Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' |
Entity Registrant Name | 'Limoneira CO | ' | ' |
Entity Central Index Key | '0001342423 | ' | ' |
Trading Symbol | 'LMNR | ' | ' |
Current Fiscal Year End Date | '--10-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 14,036,803 | ' |
Entity Public Float | ' | ' | $220.10 |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Current assets: | ' | ' |
Cash | $82,000 | $11,000 |
Accounts receivable, net | 6,419,000 | 4,252,000 |
Notes receivable - related parties | ' | 42,000 |
Cultural costs | 4,124,000 | 2,254,000 |
Prepaid expenses and other current assets | 2,972,000 | 2,116,000 |
Income taxes receivable | ' | 712,000 |
Total current assets | 13,597,000 | 9,387,000 |
Property, plant and equipment, net | 86,210,000 | 53,380,000 |
Real estate development | 83,419,000 | 77,772,000 |
Equity in investments | 1,800,000 | 8,947,000 |
Investment in Calavo Growers, Inc. | 14,845,000 | 15,701,000 |
Notes receivable - related parties | 17,000 | 16,000 |
Notes receivable | 2,024,000 | 2,296,000 |
Other assets | 8,002,000 | 5,123,000 |
Total assets | 209,914,000 | 172,622,000 |
Current liabilities: | ' | ' |
Accounts payable | 4,784,000 | 3,670,000 |
Growers payable | 2,325,000 | 2,085,000 |
Accrued liabilities | 6,280,000 | 4,017,000 |
Fair value of derivative instruments | 717,000 | 1,072,000 |
Current portion of long-term debt | 569,000 | 760,000 |
Total current liabilities | 14,675,000 | 11,604,000 |
Long-term liabilities: | ' | ' |
Long-term debt, less current portion | 61,563,000 | 88,875,000 |
Deferred income taxes | 18,540,000 | 10,488,000 |
Other long-term liabilities | 4,483,000 | 8,953,000 |
Total long-term liabilities | 84,586,000 | 108,316,000 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock | 3,000,000 | 3,000,000 |
Common Stock ? $.01 par value (19,900,000 shares authorized: 14,016,011 and 11,203,180 shares issued and outstanding at October 31, 2013 and 2012, respectively) | 140,000 | 112,000 |
Additional paid-in capital | 88,160,000 | 35,714,000 |
Retained earnings | 19,098,000 | 16,398,000 |
Accumulated other comprehensive income (loss) | 255,000 | -2,522,000 |
Total stockholders' equity | 110,653,000 | 52,702,000 |
Total Liabilities and Stockholders' Equity | 209,914,000 | 172,622,000 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock | 3,000,000 | 3,000,000 |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | |||
Preferred stock, par value per share | ' | ' | $100 | $100 | $0.01 | $0.01 |
Preferred stock, shares authorized | ' | ' | 50,000 | 50,000 | 20,000 | 20,000 |
Preferred stock, shares issued | ' | ' | 30,000 | 30,000 | 0 | 0 |
Preferred stock, shares outstanding | ' | ' | 30,000 | 30,000 | 0 | 0 |
Preferred stock, coupon rate | ' | ' | 8.75% | 8.75% | ' | ' |
Common stock, par value per share | $0.01 | $0.01 | ' | ' | ' | ' |
Common stock, shares authorized | 19,900,000 | 19,900,000 | ' | ' | ' | ' |
Common stock, shares issued | 14,016,011 | 11,203,180 | ' | ' | ' | ' |
Common stock, shares outstanding | 14,016,011 | 11,203,180 | ' | ' | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Revenues: | ' | ' | ' |
Agribusiness | $79,990,000 | $61,553,000 | $46,085,000 |
Rental operations | 4,250,000 | 4,023,000 | 3,948,000 |
Real estate development | 644,000 | 252,000 | 2,462,000 |
Total revenues | 84,884,000 | 65,828,000 | 52,495,000 |
Costs and expenses: | ' | ' | ' |
Agribusiness | 63,607,000 | 47,300,000 | 35,180,000 |
Rental operations | 2,601,000 | 2,418,000 | 2,230,000 |
Real estate development | 1,333,000 | 1,037,000 | 3,551,000 |
Impairments of real estate development | 95,000 | ' | 1,196,000 |
Selling, general and administrative | 11,850,000 | 10,517,000 | 9,328,000 |
Total cost and expenses | 79,486,000 | 61,272,000 | 51,485,000 |
Operating income | 5,398,000 | 4,556,000 | 1,010,000 |
Other income (expense): | ' | ' | ' |
Interest expense | -124,000 | -508,000 | -1,260,000 |
Interest income from derivative instruments | 711,000 | 739,000 | 537,000 |
Gain on sale of stock in Calavo Growers, Inc. | 3,138,000 | ' | ' |
Gain on sale of Rancho Refugio | ' | ' | 1,351,000 |
Interest income | 85,000 | 104,000 | 104,000 |
Other income, net | 382,000 | 64,000 | 482,000 |
Total other income | 4,192,000 | 399,000 | 1,214,000 |
Income before income taxes and equity (losses) earnings of investments | 9,590,000 | 4,955,000 | 2,224,000 |
Income tax provision | -3,235,000 | -1,978,000 | -707,000 |
Equity in (losses) earnings of investments | -1,449,000 | 173,000 | 81,000 |
Net income | 4,906,000 | 3,150,000 | 1,598,000 |
Preferred dividends | -262,000 | -262,000 | -262,000 |
Net income applicable to common stock | $4,644,000 | $2,888,000 | $1,336,000 |
Basic net income per common share | $0.36 | $0.26 | $0.12 |
Diluted net income per common share | $0.36 | $0.26 | $0.12 |
Dividends per common share | $0.15 | $0.13 | $0.13 |
Weighted-average common shares outstanding-basic | 12,775,000 | 11,202,000 | 11,205,000 |
Weighted-average common shares outstanding-diluted | 12,775,000 | 11,202,000 | 11,208,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Consolidated Statements of Comprehensive Loss [Abstract] | ' | ' | ' |
Net income | $4,906,000 | $3,150,000 | $1,598,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Minimum pension liability adjustment | 1,764,000 | -695,000 | -712,000 |
Unrealized holding gain on security available-for-sale | 479,000 | 417,000 | 267,000 |
Unrealized gains (losses) from derivative instruments | 534,000 | -1,341,000 | 337,000 |
Total other comprehensive income (loss), net of tax | 2,777,000 | -1,619,000 | -108,000 |
Comprehensive income | $7,683,000 | $1,531,000 | $1,490,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Oct. 31, 2010 | $52,096,000 | $3,000,000 | $112,000 | $34,735,000 | $15,044,000 | ($795,000) |
Beginning balance, shares at Oct. 31, 2010 | ' | 30,000 | 11,194,460 | ' | ' | ' |
Dividends - common | -1,400,000 | ' | ' | ' | -1,400,000 | ' |
Dividends - preferred | -262,000 | ' | ' | ' | -262,000 | ' |
Stock compensation expense | 807,000 | ' | 1,000 | 806,000 | ' | ' |
Stock compensation expense, shares | ' | ' | 70,270 | ' | ' | ' |
Exchange of common stock | -779,000 | ' | -1,000 | -778,000 | ' | ' |
Exchange of common stock, shares | ' | ' | -27,796 | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | -36,120 | ' | ' | ' |
Donation of common stock | 100,000 | ' | ' | 100,000 | ' | ' |
Donation of common stock, shares | 4,427 | ' | 4,427 | ' | ' | ' |
Net income | 1,598,000 | ' | ' | ' | 1,598,000 | ' |
Other comprehensive income (loss), net of tax | -108,000 | ' | ' | ' | ' | -108,000 |
Ending balance at Oct. 31, 2011 | 52,052,000 | 3,000,000 | 112,000 | 34,863,000 | 14,980,000 | -903,000 |
Ending balance, shares at Oct. 31, 2011 | ' | 30,000 | 11,205,241 | ' | ' | ' |
Dividends - common | -1,470,000 | ' | ' | ' | -1,470,000 | ' |
Dividends - preferred | -262,000 | ' | ' | ' | -262,000 | ' |
Stock compensation expense | 947,000 | ' | ' | 947,000 | ' | ' |
Stock compensation expense, shares | ' | ' | 10,269 | ' | ' | ' |
Exchange of common stock | -196,000 | ' | ' | -196,000 | ' | ' |
Exchange of common stock, shares | ' | ' | -10,995 | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | -7,500 | ' | ' | ' |
Donation of common stock | 100,000 | ' | ' | 100,000 | ' | ' |
Donation of common stock, shares | 6,165 | ' | 6,165 | ' | ' | ' |
Net income | 3,150,000 | ' | ' | ' | 3,150,000 | ' |
Other comprehensive income (loss), net of tax | -1,619,000 | ' | ' | ' | ' | -1,619,000 |
Ending balance at Oct. 31, 2012 | 52,702,000 | 3,000,000 | 112,000 | 35,714,000 | 16,398,000 | -2,522,000 |
Ending balance, shares at Oct. 31, 2012 | ' | 30,000 | 11,203,180 | ' | ' | ' |
Dividends - common | -1,944,000 | ' | ' | ' | -1,944,000 | ' |
Dividends - preferred | -262,000 | ' | ' | ' | -262,000 | ' |
Stock compensation expense | 753,000 | ' | ' | 753,000 | ' | ' |
Stock compensation expense, shares | ' | ' | 43,761 | ' | ' | ' |
Exchange of common stock | -236,000 | ' | ' | -236,000 | ' | ' |
Exchange of common stock, shares | ' | ' | -11,010 | ' | ' | ' |
Donation of common stock | 100,000 | ' | ' | 100,000 | ' | ' |
Donation of common stock, shares | 4,859 | ' | 4,859 | ' | ' | ' |
Issuance of common stock | 51,857,000 | ' | 28,000 | 51,829,000 | ' | ' |
Issuance of common stock, shares | ' | ' | 2,775,221 | ' | ' | ' |
Net income | 4,906,000 | ' | ' | ' | 4,906,000 | ' |
Other comprehensive income (loss), net of tax | 2,777,000 | ' | ' | ' | ' | 2,777,000 |
Ending balance at Oct. 31, 2013 | $110,653,000 | $3,000,000 | $140,000 | $88,160,000 | $19,098,000 | $255,000 |
Ending balance, shares at Oct. 31, 2013 | ' | 30,000 | 14,016,011 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | |
Rancho Refugio/Caldwell Ranch [Member] | Rancho Refugio/Caldwell Ranch [Member] | Rancho Refugio/Caldwell Ranch [Member] | 6037 East Donna Circle, LLC [Member] | 6037 East Donna Circle, LLC [Member] | 6037 East Donna Circle, LLC [Member] | Lemons 400 [Member] | Associated [Member] | Business combination [Member] | ||||
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $4,906,000 | $3,150,000 | $1,598,000 | ' | ' | ' | ' | ' | ' | ' | $276,000 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 2,403,000 | 2,131,000 | 2,207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of Rancho Refugio/Caldwell Ranch | ' | ' | -1,351,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments of real estate development | 95,000 | ' | 1,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of stock in Calavo Growers. Inc. | -3,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on disposals/sales of assets | ' | 207,000 | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | 753,000 | 947,000 | 795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in losses (earnings) of investments | 1,449,000 | -173,000 | -81,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | -1,033,000 | 1,399,000 | 1,784,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | 33,000 | 36,000 | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash interest income on derivative instruments | -711,000 | -739,000 | -537,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest on note receivable | -78,000 | -78,000 | -84,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Donation of common stock | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts and notes receivable | -2,154,000 | -1,738,000 | 209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cultural costs | 716,000 | -1,328,000 | 133,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | -476,000 | -621,000 | -41,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes receivable | 712,000 | 612,000 | -83,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | -128,000 | -181,000 | -168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and growers payable | 93,000 | 1,836,000 | 263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liabilities | 2,008,000 | 1,271,000 | -624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | -296,000 | -503,000 | 567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 5,254,000 | 6,328,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -10,359,000 | -8,467,000 | -6,359,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agriculture property acquisitions | -375,000 | -1,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combinations, net of cash acquired | -11,101,000 | -803,000 | ' | ' | ' | ' | ' | ' | ' | -8,750,000 | -18,580,000 | -803,000 |
Net proceeds from sale of stock in Calavo Growers, Inc. | 4,788,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of HM East Ridge, LLC property | 5,713,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of Rancho Refugio/Caldwell Ranch | ' | ' | -6,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of business | ' | ' | 11,377,000 | ' | ' | 9,297,000 | ' | ' | 2,080,000 | ' | ' | ' |
Cash distributions from equity investments | 110,000 | 220,000 | 330,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment contributions | -125,000 | -98,000 | -88,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of notes receivable | 350,000 | -15,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in mutual water companies and water rights | -319,000 | -311,000 | -154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | -30,000 | -3,000 | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in investing activities | -11,348,000 | -11,273,000 | -1,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings of long-term debt | 58,450,000 | 40,044,000 | 31,622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | -85,976,000 | -33,280,000 | -34,689,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid-common | -1,944,000 | -1,470,000 | -1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid-preferred | -262,000 | -262,000 | -262,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance (repurchase) of common stock | 35,897,000 | -6,000 | -42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt financing costs | ' | -91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | 6,165,000 | 4,935,000 | -4,771,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net increase (decrease) in cash | 71,000 | -10,000 | -241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash at beginning of year | 11,000 | 21,000 | 262,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash at end of year | 82,000 | 11,000 | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid during the period for interest | 1,705,000 | 3,479,000 | 3,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid during the period for income taxes, net of (refunds) received | 1,910,000 | 252,000 | -709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash investing and financing transactions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding gain on Calavo investment | -795,000 | -692,000 | -445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures accrued but not paid at year-end | 487,000 | 248,000 | 245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest on note receivable | 78,000 | 78,000 | 84,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Donation of common stock | $100,000 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business
Business | 12 Months Ended |
Oct. 31, 2013 | |
Business [Abstract] | ' |
Business | ' |
1. Business | |
Limoneira Company, a Delaware Company (the "Company"), engages primarily in growing citrus and avocados, picking and hauling citrus, and packing, marketing and selling lemons. The Company is also engaged in housing rentals and other rental operations and real estate development activities. | |
The Company markets and sells lemons directly to food service, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. ("Sunkist"), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. | |
The Company sells all of its avocado production to Calavo Growers, Inc. ("Calavo"), a packing and marketing company listed on NASDAQ under the symbol CVGW. Calavo's customers include many of the largest retail and food service companies in the United States and Canada. The Company's avocados are packed by Calavo, sold and distributed under Calavo brands to its customers primarily in the United States and Canada. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Oct. 31, 2013 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
2. Summary of Significant Accounting Policies | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. The consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of stockholders' equity and consolidated statements of cash flows of Limoneira Company and its wholly owned subsidiaries. The Company's subsidiaries include: Limoneira Company International Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC, Templeton Santa Barbara, LLC, and Associated Citrus Packers, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The Company considers the criteria established under the Financial Accounting Standards Board - Accounting Standards Code ("FASB ASC") 810, Consolidations and the effect of variable interest entities, in its consolidation process. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Accounts Receivable | |||
The Company grants credit in the course of its operations to cooperatives, companies and lessees of the Company's facilities. The Company performs periodic credit evaluations of its customers' financial condition and generally does not require collateral. The Company provides allowances on its receivables as required based on accounts receivable aging and other factors. At October 31, 2013 and 2012 the allowances totaled $85,000 and $109,000, respectively. For fiscal years 2013, 2012 and 2011 credit losses were insignificant. | |||
Concentrations | |||
The Company sells all of its avocado production to Calavo. Sales of avocados to Calavo were $11,683,000, $9,546,000 and $7,539,000 in fiscal years 2013, 2012 and 2011, respectively. | |||
Lemons procured from third-party growers were approximately 52%, 46% and 33%, of lemon supply in fiscal years 2013, 2012 and 2011, respectively, of which two third-party growers were 18% and 11%, respectively, of lemon supply in 2013. | |||
The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant. | |||
Cultural Costs | |||
Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. Harvest costs are comprised of labor and equipment expenses incurred to harvest and deliver crops to the packinghouses. | |||
Lemons, oranges, specialty citrus and other crops such as pistachio nuts, cherries and olives are grown in the Company's San Joaquin Valley orchards. Additionally, lemons are grown in the Company's Yuma County, Arizona orchards. These crops have distinct growing periods and distinct harvest and selling periods, each of which lasts approximately four to six months. During the growing period, cultural costs are capitalized as they are associated with benefiting and preparing the crops for the harvest and selling period. During the harvest and selling period, harvest costs and cultural costs are expensed when incurred and capitalized cultural costs are amortized as components of agribusiness costs and expenses. | |||
The Company grows lemons and avocados in its Ventura County orchards. Due to climate, growing conditions and the types of crops grown, the Ventura County orchards may be harvested and sold on a more year round basis. Accordingly, the Company does not capitalize cultural costs associated with its Ventura County orchards and therefore such costs, as well as harvest costs associated with the Ventura County orchards, are expensed to operations when incurred as components of agribusiness costs and expenses. | |||
Most cultural costs, including amortization of capitalized cultural costs, and harvest costs are associated with and charged to specific crops. Certain other costs, such as property taxes, indirect labor including farm supervision and management and irrigation that benefit multiple crops are allocated to crops on a per acre basis. | |||
Income Taxes | |||
Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. | |||
Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. | |||
Property, Plant and Equipment | |||
Property, plant and equipment is stated at original cost, net of accumulated depreciation. Depreciation is computed using the straight-line method at rates based upon the estimated useful lives of the related assets as follows (in years): | |||
Land improvements | 20-Oct | ||
Buildings and building improvements | Oct-50 | ||
Equipment | 5 - 20 | ||
Orchards | 20 - 40 | ||
Costs of planting and developing orchards are capitalized until the orchards become commercially productive. Planting costs consist primarily of the costs to purchase and plant nursery stock. Orchard development costs consist primarily of maintenance costs of orchards such as cultivation, pruning, irrigation, labor, spraying and fertilization, and interest costs during the development period. The Company ceases the capitalization of costs and commences depreciation when the orchards become commercially productive and orchard maintenance costs are accounted for as Cultural Costs as described above. | |||
Capitalized Interest | |||
Interest is capitalized on real estate development projects and significant construction in progress using the weighted average interest rate during the fiscal year. Interest of $2,451,000 and $2,901,000 was capitalized during the years ended October 31, 2013, and 2012, respectively, and is included in property, plant, and equipment and real estate development assets in the Company's consolidated balance sheets. | |||
Real Estate Development Costs | |||
The Company capitalizes the planning, entitlement, construction, development costs and interest associated with its various real estate projects. Costs that are not capitalized, which include property maintenance and repairs, general and administrative and marketing expenses, are expensed as incurred. A real estate development project is considered substantially complete upon the cessation of construction and development activities. Once a project is substantially completed, future costs are expensed as incurred. The Company capitalized costs related to its real estate projects of $5,647,000, $5,149,000 and $5,204,000 in fiscal years 2013, 2012 and 2011, respectively. | |||
Equity in Investments | |||
Investments in unconsolidated joint ventures in which the Company has significant influence but less than a controlling interest, or is not the primary beneficiary if the joint venture is determined to be a Variable Interest Entity ("VIE"), are accounted for under the equity method of accounting and, accordingly, are adjusted for capital contributions, distributions and the Company's equity in net earnings or loss of the respective joint venture. | |||
Marketable Securities | |||
The Company classifies its marketable securities as available-for-sale. The Company's investments in marketable securities are stated at fair value with unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the Company's consolidated statements of comprehensive income. At October 31, 2013 and 2012, marketable securities are comprised of the Company's investment in Calavo. | |||
Intangible Assets | |||
Intangible assets consist primarily of acquired water and mineral rights, a patent and certain trade names and trademarks. Certain of the Company's trade names and trademarks are being amortized on a straight line basis over their estimated lives of 8 years. The Company evaluates its indefinite-life intangible assets annually or whenever events or changes in circumstances indicate an impairment of the assets' value may exist. | |||
Long-Lived Assets | |||
The Company evaluates long-lived assets, including its definite-life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated undiscounted future cash flows from the use of an asset are less than the carrying value of that asset, a write-down is recorded to reduce the carrying value of the asset to its fair value. Assets held for sale are carried at the lower of cost or fair value less estimated cost to sell. | |||
Based on results from independent appraisals and other factors which indicated that the fair values of certain real estate development assets were less than the carry values, the Company recognized impairment losses in fiscal years 2013 and 2011. See Note 7. | |||
Fair Values of Financial Instruments | |||
The fair values of financial instruments are based on level-one indicators or quoted market prices, where available, or are estimated using the present value or other valuation techniques. Estimated fair values are significantly affected by the assumptions used. | |||
Accounts receivable, notes receivable, accounts payable, growers payable and accrued liabilities reported on the Company's consolidated balance sheets approximate their fair values due to the short-term nature of the instruments. | |||
Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the fair value of long-term debt is approximately equal to its carrying amount as of October 31, 2013 and 2012. | |||
Derivative Financial Instruments | |||
The Company uses derivative financial instruments to manage its exposure to interest rates as well as to maintain an appropriate mix of fixed and floating-rate debt. Contract terms of a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be either offset against the change in the fair value of the hedged assets, liabilities or firm commitments through earnings or be recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of an instrument's change in fair value will be immediately recognized in earnings. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of change. | |||
Comprehensive Income (Loss) | |||
Comprehensive income (loss) represents all changes in a company's net assets, except changes resulting from transactions with shareholders, and is reported as a component of the Company's stockholders' equity. | |||
Revenue Recognition | |||
Revenue and related costs are recognized when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) selling price is fixed or determinable and (iv) collectability is reasonably assured. The Company records a sales allowance in the period revenue is recognized as a provision for estimated customer discounts and concessions. | |||
Revenue Recognition (continued) | |||
Agribusiness revenue - Revenue from lemon sales is generally recognized FOB shipping point when the customer takes possession of the fruit from the Company's packing house. Revenue from the sales of certain of the Company's agricultural products is recorded based on estimated proceeds provided by certain of the Company's sales and marketing partners (Calavo and other third-party packinghouses) due to the time between when the product is delivered by the Company and the closing of the pools for such fruits at the end of each month. Calavo and other third-party packinghouses are agricultural cooperatives or function in a similar manner as an agricultural cooperative. As such, the Company applies specific authoritative agriculture revenue recognition guidance related to transactions between patrons and agriculture marketing cooperatives to record revenue at time of delivery to the packinghouses relating to fruits that are in pools that have not yet closed at month end if (a) the related fruits have been delivered to and accepted by Calavo and other third-party packinghouses (i.e. title has transferred to Calavo and other third-party packinghouses) and (b) sales price information has been provided by Calavo and other third-party packinghouses (based on the marketplace activity for the related fruit) to estimate with reasonable certainty the final selling price for the fruit upon the closing of the pools. Historically, the revenue that is recorded based on the sales price information provided to the Company by Calavo and other third-party packinghouses at the time of delivery, have not materially differed from the actual amounts that are paid after the monthly pools are closed. | |||
