Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2015 | Dec. 31, 2015 | Apr. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Limoneira CO | ||
Entity Central Index Key | 1,342,423 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 268.4 | ||
Trading Symbol | LMNR | ||
Entity Common Stock, Shares Outstanding | 14,150,071 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Current assets: | ||
Cash | $ 39,000 | $ 92,000 |
Accounts receivable, net | 7,420,000 | 7,236,000 |
Cultural costs | 3,916,000 | 3,691,000 |
Prepaid expenses and other current assets | 2,387,000 | 2,658,000 |
Income taxes receivable | 0 | 1,143,000 |
Total current assets | 13,762,000 | 14,820,000 |
Property, plant and equipment, net | 128,951,000 | 105,873,000 |
Real estate development | 96,067,000 | 88,088,000 |
Equity in investments | 3,047,000 | 3,638,000 |
Investment in Calavo Growers, Inc. | 18,508,000 | 24,270,000 |
Note receivable | 589,000 | 2,084,000 |
Other assets | 8,602,000 | 8,114,000 |
Total assets | 269,526,000 | 246,887,000 |
Current liabilities: | ||
Accounts payable | 6,611,000 | 6,363,000 |
Growers payable | 5,841,000 | 5,839,000 |
Accrued liabilities | 5,864,000 | 7,539,000 |
Fair value of derivative instrument | 767,000 | 809,000 |
Current portion of long-term debt | 589,000 | 583,000 |
Total current liabilities | 19,672,000 | 21,133,000 |
Long-term liabilities: | ||
Long-term debt, less current portion | 89,235,000 | 67,771,000 |
Deferred income taxes | 19,425,000 | 21,041,000 |
Other long-term liabilities | 7,641,000 | 6,282,000 |
Total liabilities | 135,973,000 | 116,227,000 |
Commitments and contingencies | 0 | 0 |
Convertible Preferred Stock | 121,272,000 | 118,329,000 |
Stockholders’ equity: | ||
Common Stock - $.01 par value (19,900,000 shares authorized: 14,135,080 and 14,078,077 shares issued and outstanding at October 31, 2015 and 2014, respectively) | 141,000 | 140,000 |
Additional paid-in capital | 90,759,000 | 89,770,000 |
Retained earnings | 27,216,000 | 23,308,000 |
Accumulated other comprehensive income | 3,156,000 | 5,111,000 |
Total stockholders’ equity | 121,272,000 | 118,329,000 |
Total liabilities and stockholders’ equity | 269,526,000 | 246,887,000 |
Series B Preferred Stock [Member] | ||
Long-term liabilities: | ||
Convertible Preferred Stock | 2,950,000 | 3,000,000 |
Series B-2 Convertible Preferred Stock [Member] | ||
Long-term liabilities: | ||
Convertible Preferred Stock | 9,331,000 | 9,331,000 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred Stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 19,900,000 | 19,900,000 |
Common Stock, Shares, Issued | 14,135,080 | 14,078,077 |
Common Stock, Shares, Outstanding | 14,135,080 | 14,078,077 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Preferred Stock, Shares Issued | 29,500 | 30,000 |
Preferred Stock, Shares Outstanding | 29,500 | 30,000 |
Preferred Stock, Dividend Rate, Percentage | 8.75% | 8.75% |
Series B-2 Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 9,300 | 9,300 |
Preferred Stock, Shares Outstanding | 9,300 | 9,300 |
Preferred Stock, Dividend Rate, Percentage | 4.00% | 4.00% |
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Series A Junior Participating Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000 | 20,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Net revenues: | |||
Agribusiness | $ 95,124,000 | $ 98,522,000 | $ 79,990,000 |
Rental operations | 5,104,000 | 4,640,000 | 4,250,000 |
Real estate development | 83,000 | 300,000 | 644,000 |
Total net revenues | 100,311,000 | 103,462,000 | 84,884,000 |
Costs and expenses: | |||
Agribusiness | 77,186,000 | 74,325,000 | 63,607,000 |
Rental operations | 3,440,000 | 3,073,000 | 2,601,000 |
Real estate development | 1,330,000 | 1,400,000 | 1,333,000 |
Impairments of real estate development assets | 0 | 435,000 | 95,000 |
Selling, general and administrative | 13,772,000 | 14,336,000 | 11,850,000 |
Total cost and expenses | 95,728,000 | 93,569,000 | 79,486,000 |
Operating income | 4,583,000 | 9,893,000 | 5,398,000 |
Other income (expense): | |||
Interest expense | (188,000) | 0 | (124,000) |
Interest income from derivative instruments | 0 | 0 | 711,000 |
