $ | (6,397) | $ | (9,558) |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 32,600 | $ | 6,103 | $ | — | $ | 2,707 | $ | 2,579 | $ | 43,989 | $ | 1,143 | $ | 45,132 | ||||||||||
Intersegment revenue | — | 9,282 | (9,282) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 32,600 | 15,385 | (9,282) | 2,707 | 2,579 | 43,989 | 1,143 | 45,132 | ||||||||||||||||||
Costs and expenses | 28,629 | 10,874 | (9,282) | 1,433 | 2,503 | 34,157 | 6,039 | 40,196 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,285 | 267 | 2,552 | ||||||||||||||||||
Operating income (loss) | $ | 3,971 | $ | 4,511 | $ | — | $ | 1,274 | $ | 76 | $ | 7,547 | $ | (5,163) | $ | 2,384 |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 60,592 | $ | 12,711 | $ | — | $ | 4,342 | $ | 5,807 | $ | 83,452 | $ | 2,572 | $ | 86,024 | ||||||||||
Intersegment revenue | — | 15,962 | (15,962) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 60,592 | 28,673 | (15,962) | 4,342 | 5,807 | 83,452 | 2,572 | 86,024 | ||||||||||||||||||
Costs and expenses | 59,383 | 22,218 | (15,962) | 2,394 | 6,438 | 74,471 | 13,562 | 88,033 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 4,372 | 591 | 4,963 | ||||||||||||||||||
Operating income (loss) | $ | 1,209 | $ | 6,455 | $ | — | $ | 1,948 | $ | (631) | $ | 4,609 | $ | (11,581) | $ | (6,972) |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 61,900 | $ | 11,000 | $ | — | $ | 2,707 | $ | 5,519 | $ | 81,126 | $ | 2,281 | $ | 83,407 | ||||||||||
Intersegment revenue | — | 15,967 | (15,967) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 61,900 | 26,967 | (15,967) | 2,707 | 5,519 | 81,126 | 2,281 | 83,407 | ||||||||||||||||||
Costs and expenses | 58,136 | 20,405 | (15,967) | 1,433 | 4,876 | 68,883 | 12,727 | 81,610 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 4,497 | 556 | 5,053 | ||||||||||||||||||
Operating income (loss) | $ | 3,764 | $ | 6,562 | $ | — | $ | 1,274 | $ | 643 | $ | 7,746 | $ | (11,002) | $ | (3,256) |
Trailing Twelve Months Ended April 30, | Trailing Twelve Months Ended January 31, | |||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Net revenues: | Net revenues: | |||||||||||||||||||||||||||
Agribusiness | Agribusiness | $ | 163,707 | $ | 162,141 | Agribusiness | $ | 177,726 | $ | 162,327 | ||||||||||||||||||
Other operations | Other operations | 4,937 | 4,598 | Other operations | 5,506 | 4,699 | ||||||||||||||||||||||
Total revenues | 168,644 | 166,739 | ||||||||||||||||||||||||||
Total net revenues | Total net revenues | 183,232 | 167,026 | |||||||||||||||||||||||||
Costs and expenses: | Costs and expenses: | Costs and expenses: | ||||||||||||||||||||||||||
Agribusiness | Agribusiness | 153,955 | 152,169 | Agribusiness | 160,648 | 152,798 | ||||||||||||||||||||||
Other operations | Other operations | 4,327 | 4,290 | Other operations | 4,602 | 4,324 | ||||||||||||||||||||||
Loss on disposal of assets, net | 370 | 502 | ||||||||||||||||||||||||||
(Gain) loss on disposal of assets | (Gain) loss on disposal of assets | (44,157) | 24 | |||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | 20,041 | 20,743 | Selling, general and administrative | 24,496 | 20,130 | ||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 178,693 | 177,704 | Total costs and expenses | 145,589 | 177,276 | ||||||||||||||||||||||
Operating loss | (10,049) | (10,965) | ||||||||||||||||||||||||||
Other income: | ||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 37,643 | (10,250) | |||||||||||||||||||||||||
Other (expense) income: | Other (expense) income: | |||||||||||||||||||||||||||
Interest income | Interest income | 359 | 430 | Interest income | 40 | 357 | ||||||||||||||||||||||
Interest expense, net of patronage dividends | Interest expense, net of patronage dividends | (1,494) | (1,539) | Interest expense, net of patronage dividends | (3,678) | (1,420) | ||||||||||||||||||||||
Equity in earnings of investments, net | Equity in earnings of investments, net | 2,544 | 1,839 | Equity in earnings of investments, net | 1,543 | 2,888 | ||||||||||||||||||||||
Other income, net | 131 | 35 | ||||||||||||||||||||||||||
Total other income | 1,540 | 765 | ||||||||||||||||||||||||||
Loss before income tax benefit | (8,509) | (10,200) | ||||||||||||||||||||||||||
Income tax benefit | 1,981 | 2,066 | ||||||||||||||||||||||||||
Net loss | (6,528) | (8,134) | ||||||||||||||||||||||||||
Other (expense) income, net | Other (expense) income, net | (3,582) | 111 | |||||||||||||||||||||||||
Total other (expense) income | Total other (expense) income | (5,677) | 1,936 | |||||||||||||||||||||||||
Income (loss) before income tax (provision) benefit | Income (loss) before income tax (provision) benefit | 31,966 | (8,314) | |||||||||||||||||||||||||
Income tax (provision) benefit | Income tax (provision) benefit | (10,300) | 1,729 | |||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 21,666 | (6,585) | |||||||||||||||||||||||||
Loss attributable to noncontrolling interest | Loss attributable to noncontrolling interest | 405 | 734 | Loss attributable to noncontrolling interest | 247 | 836 | ||||||||||||||||||||||
Net loss attributable to Limoneira Company | $ | (6,123) | $ | (7,400) | ||||||||||||||||||||||||
Net income (loss) attributable to Limoneira Company | Net income (loss) attributable to Limoneira Company | $ | 21,913 | $ | (5,749) |
Period | Total Number of Shares Purchased(1) | Weighted Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||
February 1, 2022 - February 28, 2022 | 12,718 | $ | 14.69 | — | — | |||||||||
March 1, 2022 - March 31, 2022 | — | $ | — | — | — | |||||||||
April 1, 2022 - April 30, 2022 | — | $ | — | — | — | |||||||||
Total | 12,718 | — | — |
Exhibit Number | Exhibit | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
3.6 | |||||
3.7 | |||||
3.8 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 |
Exhibit Number | Exhibit | ||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
10.6* | |||||
10.7* | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101.INS* | XBRL Instance Document | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | The cover page for the Company's Quarterly Report on Form 10-Q for the quarter ended | ||||
* | Filed or furnished herewith, | |||||||
In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. |
LIMONEIRA COMPANY | ||||||||
By: | /s/ HAROLD S. EDWARDS | |||||||
Harold S. Edwards | ||||||||
Director, President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
By: | /s/ MARK PALAMOUNTAIN | |||||||
Mark Palamountain | ||||||||
Chief Financial Officer Treasurer | ||||||||
(Principal Financial and Accounting Officer) |