The Company's avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. Specifically, the Company delivers all of its avocado production from its orchards to Calavo. These avocados are then packed by Calavo at its packinghouse, and sold and distributed under Calavo brands to its customers primarily in the United States and Canada. The Company's arrangements with other third-party packinghouses related to its oranges, specialty citrus and other specialty crops are similar to its arrangement with Calavo. | |||
The Company's arrangements with its third-party packinghouses are such that the Company is the producer and supplier of the product and the third-party packinghouses are the Company's customers. The revenues the Company recognizes related to the fruits sold to the third-party packinghouses are based on the volume and quality of the fruits delivered, the market price for such fruit, less the packinghouses' charges to pack and market the fruit. Such packinghouse charges include the grading, sizing, packing, cooling, ripening and marketing of the related fruit. The Company bears inventory risk until product is delivered to the third-party packinghouses at which time title and inventory risk to the product is transferred to the third-party packinghouses and revenue is recognized. Such third-party packinghouse charges are recorded as a reduction of revenue based on the application of specific authoritative revenue recognition guidance entitled "Vendor's Income Statement Characterization of Consideration Given to a Customer". The identifiable benefit the Company receives from the third-party packinghouses for packaging and marketing services cannot be sufficiently separated from the third-party packinghouses' purchase of the Company's products. In addition, the Company is not able to reasonably estimate the fair value of the benefit received from the third-party packinghouses for such services and as such, these costs are characterized as a reduction of revenue in the Company's consolidated statement of operations. | |||
Revenue from crop insurance proceeds is recorded when the amount of and the right to receive the payment can be reasonably determined. The Company recorded agribusiness revenues from crop insurance proceeds of $36,000 related to cherries in fiscal year 2013 and $64,000 and $551,000 related to avocados in fiscal years 2012 and 2011, respectively. | |||
Rental operations revenue - Minimum rental revenues are generally recognized on a straight-line basis over the respective initial lease term. Contingent rental revenues are contractually defined as to the percentage of rent received by the Company and are based on fees collected by the lessee. Such revenues are recognized when actual results, based on collected fees reported by the tenant, are received. The Company's rental arrangements generally require payment on a monthly or quarterly basis. | |||
Real estate development revenue - The Company recognizes revenue on real estate development projects in accordance with FASB ASC 360-20, Real Estate Sales, which provides for profit to be recognized in full when real estate is sold provided that, a sale has been consummated and profit is determinable, collection of sales proceeds is estimable with the seller's receivable not subject to subordination, risks and rewards of ownership have been transferred to the buyer and the earnings process is substantially complete with no significant seller activities or obligations required after the date of sale. To the extent the above conditions are not met, a portion or all of the profit is deferred. | |||
Incidental operations may occur during the holding or development period of real estate development projects to reduce holding or development costs. Incremental revenue from incidental operations in excess of incremental costs from incidental operations is accounted for as a reduction of development costs. Incremental costs from incidental operations in excess of incremental revenue from incidental operations are charged to operations. | |||
Advertising Expense | |||
Advertising costs are expensed as incurred. Such costs in fiscal years 2013, 2012 and 2011 were $315,000, $167,000 and $127,000, respectively. | |||
Leases | |||
The Company records rent expense for its operating leases on a straight-line basis from the lease commencement date as defined in the lease agreement until the end of the base lease term. | |||
Basic and Diluted Net Income per Share | |||
Basic net income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of share-based compensation. Diluted net income per common share is calculated using the diluted weighted-average number of common shares. Diluted weighted-average common shares include weighted-average common shares outstanding plus the dilutive effect of share-based compensation calculated using the treasury stock method of zero, zero and 3,000 for fiscal years 2013, 2012 and 2011, respectively. The Series B convertible preferred shares (see Note 21) are anti-dilutive. | |||
Reclassifications | |||
There were no significant reclassifications to the prior years' consolidated financial statements to conform to the October 31, 2013 presentation. | |||
Defined Benefit Retirement Plan | |||
The Company sponsors a defined benefit retirement plan that was frozen in June 2004, and no future benefits have been accrued to participants subsequent to that time. Ongoing accounting for this plan under FASB ASC 715, Compensation - Retirement Benefits, provides guidance as to, among other things, future estimated pension expense, minimum pension liability and future minimum funding requirements. This information is provided to the Company by third-party actuarial consultants. In developing this data, certain estimates and assumptions are used, including among other things, discount rate, long-term rates of return and mortality tables. Changes in any of these estimates could materially affect the amounts recorded that are related to our defined benefit retirement plan. | |||
Recent Accounting Pronouncements | |||
FASB ASU 2011-05, Comprehensive Income (Topic 220). | |||
In June 2011, the FASB issued guidance regarding the presentation of comprehensive income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. The updated guidance is effective on a retrospective basis for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. The Company's adoption of this standard in the first quarter of fiscal year 2013 only impacted the presentation of the Company's financial statements and had no effect on the reported results of operations. | |||
In December 2011, the FASB issued ASU 2011-12, "Comprehensive Income (Topic 220)", to defer the effective date for those aspects of ASU 2011-05 relating to the presentation of reclassification adjustments out of accumulated other comprehensive income. | |||
In February 2013, the FASB issued ASC update No. 2013-02, "Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (ASC 2013-02). The objective of this update requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, a company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2012. The adoption of this update will only impact the presentation of the Company's consolidated financial statements and will have no impact on the reported results of operations. | |||
FASB ASC 2012-02, Intangibles-Goodwill and Other (Topic 350) | |||
In July 2012, the FASB issued ASC update No. 2012-02, "Intangibles-Goodwill and Other (Topic 350), Testing Indefinite-Lived Intangible Assets for Impairment" (ASC 2012-02). Under the amendments in this update, a company has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-live intangible asset is impaired as a basis for determining whether it is necessary to perform the qualitative impairment test in accordance with Topic 350. The more likely than not threshold is defined as having a likely-hood of more that 50 percent. If after assessing the qualitative factors, a company determines it does not meet the more likely than not threshold, a company is required to perform the quantitative impairment test by calculating the fair value of an indefinite-lived intangible asset and comparing the fair value with the carrying amount of the asset. The amendments in this update are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012 (early adoption permitted). The adoption of this update had no impact on the reported results of operations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Acquisitions [Abstract] | ' | ||||
Acquisitions | ' | ||||
3. Acquisitions | |||||
Agriculture Property Acquisitions | |||||
In April 2013, the Company purchased land for use as a citrus orchard for a purchase price of $375,000 cash. The acquisition was for approximately 25 acres of agricultural property located adjacent to the Sheldon Ranch, which is leased by the Company. This acquisition was accounted for as an asset purchase with substantially the entire purchase price allocated to land and included in property, plant and equipment on the Company's consolidated balance sheet at October 31, 2013. | |||||
In August 2012, the Company purchased land for use as a citrus orchard for a cash purchase price of $1,363,000. The acquisition was for 230 acres of agricultural property adjacent to the Company's leased orchards in Lindsay, California. This acquisition was accounted for as an asset purchase with substantially the entire purchase price allocated to land and included in property, plant and equipment on the Company's consolidated balance sheets at October 31, 2013 and 2012. | |||||
In April 2012, the Company purchased land for use as a citrus orchard for a cash purchase price of $433,000. The acquisition was for 60 acres of agricultural property located in close proximity to the Company's existing orchards in Porterville, California. This acquisition was accounted for as an asset purchase with substantially the entire purchase price allocated to land and included in property, plant and equipment on the Company's consolidated balance sheet at October 31, 2013 and 2012. | |||||
Business Combinations | |||||
On October 11, 2013, the Company completed the acquisition of approximately 760 acres of agricultural property in the town of Porterville in Tulare County, California ("Lemons 400") for $8,750,000 cash. This property consists of approximately 400 acres of productive lemon orchards and 360 acres primarily utilized for cattle grazing. The acquisition also included water assets and agricultural equipment and supplies. | |||||
The following table summarizes the fair value of the assets acquired based on a third-party valuation on the date of the acquisition: | |||||
Cultural costs | $ | 1,130,000 | |||
Land | 5,180,000 | ||||
Land improvements | 309,000 | ||||
Buildings and building improvements | 60,000 | ||||
Equipment | 150,000 | ||||
Orchards | 601,000 | ||||
Investment in mutual water company | 1,320,000 | ||||
Fair value of assets acquired | $ | 8,750,000 | |||
Results of operations are included in the Company's consolidated statement of operations from the date of acquisition but are not significant due to the short time period from the acquisition date to the Company's fiscal year end of October 31, 2013. | |||||
The unaudited, pro forma consolidated statement of operations as if the acquisition had been included in the consolidated results of the Company for the entire year ended October 31, 2013, results in revenue of $88,900,000 and net income of $5,879,000. The unaudited, pro forma consolidated statement of operations as if the acquisition had been included in the consolidated results of the Company for the entire year ended October 31, 2012 results in revenue of $70,140,000 and net income of $4,562,000. | |||||
On September 6, 2013 the Company acquired of all of the outstanding stock of Associated, a privately owned Arizona corporation, for $18,580,000. The purchase price consisted of the issuance of 705,000 unregistered shares of the Company's common stock with an aggregate value of $15,959,000 based on the Company's stock price on the acquisition date, $1,041,000 in cash and the repayment of $1,580,000 in Associated's long term debt. The acquisition was structured as a tax-free reorganization under section 368 of the Internal Revenue Code. The acquisition provides for a potential purchase price adjustment based on the net assets acquired and for a holdback from payment of 5% ($850,000) of the stock and cash purchase price for a period of one year in support of potential indemnification claims as defined in the merger agreement. Upon completion of the acquisition, Associated became a wholly-owned subsidiary of the Company. Associated owns approximately 1,300 acres of property in Yuma County, Arizona, comprised of 950 acres of productive lemon orchards, 350 acres of other crops and agriculture equipment and facilities. Transactions costs incurred in connection with the acquisition were approximately $270,000, which are included in selling, general and administrative expense. The results of operations of Associated have been included in the consolidated results of operations from the acquisition date. | |||||
The following table summarizes the fair value of the assets acquired and liabilities assumed based on a third-party valuation as of the date of the acquisition: | |||||
Cultural costs | $ | 1,456,000 | |||
Other current assets | 814,000 | ||||
Land | 15,035,000 | ||||
Land improvements | 1,103,000 | ||||
Buildings and building improvements | 355,000 | ||||
Equipment | 1,751,000 | ||||
Orchards | 4,382,000 | ||||
Other assets | 491,000 | ||||
Goodwill | 680,000 | ||||
Total assets acquired | 26,067,000 | ||||
Current liabilities | (216,000 | ) | |||
Long-term debt | (24,000 | ) | |||
Deferred income taxes | (7,247,000 | ) | |||
Total liabilities assumed | (7,487,000 | ) | |||
Fair value of net assets acquired | $ | 18,580,000 | |||
Of the $491,000 of acquired other assets, $486,000 was assigned to trade names and trademarks that are subject to amortization over an estimated life of 8 years. | |||||
Revenue of $2,809,000 and net income of $276,000 of Associated are included in the Company's consolidated statement of operations from the acquisition date to the period ended October 31, 2013. | |||||
The unaudited, pro forma consolidated statement of operations as if Associated had been included in the consolidated results of the Company for the entire year ended October 31, 2013 results in revenue of $86,667,000 and net income of $4,973,000. The unaudited, pro forma consolidated statement of operations as if Associated had been included in the consolidated results of the Company for the entire year ended October 31, 2012 results in revenue of $69,632,000 and net income of $2,072,000. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
4. Fair Value Measurements | |||||||||||||||||
Under the FASB ASC 820, Fair Value Measurements and Disclosures, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). | |||||||||||||||||
The following table sets forth the Company's financial assets and liabilities as of October 31, 2013, that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets at fair value: | |||||||||||||||||
Available- for -sale securities | $ | 14,845,000 | $ | - | $ | - | $ | 14,845,000 | |||||||||
Liabilities at fair value: | |||||||||||||||||
Derivatives | $ | - | $ | 2,240,000 | $ | - | $ | 2,240,000 | |||||||||
Available-for-sale securities consist of marketable securities in Calavo Growers, Inc. common stock. The Company currently owns 500,000 shares, representing approximately 3.2% of Calavo's outstanding common stock. These securities are measured at fair value by quoted market prices. Calavo's stock price at October 31, 2013 and 2012 was $29.69 and $23.61 per share, respectively. | |||||||||||||||||
The derivative consists of an interest rate swap (see Note 14); the fair value is estimated using industry-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
5. Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets consist of the following at October 31: | |||||||||
2013 | 2012 | ||||||||
Prepaid insurance | $ | 557,000 | $ | 505,000 | |||||
Prepaid supplies | 909,000 | 736,000 | |||||||
Net current deferred income tax assets | 508,000 | 395,000 | |||||||
Deposits and Other | 998,000 | 480,000 | |||||||
$ | 2,972,000 | $ | 2,116,000 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
6. Property, Plant and Equipment | |||||||||
Property, plant and equipment consist of the following at October 31: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 47,008,000 | $ | 26,464,000 | |||||
Land improvements | 14,803,000 | 12,114,000 | |||||||
Buildings and building improvements | 12,446,000 | 12,625,000 | |||||||
Equipment | 25,965,000 | 23,224,000 | |||||||
Orchards | 25,703,000 | 20,900,000 | |||||||
Construction in progress | 6,118,000 | 2,054,000 | |||||||
132,043,000 | 97,381,000 | ||||||||
Less accumulated depreciation | (45,833,000 | ) | (44,001,000 | ) | |||||
$ | 86,210,000 | $ | 53,380,000 | ||||||
Depreciation expense was $2,380,000, $2,118,000 and $2,195,000 for fiscal years 2013, 2012 and 2011, respectively. |
Real_Estate_Development
Real Estate Development | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Real Estate Development [Abstract] | ' | ||||||||||||
Real Estate Development | ' | ||||||||||||
7. Real Estate Development | |||||||||||||
Real estate development assets are comprised primarily of land and land development costs and consist of the following at October 31: | |||||||||||||
2013 | 2012 | ||||||||||||
East Areas 1 and 2 | $ | 51,538,000 | $ | 47,384,000 | |||||||||
Templeton Santa Barbara, LLC | 11,276,000 | 10,532,000 | |||||||||||
Windfall Investors, LLC | 20,605,000 | 19,856,000 | |||||||||||
$ | 83,419,000 | $ | 77,772,000 | ||||||||||
East Areas 1 and 2 | |||||||||||||
In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. During fiscal years 2013 and 2012, the Company capitalized $4,154,000 and $2,953,000, respectively, of costs related to these real estate development projects. Additionally, in connection with these projects, the Company incurred expenses of $11,000, $63,000 and $82,000 in fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
On August 24, 2010, the Company entered into an amendment (the "Amendment") to a Real Estate Advisory Management Consultant Agreement (the "Consultant Agreement") with Parkstone Companies, Inc. (the "Consultant") dated April 1, 2004, that includes provisions for the Consultant to earn a success fee (the "Success Fee") upon the annexation by the City of Santa Paula, California of East Area I. Under the terms of the Amendment, the Company agrees to pay the Success Fee in an amount equal to 4% of the incremental Property Value under a formula defined in the Amendment. The Success Fee is due and payable 120 days following the earlier to occur of (a) the sale of all or any portion of East Area I, including any unrelated third party material investment in the property, (b) the determination of an appraised value of the East Area I or (c) the second anniversary of the property annexation (each a "Success Fee Event"). | |||||||||||||
The Success Fee, if any, shall be paid in cash, shares of the Company's common stock, or any combination of the forgoing at the sole discretion of the Company. The Success Fee is based on the calculated value of the property, which can vary over time until the settlement date. Accordingly, the Success Fee will be "marked to market" periodically to recognize the potential variability in the property value. Changes in the value, if any, will be recorded to capitalized development costs and additional paid in capital ("APIC"). To the extent that it becomes probable that cash will be used in the settlement rather than stock, such amount of cash will be classified as a liability rather than APIC. | |||||||||||||
If the Success Fee is paid in shares of common stock, deemed to be an equity award, the amount of common stock paid will be determined using a price per share equal to the average of closing prices of the common stock on the NASDAQ Global Market for the 20 trading days ending on the last trading day prior to the earliest occurring Success Fee Event; provided, however, that the price per share shall be no less than $16.00 per share. Previously recognized capitalized development costs will be adjusted to reflect the calculated value of the property upon settlement. The related APIC amount will be adjusted to common stock to reflect the issuance of common stock. To the extent that it becomes probable that cash will be used in the settlement rather than stock, such amount of cash will be classified as a liability rather than APIC / common stock. As of October 31, 2013, the estimated amount of the Success Fee was zero. | |||||||||||||
In connection with facilitating the annexation of East Area 1 into the City of Santa Paula, during February 2013, the Company entered into a Capital Improvement Cost Sharing Agreement for Improvements to Santa Paula Creek Channel (the "Cost Sharing Agreement") with the Ventura County Watershed Protection District (the "District"). The Cost Sharing Agreement requires the Company to reimburse the District 28.5% of the costs of the improvements, up to a maximum of $5,000,000. Additionally, the Company is required to pay the cost of preparing a study to determine a feasible scope of work and budget for the improvements. As of October 31, 2013, $150,000 has been accrued for the cost of the study. | |||||||||||||
On May 8, 2013, the Company amended the mitigation agreement it has with the Santa Paula Union High School District, which is associated with the East Area 1 development agreement. In exchange for the release of approximately 7 acres of property previously reserved for school facilities within East Area 1, subject to certain conditions, the amendment requires the Company to pay a total of $1,750,000 comprised of $1,000,000 that was paid in June of 2013 and in increase in school facility fees of $1,500 per unit for each of the first 500 certificates of occupancy issued in connection with the residential development of East Area 1. Such costs have and will be capitalized as real estate development costs. | |||||||||||||
In May 2013, the Ventura Local Area Formation Commission unanimously approved the annexation of the East Area 2 real estate development project into the City of Santa Paula. The annexation was recorded during August 2013. | |||||||||||||
Templeton Santa Barbara, LLC | |||||||||||||
The four real estate development parcels within the Templeton Santa Barbara, LLC project ("Templeton Project") are described as Centennial Square ("Centennial"), The Terraces at Pacific Crest ("Pacific Crest"), Sevilla and East Ridge. The carrying values of Centennial, Pacific Crest and Sevilla at October 31, 2013 were $3,220,000, $3,370,000 and $4,686,000, respectively. East Ridge is described in Note 8. | |||||||||||||
During fiscal years 2013 and 2012, the Company capitalized $744,000 and $1,207,000, respectively, of costs related to these real estate development projects. Additionally, in relation to these projects, the Company has incurred net expenses of $32,000, $20,000 and $242,000 in fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
In February 2010, the Company and HM Manager, LLC formed a limited liability company, HM East Ridge, LLC ("East Ridge") for the purpose of developing the East Ridge parcel. The Company's initial capital contribution into East Ridge was the land parcel with a net carrying value of $7,207,000. Since the Company has significant influence over, but less than a controlling interest in, East Ridge, the Company accounted for its investment in East Ridge using the equity method of accounting and the investment was included in equity in investments in the Company's consolidated balance sheets at October 31, 2012. See Note 8. | |||||||||||||
On November 29, 2013, the Company entered into a Purchase and Sale Agreement and Escrow Instructions to sell Sevilla for approximately $4.8 million. The purchase price includes (i) a deposit of $250,000 paid in cash as escrow upon entry of the agreement, and (ii) a promissory note with a simple interest of 5% per annum, payable monthly, for the balance of the purchase price, secured by a first deed of trust on the Sevilla property. The final due date of the promissory note is the earlier of: (i) 30 days following final city approval of a tentative tract map for the Sevilla property, or (ii) October 24, 2014. The transaction, which is subject to customary closing conditions and expected to close within 90 days after entry of the agreement, is estimated to generate net proceeds of approximately $4.7 million. The Company recognized an impairment charge of approximately $32,000 for the difference in estimated net proceeds and the book value at October 31, 2013. | |||||||||||||
On November 29, 2013, the Company entered into a Purchase and Sale Agreement and Escrow Instructions to sell Pacific Crest for approximately $3.5 million. The purchase price includes (i) a deposit of $250,000 paid in cash as escrow upon entry of the agreement, and (ii) a promissory note with a simple interest of 5% per annum, payable monthly, for the balance of the purchase price, secured by a first deed of trust on the Pacific Crest property. The final due date of the promissory note is the earlier of: (i) 30 days following final city approval of a tentative tract map for the Pacific Crest property, or (ii) October 24, 2014. The transaction, which is subject to customary closing conditions and expected to close within 90 days after entry of the agreement, is estimated to generate net proceeds of approximately $3.4 million. The Company recognized an impairment charge of approximately $63,000 for the difference in estimated net proceeds and the book value at October 31, 2013. | |||||||||||||