Gain on sale of stock in Calavo Growers, Inc. | 5,033,000 | 0 | 3,138,000 |
Gain on sale of Wilson Ranch | 935,000 | 0 | 0 |
Interest income | 40,000 | 60,000 | 85,000 |
Equity in earnings (losses) of investments | 243,000 | 263,000 | (1,449,000) |
Other income, net | 410,000 | 348,000 | 382,000 |
Total other income | 6,473,000 | 671,000 | 2,743,000 |
Income before income taxes | 11,056,000 | 10,564,000 | 8,141,000 |
Income tax provision | (3,974,000) | (3,573,000) | (3,235,000) |
Net income | 7,082,000 | 6,991,000 | 4,906,000 |
Preferred dividends | (635,000) | (460,000) | (262,000) |
Net income applicable to common stock | $ 6,447,000 | $ 6,531,000 | $ 4,644,000 |
Basic net income per common share | $ 0.46 | $ 0.46 | $ 0.36 |
Diluted net income per common share | 0.46 | 0.46 | 0.36 |
Dividends per common share | $ 0.18 | $ 0.17 | $ 0.15 |
Weighted-average common shares outstanding-basic | 14,119,000 | 14,055,000 | 12,775,000 |
Weighted-average common shares outstanding-diluted | 14,119,000 | 14,055,000 | 12,775,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Net income | $ 7,082,000 | $ 6,991,000 | $ 4,906,000 |
Other comprehensive income, net of tax: | |||
Minimum pension liability adjustments | 654,000 | (1,199,000) | 1,764,000 |
Unrealized holding gains on security available for sale | 273,000 | 5,790,000 | 2,344,000 |
Reclassification of unrealized gain on security sold | (2,932,000) | 0 | (1,865,000) |
Unrealized gains from derivative instruments | 50,000 | 265,000 | 534,000 |
Total other comprehensive income (loss), net of tax | (1,955,000) | 4,856,000 | 2,777,000 |
Comprehensive income | $ 5,127,000 | $ 11,847,000 | $ 7,683,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity and Temporary Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member]Common Stock [Member] | Series B Preferred Stock [Member]Additional Paid-in Capital [Member] | Series B Preferred Stock [Member]Retained Earnings [Member] | Series B Preferred Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Series B-2 Preferred Stock [Member] | Series B-2 Preferred Stock [Member]Common Stock [Member] | Series B-2 Preferred Stock [Member]Additional Paid-in Capital [Member] | Series B-2 Preferred Stock [Member]Retained Earnings [Member] | Series B-2 Preferred Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Oct. 31, 2012 | $ 49,702,000 | $ 112,000 | $ 35,714,000 | $ 16,398,000 | $ (2,522,000) | $ 3,000,000 | $ 0 | ||||||||
Balance (in shares) at Oct. 31, 2012 | 11,203,180 | ||||||||||||||
Dividends - common | (1,944,000) | $ 0 | 0 | (1,944,000) | 0 | 0 | 0 | ||||||||
Dividends - Series B | (262,000) | $ 0 | $ 0 | $ (262,000) | $ 0 | ||||||||||
Stock compensation | 753,000 | $ 0 | 753,000 | 0 | 0 | 0 | 0 | ||||||||
Stock compensation, shares | 43,761 | ||||||||||||||
Exchange of common stock | (236,000) | $ 0 | (236,000) | 0 | 0 | 0 | 0 | ||||||||
Exchange of common stock, shares | (11,010) | ||||||||||||||
Donation of common stock | 100,000 | $ 0 | 100,000 | 0 | 0 | 0 | 0 | ||||||||
Donation of common stock, shares | 4,859 | ||||||||||||||
Issuance of common stock | 51,857,000 | $ 28,000 | 51,829,000 | 0 | 0 | 0 | 0 | ||||||||
Issuance of common stock, shares | 2,775,221 | ||||||||||||||
Conversion of Series B preferred stock | 0 | ||||||||||||||
Net income | 4,906,000 | $ 0 | 0 | 4,906,000 | 0 | 0 | 0 | ||||||||
Other comprehensive loss, net of tax | 2,777,000 | 0 | 0 | 0 | 2,777,000 | 0 | 0 | ||||||||
Balance at Oct. 31, 2013 | 107,653,000 | $ 140,000 | 88,160,000 | 19,098,000 | 255,000 | 3,000,000 | 0 | ||||||||
Balance (in shares) at Oct. 31, 2013 | 14,016,011 | ||||||||||||||
Dividends - common | (2,321,000) | $ 0 | 0 | (2,321,000) | 0 | 0 | 0 | ||||||||
Dividends - Series B | (262,000) | 0 | 0 | (262,000) | 0 | (198,000) | $ 0 | $ 0 | $ (198,000) | $ 0 | |||||
Dividends - Series B | 0 | 31,000 | |||||||||||||
Stock compensation | 1,116,000 | $ 0 | 1,116,000 | 0 | 0 | 0 | 0 | ||||||||
Stock compensation, shares | 40,678 | ||||||||||||||
Exchange of common stock | (176,000) | $ 0 | (176,000) | 0 | 0 | 0 | 0 | ||||||||
Exchange of common stock, shares | (6,619) | ||||||||||||||
Donation of common stock | 100,000 | $ 0 | 100,000 | 0 | 0 | 0 | 0 | ||||||||