Windfall Investors, LLC | |||||||||||||
On November 15, 2009, the Company acquired Windfall Investors, LLC, which included $16,842,000 of real estate development assets. During 2013 and 2012, the Company capitalized $749,000 and $989,000, respectively, of costs related to this real estate development project. Additionally, in relation to this project, the Company has incurred net expenses of $644,000, $702,000 and $737,000, in fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
Impairments of Real Estate Assets | |||||||||||||
During fiscal years 2013 and 2011, the Company recorded impairment charges as a result of the decline in demand and market prices within our real estate markets. The following table summarizes the impairments of real estate development assets for the years ended October 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Templeton Santa Barbara, LLC | $ | 95,000 | $ | - | $ | 993,000 | |||||||
Arizona Development Projects | - | - | 203,000 | ||||||||||
$ | 95,000 | $ | - | $ | 1,196,000 |
Equity_Investments
Equity Investments | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Equity Investments [Abstract] | ' | ||||||||||||||||
Equity Investments | ' | ||||||||||||||||
8. Equity Investments | |||||||||||||||||
Limco Del Mar, Ltd. | |||||||||||||||||
The Company has a 1.3% interest in Limco Del Mar, Ltd. ("Del Mar") as a general partner and a 22.1% interest as a limited partner. Based on the terms of the partnership agreement, the Company may be removed without cause from the partnership upon the vote of the limited partners owning an aggregate of 50% or more interest in the partnership. Since the Company has significant influence, but less than a controlling interest, the Company's investment in Del Mar is accounted for using the equity method of accounting. | |||||||||||||||||
The Company provided Del Mar with farm management, orchard land development and accounting services, which resulted in cash receipts of $141,000, $136,000 and $123,000 in fiscal years 2013, 2012 and 2011, respectively. The Company also performed contract lemon packing services for Del Mar and recognized revenues of $733,000, $569,000 and $439,000 in fiscal years 2013, 2012 and 2011, respectively. Fruit proceeds due to Del Mar were $342,000 and $176,000 at October 31, 2013 and 2012, respectively, and are included in growers payable in the accompanying consolidated balance sheets. | |||||||||||||||||
Romney Property Partnership | |||||||||||||||||
In May 2007, the Company and an individual formed the Romney Property Partnership ("Romney") for the purpose of owning and leasing an office building and adjacent lot in Santa Paula, California. The Company paid $489,000 in 2007 for 75% interest in Romney, and contributed $34,000, $9,000 and zero to the partnership in fiscal years 2013, 2012 and 2011, respectively. The terms of the partnership agreement affirm the status of the Company as a non-controlling investor in the partnership since the Company cannot exercise unilateral control over the partnership. Since the Company has significant influence, but less than a controlling interest, the Company's investment in Romney is accounted for using the equity method of accounting. Net profits, losses and cash flows of Romney are shared by the Company, which receives 75% and the individual, who receives 25%. | |||||||||||||||||
HM East Ridge, LLC | |||||||||||||||||
In February 2010, the Company and HM Manager, LLC formed HM East Ridge, LLC, for the purpose of developing one of the four Templeton Project parcels. The Company and HM Manager each have a 50% interest in the East Ridge. HM Manager is responsible to direct and manage the day to day affairs of East Ridge. The Company's initial capital contribution into East Ridge was the land parcel with a net carrying value of $7,207,000. The Company contributed an additional $91,000 and $89,000 to East Ridge in fiscal years 2013 and 2012, respectively. Since the Company has significant influence of, but less than a controlling interest in, East Ridge, the Company accounted for its investment in East Ridge using the equity method of accounting and the investment was included in equity in investments in the Company's October 31, 2012 consolidated balance sheet. | |||||||||||||||||
On April 8, 2013 the Company and HM East Ridge, LLC entered into a Purchase and Sale Agreement to sell its East Ridge parcel of property for $6,000,000. The transaction closed in June 2013 and generated net proceeds of $5,713,000. The Company recognized a loss of $1,754,000, which is included in equity (losses) earnings of investments in the Company's consolidated statements of operations. | |||||||||||||||||
The following is financial information of the equity method investees for the years ended October 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||
2013 | Del Mar | Romney | East Ridge | Total | |||||||||||||
Assets | $ | 2,286,000 | $ | 712,000 | $ | - | $ | 2,998,000 | |||||||||
Liabilities | $ | - | $ | - | $ | - | $ | - | |||||||||
Equity | 2,286,000 | 712,000 | - | 2,998,000 | |||||||||||||
Total liabilities and equity | $ | 2,286,000 | $ | 712,000 | $ | - | $ | 2,998,000 | |||||||||
Revenues | $ | 2,218,000 | $ | 9,000 | $ | 6,000,000 | $ | 8,227,000 | |||||||||
Expenses | 862,000 | 25,000 | 7,754,000 | 8,641,000 | |||||||||||||
Net income (loss) | $ | 1,356,000 | $ | (16,000 | ) | $ | (1,754,000 | ) | $ | (414,000 | ) | ||||||
2012 | Del Mar | Romney | East Ridge | Total | |||||||||||||
Assets | $ | 1,399,000 | $ | 675,000 | $ | 8,255,000 | $ | 10,329,000 | |||||||||
Liabilities | $ | - | $ | - | $ | - | $ | - | |||||||||
Equity | 1,399,000 | 675,000 | 8,255,000 | 10,329,000 | |||||||||||||
Total liabilities and equity | $ | 1,399,000 | $ | 675,000 | $ | 8,255,000 | $ | 10,329,000 | |||||||||
Revenues | $ | 1,508,000 | $ | 7,000 | $ | - | $ | 1,515,000 | |||||||||
Expenses | 726,000 | 21,000 | 1,000 | 748,000 | |||||||||||||
Net income (loss) | $ | 782,000 | $ | (14,000 | ) | $ | (1,000 | ) | $ | 767,000 | |||||||
2011 | Del Mar | Romney | East Ridge | Total | |||||||||||||
Assets | $ | 1,555,000 | $ | 688,000 | $ | 8,165,000 | $ | 10,408,000 | |||||||||
Liabilities | $ | - | $ | - | $ | - | $ | - | |||||||||
Equity | 1,555,000 | 688,000 | 8,165,000 | 10,408,000 | |||||||||||||
Total liabilities and equity | $ | 1,555,000 | $ | 688,000 | $ | 8,165,000 | $ | 10,408,000 | |||||||||
Revenues | $ | 1,059,000 | $ | 10,000 | $ | - | $ | 1,069,000 | |||||||||
Expenses | 686,000 | 17,000 | 2,000 | 705,000 | |||||||||||||
Net income (loss) | $ | 373,000 | $ | (7,000 | ) | $ | (2,000 | ) | $ | 364,000 | |||||||
The Company's investment and equity in earnings (losses) of the equity method investees are as follows: | |||||||||||||||||
East | |||||||||||||||||
Del Mar | Romney | Ridge | Total | ||||||||||||||
Investment balance October 31, 2010 | $ | 1,338,000 | $ | 519,000 | $ | 7,200,000 | $ | 9,057,000 | |||||||||
Equity earnings (losses) | 87,000 | (5,000 | ) | (1,000 | ) | 81,000 | |||||||||||
Cash distribution | (330,000 | ) | - | - | (330,000 | ) | |||||||||||
Investment contributions | - | - | 88,000 | 88,000 | |||||||||||||
Investment balance October 31, 2011 | 1,095,000 | 514,000 | 7,287,000 | 8,896,000 | |||||||||||||
Equity earnings (losses) | 183,000 | (10,000 | ) | - | 173,000 | ||||||||||||
Cash distribution | (220,000 | ) | - | - | (220,000 | ) | |||||||||||
Investment contributions | - | 9,000 | 89,000 | 98,000 | |||||||||||||
Investment balance October 31, 2012 | 1,058,000 | 513,000 | 7,376,000 | 8,947,000 | |||||||||||||
Equity earnings (losses) | 317,000 | (12,000 | ) | (1,754,000 | ) | (1,449,000 | ) | ||||||||||
Cash distribution | (110,000 | ) | - | (5,713,000 | ) | (5,823,000 | ) | ||||||||||
Investment contributions | - | 34,000 | 91,000 | 125,000 | |||||||||||||
Investment balance October 31, 2013 | $ | 1,265,000 | $ | 535,000 | $ | - | $ | 1,800,000 |
Investment_in_Calavo_Growers_I
Investment in Calavo Growers, Inc. | 12 Months Ended |
Oct. 31, 2013 | |
Investment in Calavo Growers, Inc. [Abstract] | ' |
Investment in Calavo Growers, Inc. | ' |
9. Investment in Calavo Growers, Inc. | |
In June 2005, the Company entered into a stock purchase agreement with Calavo. Pursuant to this agreement, the Company purchased 1,000,000 shares, or approximately 6.9%, of Calavo's common stock for $10,000,000 and Calavo purchased 1,728,570 shares, or approximately 15.1%, of the Company's common stock for $23,450,000. Under the terms of the agreement, the Company received net cash consideration of $13,450,000. The Company has classified its Calavo investment as available-for-sale. In fiscal year 2009, the Company sold 335,000 shares of Calavo stock for a total of $6,079,000, recognizing a gain of $2,729,000. | |
On April 11, 2013, the Company sold 165,000 shares of Calavo stock at a price of $29.02 per share (the closing price on April 10, 2013). Calavo repurchased the shares pursuant to the 2005 stock repurchase agreement between the companies. Following the sale, the Company continues to own 500,000 shares of Calavo common stock. The net proceeds to the Company from the sale were $4,788,000 and the Company recognized a gain of $3,138,000, which is included in other income in the consolidated statements of operations. | |
Additionally, changes in the fair value of the available-for-sale securities result in unrealized holding gains or losses for the remaining shares held by the Company. The Company recorded unrealized holding gains of $795,000 ($479,000 net of tax), $692,000 ($417,000 net of tax) and $445,000 ($267,000 net of tax) for the years ended October 31, 2013, 2012 and 2011, respectively. |
Notes_Receivable
Notes Receivable | 12 Months Ended |
Oct. 31, 2013 | |
Notes Receivable [Abstract] | ' |
Notes Receivable | ' |
10. Notes Receivable | |
In fiscal year 2004, the Company sold a parcel of land in Morro Bay, California. The sale was recognized under the installment method and the resulting gain on the sale of $161,000 was deferred. In connection with the sale, the Company recorded a note receivable of $4,263,000. Principal of $2,963,000 and interest was paid in April 2005 and $112,000 of the deferred gain was recognized as income at that time. The remaining $49,000 balance of the deferred gain is included in other long-term liabilities in the Company's consolidated balance sheets. The remaining principal balance of $1,300,000 and the related accrued interest was initially payable in April 2009; however, the Company and the buyer of the Morro Bay land executed a note extension agreement in March 2009. Based on the terms of the note extension agreement, the remaining principal balance of $1,300,000 and the related accrued interest was to be paid in full on April 1, 2014. During July 2011, the Company and the buyer agreed to extend the due date for the note from April 1, 2014 to April 1, 2020 and to convert the interest rate from a fixed rate of 7.0% to a floating rate of LIBOR plus 3.5% with a floor of 6.0%. On April 1, 2014 the rate will convert to a floating rate of LIBOR plus 3.5% with no floor. The note is subordinate to bank financing and provides for repayment that is based on a percentage of net operating cash flows of the underlying avocado orchard as defined in the note, ranging from 35% through 2014 and 50% until fully repaid or any unpaid balance due and payable on the due date. The note and accrued interest is recorded in noncurrent notes receivable in the Company's consolidated balance sheets at October 31, 2013 and 2012. Interest continues to accrue on the principal balance of the note and was $78,000, $78,000 and $84,000 in fiscal years 2013, 2012 and 2011, respectively. | |
In February 2013, the Company received $350,000 from the lessee of a retail facility owned by the Company for payment in full of a note receivable issued in connection with tenant improvements made to the property. | |
In connection with the Company's stock grant program, the Company has notes receivable and accrued interest from certain employees of $17,000 and $58,000 at October 31, 2013 and 2012, respectively. Interest income recognized on employee notes receivable was $1,000, $2,000 and $2,000 for fiscal years 2013, 2012 and 2011, respectively. | |
In fiscal year 2011, the Company entered into an agreement to loan an unrelated California limited liability company up to $115,000 for the purpose of establishing and operating an internet television station in the Santa Paula area of Ventura County, California, featuring events and historical items of interest from the Santa Paula area. The interest rate is 6% per annum, compounded monthly, with monthly principal and interest payments beginning January 1, 2012 and the balance due on or before June 1, 2014. The Company had loaned $100,000 under this agreement as of October 31, 2011 and loaned the remaining $15,000 in November 2011. The Company determined that the note was uncollectable and wrote off the $115,000 balance in March 2012. | |
In June 2008, the Company sold a discontinued business unit in Modesto, California. In connection with the sale, the Company recorded a note receivable for $150,000. The note is unsecured and bears interest at the prime rate plus 2.00%, payable monthly. This note matured in June 2011 and the Company and the buyer agreed to extend the due date an additional three years. The Company determined that the note was uncollectable and wrote off the $150,000 balance in October 2012. |
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Other Assets [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
11. Other Assets | |||||||||
Other assets consist of the following at October 31: | |||||||||
2013 | 2012 | ||||||||
Investments in mutual water companies | $ | 3,430,000 | $ | 1,791,000 | |||||
Acquired water and mineral rights | 1,536,000 | 1,536,000 | |||||||
Deferred lease assets and other | 1,522,000 | 1,437,000 | |||||||
Revolving funds and memberships | 358,000 | 359,000 | |||||||
Acquired trade names and trademarks | 476,000 | - | |||||||
Goodwill | 680,000 | - | |||||||
$ | 8,002,000 | $ | 5,123,000 | ||||||
Investments in Mutual Water Companies | |||||||||
The Company's investments in various not-for-profit mutual water companies provide the Company with the right to receive a proportionate share of water from each of the not-for-profit mutual water companies that have been invested in and do not constitute voting shares and/or rights. | |||||||||
Acquired Water and Mineral Rights | |||||||||
Acquired water and mineral rights are indefinite-life intangible assets not subject to amortization. | |||||||||
Deferred Lease Assets and Other | |||||||||
Finite-lived intangible assets include a patent for an agricultural variety with a carrying value of $136,000 at October 31, 2013, net of accumulated amortization of $86,000. Amortization expense associated with the patent was $13,000 for each of the fiscal years 2013, 2012 and 2011. The Company will amortize $13,000 each year for fiscal years 2014 through 2018 related to its patent. | |||||||||
With the acquisition of Associated in September 2013, the Company acquired $680,000 of goodwill and $486,000 of trade names and trademarks. The Company will amortize $60,000 each year for fiscal years 2014 through 2018 related to trade names and trademarks. | |||||||||
The remaining amounts in finite-lived intangibles and other assets at October 31, 2013 consist primarily of $1,034,000 of deferred rent assets, $142,000 of deferred borrowing costs and $103,000 of prepaid lease amounts on pollination equipment. See Notes 13 and 20. | |||||||||
Revolving Funds and Memberships | |||||||||
Revolving funds and memberships represent the Company's investments in various cooperative associations. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
12. Accrued Liabilities | |||||||||
Accrued liabilities consist of the following at October 31: | |||||||||
2013 | 2012 | ||||||||
Accrued compensation | $ | 1,979,000 | $ | 1,609,000 | |||||
Accrued property taxes | 469,000 | 439,000 | |||||||
Accrued income taxes | 1,732,000 | - | |||||||
Accrued interest | 208,000 | 336,000 | |||||||
Deferred income | 298,000 | 260,000 | |||||||
Accrued lease expense | 546,000 | 551,000 | |||||||
Other | 1,048,000 | 822,000 | |||||||
$ | 6,280,000 | $ | 4,017,000 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Long-Term Debt [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
13. Long-Term Debt | ||||||||
Long-term debt is comprised of the following: | ||||||||
October 31, | ||||||||
2013 | 2012 | |||||||
Rabobank revolving credit facility secured by property with a net book value of $12,260,000 at October 31, 2013 and 2012. The interest rate is variable based on the one-month London Interbank Offered Rate (LIBOR), which was 0.18% at October 31, 2013, plus 1.80%. Interest is payable monthly and the principal is due in full in June 2018. | $ | 54,380 ,000 | $ | 61,261 ,000 | ||||
Farm Credit West term loan secured by property with a net book value of $11,615,000 at October 31, 2013 and $11,626,000 at October 31, 2012. The interest rate is variable and was 2.75% at October 31, 2013. The loan is payable in quarterly installments through November 2022. | 5,262,000 | 5,743,000 | ||||||
Farm Credit West term loan secured by property with a net book value of $11,626,000 at October 31, 2012. The loan was paid in full in February 2013. | - | 861,000 | ||||||
Farm Credit West non-revolving line of credit secured by property with a net book value of $3,890,000 at October 31, 2013 and $3,864,000 at October 31, 2012. The interest rate is variable and was 2.75% at October 31, 2013. Interest is payable monthly and the principal is due in full in May 2018. | 492,000 | 13,000,000 | ||||||
Farm Credit West term loan secured by property with a net book value of $20,605,000 at October 31, 2013 and $19,856,000 at October 31, 2012. The interest rate is fixed at 3.65% until November 2014, becoming variable for the remainder of the loan. The loan is payable in monthly installments through October 2035. | 1,975,000 | 8,770,000 | ||||||
CNH Capital loans secured by property with a net book value of $11,000 at October 31, 2013. The interest rate is zero and the loans are payable in monthly installments through May and July 2015. | 23,000 | - | ||||||
Subtotal | 62,132,000 | 89,635,000 | ||||||
Less current portion | 569,000 | 760,000 | ||||||
Total long-term debt, less current portion | $ | 61,563,000 | $ | 88,875,000 | ||||
In November 2011, the Company entered into a Second Amendment to Amended and Restated Line of Credit Agreement dated as of December 15, 2008, between the Company and Rabobank in order to (i) increase the revolving line of credit from $80,000,000 to the lesser of $100,000,000 or 60% of the appraised value of any real estate pledged as collateral, which was $89,000,000 at October 31, 2013, (ii) amend the interest rate such that the line of credit bears interest equal to LIBOR plus 1.80% and (iii) extend the maturity date from June 30, 2013 to June 30, 2018. The Company is subject to an annual financial covenant and certain other restrictions measured at its fiscal year-end. | ||||||||
The Company incurs certain loan fees and costs associated with its new or amended credit arrangements. Such costs are capitalized as deferred borrowing costs and amortized as interest expense using the straight-line method over the terms of the credit agreements. The balance of deferred borrowing costs is $142,000, net of amortization of $141,000, and is included in other assets on the Company's consolidated balance sheet at October 31, 2013. | ||||||||
Principal payments on the Company's long-term debt are due as follows: | ||||||||
2014 | $ | 569,000 | ||||||
2015 | 608,000 | |||||||
2016 | 602,000 | |||||||
2017 | 620,000 | |||||||
2018 | 55,509,000 | |||||||
Thereafter | 4,224,000 | |||||||
$ | 62,132,000 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
14. Derivative Instruments and Hedging Activities | |||||||||||||||||
Derivative financial instruments consist of the following at October 31: | |||||||||||||||||
Notional Amount | Fair Value Liability | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Pay fixed-rate, receive floating-rate interest rate swap, matured June 2013 | $ | - | $ | 42,000,000 | $ | - | $ | 1,072,000 | |||||||||
Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018 | $ | 40,000,000 | $ | 40,000,000 | $ | 2,240,000 | $ | 2,768,000 | |||||||||
In April 2010, the Company cancelled two interest rate swaps with notional amounts of $10,000,000 each and amended the remaining interest rate swap from a notional amount of $22,000,000 to a notional amount of $42,000,000. This remaining interest rate swap was also amended to a pay-fixed rate of 3.63%, which is 62 basis points lower than the original pay-fixed rate. The floating-rate and maturity date of the amended interest rate swap remain unchanged. The Company did not incur any out-of-pocket fees related to the cancellation or amendment of these interest rate swaps. | |||||||||||||||||
These interest rate swaps previously qualified as cash flow hedges and were accounted for as hedges under the short-cut method. On the amendment date of the swap agreements, the fair value liability and the related accumulated other comprehensive loss balance was $2,015,000. The accumulated other comprehensive loss balance was amortized and included in interest income from derivative instruments over the remaining period of the original swap agreements. Amortization for fiscal years 2013, 2012 and 2011 was $361,000, $541,000 and $561,000, respectively. The accumulated other comprehensive loss balance was fully amortized at October 31, 2013. | |||||||||||||||||
As a result of the re-negotiated terms of the derivatives above, the remaining interest rate swap with a notional amount of $42,000,000 no longer qualified for hedge accounting as of April 30, 2010. Therefore, mark to market adjustments to the underlying fair value liability were recorded in interest income from derivative instruments and the liability balance was recorded in fair value of derivative instruments and other long-term liabilities in the Company's consolidated balance sheets. The mark to market adjustments recognized by the Company during the years ended October 31, 2013, 2011 and 2011 resulted in non-cash interest income of $1,072,000, $1,280,000 and $1,098,000, respectively. This swap matured in June 2013 | |||||||||||||||||
In November 2011, the Company entered into a forward interest rate swap agreement with Rabobank International, Utrecht to fix the interest rate at 4.30% on $40,000,000 of its outstanding borrowings under the Rabobank line of credit beginning July 2013 until June 2018. This interest rate swap qualifies as a cash flow hedge and is accounted for as a hedge under the short-cut method. Therefore, the fair value liability is included in fair value of derivative instruments, other long-term liabilities and related accumulated other comprehensive income (loss) at October 31, 2013. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Oct. 31, 2013 | |
Related-Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
15. Related-Party Transactions | |
The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $534,000, $528,000 and $522,000 of rental income from employees in fiscal years 2013, 2012 and 2011, respectively. There were no rental payments due from employees at October 31, 2013 and 2012. | |
The Company has representation on the boards of directors of the mutual water companies in which the Company has investments. The Company recorded capital contributions and purchased water and water delivery services from such mutual water companies, in aggregate, of $1,135,000, $989,000 and $700,000 in fiscal years 2013, 2012 and 2011, respectively. Capital contributions are included in other assets in the Company's consolidated balance sheets and purchased water and water delivery services are included in agribusiness expense in the Company's consolidated statements of operations. Additionally, the Company purchased a $1,320,000 investment in a mutual water company with the acquisition of Lemons 400 in October 2013, which is included in other assets in the Company's consolidated balance sheet at October 31, 2013. Water payments due to the mutual water companies were, in aggregate, $78,000 and $20,000 at October 31, 2013 and 2012, respectively. | |
The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies of $1,266,000, $1,410,000 and $1,316,000 from the association in fiscal years 2013, 2012 and 2011, respectively. Such amounts are included in agribusiness expense in the Company's consolidated statements of operations. Payments due to the cooperative were $26,000 and $72,000 at October 31, 2013 and 2012, respectively. | |
The Company recorded dividend income of $432,000, $366,000 and $366,000 in fiscal years 2013, 2012 and 2011, respectively, on its investment in Calavo, which is included in other income, net, in the Company's consolidated statements of operations. The Company had $11,683,000, $9,456,000 and $7,539,000 in avocado sales to Calavo in fiscal years 2013, 2012 and 2011, respectively. Additionally, the Company had $242,000, $189,000 and $557,000 in lemon sales to Calavo in fiscal years 2013, 2012 and 2011, respectively. Such amounts are included in agribusiness revenues in the Company's consolidated statements of operations. The Company leases office space to Calavo and received rental income of $271,000, $265,000, and $252,000 in fiscal years 2013, 2012 and 2011, respectively. Such amounts are included in rental revenues in the Company's consolidated statements of operations. No amounts were receivable by the Company from Calavo at October 31, 2013 or 2012. The Company purchased $2,418,000, $1,316,000 and $71,000 of packed avocados and lemons to sell from Calavo in fiscal years 2013, 2012 and 2011, respectively. No amounts were due to Calavo at October 31, 2013 and 2012, respectively. | |
Certain members of the Company's Board of Directors market lemons through Limoneira Company pursuant to its customary marketing agreements. During fiscal years 2013, 2012 and 2011 the aggregate amount of lemons procured from entities owned or controlled by members of the Board of Directors was $1,101,000, $1,815,000 and $1,335,000, respectively, which is included in agribusiness expense in the Company's consolidated statements of operations. Payments due to these Board members were $240,000, $705,000 and $125,000 at October 31, 2013, 2012 and 2011, respectively. | |
On July 1, 2013, the Company and Cadiz Real Estate, LLC ("Cadiz"), a wholly owned subsidiary of Cadiz, Inc., entered into a long-term lease agreement (the "Lease") for a minimum of 320 acres, with an option to lease up to an additional 640 acres, located within 9,600 zoned agricultural acres owned by Cadiz in eastern San Bernardino County, California. The initial term of the Lease runs for 20 years and the annual base rental will be equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses) and will not exceed $1,200 per acre per year. As of October 31, 2013, no acres have been planted on the leased property; therefore no lease expense has been incurred. A member of the Company's Board of Directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc. | |
As of the September 6, 2013 acquisition of Associated, the Company has had representation on the board of directors of Colorado River Growers, Inc. ("CRG"), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting and marketing business in Yuma County, Arizona. The Company paid harvest advances to CRG of $1,320,000 from the acquisition date to October 31, 2013. Such amounts are included in agribusiness expense in the Company's consolidated statements of operations. Additionally, Associated provided harvest management and administrative services to CRG in the amount of $112,000 from the acquisition date to October 31, 2013. Such amounts are included in agribusiness revenues in the Company's consolidated statements of operations. There was $194,000 due to Associated from CRG at October 31, 2013, which is included in accounts receivable in the Company's October 31, 2013 consolidated balance sheet. | |
The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District. The Company purchased water in the amount of $59,000 during fiscal year 2013 and this amount is included in agribusiness expenses in the consolidated statements of operations. There were no amounts that were due to the district at October 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
16. Income Taxes | |||||||||||||||||||||||||
The components of the provisions for income taxes for fiscal years 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | (3,589,000 | ) | $ | (535,000 | ) | $ | 653,000 | |||||||||||||||||
State | (856,000 | ) | (327,000 | ) | 139,000 | ||||||||||||||||||||
Total current (provision) benefit | (4,445,000 | ) | (862,000 | ) | 792,000 | ||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 1,084,000 | (968,000 | ) | (1,171,000 | ) | ||||||||||||||||||||
State | 126,000 | (148,000 | ) | (328,000 | ) | ||||||||||||||||||||
Total deferred provision | 1,210,000 | (1,116,000 | ) | (1,499,000 | ) | ||||||||||||||||||||
Total provision | $ | (3,235,000 | ) | $ | (1,978,000 | ) | $ | (707,000 | ) | ||||||||||||||||
The income tax provision differs from the amount which would result from the statutory federal income tax rate primarily as a result of dividend exclusions, the domestic production activities deduction and state income taxes. | |||||||||||||||||||||||||
Deferred income taxes reflect the net of temporary differences between the carrying amount of the assets and liabilities for financial reporting and income tax purposes. In connection with the acquisition of Associated on September 6, 2013, the Company assumed noncurrent deferred tax liabilities of $7,247,000. The components of deferred income tax assets (liabilities) at October 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current deferred income tax assets (liabilities): | |||||||||||||||||||||||||
Labor accruals | $ | 211,000 | $ | 188,000 | |||||||||||||||||||||
Property taxes | (176,000 | ) | (175,000 | ) | |||||||||||||||||||||
State income taxes | 240,000 | 110,000 | |||||||||||||||||||||||
Prepaid insurance and other | 233,000 | 272,000 | |||||||||||||||||||||||
Net current deferred income tax assets | 508,000 | 395,000 | |||||||||||||||||||||||
Noncurrent deferred income tax (liabilities) assets: | |||||||||||||||||||||||||
Depreciation | (5,878,000 | ) | (3,297,000 | ) | |||||||||||||||||||||
Amortization | 366,000 | 604,000 | |||||||||||||||||||||||
Impairments of real estate development assets | 3,019,000 | 3,379,000 | |||||||||||||||||||||||
Derivative instruments | 892,000 | 871,000 | |||||||||||||||||||||||
Minimum pension liability adjustment | 1,707,000 | 1,590,000 | |||||||||||||||||||||||
Unrealized net gain on Calavo investment | (3,918,000 | ) | (3,602,000 | ) | |||||||||||||||||||||
Book and tax basis difference of acquired assets | (14,180,000 | ) | (9,865,000 | ) | |||||||||||||||||||||
Other | (548,000 | ) | (168,000 | ) | |||||||||||||||||||||
Net noncurrent deferred income tax liabilities | (18,540,000 | ) | (10,488,000 | ) | |||||||||||||||||||||
Net deferred income tax liabilities | $ | (18,032,000 | ) | $ | (10,093,000 | ) | |||||||||||||||||||
The net current deferred income tax assets are included in prepaid expenses and other current assets in the Company's consolidated balance sheets at October 31, 2013 and 2012. | |||||||||||||||||||||||||
At October 31, 2013, the Company had federal and state operating loss carry-forwards of approximately $190,000 and $970,000, respectively. The federal and state tax loss carry-forwards will begin to expire in 2033 and 2017, respectively, unless previously utilized. | |||||||||||||||||||||||||
The income tax provision differs from that computed using the federal statutory rate applied to income before taxes as follows for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Provision at statutory rates | $ | (2,768,000 | ) | (34.0 | )% | $ | (1,744,000 | ) | (34.0 | )% | $ | (775,000 | ) | (34.0 | )% | ||||||||||
State income tax, net of federal benefit | (509,000 | ) | (6.2 | )% | (314,000 | ) | (6.1 | )% | (137,000 | ) | (6.0 | )% | |||||||||||||
Dividend exclusion | 103,000 | 1.3 | % | 87,000 | 1.7 | % | 87,000 | 3.8 | % | ||||||||||||||||
Production deduction | 175,000 | 2.1 | % | 161,000 | 3.1 | % | 42,000 | 1.8 | % | ||||||||||||||||
Officer's compensation | - | - | - | - | - | - | |||||||||||||||||||
Change in unrecognized tax benefits | - | - | - | - | - | - | |||||||||||||||||||
Other permanent items | (236,000 | ) | (2.9 | )% | (168,000 | ) | (3.3 | )% | 76,000 | 3.3 | % | ||||||||||||||
Total income tax provision | $ | (3,235,000 | ) | (39.7 | )% | $ | (1,978,000 | ) | (38.6 | )% | $ | (707,000 | ) | (31.1 | )% | ||||||||||
In connection with the acquisition of Associated on September 6, 2013 as described in Note 3, the Company recognized goodwill in the amount of $680,000, which is non-deductible for income tax purposes because of the tax-deferred nature of the transaction under IRS section 368. | |||||||||||||||||||||||||
At October 31, 2013 and 2012, the Company had no unrecognized tax benefits. The Company reports accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. | |||||||||||||||||||||||||
The Company files income tax returns in the U.S., California and Arizona. The Company is no longer subject to significant U.S. and state income tax examinations for years prior to the statutory periods of three years for federal and four years for state tax jurisdictions. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of October 31, 2013. |
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Retirement Plans [Abstract] | ' | ||||||||||||||||
Retirement Plans | ' | ||||||||||||||||
17. Retirement Plans | |||||||||||||||||
The Limoneira Company Retirement Plan (the "Plan") is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees. Benefits paid by the Plan are calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date. The Plan is administered by City National Bank and Mercer Human Resource Consulting. | |||||||||||||||||
The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of $1,252,000 and $1,275,000 for fiscal years 2013 and 2012, respectively. Plan assets are invested in a group trust consisting primarily of stocks (domestic and international), bonds, real estate trust funds, short-term investment funds and cash. | |||||||||||||||||
The investment policy and strategy has been established to provide a total investment return that will, over time, maintain purchasing power parity for the Plan's variable benefits and keep the Plan funding at a reasonable level. The long-term target asset allocation ranges are as follows: Global Equity 40%-80%; Alternative Investments 0%-30%; Fixed Income 20%-60% and Cash 0%-30%. Alternative Investments may include Hedge Funds, Real Estate and Private Equity. | |||||||||||||||||
The following tables set forth the Plan's net periodic cost, changes in benefit obligation and Plan assets, funded status, amounts recognized in the Company's consolidated balance sheets, additional year-end information and assumptions used in determining the benefit obligations and net periodic benefit cost. | |||||||||||||||||
The components of net periodic benefit cost for the Plan for fiscal years 2013 and 2012 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Service cost | $ | 166,000 | $ | 146,000 | |||||||||||||
Interest cost | 721,000 | 804,000 | |||||||||||||||
Expected return on plan assets | (959,000 | ) | (990,000 | ) | |||||||||||||
Recognized actuarial loss | 1,030,000 | 818,000 | |||||||||||||||
Net periodic benefit cost | $ | 958,000 | $ | 778,000 | |||||||||||||
Following is a summary of the Plan's funded status as of October 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 20,690,000 | $ | 18,459,000 | |||||||||||||
Service cost | 166,000 | 146,000 | |||||||||||||||
Interest cost | 721,000 | 804,000 | |||||||||||||||
Benefits paid | (1,058,000 | ) | (983,000 | ) | |||||||||||||
Actuarial (gain) loss | (1,239,000 | ) | 2,264,000 | ||||||||||||||
Benefit obligation at end of year | $ | 19,280,000 | $ | 20,690,000 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 14,560,000 | $ | 12,985,000 | |||||||||||||
Actual return on plan assets | 1,621,000 | 1,283,000 | |||||||||||||||
Employer contributions | 1,252,000 | 1,275,000 | |||||||||||||||
Benefits paid | (1,058,000 | ) | (983,000 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 16,375,000 | $ | 14,560,000 | |||||||||||||
Reconciliation of funded status: | |||||||||||||||||
Fair value of plan assets | $ | 16,375,000 | $ | 14,560,000 | |||||||||||||
Benefit obligations | 19,280,000 | 20,690,000 | |||||||||||||||
Net plan obligations | $ | (2,905,000 | ) | $ | (6,130,000 | ) | |||||||||||
Amounts recognized in statements of financial position: | |||||||||||||||||
Noncurrent assets | $ | - | $ | - | |||||||||||||
Current liabilities | - | - | |||||||||||||||
Noncurrent liabilities | (2,905,000 | ) | (6,130,000 | ) | |||||||||||||
Net obligation recognized in statements of financial position | $ | (2,905,000 | ) | $ | (6,130,000 | ) | |||||||||||
Reconciliation of amounts recognized in statements of financial position: | |||||||||||||||||
Accumulated other comprehensive loss | $ | (7,191,000 | ) | $ | (10,123,00 | ) | |||||||||||
Accumulated contributions in excess of net periodic benefit cost | 4,286,000 | 3,993,000 | |||||||||||||||
Net deficit recognized in statements of financial position | $ | (2,905,000 | ) | $ | (6,130,000 | ) | |||||||||||
Presented below are changes in accumulated other comprehensive loss, before tax, in the Plan as of October 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Changes recognized in other comprehensive loss: | |||||||||||||||||
Net loss (gain) arising during the year | $ | (1,901,000 | ) | $ | 1,971,000 | ||||||||||||
Amortization or settlement recognition of net loss | (1,030,000 | ) | (818,000 | ) | |||||||||||||
Total recognized in other comprehensive loss | $ | (2,931,000 | ) | $ | 1,153,000 | ||||||||||||
Total recognized in net periodic benefit and other comprehensive loss | $ | (1,973,000 | ) | $ | 1,931,000 | ||||||||||||
Presented below is the October 31 year-ended estimated amount that will be amortized from accumulated other comprehensive loss over the next fiscal year: | |||||||||||||||||
2013 | |||||||||||||||||
Initial net asset (obligation) | $ | - | |||||||||||||||
Prior service credit (cost) | - | ||||||||||||||||
Net loss | (781,000 | ) | |||||||||||||||
Total | $ | (781,000 | ) | ||||||||||||||
The following assumptions as of October 31 were used in determining benefit obligations and net periodic benefit cost: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||
Discount rate | 4.4 | % | 3.6 | % | |||||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||||||
Discount rate | 3.6 | % | 4.5 | % | |||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | |||||||||||||
Additional year-end information: | |||||||||||||||||
Projected benefit obligation | $ | 19,280,000 | $ | 20,690,000 | |||||||||||||
Accumulated benefit obligation | $ | 19,280,000 | $ | 20,690,000 | |||||||||||||
Fair value of plan assets | $ | 16,375,000 | $ | 14,560,000 | |||||||||||||
The Company expects to contribute $500,000 to the Plan in fiscal year 2014. Additionally, benefit payments are expected to be paid during the following fiscal years: | |||||||||||||||||
2014 | $ | 1,031,000 | |||||||||||||||
2015 | 1,068,000 | ||||||||||||||||
2016 | 1,102,000 | ||||||||||||||||
2017 | 1,150,000 | ||||||||||||||||
2018 | 1,179,000 | ||||||||||||||||
2019-2023 | 6,037,000 | ||||||||||||||||
$ | 11,567,000 | ||||||||||||||||
The following table sets forth the Plan's assets as of October 31, 2013, segregated by level using the hierarchy established by FASB ASC 820, Fair Value Measurements and Disclosures: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash and cash equivalents | $ | 483,000 | $ | - | $ | - | $ | 483,000 | |||||||||
Mutual funds | 2,381,000 | - | - | 2,381,000 | |||||||||||||
Common stocks | 6,249,000 | - | - | 6,249,000 | |||||||||||||
U.S. government & agency issues | - | 2,891,000 | - | 2,891,000 | |||||||||||||
Corporate bonds | - | 4,300,000 | - | 4,300,000 | |||||||||||||
Estimated accrued income | - | 71,000 | - | 71,000 | |||||||||||||
$ | 9,113,000 | 7,262,000 | $ | - | $ | 16,375,000 | |||||||||||
The Company has a 401(k) plan in which it contributes an amount equal to 4% of an eligible employee's annual earnings beginning after one year of employment. Employees may elect to defer up to 100% of their annual earnings subject to Internal Revenue Code limits. The Company makes an additional matching contribution on these deferrals up to 4% of the employee's annual earnings. Employees are 100% vested in the Company's contribution after six years of employment. Participants vest in any matching contribution at a rate of 20% per year beginning after one year of employment. During fiscal years 2013, 2012, and 2011, the Company contributed to the plan and recognized expenses of $615,000, $517,000, and $488,000, respectively. |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Other Long-Term Liabilities [Abstract] | ' | ||||||||
Other Long-Term Liabilities | ' | ||||||||
18. Other Long-Term Liabilities | |||||||||
Other long-term liabilities consist of the following at October 31: | |||||||||
2013 | 2012 | ||||||||
Minimum pension liability | $ | 2,905,000 | $ | 6,130,000 | |||||
Fair value of derivative instrument | 1,523,000 | 2,768,000 | |||||||
Other | 55,000 | 55,000 | |||||||
$ | 4,483,000 | $ | 8,953,000 |
Operating_Lease_Income
Operating Lease Income | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Operating Lease Income [Abstract] | ' | ||||
Operating Lease Income | ' | ||||
19. Operating Lease Income | |||||
The Company rents certain of its assets under net operating lease agreements ranging from one month to 20 years. The cost of land subject to agricultural land leases was $1,861,000 at October 31, 2013. The total cost and accumulated depreciation of buildings, equipment and building improvements subject to leases was $9,352,000 and $4,635,000, respectively, at October 31, 2013. The Company's rental operations revenue includes contingent rental revenue of $119,000, $165,000 and $206,000 for fiscal years 2013, 2012 and 2011, respectively. | |||||
The future minimum lease payments to be received by the Company related to these net operating lease agreements as of October 31, 2013, are as follows: | |||||
2014 | $ | 2,019,000 | |||
2015 | 1,747,000 | ||||
2016 | 1,685,000 | ||||
2017 | 1,211,000 | ||||
2018 | 1,078,000 | ||||
Thereafter | 1,483,000 | ||||
$ | 9,223,000 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
20. Commitments and Contingencies | |||||
Operating Leases | |||||
The Company has operating leases for agricultural land, pollinating equipment, packinghouse equipment, and photovoltaic generators. Total lease expense for fiscal years 2013, 2012 and 2011 was $2,316,000, $1,972,000 and $1,480,000, respectively, which is included in agribusiness costs and expenses in the Company's consolidated statements of operations. | |||||
During fiscal year 2008, the Company entered into a contract with Perpetual Power, LLC ("Perpetual") to install a 1,000 KW photovoltaic generator in order to provide electrical power for the Company's lemon packinghouse operations. The facility became operational in October 2008. Farm Credit West provided financing for the generator and upon completion of the construction Perpetual sold the generator to Farm Credit West. The Company then signed a 10-year operating lease agreement with Farm Credit West. At the end of the 10-year lease term, the Company will have an option to purchase the generator from Farm Credit West for $1,125,000. | |||||
Additionally in fiscal year 2008, the Company entered into a contract with Perpetual to install a second 1,000 KW photovoltaic generator in order to provide electrical power for the Company's farming operations in Ducor, California. Farm Credit West provided the financing for the generator and when construction was completed, Perpetual sold the generator to Farm Credit West. The Company then signed a 10-year operating lease agreement with Farm Credit West for this facility. At the end of the 10-year lease term, the Company will have an option to purchase the generator from Farm Credit West for $1,275,000. The generator in Ducor, California became operational in December 2008. Included in other assets in the Company's consolidated balance sheets is $1,112,000 and $872,000 at October 31, 2013 and 2012, respectively of deferred rent assets related to the Company's Ducor solar lease as the minimum lease payments exceed the straight-line rent expense during the earlier terms of the lease. | |||||
Additionally, we have agreements with an electric utility through the California Solar Initiative which entitle us to receive rebates for energy produced by our solar arrays. These rebates, which are scheduled to expire in fiscal year 2014, were $992,000, $1,006,000 and $911,000 in fiscal years 2013, 2012 and 2011, respectively. | |||||
In January 2012, the Company entered into six operating leases for approximately 1,000 acres of lemon, orange, specialty citrus and other crop orchards in Lindsay, California. Each of the leases is for a ten-year term and provides for four five-year renewal options with an aggregate base rent of approximately $500,000 per year. The leases also contain profit share arrangements with the lessors as additional rent on each of the properties and a provision for the potential purchase of the properties by the Company in the future. In accordance with the terms of the lease agreements, the Company did not share in the citrus crop revenue in its fiscal year ending October 31, 2012. The Company incurred $724,000 and $456,000 of net lease expense in fiscal years 2013 and 2012, respectively. | |||||
Minimum future lease payments are as follows: | |||||
2014 | $ | 1,740,000 | |||
2015 | 1,698,000 | ||||
2016 | 1,720,000 | ||||
2017 | 1,732,000 | ||||
2018 | 1,699,000 | ||||
Thereafter | 4,279,000 | ||||
$ | 12,868,000 | ||||
Letters of Credit | |||||
The Company utilizes standby letters of credit to satisfy workers' compensation insurance security deposit requirements. At October 31, 2013, these outstanding letters of credit totaled $193,000. | |||||
Other Commitments | |||||
In December 2013 the Company entered into a construction contract that includes design and construction services for the expansion of the Company's lemon packing facilities. The contract is subject to a guaranteed maximum price of approximately $9,300,000, which may be revised based on design modifications and finalization of construction costs. The project is expected to commence in March 2014 and be substantially complete in the spring of 2015. | |||||
Litigation | |||||
The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company's business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
21. Stockholders' Equity | |||||||||||||||||
Series B Convertible, Redeemable Preferred Stock | |||||||||||||||||
In 1997, in connection with the acquisition of Ronald Michaelis Ranches, Inc., the Company issued 30,000 shares of Series B Convertible Preferred Stock at $100 par value (the "Series B Stock"). | |||||||||||||||||
Dividends: The holders of shares of Series B Stock are entitled to receive cumulative cash dividends at an annual rate of 8.75% of par value. Such dividends are payable quarterly on the first day of January, April, July and October in each year commencing July 1, 1997. | |||||||||||||||||
Voting Rights: Each shareholder of Series B Stock is entitled to ten votes on all matters submitted to a vote of the stockholders of the Company. | |||||||||||||||||
Redemption: The Company, at the option of the Board of Directors, may redeem the Series B Stock, as a whole or in part, at any time or from time to time on or after July 1, 2017 and before June 30, 2027, at a redemption price equal to the par value thereof, plus accrued and unpaid dividends thereon to the date fixed for redemption. | |||||||||||||||||
Conversion: The holders of Series B Stock have the right, at their option, to convert such shares into shares of Common Stock of the Company at any time prior to redemption. The conversion price is $8.00 per share of Common Stock. Pursuant to the terms of the Certificate of Designation, Preferences and Rights of the Series B Stock, the conversion price shall be adjusted to reflect any dividends paid in Common Stock of the Company, the subdivision of the Common Stock of the Company into a greater number of shares of Common Stock of the Company or upon the advice of legal counsel. | |||||||||||||||||
Put: The holders of Series B Stock may at any time after July 1, 2017 and before June 30, 2027 cause the Company to repurchase such shares at a repurchase price equal to the par value thereof, plus accrued and unpaid dividends thereon to the date fixed for repurchase. | |||||||||||||||||
The Company is not mandatorily required to redeem the Series B Stock and the redemption of the Series B Stock is within the control of the Company. The Series B Stock is not redeemable at a fixed date or at the option of the Series B Stock shareholders. In addition, the Series B Stock is redeemable upon the occurrence of an event that is solely within the control of the Company. Lastly, any potential settlement of the Series B Stock between the Company and the Series B Stock shareholders would be required to be settled in cash. As such, the Company has recorded its $3,000,000 equity contribution related to its Series B Stock in stockholders' equity in the Company's consolidated balance sheets. | |||||||||||||||||
Series A Junior Participating Preferred Stock and Shareholder Rights Agreement | |||||||||||||||||
During fiscal 2007, the Company entered into a shareholder rights agreement with the Bank of New York acting as rights agent. In connection with this agreement, on October 31, 2006, the Company designated 20,000 shares of preferred stock as Series A Junior Participating Preferred Stock at $.01 par value (the "Series A Stock"). Additionally, on October 31, 2006, the Company declared a dividend to be distributed on December 20, 2006, to each holder of record of the Company's common stock the right to purchase one one-hundredth of a share of Series A Stock. If a triggering event occurs, the Board of Directors has the option to allow rights holders to exercise their rights. | |||||||||||||||||
Dividends: The holders of shares of Series A Stock shall be entitled to receive cash dividends in an amount per share equal to the greater of (a) $1.00 or (b) 100 times the aggregate per share amount of all cash dividends and 100 times the aggregate per share amounts of all non-cash dividends, other than a dividend payable in common stock, declared on the common stock. Such dividends are payable quarterly on the fifteenth day of January, April, July and October in each year commencing on the first quarterly dividend payment date after the first issuance of a share or fraction of shares of the Series A Stock. | |||||||||||||||||
Voting Rights: Each share of Series A Stock shall be entitled to one hundred votes on all matters submitted to a vote of the stockholders of the Company. | |||||||||||||||||
Redemption: The shares of Series A Stock shall not be redeemable. | |||||||||||||||||
Conversion: The shares of Series A Stock shall not be convertible. | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
The Company has a stock-based compensation plan (the "Stock Plan") that allows for the grant of common stock of the Company to members of management based on achievement of certain annual financial performance and other criteria. The number of shares granted is based on a percentage of the employee's base salary divided by the stock price on the grant date. Shares granted under the Stock Plan generally vest over a three year period. During December 2013, 26,708 shares of common stock were granted to management under the Stock Plan for fiscal year 2013 performance, resulting in total compensation expense of approximately $727,000, with $253,000 recognized in the year ended December 31, 2013 and the balance to be recognized over the next two years as the shares vest. During December 2012, 34,721 shares of common stock were granted to management under the Stock Plan for fiscal year 2012 performance, resulting in total compensation expense of approximately $657,000, with $216,000 recognized in the year ended October 31, 2012 and the balance to be recognized over the next two years as the shares vest. No shares were granted for fiscal year 2011 performance. Stock-based compensation expense is included in selling, general and administrative expense and is recognized over the performance and vesting periods as summarized below: | |||||||||||||||||