Donation of common stock, shares | 4,552 | ||||||||||||||
Issuance of common stock | 518,000 | $ 0 | 518,000 | 0 | 0 | 0 | 0 | ||||||||
Issuance of common stock, shares | 23,455 | ||||||||||||||
Issuance of Series B-2 preferred stock | 0 | $ 0 | 0 | 0 | 0 | 0 | 9,300,000 | ||||||||
Conversion of Series B preferred stock | 0 | ||||||||||||||
Tax benefit of stock grant vesting | 52,000 | 0 | 52,000 | 0 | 0 | 0 | 0 | ||||||||
Net income | 6,991,000 | 0 | 0 | 6,991,000 | 0 | 0 | 0 | ||||||||
Other comprehensive loss, net of tax | 4,856,000 | 0 | 0 | 0 | 4,856,000 | 0 | 0 | ||||||||
Balance at Oct. 31, 2014 | 118,329,000 | $ 140,000 | 89,770,000 | 23,308,000 | 5,111,000 | 3,000,000 | 9,331,000 | ||||||||
Balance (in shares) at Oct. 31, 2014 | 14,078,077 | ||||||||||||||
Dividends - common | (2,539,000) | $ 0 | 0 | (2,539,000) | 0 | 0 | 0 | ||||||||
Dividends - Series B | (263,000) | $ 0 | $ 0 | $ (263,000) | $ 0 | (372,000) | $ 0 | $ 0 | $ (372,000) | $ 0 | |||||
Dividends - Series B | 0 | 0 | |||||||||||||
Stock compensation | 1,077,000 | $ 1,000 | 1,076,000 | 0 | 0 | 0 | 0 | ||||||||
Stock compensation, shares | 57,162 | ||||||||||||||
Exchange of common stock | (275,000) | $ 0 | (275,000) | 0 | 0 | 0 | 0 | ||||||||
Exchange of common stock, shares | (10,907) | ||||||||||||||
Donation of common stock | 100,000 | $ 0 | 100,000 | 0 | 0 | 0 | 0 | ||||||||
Donation of common stock, shares | 4,498 | ||||||||||||||
Conversion of Series B preferred stock, shares | 6,250 | ||||||||||||||
Conversion of Series B preferred stock | 50,000 | $ 0 | 50,000 | 0 | 0 | (50,000) | 0 | ||||||||
Tax benefit of stock grant vesting | 38,000 | 0 | 38,000 | 0 | 0 | 0 | 0 | ||||||||
Net income | 7,082,000 | 0 | 0 | 7,082,000 | 0 | 0 | 0 | ||||||||
Other comprehensive loss, net of tax | (1,955,000) | 0 | 0 | 0 | (1,955,000) | 0 | 0 | ||||||||
Balance at Oct. 31, 2015 | $ 121,272,000 | $ 141,000 | $ 90,759,000 | $ 27,216,000 | $ 3,156,000 | $ 2,950,000 | $ 9,331,000 | ||||||||
Balance (in shares) at Oct. 31, 2015 | 14,135,080 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Operating activities | |||
Net income | $ 7,082,000 | $ 6,991,000 | $ 4,906,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,184,000 | 3,516,000 | 2,403,000 |
Impairments of real estate development assets | 0 | 435,000 | 95,000 |
Gain on sale of stock in Calavo Growers. Inc. | (5,033,000) | 0 | (3,138,000) |
Gain on sale of Wilson Ranch | (935,000) | 0 | 0 |
Loss on disposals/sales of assets | 365,000 | 505,000 | 0 |
Stock compensation expense | 1,077,000 | 1,116,000 | 753,000 |
Equity in (earnings) losses of investments | (243,000) | (263,000) | 1,449,000 |
Cash distributions from equity investments | 843,000 | 183,000 | 110,000 |
Deferred income taxes | (350,000) | (129,000) | (1,210,000) |
Amortization of deferred financing costs | 47,000 | 44,000 | 33,000 |
Non-cash interest income from derivative instruments | 0 | 0 | (711,000) |
Accrued interest on notes receivable | (40,000) | (60,000) | (78,000) |
Donation of common stock | 100,000 | 100,000 | 100,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (184,000) | (810,000) | (1,918,000) |
Cultural costs | (225,000) | 433,000 | 716,000 |
Prepaid expenses and other current assets | 224,000 | (370,000) | (230,000) |
Income taxes receivable | 1,143,000 | (1,143,000) | 712,000 |
Other assets | (286,000) | 344,000 | (128,000) |
Accounts payable and growers payable | (873,000) | 4,125,000 | 93,000 |
Accrued liabilities | (1,678,000) | 912,000 | 2,008,000 |
Other long-term liabilities | 2,477,000 | 163,000 | (296,000) |
Net cash provided by operating activities | 7,695,000 | 16,092,000 | 5,669,000 |
Investing activities | |||
Capital expenditures | (31,254,000) | (25,866,000) | (10,428,000) |
Agriculture property acquisitions | (3,389,000) | 0 | (375,000) |
Net proceeds from sale of Wilson Ranch | 2,712,000 | 0 | 0 |
Business combinations, net of cash acquired | 0 | (700,000) | (11,101,000) |
Net proceeds from sale of stock in Calavo Growers, Inc. | 6,433,000 | 0 | 4,788,000 |
Net proceeds from sale of HM East Ridge, LLC property | 0 | 0 | 5,713,000 |
Equity investments | (9,000) | (1,758,000) | (125,000) |
Collection of notes receivable | 0 | 0 | 350,000 |