Performance | Shares | Year Ended October 31, | |||||||||||||||
Year | Granted | 2013 | 2012 | 2011 | |||||||||||||
2008 | 11,962 | $ | - | $ | - | $ | 80,000 | ||||||||||
2010 | 62,287 | 91,000 | 546,000 | 535,000 | |||||||||||||
2012 | 34,721 | 209,000 | 216,000 | - | |||||||||||||
2013 | 26,708 | 253,000 | - | - | |||||||||||||
$ | 553,000 | $ | 762,000 | $ | 615,000 | ||||||||||||
During January 2013, members of management exchanged 9,642 and 214 shares of common stock with fair market values of $21.40 and $18.92 per share (at the date of the exchanges), respectively, for the payment of payroll taxes associated with the vesting of shares under the Company's stock-based compensation programs. | |||||||||||||||||
During January 2013, 9,040 shares of common stock were granted to the Company's non-employee directors under the Company's stock-based compensation plans. The Company recognized $200,000, $185,000 and $180,000 of stock-based compensation to non-employee directors during fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||||||
During February 2013, members of management exchanged 1,154 shares of common stock with a fair market value of $21.75 per share (at the date of the exchange) for the repayment of notes issued in relation to payroll taxes associated with the vesting of shares under the Company's stock-based compensation programs. | |||||||||||||||||
During February 2013, the Company sold 2,070,000 shares of common stock at a price of $18.50 per share in a public offering. See Note 24. | |||||||||||||||||
In connection with the acquisition of Associated described in Note 3, the Company issued 705,221 shares of unregistered common stock with a per share value of $22.63, which comprised $15,959,000 of the $18,580,000 purchase price. | |||||||||||||||||
Donation of Common Stock | |||||||||||||||||
During each June of 2013, 2012 and 2011 the Company donated $100,000 of unregistered common stock to the Museum of Ventura County ("the Museum"), a California non-profit corporation. The number of shares of common stock issued was 4,859, 6,165 and 4,427 in 2013, 2012 and 2011, respectively, which was based on the market value of Limoneira common stock on the date of the donation. The Company recognized expense of $100,000 each year, which is included in selling, general and administrative expense. The donations are to be used by the Museum to establish and operate an agriculture museum in Santa Paula, California depicting the history of agriculture in Ventura County. |
Fruit_Growers_Supply_Cooperati
Fruit Growers Supply Cooperative | 12 Months Ended |
Oct. 31, 2013 | |
Fruit Growers Supply Cooperative [Abstract] | ' |
Fruit Growers Supply Cooperative | ' |
22. Fruit Growers Supply Cooperative | |
The Company is a member of Fruit Growers Supply ("FGS"), a cooperative supply corporation. FGS is the manufacturing and supply affiliate of Sunkist. FGS allocates after-tax earnings derived from non-member business to members. The allocations may then be disbursed to members as dividends no less than five years after allocation. As of October 31, 2013 and October 31, 2012, the Company has been allocated $863,000 and $981,000 respectively; however, the declaration of dividends is subject to approval by the FGS Board of Directors and members may receive amounts less than those originally allocated. The Company records allocations disbursed by FGS as reductions of agribusiness expenses. The Company received dividends of $59,000, $113,000 and $96,000 in fiscal years 2013, 2012 and 2011, respectively. | |
During September 2011, the Company settled a claim with Sunkist in which Sunkist requested a refund of $586,000 of fiscal year 2010 lemon by-products revenue. The Company assigned 50% of future dividends it receives from FGS up to the amount of claim in the unconditional settlement of the claim. The balance of the claim as of October 31, 2013, 2012 and 2011 was $318,000, $377,000 and $490,000, respectively. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
23. Segment Information | |||||||||||||||||||||
The Company operates in three reportable operating segments; agribusiness, rental operations and real estate development. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The agribusiness segment includes farming and lemon packing operations. The rental operations segment includes housing and commercial rental operations, leased land and organic recycling. The real estate development segment includes real estate development operations. No asset information is provided for reportable segments as these specified amounts are not included in the measure of segment profit or loss reviewed by the Company's chief operating decision maker. The Company measures operating performance, including revenues and earnings, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, other income (expense), interest expense and income tax expense, or specifically identify them to its operating segments. | |||||||||||||||||||||
Segment information for year ended October 31, 2013: | |||||||||||||||||||||
Agribusiness | Rental | Real Estate | Corporate and | Total | |||||||||||||||||
Operations | Development | Other | |||||||||||||||||||
Revenues | $ | 79,990,000 | $ | 4,250,000 | $ | 644,000 | $ | - | $ | 84,884,000 | |||||||||||
Costs and expenses | 61,850,000 | 2,213,000 | 1,266,000 | 11,659,000 | 76,988,000 | ||||||||||||||||
Depreciation and amortization | 1,757,000 | 388,000 | 67,000 | 191,000 | 2,403,000 | ||||||||||||||||
Impairment charges | - | - | 95,000 | - | 95,000 | ||||||||||||||||
Operating income (loss) | $ | 16,383,000 | $ | 1,649,000 | $ | (784,000 | ) | $ | (11,850,000 | ) | $ | 5,398,000 | |||||||||
Segment information for year ended October 31, 2012: | |||||||||||||||||||||
Agribusiness | Rental | Real Estate | Corporate and | Total | |||||||||||||||||
Operations | Development | Other | |||||||||||||||||||
Revenues | $ | 61,553,000 | $ | 4,023,000 | $ | 252,000 | $ | - | $ | 65,828,000 | |||||||||||
Costs and expenses | 45,811,000 | 2,045,000 | 981,000 | 10,304,000 | 59,141,000 | ||||||||||||||||
Depreciation and amortization | 1,489,000 | 373,000 | 56,000 | 213,000 | 2,131,000 | ||||||||||||||||
Impairment charges | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 14,253,000 | $ | 1,605,000 | $ | (785,000 | ) | $ | (10,517,000 | ) | $ | 4,556,000 | |||||||||
Segment information for year ended October 31, 2011: | |||||||||||||||||||||
Agribusiness | Rental | Real Estate | Corporate and | Total | |||||||||||||||||
Operations | Development | Other | |||||||||||||||||||
Revenues | $ | 46,085,000 | $ | 3,948,000 | $ | 2,462,000 | $ | - | $ | 52,495,000 | |||||||||||
Costs and expenses | 33,645,000 | 1,865,000 | 3,483,000 | 9,089,000 | 48,082,000 | ||||||||||||||||
Depreciation and amortization | 1,535,000 | 365,000 | 68,000 | 239,000 | 2,207,000 | ||||||||||||||||
Impairment charges | - | - | 1,196,000 | - | 1,196,000 | ||||||||||||||||
Operating income (loss) | $ | 10,905,000 | $ | 1,718,000 | $ | (2,285,000 | ) | $ | (9,328,000 | ) | $ | 1,010,000 | |||||||||
The following table sets forth revenues by category, by segment for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Lemons | $ | 58,137,000 | $ | 44,162,000 | $ | 31,243,000 | |||||||||||||||
Avocados | 11,683,000 | 9,546,000 | 7,539,000 | ||||||||||||||||||
Navel and Valencia oranges | 5,528,000 | 4,066,000 | 3,789,000 | ||||||||||||||||||
Specialty citrus and other crops | 4,642,000 | 3,779,000 | 3,514,000 | ||||||||||||||||||
Agribusiness revenues | 79,990,000 | 61,553,000 | 46,085,000 | ||||||||||||||||||
Rental operations | 2,385,000 | 2,293,000 | 2,235,000 | ||||||||||||||||||
Leased land | 1,746,000 | 1,565,000 | 1,507,000 | ||||||||||||||||||
Organic recycling | 119,000 | 165,000 | 206,000 | ||||||||||||||||||
Rental operations revenues | 4,250,000 | 4,023,000 | 3,948,000 | ||||||||||||||||||
Real estate sales | - | - | 2,275,000 | ||||||||||||||||||
Real estate operations | 644,000 | 252,000 | 187,000 | ||||||||||||||||||
Real estate revenues | 644,000 | 252,000 | 2,462,000 | ||||||||||||||||||
Total revenues | $ | 84,884,000 | $ | 65,828,000 | $ | 52,495,000 |
Public_Offering_of_Common_Stoc
Public Offering of Common Stock | 12 Months Ended |
Oct. 31, 2013 | |
Public Offering of Common Stock [Abstract] | ' |
Public Offering of Common Stock | ' |
24. Public Offering of Common Stock | |
During February 2013, the Company completed the sale of 2,070,000 shares of common stock, at a price of $18.50 per share, to institutional and other investors in a registered offering under the shelf registration statement. The offering represented 16% of the Company's outstanding common stock on an after-issued basis. Upon completion of the offering and issuance of common stock, the Company had 13,307,085 shares of common stock outstanding. The gross proceeds of the offering totaled $38,295,000 and after an underwriting discount of $2,106,000 and other offering expenses of $292,000, the net proceeds were $35,897,000. During February 2013, the Company used the net offering proceeds to repay long-term debt. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
25. Subsequent Events | |
The Company has evaluated events subsequent to October 31, 2013, to assess the need for potential recognition or disclosure in this Annual Report on Form 10-K. Based upon this evaluation, except as disclosed in the notes to consolidated financial statements, it was determined that no subsequent events occurred that require recognition or disclosure in the consolidated financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||
Oct. 31, 2013 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. The consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of stockholders' equity and consolidated statements of cash flows of Limoneira Company and its wholly owned subsidiaries. The Company's subsidiaries include: Limoneira Company International Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC, Templeton Santa Barbara, LLC, and Associated Citrus Packers, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The Company considers the criteria established under the Financial Accounting Standards Board - Accounting Standards Code ("FASB ASC") 810, Consolidations and the effect of variable interest entities, in its consolidation process. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Accounts Receivable | ' | ||
Accounts Receivable | |||
The Company grants credit in the course of its operations to cooperatives, companies and lessees of the Company's facilities. The Company performs periodic credit evaluations of its customers' financial condition and generally does not require collateral. The Company provides allowances on its receivables as required based on accounts receivable aging and other factors. At October 31, 2013 and 2012 the allowances totaled $85,000 and $109,000, respectively. For fiscal years 2013, 2012 and 2011 credit losses were insignificant. | |||
Concentrations | ' | ||
Concentrations | |||
The Company sells all of its avocado production to Calavo. Sales of avocados to Calavo were $11,683,000, $9,546,000 and $7,539,000 in fiscal years 2013, 2012 and 2011, respectively. | |||
Lemons procured from third-party growers were approximately 52%, 46% and 33%, of lemon supply in fiscal years 2013, 2012 and 2011, respectively, of which two third-party growers were 18% and 11%, respectively, of lemon supply in 2013. | |||
The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant. | |||
Cultural Costs | ' | ||
Cultural Costs | |||
Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. Harvest costs are comprised of labor and equipment expenses incurred to harvest and deliver crops to the packinghouses. | |||
Lemons, oranges, specialty citrus and other crops such as pistachio nuts, cherries and olives are grown in the Company's San Joaquin Valley orchards. Additionally, lemons are grown in the Company's Yuma County, Arizona orchards. These crops have distinct growing periods and distinct harvest and selling periods, each of which lasts approximately four to six months. During the growing period, cultural costs are capitalized as they are associated with benefiting and preparing the crops for the harvest and selling period. During the harvest and selling period, harvest costs and cultural costs are expensed when incurred and capitalized cultural costs are amortized as components of agribusiness costs and expenses. | |||
The Company grows lemons and avocados in its Ventura County orchards. Due to climate, growing conditions and the types of crops grown, the Ventura County orchards may be harvested and sold on a more year round basis. Accordingly, the Company does not capitalize cultural costs associated with its Ventura County orchards and therefore such costs, as well as harvest costs associated with the Ventura County orchards, are expensed to operations when incurred as components of agribusiness costs and expenses. | |||
Most cultural costs, including amortization of capitalized cultural costs, and harvest costs are associated with and charged to specific crops. Certain other costs, such as property taxes, indirect labor including farm supervision and management and irrigation that benefit multiple crops are allocated to crops on a per acre basis. | |||
Income Taxes | ' | ||
Income Taxes | |||
Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. | |||
Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment is stated at original cost, net of accumulated depreciation. Depreciation is computed using the straight-line method at rates based upon the estimated useful lives of the related assets as follows (in years): | |||
Land improvements | 20-Oct | ||
Buildings and building improvements | Oct-50 | ||
Equipment | 5 - 20 | ||
Orchards | 20 - 40 | ||
Costs of planting and developing orchards are capitalized until the orchards become commercially productive. Planting costs consist primarily of the costs to purchase and plant nursery stock. Orchard development costs consist primarily of maintenance costs of orchards such as cultivation, pruning, irrigation, labor, spraying and fertilization, and interest costs during the development period. The Company ceases the capitalization of costs and commences depreciation when the orchards become commercially productive and orchard maintenance costs are accounted for as Cultural Costs as described above. | |||
Capitalized Interest | ' | ||
Capitalized Interest | |||
Interest is capitalized on real estate development projects and significant construction in progress using the weighted average interest rate during the fiscal year. Interest of $2,451,000 and $2,901,000 was capitalized during the years ended October 31, 2013, and 2012, respectively, and is included in property, plant, and equipment and real estate development assets in the Company's consolidated balance sheets. | |||
Real Estate Development Costs | ' | ||
Real Estate Development Costs | |||
The Company capitalizes the planning, entitlement, construction, development costs and interest associated with its various real estate projects. Costs that are not capitalized, which include property maintenance and repairs, general and administrative and marketing expenses, are expensed as incurred. A real estate development project is considered substantially complete upon the cessation of construction and development activities. Once a project is substantially completed, future costs are expensed as incurred. The Company capitalized costs related to its real estate projects of $5,647,000, $5,149,000 and $5,204,000 in fiscal years 2013, 2012 and 2011, respectively. | |||
Equity in Investments | ' | ||
Equity in Investments | |||
Investments in unconsolidated joint ventures in which the Company has significant influence but less than a controlling interest, or is not the primary beneficiary if the joint venture is determined to be a Variable Interest Entity ("VIE"), are accounted for under the equity method of accounting and, accordingly, are adjusted for capital contributions, distributions and the Company's equity in net earnings or loss of the respective joint venture. | |||
Marketable Securities | ' | ||
Marketable Securities | |||
The Company classifies its marketable securities as available-for-sale. The Company's investments in marketable securities are stated at fair value with unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the Company's consolidated statements of stockholders' equity. At October 31, 2013 and 2012, marketable securities are comprised of the Company's investment in Calavo. | |||
Intangible Assets | ' | ||
Intangible Assets | |||
Intangible assets consist primarily of acquired water and mineral rights, a patent and certain trade names and trademarks. Certain of the Company's trade names and trademarks are being amortized on a straight line basis over their estimated lives of 8 years. The Company evaluates its indefinite-life intangible assets annually or whenever events or changes in circumstances indicate an impairment of the assets' value may exist. | |||
Long-Lived Assets | ' | ||
Long-Lived Assets | |||
The Company evaluates long-lived assets, including its definite-life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated undiscounted future cash flows from the use of an asset are less than the carrying value of that asset, a write-down is recorded to reduce the carrying value of the asset to its fair value. Assets held for sale are carried at the lower of cost or fair value less estimated cost to sell. | |||
Based on results from independent appraisals and other factors which indicated that the fair values of certain real estate development assets were less than the carry values, the Company recognized impairment losses in fiscal years 2013 and 2011. See Note 7. | |||
Fair Values of Financial Instruments | ' | ||
Fair Values of Financial Instruments | |||
The fair values of financial instruments are based on level-one indicators or quoted market prices, where available, or are estimated using the present value or other valuation techniques. Estimated fair values are significantly affected by the assumptions used. | |||
Accounts receivable, notes receivable, accounts payable, growers payable and accrued liabilities reported on the Company's consolidated balance sheets approximate their fair values due to the short-term nature of the instruments. | |||
Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the fair value of long-term debt is approximately equal to its carrying amount as of October 31, 2013 and 2012. | |||
Derivative Financial Instruments | ' | ||
Derivative Financial Instruments | |||
The Company uses derivative financial instruments to manage its exposure to interest rates as well as to maintain an appropriate mix of fixed and floating-rate debt. Contract terms of a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be either offset against the change in the fair value of the hedged assets, liabilities or firm commitments through earnings or be recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of an instrument's change in fair value will be immediately recognized in earnings. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of change. | |||
Comprehensive Income (Loss) | ' | ||
Comprehensive Income (Loss) | |||
Comprehensive income (loss) represents all changes in a company's net assets, except changes resulting from transactions with shareholders, and is reported as a component of the Company's stockholders' equity. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue and related costs are recognized when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) selling price is fixed or determinable and (iv) collectability is reasonably assured. The Company records a sales allowance in the period revenue is recognized as a provision for estimated customer discounts and concessions. | |||
Agribusiness revenue - Revenue from lemon sales is generally recognized FOB shipping point when the customer takes possession of the fruit from the Company's packing house. Revenue from the sales of certain of the Company's agricultural products is recorded based on estimated proceeds provided by certain of the Company's sales and marketing partners (Calavo and other third-party packinghouses) due to the time between when the product is delivered by the Company and the closing of the pools for such fruits at the end of each month. Calavo and other third-party packinghouses are agricultural cooperatives or function in a similar manner as an agricultural cooperative. As such, the Company applies specific authoritative agriculture revenue recognition guidance related to transactions between patrons and agriculture marketing cooperatives to record revenue at time of delivery to the packinghouses relating to fruits that are in pools that have not yet closed at month end if (a) the related fruits have been delivered to and accepted by Calavo and other third-party packinghouses (i.e. title has transferred to Calavo and other third-party packinghouses) and (b) sales price information has been provided by Calavo and other third-party packinghouses (based on the marketplace activity for the related fruit) to estimate with reasonable certainty the final selling price for the fruit upon the closing of the pools. Historically, the revenue that is recorded based on the sales price information provided to the Company by Calavo and other third-party packinghouses at the time of delivery, have not materially differed from the actual amounts that are paid after the monthly pools are closed. | |||
The Company's avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. Specifically, the Company delivers all of its avocado production from its orchards to Calavo. These avocados are then packed by Calavo at its packinghouse, and sold and distributed under Calavo brands to its customers primarily in the United States and Canada. The Company's arrangements with other third-party packinghouses related to its oranges, specialty citrus and other specialty crops are similar to its arrangement with Calavo. | |||
The Company's arrangements with its third-party packinghouses are such that the Company is the producer and supplier of the product and the third-party packinghouses are the Company's customers. The revenues the Company recognizes related to the fruits sold to the third-party packinghouses are based on the volume and quality of the fruits delivered, the market price for such fruit, less the packinghouses' charges to pack and market the fruit. Such packinghouse charges include the grading, sizing, packing, cooling, ripening and marketing of the related fruit. The Company bears inventory risk until product is delivered to the third-party packinghouses at which time title and inventory risk to the product is transferred to the third-party packinghouses and revenue is recognized. Such third-party packinghouse charges are recorded as a reduction of revenue based on the application of specific authoritative revenue recognition guidance entitled "Vendor's Income Statement Characterization of Consideration Given to a Customer". The identifiable benefit the Company receives from the third-party packinghouses for packaging and marketing services cannot be sufficiently separated from the third-party packinghouses' purchase of the Company's products. In addition, the Company is not able to reasonably estimate the fair value of the benefit received from the third-party packinghouses for such services and as such, these costs are characterized as a reduction of revenue in the Company's consolidated statement of operations. | |||
Revenue from crop insurance proceeds is recorded when the amount of and the right to receive the payment can be reasonably determined. The Company recorded agribusiness revenues from crop insurance proceeds of $36,000 related to cherries in fiscal year 2013 and $64,000 and $551,000 related to avocados in fiscal years 2012 and 2011, respectively. | |||
Rental operations revenue - Minimum rental revenues are generally recognized on a straight-line basis over the respective initial lease term. Contingent rental revenues are contractually defined as to the percentage of rent received by the Company and are based on fees collected by the lessee. Such revenues are recognized when actual results, based on collected fees reported by the tenant, are received. The Company's rental arrangements generally require payment on a monthly or quarterly basis. | |||
Real estate development revenue - The Company recognizes revenue on real estate development projects in accordance with FASB ASC 360-20, Real Estate Sales, which provides for profit to be recognized in full when real estate is sold provided that, a sale has been consummated and profit is determinable, collection of sales proceeds is estimable with the seller's receivable not subject to subordination, risks and rewards of ownership have been transferred to the buyer and the earnings process is substantially complete with no significant seller activities or obligations required after the date of sale. To the extent the above conditions are not met, a portion or all of the profit is deferred. | |||
Incidental operations may occur during the holding or development period of real estate development projects to reduce holding or development costs. Incremental revenue from incidental operations in excess of incremental costs from incidental operations is accounted for as a reduction of development costs. Incremental costs from incidental operations in excess of incremental revenue from incidental operations are charged to operations. | |||
Advertising Expense | ' | ||
Advertising Expense | |||
Advertising costs are expensed as incurred. Such costs in fiscal years 2013, 2012 and 2011 were $315,000, $167,000 and $127,000, respectively. | |||
Leases | ' | ||
Leases | |||
The Company records rent expense for its operating leases on a straight-line basis from the lease commencement date as defined in the lease agreement until the end of the base lease term. | |||
Basic and Diluted Net Income per Share | ' | ||
Basic and Diluted Net Income per Share | |||
Basic net income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of share-based compensation. Diluted net income per common share is calculated using the diluted weighted-average number of common shares. Diluted weighted-average common shares include weighted-average common shares outstanding plus the dilutive effect of share-based compensation calculated using the treasury stock method of zero, zero and 3,000 for fiscal years 2013, 2012 and 2011, respectively. The Series B convertible preferred shares (see Note 21) are anti-dilutive. | |||
Reclassifications | ' | ||
Reclassifications | |||
There were no significant reclassifications to the prior years' consolidated financial statements to conform to the October 31, 2013 presentation. | |||
Defined Benefit Retirement Plan | ' | ||
Defined Benefit Retirement Plan | |||
The Company sponsors a defined benefit retirement plan that was frozen in June 2004, and no future benefits have been accrued to participants subsequent to that time. Ongoing accounting for this plan under FASB ASC 715, Compensation - Retirement Benefits, provides guidance as to, among other things, future estimated pension expense, minimum pension liability and future minimum funding requirements. This information is provided to the Company by third-party actuarial consultants. In developing this data, certain estimates and assumptions are used, including among other things, discount rate, long-term rates of return and mortality tables. Changes in any of these estimates could materially affect the amounts recorded that are related to our defined benefit retirement plan. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
FASB ASU 2011-05, Comprehensive Income (Topic 220). | |||
In June 2011, the FASB issued guidance regarding the presentation of comprehensive income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. The updated guidance is effective on a retrospective basis for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. The Company's adoption of this standard in the first quarter of fiscal year 2013 only impacted the presentation of the Company's financial statements and had no effect on the reported results of operations. | |||
In December 2011, the FASB issued ASU 2011-12, "Comprehensive Income (Topic 220)", to defer the effective date for those aspects of ASU 2011-05 relating to the presentation of reclassification adjustments out of accumulated other comprehensive income. | |||
In February 2013, the FASB issued ASC update No. 2013-02, "Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (ASC 2013-02). The objective of this update requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, a company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2012. The adoption of this update will only impact the presentation of the Company's consolidated financial statements and will have no impact on the reported results of operations. | |||
FASB ASC 2012-02, Intangibles-Goodwill and Other (Topic 350) | |||
In July 2012, the FASB issued ASC update No. 2012-02, "Intangibles-Goodwill and Other (Topic 350), Testing Indefinite-Lived Intangible Assets for Impairment" (ASC 2012-02). Under the amendments in this update, a company has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-live intangible asset is impaired as a basis for determining whether it is necessary to perform the qualitative impairment test in accordance with Topic 350. The more likely than not threshold is defined as having a likely-hood of more that 50 percent. If after assessing the qualitative factors, a company determines it does not meet the more likely than not threshold, a company is required to perform the quantitative impairment test by calculating the fair value of an indefinite-lived intangible asset and comparing the fair value with the carrying amount of the asset. The amendments in this update are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012 (early adoption permitted). The adoption of this update had no impact on the reported results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Oct. 31, 2013 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Schedule of Property, Plant and Equipment Useful Life | ' | ||
Land improvements | 20-Oct | ||
Buildings and building improvements | Oct-50 | ||
Equipment | 5 - 20 | ||
Orchards | 20 - 40 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Lemons 400 [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date | ' | ||||
Cultural costs | $ | 1,130,000 | |||
Land | 5,180,000 | ||||
Land improvements | 309,000 | ||||
Buildings and building improvements | 60,000 | ||||
Equipment | 150,000 | ||||
Orchards | 601,000 | ||||
Investment in mutual water company | 1,320,000 | ||||
Fair value of assets acquired | $ | 8,750,000 | |||
Associated [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date | ' | ||||
Cultural costs | $ | 1,456,000 | |||
Other current assets | 814,000 | ||||
Land | 15,035,000 | ||||
Land improvements | 1,103,000 | ||||
Buildings and building improvements | 355,000 | ||||
Equipment | 1,751,000 | ||||
Orchards | 4,382,000 | ||||
Other assets | 491,000 | ||||
Goodwill | 680,000 | ||||
Total assets acquired | 26,067,000 | ||||
Current liabilities | (216,000 | ) | |||
Long-term debt | (24,000 | ) | |||
Deferred income taxes | (7,247,000 | ) | |||
Total liabilities assumed | (7,487,000 | ) | |||
Fair value of net assets acquired | $ | 18,580,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets at fair value: | |||||||||||||||||
Available- for -sale securities | $ | 14,845,000 | $ | - | $ | - | $ | 14,845,000 | |||||||||
Liabilities at fair value: | |||||||||||||||||
Derivatives | $ | - | $ | 2,240,000 | $ | - | $ | 2,240,000 |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | ||||||||
2013 | 2012 | ||||||||
Prepaid insurance | $ | 557,000 | $ | 505,000 | |||||
Prepaid supplies | 909,000 | 736,000 | |||||||
Net current deferred income tax assets | 508,000 | 395,000 | |||||||
Deposits and Other | 998,000 | 480,000 | |||||||
$ | 2,972,000 | $ | 2,116,000 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
2013 | 2012 | ||||||||
Land | $ | 47,008,000 | $ | 26,464,000 | |||||
Land improvements | 14,803,000 | 12,114,000 | |||||||
Buildings and building improvements | 12,446,000 | 12,625,000 | |||||||
Equipment | 25,965,000 | 23,224,000 | |||||||
Orchards | 25,703,000 | 20,900,000 | |||||||
Construction in progress | 6,118,000 | 2,054,000 | |||||||
132,043,000 | 97,381,000 | ||||||||
Less accumulated depreciation | (45,833,000 | ) | (44,001,000 | ) | |||||
$ | 86,210,000 | $ | 53,380,000 |
Real_Estate_Development_Tables
Real Estate Development (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Real Estate Development [Abstract] | ' | ||||||||||||
Schedule of Real Estate Developments | ' | ||||||||||||
2013 | 2012 | ||||||||||||
East Areas 1 and 2 | $ | 51,538,000 | $ | 47,384,000 | |||||||||
Templeton Santa Barbara, LLC | 11,276,000 | 10,532,000 | |||||||||||
Windfall Investors, LLC | 20,605,000 | 19,856,000 | |||||||||||
$ | 83,419,000 | $ | 77,772,000 | ||||||||||
Schedule of Impaired Real Estate Assets | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Templeton Santa Barbara, LLC | $ | 95,000 | $ | - | $ | 993,000 | |||||||
Arizona Development Projects | - | - | 203,000 | ||||||||||
$ | 95,000 | $ | - | $ | 1,196,000 |
Equity_Investments_Tables
Equity Investments (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Equity Investments [Abstract] | ' | ||||||||||||||||
Schedule of Equity Method Investments | ' | ||||||||||||||||
2013 | Del Mar | Romney | East Ridge | Total | |||||||||||||
Assets | $ | 2,286,000 | $ | 712,000 | $ | - | $ | 2,998,000 | |||||||||
Liabilities | $ | - | $ | - | $ | - | $ | - | |||||||||
Equity | 2,286,000 | 712,000 | - | 2,998,000 | |||||||||||||
Total liabilities and equity | $ | 2,286,000 | $ | 712,000 | $ | - | $ | 2,998,000 | |||||||||
Revenues | $ | 2,218,000 | $ | 9,000 | $ | 6,000,000 | $ | 8,227,000 | |||||||||
Expenses | 862,000 | 25,000 | 7,754,000 | 8,641,000 | |||||||||||||
Net income (loss) | $ | 1,356,000 | $ | (16,000 | ) | $ | (1,754,000 | ) | $ | (414,000 | ) | ||||||
2012 | Del Mar | Romney | East Ridge | Total | |||||||||||||
Assets | $ | 1,399,000 | $ | 675,000 | $ | 8,255,000 | $ | 10,329,000 | |||||||||
Liabilities | $ | - | $ | - | $ | - | $ | - | |||||||||
Equity | 1,399,000 | 675,000 | 8,255,000 | 10,329,000 | |||||||||||||
Total liabilities and equity | $ | 1,399,000 | $ | 675,000 | $ | 8,255,000 | $ | 10,329,000 | |||||||||
Revenues | $ | 1,508,000 | $ | 7,000 | $ | - | $ | 1,515,000 | |||||||||
Expenses | 726,000 | 21,000 | 1,000 | 748,000 | |||||||||||||
Net income (loss) | $ | 782,000 | $ | (14,000 | ) | $ | (1,000 | ) | $ | 767,000 | |||||||
2011 | Del Mar | Romney | East Ridge | Total | |||||||||||||
Assets | $ | 1,555,000 | $ | 688,000 | $ | 8,165,000 | $ | 10,408,000 | |||||||||
Liabilities | $ | - | $ | - | $ | - | $ | - | |||||||||
Equity | 1,555,000 | 688,000 | 8,165,000 | 10,408,000 | |||||||||||||
Total liabilities and equity | $ | 1,555,000 | $ | 688,000 | $ | 8,165,000 | $ | 10,408,000 | |||||||||
Revenues | $ | 1,059,000 | $ | 10,000 | $ | - | $ | 1,069,000 | |||||||||
Expenses | 686,000 | 17,000 | 2,000 | 705,000 | |||||||||||||
Net income (loss) | $ | 373,000 | $ | (7,000 | ) | $ | (2,000 | ) | $ | 364,000 | |||||||
Schedule of Earnings and Losses of Equity Method Investees | ' | ||||||||||||||||
East | |||||||||||||||||
Del Mar | Romney | Ridge | Total | ||||||||||||||
Investment balance October 31, 2010 | $ | 1,338,000 | $ | 519,000 | $ | 7,200,000 | $ | 9,057,000 | |||||||||
Equity earnings (losses) | 87,000 | (5,000 | ) | (1,000 | ) | 81,000 | |||||||||||
Cash distribution | (330,000 | ) | - | - | (330,000 | ) | |||||||||||
Investment contributions | - | - | 88,000 | 88,000 | |||||||||||||
Investment balance October 31, 2011 | 1,095,000 | 514,000 | 7,287,000 | 8,896,000 | |||||||||||||
Equity earnings (losses) | 183,000 | (10,000 | ) | - | 173,000 | ||||||||||||
Cash distribution | (220,000 | ) | - | - | (220,000 | ) | |||||||||||
Investment contributions | - | 9,000 | 89,000 | 98,000 | |||||||||||||
Investment balance October 31, 2012 | 1,058,000 | 513,000 | 7,376,000 | 8,947,000 | |||||||||||||
Equity earnings (losses) | 317,000 | (12,000 | ) | (1,754,000 | ) | (1,449,000 | ) | ||||||||||
Cash distribution | (110,000 | ) | - | (5,713,000 | ) | (5,823,000 | ) | ||||||||||
Investment contributions | - | 34,000 | 91,000 | 125,000 | |||||||||||||
Investment balance October 31, 2013 | $ | 1,265,000 | $ | 535,000 | $ | - | $ | 1,800,000 |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Other Assets [Abstract] | ' | ||||||||
Schedule of Other Assets | ' | ||||||||
2013 | 2012 | ||||||||
Investments in mutual water companies | $ | 3,430,000 | $ | 1,791,000 | |||||
Acquired water and mineral rights | 1,536,000 | 1,536,000 | |||||||
Deferred lease assets and other | 1,522,000 | 1,437,000 | |||||||
Revolving funds and memberships | 358,000 | 359,000 | |||||||
Acquired trade names and trademarks | 476,000 | - | |||||||
Goodwill | 680,000 | - | |||||||
$ | 8,002,000 | $ | 5,123,000 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
2013 | 2012 | ||||||||
Accrued compensation | $ | 1,979,000 | $ | 1,609,000 | |||||
Accrued property taxes | 469,000 | 439,000 | |||||||
Accrued income taxes | 1,732,000 | - | |||||||
Accrued interest | 208,000 | 336,000 | |||||||
Deferred income | 298,000 | 260,000 | |||||||
Accrued lease expense | 546,000 | 551,000 | |||||||
Other | 1,048,000 | 822,000 | |||||||
$ | 6,280,000 | $ | 4,017,000 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Long-Term Debt [Abstract] | ' | |||||||
Schedule of Long-Term Debt | ' | |||||||
October 31, | ||||||||
2013 | 2012 | |||||||
Rabobank revolving credit facility secured by property with a net book value of $12,260,000 at October 31, 2013 and 2012. The interest rate is variable based on the one-month London Interbank Offered Rate (LIBOR), which was 0.18% at October 31, 2013, plus 1.80%. Interest is payable monthly and the principal is due in full in June 2018. | $ | 54,380 ,000 | $ | 61,261 ,000 | ||||
Farm Credit West term loan secured by property with a net book value of $11,615,000 at October 31, 2013 and $11,626,000 at October 31, 2012. The interest rate is variable and was 2.75% at October 31, 2013. The loan is payable in quarterly installments through November 2022. | 5,262,000 | 5,743,000 | ||||||
Farm Credit West term loan secured by property with a net book value of $11,626,000 at October 31, 2012. The loan was paid in full in February 2013. | - | 861,000 | ||||||
Farm Credit West non-revolving line of credit secured by property with a net book value of $3,890,000 at October 31, 2013 and $3,864,000 at October 31, 2012. The interest rate is variable and was 2.75% at October 31, 2013. Interest is payable monthly and the principal is due in full in May 2018. | 492,000 | 13,000,000 | ||||||
Farm Credit West term loan secured by property with a net book value of $20,605,000 at October 31, 2013 and $19,856,000 at October 31, 2012. The interest rate is fixed at 3.65% until November 2014, becoming variable for the remainder of the loan. The loan is payable in monthly installments through October 2035. | 1,975,000 | 8,770,000 | ||||||
CNH Capital loans secured by property with a net book value of $11,000 at October 31, 2013. The interest rate is zero and the loans are payable in monthly installments through May and July 2015. | 23,000 | - | ||||||
Subtotal | 62,132,000 | 89,635,000 | ||||||
Less current portion | 569,000 | 760,000 | ||||||
Total long-term debt, less current portion | $ | 61,563,000 | $ | 88,875,000 | ||||
Schedule of Maturities of Long-Term Debt | ' | |||||||
2014 | $ | 569,000 | ||||||
2015 | 608,000 | |||||||
2016 | 602,000 | |||||||
2017 | 620,000 | |||||||
2018 | 55,509,000 | |||||||
Thereafter | 4,224,000 | |||||||
$ | 62,132,000 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
Notional Amount | Fair Value Liability | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Pay fixed-rate, receive floating-rate interest rate swap, matured June 2013 | $ | - | $ | 42,000,000 | $ | - | $ | 1,072,000 | |||||||||
Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018 | $ | 40,000,000 | $ | 40,000,000 | $ | 2,240,000 | $ | 2,768,000 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Income Tax Provisions | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | (3,589,000 | ) | $ | (535,000 | ) | $ | 653,000 | |||||||||||||||||
State | (856,000 | ) | (327,000 | ) | 139,000 | ||||||||||||||||||||
Total current (provision) benefit | (4,445,000 | ) | (862,000 | ) | 792,000 | ||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 1,084,000 | (968,000 | ) | (1,171,000 | ) | ||||||||||||||||||||
State | 126,000 | (148,000 | ) | (328,000 | ) | ||||||||||||||||||||
Total deferred provision | 1,210,000 | (1,116,000 | ) | (1,499,000 | ) | ||||||||||||||||||||
Total provision | $ | (3,235,000 | ) | $ | (1,978,000 | ) | $ | (707,000 | ) | ||||||||||||||||
Schedule of Deferred Tax Benefit and Liability | ' | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current deferred income tax assets (liabilities): | |||||||||||||||||||||||||
Labor accruals | $ | 211,000 | $ | 188,000 | |||||||||||||||||||||
Property taxes | (176,000 | ) | (175,000 | ) | |||||||||||||||||||||
State income taxes | 240,000 | 110,000 | |||||||||||||||||||||||
Prepaid insurance and other | 233,000 | 272,000 | |||||||||||||||||||||||
Net current deferred income tax assets | 508,000 | 395,000 | |||||||||||||||||||||||
Noncurrent deferred income tax (liabilities) assets: | |||||||||||||||||||||||||
Depreciation | (5,878,000 | ) | (3,297,000 | ) | |||||||||||||||||||||
Amortization | 366,000 | 604,000 | |||||||||||||||||||||||
Impairments of real estate development assets | 3,019,000 | 3,379,000 | |||||||||||||||||||||||
Derivative instruments | 892,000 | 871,000 | |||||||||||||||||||||||
Minimum pension liability adjustment | 1,707,000 | 1,590,000 | |||||||||||||||||||||||
Unrealized net gain on Calavo investment | (3,918,000 | ) | (3,602,000 | ) | |||||||||||||||||||||
Book and tax basis difference of acquired assets | (14,180,000 | ) | (9,865,000 | ) | |||||||||||||||||||||
Other | (548,000 | ) | (168,000 | ) | |||||||||||||||||||||
Net noncurrent deferred income tax liabilities | (18,540,000 | ) | (10,488,000 | ) | |||||||||||||||||||||
Net deferred income tax liabilities | $ | (18,032,000 | ) | $ | (10,093,000 | ) | |||||||||||||||||||
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Provision at statutory rates | $ | (2,768,000 | ) | (34.0 | )% | $ | (1,744,000 | ) | (34.0 | )% | $ | (775,000 | ) | (34.0 | )% | ||||||||||
State income tax, net of federal benefit | (509,000 | ) | (6.2 | )% | (314,000 | ) | (6.1 | )% | (137,000 | ) | (6.0 | )% | |||||||||||||
Dividend exclusion | 103,000 | 1.3 | % | 87,000 | 1.7 | % | 87,000 | 3.8 | % | ||||||||||||||||
Production deduction | 175,000 | 2.1 | % | 161,000 | 3.1 | % | 42,000 | 1.8 | % | ||||||||||||||||
Officer's compensation | - | - | - | - | - | - | |||||||||||||||||||
Change in unrecognized tax benefits | - | - | - | - | - | - | |||||||||||||||||||
Other permanent items | (236,000 | ) | (2.9 | )% | (168,000 | ) | (3.3 | )% | 76,000 | 3.3 | % | ||||||||||||||
Total income tax provision | $ | (3,235,000 | ) | (39.7 | )% | $ | (1,978,000 | ) | (38.6 | )% | $ | (707,000 | ) | (31.1 | )% |
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Retirement Plans [Abstract] | ' | ||||||||||||||||
Schedule of Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Service cost | $ | 166,000 | $ | 146,000 | |||||||||||||
Interest cost | 721,000 | 804,000 | |||||||||||||||
Expected return on plan assets | (959,000 | ) | (990,000 | ) | |||||||||||||
Recognized actuarial loss | 1,030,000 | 818,000 | |||||||||||||||
Net periodic benefit cost | $ | 958,000 | $ | 778,000 | |||||||||||||
Schedule of Plan's Funded Status | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 20,690,000 | $ | 18,459,000 | |||||||||||||
Service cost | 166,000 | 146,000 | |||||||||||||||
Interest cost | 721,000 | 804,000 | |||||||||||||||
Benefits paid | (1,058,000 | ) | (983,000 | ) | |||||||||||||
Actuarial (gain) loss | (1,239,000 | ) | 2,264,000 | ||||||||||||||
Benefit obligation at end of year | $ | 19,280,000 | $ | 20,690,000 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 14,560,000 | $ | 12,985,000 | |||||||||||||
Actual return on plan assets | 1,621,000 | 1,283,000 | |||||||||||||||
Employer contributions | 1,252,000 | 1,275,000 | |||||||||||||||
Benefits paid | (1,058,000 | ) | (983,000 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 16,375,000 | $ | 14,560,000 | |||||||||||||
Reconciliation of funded status: | |||||||||||||||||
Fair value of plan assets | $ | 16,375,000 | $ | 14,560,000 | |||||||||||||
Benefit obligations | 19,280,000 | 20,690,000 | |||||||||||||||
Net plan obligations | $ | (2,905,000 | ) | $ | (6,130,000 | ) | |||||||||||
Amounts recognized in statements of financial position: | |||||||||||||||||
Noncurrent assets | $ | - | $ | - | |||||||||||||
Current liabilities | - | - | |||||||||||||||
Noncurrent liabilities | (2,905,000 | ) | (6,130,000 | ) | |||||||||||||
Net obligation recognized in statements of financial position | $ | (2,905,000 | ) | $ | (6,130,000 | ) | |||||||||||
Reconciliation of amounts recognized in statements of financial position: | |||||||||||||||||
Accumulated other comprehensive loss | $ | (7,191,000 | ) | $ | (10,123,00 | ) | |||||||||||
Accumulated contributions in excess of net periodic benefit cost | 4,286,000 | 3,993,000 | |||||||||||||||
Net deficit recognized in statements of financial position | $ | (2,905,000 | ) | $ | (6,130,000 | ) | |||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss, Before Tax In Company's Defined Benefit Pension Plan | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Changes recognized in other comprehensive loss: | |||||||||||||||||
Net loss (gain) arising during the year | $ | (1,901,000 | ) | $ | 1,971,000 | ||||||||||||
Amortization or settlement recognition of net loss | (1,030,000 | ) | (818,000 | ) | |||||||||||||
Total recognized in other comprehensive loss | $ | (2,931,000 | ) | $ | 1,153,000 | ||||||||||||
Total recognized in net periodic benefit and other comprehensive loss | $ | (1,973,000 | ) | $ | 1,931,000 | ||||||||||||
Schedule of Estimated Amounts in Accumulated Other Comprehensive Loss to be Recognized over the Next Fiscal Year | ' | ||||||||||||||||
2013 | |||||||||||||||||
Initial net asset (obligation) | $ | - | |||||||||||||||
Prior service credit (cost) | - | ||||||||||||||||
Net loss | (781,000 | ) | |||||||||||||||
Total | $ | (781,000 | ) | ||||||||||||||
Schedule of Assumptions Used to Calculate Benefit Obligation and Net Pension Expense | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||
Discount rate | 4.4 | % | 3.6 | % | |||||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||||||
Discount rate | 3.6 | % | 4.5 | % | |||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | |||||||||||||
Additional year-end information: | |||||||||||||||||
Projected benefit obligation | $ | 19,280,000 | $ | 20,690,000 | |||||||||||||
Accumulated benefit obligation | $ | 19,280,000 | $ | 20,690,000 | |||||||||||||
Fair value of plan assets | $ | 16,375,000 | $ | 14,560,000 | |||||||||||||
Schedule of Future Benefit Payments | ' | ||||||||||||||||
2014 | $ | 1,031,000 | |||||||||||||||
2015 | 1,068,000 | ||||||||||||||||
2016 | 1,102,000 | ||||||||||||||||
2017 | 1,150,000 | ||||||||||||||||
2018 | 1,179,000 | ||||||||||||||||
2019-2023 | 6,037,000 | ||||||||||||||||
$ | 11,567,000 | ||||||||||||||||
Schedule of Fair Value of Plan Assets | ' | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash and cash equivalents | $ | 483,000 | $ | - | $ | - | $ | 483,000 | |||||||||
Mutual funds | 2,381,000 | - | - | 2,381,000 | |||||||||||||
Common stocks | 6,249,000 | - | - | 6,249,000 | |||||||||||||
U.S. government & agency issues | - | 2,891,000 | - | 2,891,000 | |||||||||||||
Corporate bonds | - | 4,300,000 | - | 4,300,000 | |||||||||||||
Estimated accrued income | - | 71,000 | - | 71,000 | |||||||||||||
$ | 9,113,000 | 7,262,000 | $ | - | $ | 16,375,000 |
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Other Long-Term Liabilities [Abstract] | ' | ||||||||
Schedule of Other Long-Term Liabilities | ' | ||||||||
2013 | 2012 | ||||||||
Minimum pension liability | $ | 2,905,000 | $ | 6,130,000 | |||||
Fair value of derivative instrument | 1,523,000 | 2,768,000 | |||||||
Other | 55,000 | 55,000 | |||||||
$ | 4,483,000 | $ | 8,953,000 |
Operating_Lease_Income_Tables
Operating Lease Income (Tables) | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Operating Lease Income [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments to be Received by Company Related to Operating Lease Agreements | ' | ||||
2014 | $ | 2,019,000 | |||
2015 | 1,747,000 | ||||
2016 | 1,685,000 | ||||
2017 | 1,211,000 | ||||
2018 | 1,078,000 | ||||
Thereafter | 1,483,000 | ||||
$ | 9,223,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Future Minimum Payments under Operating Leases | ' | ||||
2014 | $ | 1,740,000 | |||
2015 | 1,698,000 | ||||
2016 | 1,720,000 | ||||
2017 | 1,732,000 | ||||
2018 | 1,699,000 | ||||
Thereafter | 4,279,000 | ||||
$ | 12,868,000 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Schedule of Stock Compensation Expense | ' | ||||||||||||||||
Performance | Shares | Year Ended October 31, | |||||||||||||||
Year | Granted | 2013 | 2012 | 2011 | |||||||||||||
2008 | 11,962 | $ | - | $ | - | $ | 80,000 | ||||||||||
2010 | 62,287 | 91,000 | 546,000 | 535,000 | |||||||||||||
2012 | 34,721 | 209,000 | 216,000 | - | |||||||||||||
2013 | 26,708 | 253,000 | - | - | |||||||||||||
$ | 553,000 | $ | 762,000 | $ | 615,000 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting | ' | ||||||||||||||||||||
Segment information for year ended October 31, 2013: | |||||||||||||||||||||
Agribusiness | Rental | Real Estate | Corporate and | Total | |||||||||||||||||
Operations | Development | Other | |||||||||||||||||||
Revenues | $ | 79,990,000 | $ | 4,250,000 | $ | 644,000 | $ | - | $ | 84,884,000 | |||||||||||
Costs and expenses | 61,850,000 | 2,213,000 | 1,266,000 | 11,659,000 | 76,988,000 | ||||||||||||||||
Depreciation and amortization | 1,757,000 | 388,000 | 67,000 | 191,000 | 2,403,000 | ||||||||||||||||
Impairment charges | - | - | 95,000 | - | 95,000 | ||||||||||||||||
Operating income (loss) | $ | 16,383,000 | $ | 1,649,000 | $ | (784,000 | ) | $ | (11,850,000 | ) | $ | 5,398,000 | |||||||||
Segment information for year ended October 31, 2012: | |||||||||||||||||||||
Agribusiness | Rental | Real Estate | Corporate and | Total | |||||||||||||||||
Operations | Development | Other | |||||||||||||||||||
Revenues | $ | 61,553,000 | $ | 4,023,000 | $ | 252,000 | $ | - | $ | 65,828,000 | |||||||||||
Costs and expenses | 45,811,000 | 2,045,000 | 981,000 | 10,304,000 | 59,141,000 | ||||||||||||||||
Depreciation and amortization | 1,489,000 | 373,000 | 56,000 | 213,000 | 2,131,000 | ||||||||||||||||
Impairment charges | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 14,253,000 | $ | 1,605,000 | $ | (785,000 | ) | $ | (10,517,000 | ) | $ | 4,556,000 | |||||||||
Segment information for year ended October 31, 2011: | |||||||||||||||||||||
Agribusiness | Rental | Real Estate | Corporate and | Total | |||||||||||||||||
Operations | Development | Other | |||||||||||||||||||
Revenues | $ | 46,085,000 | $ | 3,948,000 | $ | 2,462,000 | $ | - | $ | 52,495,000 | |||||||||||
Costs and expenses | 33,645,000 | 1,865,000 | 3,483,000 | 9,089,000 | 48,082,000 | ||||||||||||||||
Depreciation and amortization | 1,535,000 | 365,000 | 68,000 | 239,000 | 2,207,000 | ||||||||||||||||
Impairment charges | - | - | 1,196,000 | - | 1,196,000 | ||||||||||||||||
Operating income (loss) | $ | 10,905,000 | $ | 1,718,000 | $ | (2,285,000 | ) | $ | (9,328,000 | ) | $ | 1,010,000 | |||||||||