Investments in mutual water companies and water rights | (300,000) | (299,000) | (319,000) |
Other | 0 | 0 | (30,000) |
Net cash used in investing activities | (25,807,000) | (28,623,000) | (11,527,000) |
Financing activities | |||
Borrowings of long-term debt | 120,484,000 | 117,765,000 | 58,450,000 |
Repayments of long-term debt | (99,014,000) | (111,543,000) | (85,976,000) |
Dividends paid - common | (2,539,000) | (2,321,000) | (1,944,000) |
Dividends paid - preferred | (635,000) | (430,000) | (262,000) |
Exchange of common stock | (275,000) | (176,000) | (236,000) |
Issuance of preferred stock | 0 | 9,300,000 | 0 |
Issuance of common stock | 0 | 0 | 35,897,000 |
Payments of debt financing costs | 0 | (106,000) | 0 |
Tax benefit of stock grant vesting | 38,000 | 52,000 | 0 |
Net cash provided by financing activities | 18,059,000 | 12,541,000 | 5,929,000 |
Net (decrease) increase in cash | (53,000) | 10,000 | 71,000 |
Cash at beginning of year | 92,000 | 82,000 | 11,000 |
Cash at end of year | 39,000 | 92,000 | 82,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for interest (net of amounts capitalized) | 55,000 | (51,000) | 478,000 |
Cash paid during the year for income taxes, net of refunds received | 2,963,000 | 6,495,000 | 1,910,000 |
Non-cash investing and financing activities: | |||
Unrealized holding gain on Calavo investment | (487,000) | (9,425,000) | (3,893,000) |
Capital expenditures accrued but not paid at year-end | 1,270,000 | 1,134,000 | 487,000 |
Non-cash reduction of note receivable | 1,535,000 | 0 | 0 |
Accrued interest on note receivable | 40,000 | 60,000 | 78,000 |
Donation of common stock | 100,000 | 100,000 | 100,000 |
Conversion of preferred stock to common stock | $ 50,000 | $ 0 | $ 0 |
Business
Business | 12 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 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 residential 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 the NASDAQ Global Select Market 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 and sold and distributed under Calavo brands to its customers. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies 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, statements of operations, statements of comprehensive income, statements of stockholders’ equity and temporary equity and 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 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. 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, 2015 and 2014 the allowances totaled $ 390,000 442,000 208,000 The Company sells all of its avocado production to Calavo. Sales of avocados to Calavo were $ 7,132,000 7,374,000 11,683,000 Lemons procured from third-party growers were approximately 36 36 52 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. 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 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 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. 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 is stated at original cost, net of accumulated depreciation. Land improvements 10 20 Buildings and building improvements 10 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. 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 $ 2,534,000 2,315,000 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 $ 7,979,000 5,104,000 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. 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, 2015 and 2014, marketable securities are comprised of the Company’s investment in Calavo. 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 of zero and $ 435,000 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 eight 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. Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. Goodwill impairment is tested in a two-step process, with the first step performed to determine if there is potential for impairment by comparing the fair value of the reporting unit to its carrying value. If potential impairment is identified as indicated by the carrying value exceeding the fair value of the reporting unit, the second step is performed to measure the amount of impairment to be recognized in the financial statements by comparing the implied fair value of goodwill to its carrying value. If the carrying value of goodwill exceeds its implied fair value, an impairment loss is recognized for the excess amount. Goodwill impairment testing involves significant judgment and estimates. The annual assessment of goodwill impairment was performed as of July 31, 2015 with no impairment noted. 