The following table sets forth revenues by category, by segment for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Lemons | $ | 58,137,000 | $ | 44,162,000 | $ | 31,243,000 | |||||||||||||||
Avocados | 11,683,000 | 9,546,000 | 7,539,000 | ||||||||||||||||||
Navel and Valencia oranges | 5,528,000 | 4,066,000 | 3,789,000 | ||||||||||||||||||
Specialty citrus and other crops | 4,642,000 | 3,779,000 | 3,514,000 | ||||||||||||||||||
Agribusiness revenues | 79,990,000 | 61,553,000 | 46,085,000 | ||||||||||||||||||
Rental operations | 2,385,000 | 2,293,000 | 2,235,000 | ||||||||||||||||||
Leased land | 1,746,000 | 1,565,000 | 1,507,000 | ||||||||||||||||||
Organic recycling | 119,000 | 165,000 | 206,000 | ||||||||||||||||||
Rental operations revenues | 4,250,000 | 4,023,000 | 3,948,000 | ||||||||||||||||||
Real estate sales | - | - | 2,275,000 | ||||||||||||||||||
Real estate operations | 644,000 | 252,000 | 187,000 | ||||||||||||||||||
Real estate revenues | 644,000 | 252,000 | 2,462,000 | ||||||||||||||||||
Total revenues | $ | 84,884,000 | $ | 65,828,000 | $ | 52,495,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Allowance for doubtful accounts receivable | $85,000 | $109,000 | ' |
Agribusiness revenues from crop insurance proceeds | 36,000 | 64,000 | 551,000 |
Capitalized interest costs | 2,451,000 | 2,901,000 | ' |
Real estate development, interest costs capitalized during period | 5,647,000 | 5,149,000 | 5,204,000 |
Advertising expense | 315,000 | 167,000 | 127,000 |
Diluted weighted-average shares | 0 | 0 | 3,000 |
Concentration Risk [Line Items] | ' | ' | ' |
Agribusiness | 79,990,000 | 61,553,000 | 46,085,000 |
Avacodo [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Agribusiness | 11,683,000 | 9,546,000 | 7,539,000 |
Lemon [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Agribusiness | 58,137,000 | 44,162,000 | 31,243,000 |
Customer Concentration Risk [Member] | Avacodo [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Agribusiness | $11,683,000 | $9,546,000 | $7,539,000 |
Supplier Concentration Risk [Member] | Lemon [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 52.00% | 46.00% | 33.00% |
Supplier Concentration Risk [Member] | Lemon [Member] | Supplier One [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 18.00% | ' | ' |
Supplier Concentration Risk [Member] | Lemon [Member] | Supplier Two [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 11.00% | ' | ' |
Land Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '10 years | ' | ' |
Land Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '10 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '50 years | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '5 years | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
Orchards [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
Orchards [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '40 years | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Sep. 06, 2013 | Apr. 30, 2013 | Aug. 31, 2012 | Apr. 30, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 11, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 06, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | |
acre | acre | acre | Lemons 400 [Member] | Lemons 400 [Member] | Lemons 400 [Member] | Associated [Member] | Associated [Member] | Associated [Member] | |||||
acre | acre | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land purchased for use | ' | $375,000 | $1,363,000 | $433,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Areas of land purchased | ' | 25 | 230 | 60 | ' | ' | ' | 760 | ' | ' | 1,300 | ' | ' |
Purchase price of acquired entity | 18,580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,580,000 | ' | ' |
Shares issued in business acquisition | 705,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705,000 | ' | ' |
Value of shares issued in business acquisition | 15,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,959,000 | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | 375,000 | 1,796,000 | ' | 8,750,000 | ' | ' | 1,041,000 | ' | ' |
Repayment of long term debt from business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,580,000 | ' | ' |
Holdback for indemnification claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 850,000 | ' | ' |
Transaction related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,000 | ' | ' |
Assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cultural costs | ' | ' | ' | ' | ' | ' | ' | 1,130,000 | ' | ' | 1,456,000 | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 814,000 | ' | ' |
Land | ' | ' | ' | ' | ' | ' | ' | 5,180,000 | ' | ' | 15,035,000 | ' | ' |
Land improvements | ' | ' | ' | ' | ' | ' | ' | 309,000 | ' | ' | 1,103,000 | ' | ' |
Buildings and building improvements | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | 355,000 | ' | ' |
Equipment | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | 1,751,000 | ' | ' |
Orchards | ' | ' | ' | ' | ' | ' | ' | 601,000 | ' | ' | 4,382,000 | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 491,000 | ' | ' |
Investment in mutual water company | ' | ' | ' | ' | ' | ' | ' | 1,320,000 | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | 680,000 | ' | ' | ' | ' | ' | 680,000 | ' | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | 8,750,000 | ' | ' | 26,067,000 | ' | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,000 | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,000 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | -7,247,000 | ' | ' | ' | ' | ' | -7,247,000 | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,487,000 | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,580,000 | ' | ' |
Acquired trade names and trademarks | ' | ' | ' | ' | 486,000 | ' | ' | ' | ' | ' | ' | 486,000 | ' |
Acquired intangible asset useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' |
Revenue | ' | ' | ' | ' | 84,884,000 | 65,828,000 | 52,495,000 | ' | ' | ' | ' | 2,809,000 | ' |
Net income | ' | ' | ' | ' | 4,906,000 | 3,150,000 | 1,598,000 | ' | ' | ' | ' | 276,000 | ' |
Revenue, pro forma | ' | ' | ' | ' | ' | ' | ' | ' | 88,900,000 | 70,140,000 | ' | 86,667,000 | 69,632,000 |
Net income, pro forma | ' | ' | ' | ' | ' | ' | ' | ' | $5,879,000 | $4,562,000 | ' | $4,973,000 | $2,072,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Oct. 31, 2013 | Apr. 10, 2013 | Oct. 31, 2012 | Jun. 30, 2005 |
Calavo Growers, Inc. [Member] | ' | ' | ' | ' |
Liabilities at fair value: | ' | ' | ' | ' |
Calavo's common stock, shares owned | 500,000 | ' | ' | 1,000,000 |
Ownership percentage of common stock | 3.20% | ' | ' | 6.90% |
Price per share | $29.69 | $29.02 | $23.61 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' |
Assets at fair value: | ' | ' | ' | ' |
Available-for-sale securities | $14,845,000 | ' | ' | ' |
Liabilities at fair value: | ' | ' | ' | ' |
Derivatives | 2,240,000 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Assets at fair value: | ' | ' | ' | ' |
Available-for-sale securities | 14,845,000 | ' | ' | ' |
Liabilities at fair value: | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Assets at fair value: | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Liabilities at fair value: | ' | ' | ' | ' |
Derivatives | 2,240,000 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Assets at fair value: | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Liabilities at fair value: | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' |
Prepaid insurance | $557,000 | $505,000 |
Prepaid supplies | 909,000 | 736,000 |
Net current deferred income tax assets | 508,000 | 395,000 |
Deposits and Other | 998,000 | 480,000 |
Total prepaid expenses and other current assets | $2,972,000 | $2,116,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | $132,043,000 | $97,381,000 | ' |
Less accumulated depreciation | -45,833,000 | -44,001,000 | ' |
Property, plant and equipment, net | 86,210,000 | 53,380,000 | ' |
Depreciation expense | 2,380,000 | 2,118,000 | 2,195,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | 47,008,000 | 26,464,000 | ' |
Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | 14,803,000 | 12,114,000 | ' |
Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | 12,446,000 | 12,625,000 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | 25,965,000 | 23,224,000 | ' |
Orchards [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | 25,703,000 | 20,900,000 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment gross | $6,118,000 | $2,054,000 | ' |
Real_Estate_Development_Schedu
Real Estate Development (Schedule of Real Estate Development Assets) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Real Estate Properties [Line Items] | ' | ' |
Real estate development | $83,419,000 | $77,772,000 |
East Areas 1 and 2 [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate development | 51,538,000 | 47,384,000 |
Templeton Santa Barbara, LLC [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate development | 11,276,000 | 10,532,000 |
Windfall Investors, LLC [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate development | $20,605,000 | $19,856,000 |
Real_Estate_Development_Narrat
Real Estate Development (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Nov. 15, 2009 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Jun. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Nov. 29, 2013 | Oct. 31, 2013 | Nov. 29, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Windfall Investors, LLC [Member] | Windfall Investors, LLC [Member] | Windfall Investors, LLC [Member] | Windfall Investors, LLC [Member] | East Areas 1 and 2 [Member] | East Areas 1 and 2 [Member] | East Areas 1 and 2 [Member] | East Area 1 [Member] | East Area 1 [Member] | Templeton Santa Barbara, LLC [Member] | Templeton Santa Barbara, LLC [Member] | Templeton Santa Barbara, LLC [Member] | Centennial Square [Member] | Pacific Crest [Member] | Pacific Crest [Member] | Sevilla [Member] | Sevilla [Member] | East Ridge [Member] | Arizona Development Projects [Member] | Arizona Development Projects [Member] | Arizona Development Projects [Member] | ||||
acre | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate development projects, number of projects | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate development projects, acres of land under development | ' | ' | ' | ' | ' | ' | ' | 550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate development projects, capitalized costs | ' | ' | ' | $749,000 | $989,000 | ' | ' | $4,154,000 | $2,953,000 | ' | ' | ' | $744,000 | $1,207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate development projects, net expenses | ' | ' | ' | 644,000 | 702,000 | 737,000 | ' | 11,000 | 63,000 | 82,000 | ' | ' | 32,000 | 20,000 | 242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate development projects, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,220,000 | 3,370,000 | ' | 4,686,000 | ' | 7,207,000 | ' | ' | ' |
Real estate development assets, total | ' | ' | ' | ' | ' | ' | 16,842,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate development | 83,419,000 | 77,772,000 | ' | ' | ' | ' | ' | 51,538,000 | 47,384,000 | ' | ' | ' | 11,276,000 | 10,532,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prorata share percentage of improvement costs required to be paid relating to annexation of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum improvement costs required to be paid relating to annexation of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements study, accrued costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross sales price of parcel of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | 4,800,000 | ' | ' | ' | ' |
Escrow deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | 250,000 | ' | ' | ' | ' |
Debt fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' |
Net proceeds from sale of parcel of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | 4,700,000 | ' | ' | ' | ' |
Number of acres to be released to the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payment for property released to the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial payment made for property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee increase per unit for first 500 certificates of residency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | $95,000 | ' | $1,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000 | ' | $993,000 | ' | $63,000 | ' | $32,000 | ' | ' | ' | ' | $203,000 |
Equity_Investments_Narrative_D
Equity Investments (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2007 | Feb. 28, 2010 | Oct. 31, 2013 | Oct. 31, 2012 | |
Limco Del Mar, Ltd. [Member] | Limco Del Mar, Ltd. [Member] | Limco Del Mar, Ltd. [Member] | Limco Del Mar, Ltd. [Member] | Limco Del Mar, Ltd. [Member] | Romney Property Partnership [Member] | Romney Property Partnership [Member] | Romney Property Partnership [Member] | Romney Property Partnership [Member] | East Ridge [Member] | East Ridge [Member] | East Ridge [Member] | ||||
General Partner [Member] | Limited Partner [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | 1.30% | 22.10% | 75.00% | ' | ' | ' | ' | 50.00% | ' |
Cash receipts from farm management, orchard land development and accounting services | ' | ' | ' | $141,000 | $136,000 | $123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized revenues from lemon packing services | ' | ' | ' | 733,000 | 569,000 | 439,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Growers payable | 2,325,000 | 2,085,000 | ' | 342,000 | 176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire equity method investments | 125,000 | 98,000 | 88,000 | ' | ' | ' | ' | ' | ' | ' | ' | 489,000 | ' | ' | ' |
Capital contributions | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | 9,000 | 0 | ' | 7,207,000 | 91,000 | 89,000 |
Investment sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' |
Net proceeds from sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,713,000 | ' |
Loss on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,754,000 | ' |
Equity_Investments_Schedule_of
Equity Investments (Schedule of Financial Information of Equity Method Investees) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Assets | $2,998,000 | $10,329,000 | $10,408,000 |
Liabilities | ' | ' | ' |
Equity | 2,998,000 | 10,329,000 | 10,408,000 |
Total liabilities and equity | 2,998,000 | 10,329,000 | 10,408,000 |
Revenues | 8,227,000 | 1,515,000 | 1,069,000 |
Expenses | 8,641,000 | 748,000 | 705,000 |
Net income (loss) | -414,000 | 767,000 | 364,000 |
Limco Del Mar, Ltd. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Assets | 2,286,000 | 1,399,000 | 1,555,000 |
Liabilities | ' | ' | ' |
Equity | 2,286,000 | 1,399,000 | 1,555,000 |
Total liabilities and equity | 2,286,000 | 1,399,000 | 1,555,000 |
Revenues | 2,218,000 | 1,508,000 | 1,059,000 |
Expenses | 862,000 | 726,000 | 686,000 |
Net income (loss) | 1,356,000 | 782,000 | 373,000 |
Romney Property Partnership [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Assets | 712,000 | 675,000 | 688,000 |
Liabilities | ' | ' | ' |
Equity | 712,000 | 675,000 | 688,000 |
Total liabilities and equity | 712,000 | 675,000 | 688,000 |
Revenues | 9,000 | 7,000 | 10,000 |
Expenses | 25,000 | 21,000 | 17,000 |
Net income (loss) | -16,000 | -14,000 | -7,000 |
East Ridge [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Assets | ' | 8,255,000 | 8,165,000 |
Liabilities | ' | ' | ' |
Equity | ' | 8,255,000 | 8,165,000 |
Total liabilities and equity | ' | 8,255,000 | 8,165,000 |
Revenues | 6,000,000 | ' | ' |
Expenses | 7,754,000 | 1,000 | 2,000 |
Net income (loss) | ($1,754,000) | ($1,000) | ($2,000) |
Equity_Investments_Schedule_of1
Equity Investments (Schedule of Investment and Equity in Earnings (Losses) of Equity Method Investees) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment balance | $8,947,000 | $8,896,000 | $9,057,000 |
Equity earnings (losses) | -1,449,000 | 173,000 | 81,000 |
Cash distribution | -5,823,000 | -220,000 | -330,000 |
Investment contributions | 125,000 | 98,000 | 88,000 |
Investment balance | 1,800,000 | 8,947,000 | 8,896,000 |
Limco Del Mar, Ltd. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment balance | 1,058,000 | 1,095,000 | 1,338,000 |
Equity earnings (losses) | 317,000 | 183,000 | 87,000 |
Cash distribution | -110,000 | -220,000 | -330,000 |
Investment contributions | ' | ' | ' |
Investment balance | 1,265,000 | 1,058,000 | 1,095,000 |
Romney Property Partnership [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment balance | 513,000 | 514,000 | 519,000 |
Equity earnings (losses) | -12,000 | -10,000 | -5,000 |
Cash distribution | ' | ' | ' |
Investment contributions | 34,000 | 9,000 | ' |
Investment balance | 535,000 | 513,000 | 514,000 |
East Ridge [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment balance | 7,376,000 | 7,287,000 | 7,200,000 |
Equity earnings (losses) | -1,754,000 | ' | -1,000 |
Cash distribution | -5,713,000 | ' | ' |
Investment contributions | 91,000 | 89,000 | 88,000 |
Investment balance | ' | $7,376,000 | $7,287,000 |
Investment_in_Calavo_Growers_I1
Investment in Calavo Growers, Inc. (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Jun. 30, 2005 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2009 | Apr. 10, 2013 | |
Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calavo's common stock, shares owned | ' | ' | ' | ' | ' | 1,000,000 | 500,000 | ' | ' | ' | ' |
Ownership percentage of common stock | ' | ' | ' | ' | ' | 6.90% | 3.20% | ' | ' | ' | ' |
Equity in investments | ' | $1,800,000 | $8,947,000 | $8,896,000 | $9,057,000 | $10,000,000 | ' | ' | ' | ' | ' |
Issuance of common stock, shares | 2,070,000 | ' | ' | ' | ' | 1,728,570 | ' | ' | ' | ' | ' |
Ownership percentage sold to Calavo | ' | ' | ' | ' | ' | 15.10% | ' | ' | ' | ' | ' |
Issuance of common stock | ' | 51,857,000 | ' | ' | ' | 23,450,000 | ' | ' | ' | ' | ' |
Net cash consideration received from stock purchase agreement | ' | ' | ' | ' | ' | 13,450,000 | ' | ' | ' | ' | ' |
Calavo stock sold, shares | ' | ' | ' | ' | ' | ' | 165,000 | ' | ' | 335,000 | ' |
Calavo stock sold, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,079,000 | ' |
Gain recognized on sale of Calavo stock | ' | ' | ' | ' | ' | ' | 3,138,000 | ' | ' | 2,729,000 | ' |
Available-for-sale securities total unrealized holding gains (losses), pre tax | ' | ' | ' | ' | ' | ' | 795,000 | 692,000 | 445,000 | ' | ' |
Available-for-sale securities total unrealized holding gains (losses), net of tax | ' | ' | ' | ' | ' | ' | 479,000 | 417,000 | 267,000 | ' | ' |
Net proceeds from sale of stock in Calavo Growers, Inc. | ' | ' | ' | ' | ' | ' | $4,788,000 | ' | ' | ' | ' |
Price per share | ' | ' | ' | ' | ' | ' | $29.69 | $23.61 | ' | ' | $29.02 |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2005 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2004 | Feb. 28, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2012 |
Notes Receivable - Land Sale, Morro Bay, California | Notes Receivable - Land Sale, Morro Bay, California | Notes Receivable - Land Sale, Morro Bay, California | Notes Receivable - Land Sale, Morro Bay, California | Notes Receivable - Land Sale, Morro Bay, California | Notes Receivable - Tenant Improvements [Member] | Notes Receivable - Employees [Member] | Notes Receivable - Employees [Member] | Notes Receivable - Employees [Member] | Notes Receivable - California Limited Liability Company [Member] | Notes Receivable - California Limited Liability Company [Member] | Notes Receivable - Discontinued Operations [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain on sale of property | ' | ' | ' | ' | ' | ' | $161,000 | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, original amount | ' | ' | ' | ' | ' | ' | 4,263,000 | ' | ' | ' | ' | ' | 115,000 | ' |
Payments received on notes receivable | ' | ' | 2,963,000 | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' |
The portion of the deferred gain recognized in income | ' | ' | 112,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | 4,483,000 | 8,953,000 | 49,000 | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, current portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Note receivable, non-current portion | 2,024,000 | 2,296,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, original interest rate | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, basis spread over fixed rate | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The percentage of net operating cash flows of the underlying orchard, owed as payment on notes receivable through 2014 | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The percentage of net operating cash flows of the underlying orchard, owed as payment on notes receivable after 2014 | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest accrued during the period on notes receivable | ' | ' | ' | 78,000 | 78,000 | 84,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable from related parties, current portion | ' | 42,000 | ' | ' | ' | ' | ' | ' | 17,000 | 58,000 | ' | ' | ' | ' |
Notes receivable from related parties, noncurrent portion | 17,000 | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income recognized during period from notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 2,000 | 2,000 | ' | ' | ' |
Amount of reserve recorded for notes receivable balance due to uncertainty of collection | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $115,000 | ' | $150,000 |
Other_Assets_Schedule_of_Other
Other Assets (Schedule of Other Assets) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Other Assets [Abstract] | ' | ' |
Investments in mutual water companies | $3,430,000 | $1,791,000 |
Acquired water and mineral rights | 1,536,000 | 1,536,000 |
Deferred lease assets and other | 1,522,000 | 1,437,000 |
Revolving funds and memberships | 358,000 | 359,000 |
Acquired trade names and trademarks | 476,000 | ' |
Goodwill | 680,000 | ' |
Total other assets | $8,002,000 | $5,123,000 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Other Assets [Abstract] | ' | ' | ' |
Definite-lived intangible assets, net | $136,000 | ' | ' |
Definite-lived intangible assets, accumulated amortization | 86,000 | ' | ' |
Definite-lived intangible assets, amortization expense | 13,000 | 13,000 | 13,000 |
Goodwill | 680,000 | ' | ' |
Acquired trade names and trademarks | 486,000 | ' | ' |
Deferred rent assets | 1,034,000 | ' | ' |
Deferred borrowing costs | 142,000 | ' | ' |
Prepaid lease on equipment | 103,000 | ' | ' |
Patent [Member] | ' | ' | ' |
Future amortization expense: | ' | ' | ' |
2014 | 13,000 | ' | ' |
2015 | 13,000 | ' | ' |
2016 | 13,000 | ' | ' |
2017 | 13,000 | ' | ' |
2018 | 13,000 | ' | ' |
Trade names and trademarks [Member] | ' | ' | ' |
Future amortization expense: | ' | ' | ' |
2014 | 60,000 | ' | ' |
2015 | 60,000 | ' | ' |
2016 | 60,000 | ' | ' |
2017 | 60,000 | ' | ' |
2018 | $60,000 | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Accrued Liabilities [Abstract] | ' | ' |
Accrued compensation | $1,979,000 | $1,609,000 |
Accrued property taxes | 469,000 | 439,000 |
Accrued income taxes | 1,732,000 | ' |
Accrued interest | 208,000 | 336,000 |
Deferred income | 298,000 | 260,000 |
Accrued lease expense | 546,000 | 551,000 |
Other | 1,048,000 | 822,000 |
Accrued liabilities | $6,280,000 | $4,017,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2010 | |
Debt Instrument [Line Items] | ' | ' |
Deferred borrowing costs | $142,000 | ' |
Accumulated amortization of deferred finance costs | 141,000 | ' |
Rabobank Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 100,000,000 | 80,000,000 |
Current borrowing capacity | $89,000,000 | ' |
Borrowing capacity restriction, percent of collateral | 60.00% | ' |
Basis spread on variable interest rate | 1.80% | ' |
Debt maturity date | 30-Jun-18 | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $62,132,000 | $89,635,000 |
Current portion of long-term debt | 569,000 | 760,000 |
Long-term debt, less current portion | 61,563,000 | 88,875,000 |
Rabobank Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 54,380,000 | 61,261,000 |
Farm Credit West Term Loan One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 5,262,000 | 5,743,000 |
Farm Credit West Term Loan Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 861,000 |
Farm Credit West Nonrevolving Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 492,000 | 13,000,000 |
Farm Credit West Term Loan Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,975,000 | 8,770,000 |
CNH Capital Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $23,000 | ' |
LongTerm_Debt_Schedule_of_Long1
Long-Term Debt (Schedule of Long-Term Debt Parenthetical) (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Rabobank Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | $12,260,000 | $12,260,000 |
LIBOR rate | 0.18% | ' |
Basis spread on variable interest rate | 1.80% | ' |
Debt maturity date | 30-Jun-18 | ' |
Farm Credit West Term Loan One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | 11,615,000 | 11,626,000 |
Debt interest rate at period end | 2.75% | ' |
Debt maturity date | 30-Nov-22 | ' |
Farm Credit West Term Loan Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | ' | 11,626,000 |
Farm Credit West Nonrevolving Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | 3,890,000 | 3,864,000 |
Debt interest rate at period end | 2.75% | ' |
Debt maturity date | 30-May-18 | ' |
Farm Credit West Term Loan Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | 20,605,000 | 19,856,000 |
Debt fixed interest rate | 3.65% | ' |
Debt fixed interest rate expiration date | '2014-11 | ' |
Debt maturity date | 31-Oct-35 | ' |
CNH Capital Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | $11,000 | ' |
Debt fixed interest rate | 0.00% | ' |
Debt fixed interest rate expiration date | '2015-07 | ' |
LongTerm_Debt_Schedule_of_Matu
Long-Term Debt (Schedule of Maturities of Long-Term Debt) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Long-Term Debt [Abstract] | ' | ' |
2014 | $569,000 | ' |
2015 | 608,000 | ' |
2016 | 602,000 | ' |
2017 | 620,000 | ' |
2018 | 55,509,000 | ' |
Thereafter | 4,224,000 | ' |
Long-term debt | $62,132,000 | $89,635,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2010 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Debt Instruments And Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | $255,000 | ($2,522,000) | ' |