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, note 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, 2015 and 2014. 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) 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 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 also earns commissions on certain brokered fruit sales, which totaled $ 114,000 115,000 53,000 The Company’s avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. 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 $ 9,000 184,000 36,000 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 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 costs are expensed as incurred. Such costs in fiscal years 2015, 2014, and 2013 were $ 364,000 308,000 315,000 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 net income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of preferred stock. Diluted net income per common share is calculated using the weighted-average number of common shares outstanding plus the dilutive effect of conversion of preferred stock. The Series B and Series B-2 convertible preferred shares were anti-dilutive for fiscal years ended October 31, 2015, 2014 and 2013. Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the October 31, 2015 presentation. Immaterial Classification Error - An immaterial error in the classification of an equity method investee’s distributions was corrected in the October 31, 2014 and 2013 consolidated financial statements which resulted in the reclassification of an equity method investee’s distributions from investing to operating cash flows in the amounts of $ 183,000 110,000 440,000 183,000 Materiality 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, 4.0 4.1 864,000 Financial Accounting Standards Board Accounting Standards Update (“FASB ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and tangible assets within the scope of Topic 350, Intangibles Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: ⋅ Identify the contract(s) with a customer. ⋅ Identify the performance obligations in the contract. ⋅ Determine the transaction price. ⋅ Allocate the transaction price to the performance obligations in the contract. ⋅ Recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements. Financial Accounting Standards Board Accounting Standards Update (“FASB ASU”) 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern The amendments in ASU 2014-15 are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in this ASU are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company is evaluating the effect this ASU may have on its consolidated financial statements. FASB Accounting Standards Update No. 2015-03, InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. FASB Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this ASU more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. FASB Accounting Standards Updates No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For private companies, not-for-profit organizations, and employee benefit plans, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted and the Company adopted this ASU retrospectively in its fiscal year ended October 31, 2015 resulting in the reclassification of $ 751,000 |
Agriculture Property Acquisitio
Agriculture Property Acquisitions | 12 Months Ended |
Oct. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Agriculture Property Acquisitions In September 2015, the Company completed the acquisition of 157 acres of lemon, orange and specialty citrus orchards in California’s San Joaquin Valley for $3,389,000. The orchards were acquired pursuant to purchase options contained in certain operating leases the Company had been a party to since 2012 covering approximately 1,000 acres of lemon, orange and specialty citrus and other crops, which the Company refers to as the Sheldon Ranch leases. This acquisition was accounted for as an asset purchase and included in property, plant and equipment in the Company’s consolidated balance sheet at October 31, 2015. In September 2015, the Company entered into a purchase agreement to acquire 757 15,148,000 50,000 Business Combinations Yuma Packinghouse On June 30, 2014, the Company acquired the packing house property, equipment and certain intangible assets of Marlin Packing Company from its sole shareholder, Marlin Ranching Company. Both companies are privately owned Arizona corporations located in Yuma, Arizona. No liabilities were assumed in the acquisition. The purchase price was $ 1,700,000 23,455 518,600 700,000 300,000 181,400 400,000 Fair Value Measurements and Disclosures Building $ 395,000 Land and improvements 260,000 Equipment 885,000 Customer relationships 160,000 Fair value of assets acquired $ 1,700,000 Customer relationships are subject to amortization over an estimated life of five years. Revenue and net loss of $ 136,000 522,000 Lemons 400 On October 11, 2013, the Company completed the acquisition of approximately 760 8,750,000 Fair Value Measurements and Disclosures 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 fiscal year 2013 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 5,879,000 Associated Citrus Packers On September 6, 2013 the Company acquired of all of the outstanding stock of Associated, a privately owned Arizona corporation, for $ 18,580,000 705,000 15,959,000 1,041,000 1,580,000 1,300 270,000 Fair Value Measurements and Disclosures 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 $ 491,000 486,000 8 Revenue of $ 2,809,000 291,000 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, 2013 results in revenue of $ 86,667,000 4,973,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements Under the FASB ASC 820, Fair Value Measurements and Disclosures 2015 Level 1 Level 2 Level 3 Total Assets at fair value: Available- for -sale securities $ 18,508,000 $ $ $ 18,508,000 Liabilities at fair value: Derivatives $ $ 1,702,000 $ $ 1,702,000 2014 Level 1 Level 2 Level 3 Total Assets at fair value: Available- for -sale securities $ 24,270,000 $ $ $ 24,270,000 Liabilities at fair value: Derivatives $ $ 1,782,000 $ $ 1,782,000 Available-for-sale securities consist of marketable securities in Calavo Growers, Inc. common stock. At October 31, 2015 and 2014, respectively, the Company owned 360,000 500,000 2.1 2.9 51.41 48.54 The derivative consists of an interest rate swap; 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 Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Oct. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses And Other Current Assets [Text Block] | 5. Prepaid Expenses and Other Current Assets 2015 2014 Prepaid insurance $ 598,000 $ 568,000 Prepaid supplies 1,064,000 982,000 Lemon supplier advances 35,000 390,000 Deposits 129,000 138,000 Other 561,000 580,000 $ 2,387,000 $ 2,658,000 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment Property, plant and equipment consist of the following at October 31: 2015 2014 Land $ 48,211,000 $ 47,246,000 Land improvements 19,998,000 16,715,000 Buildings and building improvements 20,655,000 12,948,000 Equipment 28,624,000 28,048,000 Orchards 26,648,000 25,350,000 Construction in progress 35,428,000 23,388,000 179,564,000 153,695,000 Less accumulated depreciation (50,613,000) (47,822,000) $ 128,951,000 $ 105,873,000 Depreciation expense was $4,086,000, $3,448,000 and $2,380,000 for fiscal years 2015, 2014 and 2013, respectively. |
Real Estate Development
Real Estate Development | 12 Months Ended |