Non-cash interest income | ' | 711,000 | 739,000 | 537,000 |
Interest Rate Swap Cancelled One [Member] | ' | ' | ' | ' |
Debt Instruments And Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Number of interest rate swaps cancelled | 10,000,000 | ' | ' | ' |
Interest Rate Swap Cancelled Two [Member] | ' | ' | ' | ' |
Debt Instruments And Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Number of interest rate swaps cancelled | 10,000,000 | ' | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Debt Instruments And Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Number of interest rate swaps cancelled | 2 | ' | ' | ' |
Notional Amount | 22,000,000 | ' | 42,000,000 | ' |
Preferred stock, coupon rate | 3.63% | ' | ' | ' |
Interest rate reduction basis points | 0.62% | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 2,015,000 | ' | ' |
Amortization of accumulated other comprehensive loss | ' | 361,000 | 541,000 | 561,000 |
Non-cash interest income | ' | 1,072,000 | 1,280,000 | 1,098,000 |
Forward Interest Rate Swaps [Member] | ' | ' | ' | ' |
Debt Instruments And Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' |
Notional Amount | ' | $40,000,000 | $40,000,000 | ' |
Preferred stock, coupon rate | ' | 4.30% | ' | ' |
Derivative_Financial_Instrumen
Derivative Financial Instruments (Schedule of Derivative Financial Instruments) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2010 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional Amount | ' | $42,000,000 | $22,000,000 |
Fair Value Liability | ' | 1,072,000 | ' |
Forward Interest Rate Swaps [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional Amount | 40,000,000 | 40,000,000 | ' |
Fair Value Liability | $2,240,000 | $2,768,000 | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Schedule of Derivative Financial Instruments Parenthetical) (Details) | 12 Months Ended |
Oct. 31, 2013 | |
Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Derivative instrument maturity date | '2013-06 |
Forward Interest Rate Swaps [Member] | ' |
Derivative [Line Items] | ' |
Derivative instrument maturity date | '2018-07 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Minimum [Member] | Maximum [Member] | Employee [Member] | Employee [Member] | Employee [Member] | Mutual Water Companies [Member] | Mutual Water Companies [Member] | Mutual Water Companies [Member] | Cooperative Association [Member] | Cooperative Association [Member] | Cooperative Association [Member] | Board of Directors [Member] | Board of Directors [Member] | Board of Directors [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Calavo Growers Incorporated [Member] | Cadiz [Member] | Cadiz [Member] | Cadiz [Member] | Colorado River Growers [Member] | Yuma Mesa Irrigation and Drainage District [Member] | |
Lemon [Member] | Lemon [Member] | Lemon [Member] | Avacodo [Member] | Avacodo [Member] | Avacodo [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | $534,000 | $528,000 | $522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $271,000 | $265,000 | $252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase from related party | ' | ' | ' | ' | ' | 1,135,000 | 989,000 | 700,000 | 1,266,000 | 1,410,000 | 1,316,000 | 1,101,000 | 1,815,000 | 1,335,000 | 2,418,000 | 1,316,000 | 71,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000 |
Due to related party | ' | ' | ' | ' | ' | 78,000 | 20,000 | ' | 26,000 | 72,000 | ' | 240,000 | 705,000 | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in mutual water company | ' | ' | ' | ' | ' | 1,320,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 432,000 | 366,000 | 366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,000 | 189,000 | 557,000 | 11,683,000 | 9,456,000 | 7,539,000 | ' | ' | ' | 112,000 | ' |
Receivable from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,000 | ' |
Advance payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,320,000 | ' |
Lease term | '1 month | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' |
Lease expense per acre | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200 | $1,200 | ' | ' |
Addtional lease expense, percentage of harvest revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Provisions for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Current: | ' | ' | ' |
Federal | ($3,589,000) | ($535,000) | $653,000 |
State | -856,000 | -327,000 | 139,000 |
Total current (provision) benefit | -4,445,000 | -862,000 | 792,000 |
Deferred: | ' | ' | ' |
Federal | 1,084,000 | -968,000 | -1,171,000 |
State | 126,000 | -148,000 | -328,000 |
Total deferred provision | 1,210,000 | -1,116,000 | -1,499,000 |
Total income tax provision | ($3,235,000) | ($1,978,000) | ($707,000) |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Current deferred income tax assets (liabilities): | ' | ' |
Labor accruals | $211,000 | $188,000 |
Property taxes | -176,000 | -175,000 |
State income taxes | 240,000 | 110,000 |
Prepaid insurance and other | 233,000 | 272,000 |
Net current deferred income tax assets | 508,000 | 395,000 |
Noncurrent deferred income tax (liabilities) assets: | ' | ' |
Depreciation | -5,878,000 | -3,297,000 |
Amortization | 366,000 | 604,000 |
Impairments of real estate development assets | 3,019,000 | 3,379,000 |
Derivative instruments | 892,000 | 871,000 |
Minimum pension liability adjustment | 1,707,000 | 1,590,000 |
Unrealized net gain on Calavo investment | -3,918,000 | -3,602,000 |
Book and tax basis difference of acquired assets | -14,180,000 | -9,865,000 |
Other | -548,000 | -168,000 |
Net noncurrent deferred income tax liabilities | -18,540,000 | -10,488,000 |
Net deferred income tax liabilities | ($18,032,000) | ($10,093,000) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Federal Statutory Tax Rate) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Amount | ' | ' | ' |
Provision at statutory rates | ($2,768,000) | ($1,744,000) | ($775,000) |
State income tax, net of federal benefit | -509,000 | -314,000 | -137,000 |
Dividend exclusion | 103,000 | 87,000 | 87,000 |
Production deduction | 175,000 | 161,000 | 42,000 |
Officer's compensation | ' | ' | ' |
Change in unrecognized tax benefits | ' | ' | ' |
Other permanent items | -236,000 | -168,000 | 76,000 |
Total income tax provision | ($3,235,000) | ($1,978,000) | ($707,000) |
Percent | ' | ' | ' |
Provision at statutory rates | -34.00% | -34.00% | -34.00% |
State income tax, net of federal benefit | -6.20% | -6.10% | -6.00% |
Dividend exclusion | 1.30% | 1.70% | 3.80% |
Production deduction | 2.10% | 3.10% | 1.80% |
Officer's compensation | ' | ' | ' |
Change in unrecognized tax benefits | ' | ' | ' |
Other permanent items | -2.90% | -3.30% | 3.30% |
Total income tax provision | -39.70% | -38.60% | -31.10% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Assumed noncurrent deferred tax liabilities | $7,247,000 | ' |
Goodwill, non-deductible for income tax purposes | 680,000 | ' |
Federal [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating loss carry-forwards | 190,000 | ' |
State [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating loss carry-forwards | $970,000 | ' |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation, minimum | 40.00% | ' | ' |
Target allocation, maximum | 80.00% | ' | ' |
Alternative Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation, minimum | 0.00% | ' | ' |
Target allocation, maximum | 30.00% | ' | ' |
Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation, minimum | 20.00% | ' | ' |
Target allocation, maximum | 60.00% | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation, minimum | 0.00% | ' | ' |
Target allocation, maximum | 30.00% | ' | ' |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Pension Plan, funding contributions | $1,252,000 | $1,275,000 | ' |
401(K) Plan [Member] | ' | ' | ' |
401(K) Plan: | ' | ' | ' |
Employer match percentage | 4.00% | ' | ' |
Requisite service period for plan | '1 year | ' | ' |
Percentage of annual earnings employee can defer | 100.00% | ' | ' |
Matching opportunity of eligible contribution provided by company | 4.00% | ' | ' |
Annual vesting rate | 20.00% | ' | ' |
Number of years until employee is fully invested under plan | '6 years | ' | ' |
Contributions to employee benefits plan | $615,000 | $517,000 | $488,000 |
Retirement_Plans_Schedule_of_C
Retirement Plans (Schedule of Components of Net Periodic Benefit Cost) (Details) (Pension Plans [Member], USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Pension Plans [Member] | ' | ' |
COMPONENTS OF NET PERIODIC BENEFIT COST: | ' | ' |
Service cost | $166,000 | $146,000 |
Interest cost | 721,000 | 804,000 |
Expected return on plan assets | -959,000 | -990,000 |
Recognized actuarial loss | 1,030,000 | 818,000 |
Net periodic benefit cost | $958,000 | $778,000 |
Retirement_Plans_Schedule_of_S
Retirement Plans (Schedule of Summary of Plan's Funded Status) (Details) (Pension Plans [Member], USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Pension Plans [Member] | ' | ' |
Change in benefit obligation: | ' | ' |
Benefit obligation at beginning of year | $20,690,000 | $18,459,000 |
Service cost | 166,000 | 146,000 |
Interest cost | 721,000 | 804,000 |
Benefits paid | -1,058,000 | -983,000 |
Actuarial (gain) loss | -1,239,000 | 2,264,000 |
Benefit obligation at end of year | 19,280,000 | 20,690,000 |
Change in plan assets: | ' | ' |
Fair value of plan assets at beginning of year | 14,560,000 | 12,985,000 |
Actual return on plan assets | 1,621,000 | 1,283,000 |
Employer contributions | 1,252,000 | 1,275,000 |
Benefits paid | -1,058,000 | -983,000 |
Fair value of plan assets at end of year | 16,375,000 | 14,560,000 |
Reconciliation of funded status: | ' | ' |
Fair value of plan assets | 16,375,000 | 14,560,000 |
Benefit obligations | 19,280,000 | 20,690,000 |
Funded status at end of year (plan assets less benefit obligations) | -2,905,000 | -6,130,000 |
Amounts recognized in statement of financial position: | ' | ' |
Noncurrent assets | ' | ' |
Current liabilities | ' | ' |
Noncurrent liabilities | -2,905,000 | -6,130,000 |
Net obligation recognized in statements of financial position | -2,905,000 | -6,130,000 |
Reconciliation of amounts recognized in statements of financial position: | ' | ' |
Accumulated other comprehensive loss | -7,191,000 | -10,123,000 |
Accumulated contributions in excess of net periodic benefit cost | 4,286,000 | 3,993,000 |
Net deficit recognized in statements of financial position | ($2,905,000) | ($6,130,000) |
Retirement_Plans_Schedule_of_O
Retirement Plans (Schedule of Other Changes in Accumulated Other Comprehensive Loss Before Tax) (Details) (Pension Plans [Member], USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Pension Plans [Member] | ' | ' |
Changes recognized in other comprehensive loss: | ' | ' |
Net loss (gain) arising during the year | ($1,901,000) | $1,971,000 |
Amortization or settlement recognition of net loss | -1,030,000 | -818,000 |
Total recognized in other comprehensive loss | -2,931,000 | 1,153,000 |
Total recognized in net periodic benefit and other comprehensive loss | ($1,973,000) | $1,931,000 |
Retirement_Plans_Schedule_of_E
Retirement Plans (Schedule of Estimated Amounts That Will Be Amortized from Accumulated Other Comprehensive Loss Over the Next Fiscal Year) (Details) (Pension Plans [Member], USD $) | 12 Months Ended |
Oct. 31, 2013 | |
Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Initial net asset (obligation) | ' |
Prior service cost (credit) | ' |
Net loss | -781,000 |
Total | ($781,000) |
Retirement_Plans_Schedule_of_A
Retirement Plans (Schedule of Assumptions Used in Developing Benefit Obligation and Net Pension Expense) (Details) (Pension Plans [Member], USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Pension Plans [Member] | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations: | ' | ' | ' |
Discount rate | 4.40% | 3.60% | ' |
Assumption used to determine net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.60% | 4.50% | ' |
Expected return on plan assets | 7.00% | 7.50% | ' |
Additional year-end information: | ' | ' | ' |
Projected benefit obligation | $19,280,000 | $20,690,000 | $18,459,000 |
Accumulated benefit obligation | 19,280,000 | 20,690,000 | ' |
Fair value of plan assets | $16,375,000 | $14,560,000 | $12,985,000 |
Retirement_Plans_Schedule_of_E1
Retirement Plans (Schedule of Estimated Future Benefit Payments) (Details) (Pension Plans [Member], USD $) | 12 Months Ended |
Oct. 31, 2013 | |
Pension Plans [Member] | ' |
Benefit payments expected to be paid during the following fiscal years: | ' |
2014 | $1,031,000 |
2015 | 1,068,000 |
2016 | 1,102,000 |
2017 | 1,150,000 |
2018 | 1,179,000 |
2019- 2023 | 6,037,000 |
Total | 11,567,000 |
Expected contribution cost in 2014 | $500,000 |
Retirement_Plans_Schedule_of_A1
Retirement Plans (Schedule of Assets Measured at Fair Value) (Details) (Pension Plans [Member], USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $16,375,000 | $14,560,000 | $12,985,000 |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 9,113,000 | ' | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 7,262,000 | ' | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 483,000 | ' | ' |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 483,000 | ' | ' |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Cash and Cash Equivalents [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Common stocks [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 6,249,000 | ' | ' |
Common stocks [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 6,249,000 | ' | ' |
Common stocks [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Common stocks [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Mutual funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,381,000 | ' | ' |
Mutual funds [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,381,000 | ' | ' |
Mutual funds [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Mutual funds [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
U.S. government & agency issues [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,891,000 | ' | ' |
U.S. government & agency issues [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
U.S. government & agency issues [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,891,000 | ' | ' |
U.S. government & agency issues [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Corporate bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 4,300,000 | ' | ' |
Corporate bonds [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Corporate bonds [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 4,300,000 | ' | ' |
Corporate bonds [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Estimated accrued income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 71,000 | ' | ' |
Estimated accrued income [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Estimated accrued income [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 71,000 | ' | ' |
Estimated accrued income [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Other Long-Term Liabilities [Abstract] | ' | ' |
Minimum pension liability | $2,905,000 | $6,130,000 |
Fair value of derivative instrument | 1,523,000 | 2,768,000 |
Other | 55,000 | 55,000 |
Other long-term liabilities | $4,483,000 | $8,953,000 |
Operating_Lease_Income_Details
Operating Lease Income (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Contingent rental revenue | $119,000 | $165,000 | $206,000 |
Future minimum lease payments to be received from net operating lease agreements: | ' | ' | ' |
2014 | 2,019,000 | ' | ' |
2015 | 1,747,000 | ' | ' |
2016 | 1,685,000 | ' | ' |
2017 | 1,211,000 | ' | ' |
2018 | 1,078,000 | ' | ' |
Thereafter | 1,483,000 | ' | ' |
Total | 9,223,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Lease term | '1 month | ' | ' |
Maximum [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Lease term | '20 years | ' | ' |
Land [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Property subject to operating leases, gross | 1,861,000 | ' | ' |
Buildings, Equipment and Building Improvements [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Property subject to operating leases, gross | 9,352,000 | ' | ' |
Property subject to operating leases, accumulated depreciation | $4,635,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Subsequent Event [Member] | Photovoltaic Generator One [Member] | Photovoltaic Generator Two [Member] | Photovoltaic Generator Two [Member] | Lindsay, California Property [Member] | Lindsay, California Property [Member] | ||||
Commitments and Contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, amount outstanding | $193,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expense | 2,316,000 | 1,972,000 | 1,480,000 | ' | ' | ' | ' | 724,000 | 456,000 |
Base rent per year | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Number of leases | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Lease term | ' | ' | ' | ' | '10 years | '10 years | ' | '10 years | ' |
Number of renewal options | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Lease term, renewal | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Purchase option, purchase price | ' | ' | ' | ' | 1,125,000 | 1,275,000 | ' | ' | ' |
Deferred rent assets | 1,034,000 | ' | ' | ' | ' | 1,112,000 | 872,000 | ' | ' |
Utility rebate from solar arrays | 992,000 | 1,006,000 | 911,000 | ' | ' | ' | ' | ' | ' |
Future minimum payments, operating leases: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 1,740,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 1,698,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 1,720,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 1,732,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,699,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 4,279,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 12,868,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction contract | ' | ' | ' | $9,300,000 | ' | ' | ' | ' | ' |
Stockholders_Equity_Preferred_
Stockholders' Equity (Preferred Stock) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2007 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2006 |
Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | Series A Junior Participating Preferred Stock [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | 50,000 | 50,000 | ' | 20,000 | 20,000 | 20,000 |
Preferred stock, shares issued | ' | ' | ' | 30,000 | 30,000 | ' | 0 | 0 | ' |
Preferred stock, par value per share | ' | ' | ' | $100 | $100 | ' | $0.01 | $0.01 | $0.01 |
Dividend rate, percentage | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' |
Conversion price | ' | ' | ' | $8 | ' | ' | ' | ' | ' |
Voting rights per share | ' | ' | ' | 10 | ' | ' | 100 | ' | ' |
Value of preferred stock issued | $3,000,000 | $3,000,000 | ' | $3,000,000 | $3,000,000 | ' | ' | ' | ' |
Dividend declared, declaration date | ' | ' | ' | ' | ' | 31-Oct-06 | ' | ' | ' |
Dividend declared, payment date | ' | ' | ' | ' | ' | 20-Dec-06 | ' | ' | ' |
Dividend, right to purchase shares | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 |
Stockholders_Equity_Stockbased
Stockholders' Equity (Stock-based Compensation and Donation of Common Stock) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Sep. 06, 2013 | Feb. 28, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Feb. 28, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | ||||||
Shares Exchanged, Transaction One [Member] | Shares Exchanged, Transaction Two [Member] | Nonemployee Directors [Member] | Nonemployee Directors [Member] | Nonemployee Directors [Member] | Nonemployee Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Common stock granted during period | ' | ' | ' | ' | ' | ' | 26,708 | 34,721 | ' | ' | ' | 9,040 | ' | ' | ' |
Cost from stock compensation | ' | ' | ' | ' | ' | ' | $727,000 | $657,000 | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | 553,000 | 762,000 | 615,000 | ' | 253,000 | 216,000 | ' | ' | ' | ' | 200,000 | 185,000 | 180,000 |
Unrecognized compensation cost, recognition period | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' | ' | ' |
Shares exchanged for payroll tax | ' | ' | ' | ' | ' | 1,154 | ' | ' | 9,642 | 214 | ' | ' | ' | ' | ' |
Common stock issued, shares | ' | 2,070,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value per share | $22.63 | $18.50 | ' | ' | ' | $21.75 | ' | ' | $21.40 | $18.92 | ' | ' | ' | ' | ' |
Number of shares issued in acquisition | 705,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares issued in acquisition | 15,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquistion purchase price | 18,580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Donation of common stock | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Donation of common stock, shares | ' | ' | 4,859 | 6,165 | 4,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Donation of common stock, expense | ' | ' | $100,000 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Expense by Performance Year) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock compensation expense | $553,000 | $762,000 | $615,000 |
2008 [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Shares granted | 11,962 | ' | ' |
Stock compensation expense | ' | ' | 80,000 |
2010 [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Shares granted | 62,287 | ' | ' |
Stock compensation expense | 91,000 | 546,000 | 535,000 |
2012 [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Shares granted | 34,721 | ' | ' |
Stock compensation expense | 209,000 | 216,000 | ' |
2013 [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Shares granted | 26,708 | ' | ' |
Stock compensation expense | $253,000 | ' | ' |
Fruit_Growers_Supply_Cooperati1
Fruit Growers Supply Cooperative (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Fruit Growers Supply Cooperative [Abstract] | ' | ' | ' |
Total amount of allocated after tax earnings from cooperative supply corporation | $863,000 | $981,000 | ' |
Amount of dividends received from cooperative supply corporation, recorded as reductions against agribusiness expenses | 59,000 | 113,000 | 96,000 |
Amount of refund being sought by cooperative supply corporation | 586,000 | ' | ' |
Percent of dividends assigned to claim | 50.00% | ' | ' |
Remaining claim outstanding | $318,000 | $377,000 | $490,000 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Information) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $84,884,000 | $65,828,000 | $52,495,000 |
Costs and expenses | 76,988,000 | 59,141,000 | 48,082,000 |
Depreciation and amortization | 2,403,000 | 2,131,000 | 2,207,000 |
Impairment charges | 95,000 | ' | 1,196,000 |
Operating income | 5,398,000 | 4,556,000 | 1,010,000 |
Agribusiness [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 79,990,000 | 61,553,000 | 46,085,000 |
Costs and expenses | 61,850,000 | 45,811,000 | 33,645,000 |
Depreciation and amortization | 1,757,000 | 1,489,000 | 1,535,000 |
Impairment charges | ' | ' | ' |
Operating income | 16,383,000 | 14,253,000 | 10,905,000 |
Rental Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 4,250,000 | 4,023,000 | 3,948,000 |
Costs and expenses | 2,213,000 | 2,045,000 | 1,865,000 |
Depreciation and amortization | 388,000 | 373,000 | 365,000 |
Impairment charges | ' | ' | ' |
Operating income | 1,649,000 | 1,605,000 | 1,718,000 |
Real Estate Development [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 644,000 | 252,000 | 2,462,000 |
Costs and expenses | 1,266,000 | 981,000 | 3,483,000 |
Depreciation and amortization | 67,000 | 56,000 | 68,000 |
Impairment charges | 95,000 | ' | 1,196,000 |
Operating income | -784,000 | -785,000 | -2,285,000 |
Corporate and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | ' |
Costs and expenses | 11,659,000 | 10,304,000 | 9,089,000 |
Depreciation and amortization | 191,000 | 213,000 | 239,000 |
Impairment charges | ' | ' | ' |
Operating income | ($11,850,000) | ($10,517,000) | ($9,328,000) |
Segment_Information_Schedule_o1
Segment Information (Schedule of Revenues by Category, by Segment) (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Agribusiness revenues | $79,990,000 | $61,553,000 | $46,085,000 |
Rental operations revenues | 4,250,000 | 4,023,000 | 3,948,000 |
Real estate revenues | 644,000 | 252,000 | 2,462,000 |
Total revenues | 84,884,000 | 65,828,000 | 52,495,000 |
Lemon [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Agribusiness revenues | 58,137,000 | 44,162,000 | 31,243,000 |
Avacodo [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Agribusiness revenues | 11,683,000 | 9,546,000 | 7,539,000 |
Navel and Valencia oranges [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Agribusiness revenues | 5,528,000 | 4,066,000 | 3,789,000 |
Specialty citrus and other crops [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Agribusiness revenues | 4,642,000 | 3,779,000 | 3,514,000 |
Residential And Commercial [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Rental operations revenues | 2,385,000 | 2,293,000 | 2,235,000 |
Leased Land [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Rental operations revenues | 1,746,000 | 1,565,000 | 1,507,000 |
Organic recycling and other [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Rental operations revenues | 119,000 | 165,000 | 206,000 |
Real Estate Sales [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Real estate revenues | ' | ' | 2,275,000 |
Real Estate Operations [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Real estate revenues | $644,000 | $252,000 | $187,000 |
Public_Offering_of_Common_Stoc1
Public Offering of Common Stock (Details) (USD $) | 1 Months Ended | |||
Feb. 28, 2013 | Oct. 31, 2013 | Sep. 06, 2013 | Oct. 31, 2012 | |
Public Offering of Common Stock [Abstract] | ' | ' | ' | ' |
Common stock issued, shares | 2,070,000 | ' | ' | ' |
Common stock, price per share | $18.50 | ' | $22.63 | ' |
Percentage of common stock outstanding represented by shares issued in public offering | 16.00% | ' | ' | ' |
Common stock, shares outstanding | 13,307,085 | 14,016,011 | ' | 11,203,180 |
Gross proceeds from issuance of common stock made through pubic offering | $38,295,000 | ' | ' | ' |
Underwriting discount for common stock issued in public offering | 2,106,000 | ' | ' | ' |
Equity issuance, other transaction costs | 292,000 | ' | ' | ' |
Net proceeds from issuance of common stock through public offering | $35,897,000 | ' | ' | ' |