Oct. 31, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 7. Real Estate Development 2015 2014 East Areas I and II $ 59,227,000 $ 55,016,000 Templeton Santa Barbara, LLC 11,039,000 11,039,000 Windfall Investors, LLC 25,801,000 22,033,000 $ 96,067,000 $ 88,088,000 East Areas I and II 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 4,211,000 3,478,000 21,000 17,000 11,000 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 16.00 In connection with entering into a joint venture to develop the Company’s East Area I project, on November 10, 2015 (See Note 27, Subsequent Events) the success fee became payable and was determined to be $ 2,100,000 In connection with facilitating the annexation of East Area I into the City of Santa Paula, during February 2014, 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 5,000,000 Templeton Santa Barbara, LLC The three 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”) and Sevilla. The carrying values of Centennial, Pacific Crest and Sevilla at October 31, 2015 were $ 2,983,000 3,370,000 4,686,000 During fiscal years 2015 and 2014, the Company capitalized zero and $ 198,000 167,000 129,000 32,000 On August 25, 2014, the Company entered into a non-binding letter of intent to sell Centennial for $ 3,100,000 435,000 On November 29, 2013, the Company entered into a Purchase and Sale Agreement and Escrow Instructions to sell Sevilla and Pacific Crest for a combined purchase price of $ 8,300,000 95,000 Windfall Investors, LLC On November 15, 2009, the Company acquired Windfall Investors, LLC, which included $ 16,842,000 3,768,000 1,428,000 1,052,000 954,000 644,000 |
Equity Investments
Equity Investments | 12 Months Ended |
Oct. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Equity Investments Limco Del Mar, Ltd. The Company has a 1.3 22.1 The Company provides Del Mar with farm management, orchard land development and accounting services and received expense reimbursements of $ 150,000 141,000 141,000 568,000 675,000 733,000 712,000 828,000 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 75 9,000 8,000 34,000 HM East Ridge, LLC In February 2010, the Company and HM Manager, LLC formed HM East Ridge, LLC, (“East Ridge”) for the purpose of developing one of the four Templeton Project parcels. The Company and HM Manager each had a 50 7,207,000 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 5,713,000 1,754,000 Limoneira Chile SpA On August 14, 2014, through its wholly owned subsidiary, Limoneira Chile SpA, the Company invested $ 1,750,000 35 50 40 52 Rosales’ functional currency is the Chilean Peso. The following financial information has been translated to U.S. dollars. In addition, as a result of the Company’s acquisition of its equity interest, basis differences were identified between the historical cost of the net assets of Rosales and the proportionate fair value of the net assets acquired. Such basis differences aggregated $ 1,683,000 343,000 1,340,000 208,000 43,000 206,000 55,000 2015 Del Mar Romney East Ridge Rosales Total Assets $ 1,204,000 $ 652,000 $ $ 2,103,000 $ 3,959,000 Liabilities $ $ $ $ 1,113,000 $ 1,113,000 Equity 1,204,000 652,000 990,000 2,846,000 Total liabilities and equity $ 1,204,000 $ 652,000 $ $ 2,103,000 $ 3,959,000 Revenues $ 2,817,000 $ 13,000 $ $ 4,864,000 $ 7,694,000 Expenses 876,000 17,000 4,838,000 5,731,000 Net income (loss) $ 1,941,000 $ (4,000) $ $ 26,000 $ 1,963,000 2014 Assets $ 2,623,000 $ 707,000 $ $ 3,722,000 $ 7,052,000 Liabilities $ $ $ $ 2,471,000 $ 2,471,000 Equity 2,623,000 707,000 1,251,000 4,581,000 Total liabilities and equity $ 2,623,000 $ 707,000 $ $ 3,722,000 $ 7,052,000 Revenues $ 2,003,000 $ 6,000 $ $ 2,175,000 $ 4,184,000 Expenses 910,000 16,000 2,009,000 2,935,000 Net income (loss) $ 1,093,000 $ (10,000) $ $ 166,000 $ 1,249,000 2013 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) Del Mar Romney East Ridge Rosales Total 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 distributions (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 Equity earnings (losses) 256,000 (8,000) 15,000 263,000 Cash distributions (183,000) (183,000) Investment contributions 8,000 1,750,000 1,758,000 Investment balance October 31, 2014 1,338,000 535,000 1,765,000 3,638,000 Equity earnings (losses) 455,000 (13,000) (199,000) 243,000 Cash distributions (789,000) (54,000) (843,000) Investment contributions 9,000 9,000 Investment balance October 31, 2015 $ 1,004,000 $ 531,000 $ $ 1,512,000 $ 3,047,000 |
Investment in Calavo Growers, I
Investment in Calavo Growers, Inc. | 12 Months Ended |
Oct. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 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 6.9 10,000,000 1,728,570 15.1 23,450,000 13,450,000 335,000 6,079,000 2,729,000 On April 11, 2013, the Company sold 165,000 29.02 4,788,000 3,138,000 In October 2015, the Company sold 140,000 46.00 360,000 6,433,000 5,033,000 Additionally, changes in the fair value of the available-for-sale securities result in unrealized holding gains or losses on shares held by the Company and reclassifications of unrealized gains on securities sold by the Company. In fiscal year 2015, the Company recorded unrealized holding gains of $ 487,000 273,000 4,850,000 2,932,000 9,425,000 5,790,000 3,893,000 2,344,000 3,098,000 1,865,000 |
Note Receivable
Note Receivable | 12 Months Ended |
Oct. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 10. Note 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 4,263,000 2,963,000 112,000 1,300,000 7.0 3.5 35 50 589,000 2,084,000 40,000 60,000 78,000 In fiscal year 2015, the holder of the note completed the drilling of three water wells at the Company’s Windfall Investors, LLC real estate development property and two water wells at the Sheldon Ranches, which are leased by the Company. The fair value of the well drilling services was $ 1,535,000 824,000 711,000 27,000 |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | 11. Other Assets Other assets consist of the following at October 31: 2015 2014 Investments in mutual water companies $ 4,031,000 $ 3,731,000 Acquired water and mineral rights 1,536,000 1,536,000 Deferred lease assets and other 1,560,000 1,282,000 Revolving funds and memberships 349,000 355,000 Acquired trade names and trademarks 446,000 530,000 Goodwill 680,000 680,000 $ 8,602,000 $ 8,114,000 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 Deferred lease assets and other as of October 31, 2015 and 2014 includes $ 586,000 793,000 156,000 204,000 79,000 91,000 In addition, deferred lease assets and other as of October 31, 2015 and 2014 includes a patent for an agricultural variety with a carrying value of $ 110,000 123,000 112,000 99,000 13,000 13,000 Revolving Funds and Memberships Revolving funds and memberships represent the Company’s investments in various cooperative associations. Acquired Trade Names, Trademarks and Goodwill The Company acquired $ 486,000 680,000 60,000 60,000 160,000 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Oct. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 12. Accrued Liabilities Accrued liabilities consist of the following at October 31: 2015 2014 Compensation $ 1,655,000 $ 3,280,000 Income taxes 180,000 - Property taxes 541,000 500,000 Interest 263,000 235,000 Deferred rental income and deposits 892,000 598,000 Lease expense 827,000 1,458,000 Lemon supplier payables 788,000 624,000 Capital expenditures and other 718,000 844,000 $ 5,864,000 $ 7,539,000 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 13. Long-Term Debt Long-term debt is comprised of the following at October 31: 2015 2014 Rabobank revolving credit facility: the interest rate is variable based on the one-month London Interbank Offered Rate (LIBOR), which was 0.19% at October 31, 2015, plus 1.80%. Interest is payable monthly and the principal is due in full in June 2018. $ 83,834,000 $ 61,623,000 Farm Credit West term loan: the interest rate is variable and was 2.75% at October 31, 2015. The loan is payable in quarterly installments through November 2022. 4,235,000 4,756,000 Farm Credit West non-revolving line of credit: the interest rate is variable and was 2.75% at October 31, 2015. Interest is payable monthly and the principal is due in full in May 2018. 492,000 492,000 Farm Credit West term loan: the interest rate is variable and was 2.75% at October 31, 2015. The loan is payable in monthly installments through October 2035. 1,263,000 1,475,000 CNH Capital loans: these loans were fully paid in May and July 2015. - 8,000 89,824,000 68,354,000 Less current portion 589,000 583,000 Total long-term debt, less current portion $ 89,235,000 $ 67,771,000 The Rabobank and Farm Credit West loans are secured by certain of the Company’s agricultural properties and a portion of the equity interest in the Company’s investments in certain mutual water companies. On March 31, 2014, the Company entered into a Third Amendment to the Amended and Restated Line of Credit Agreement dated December 15, 2008 in order to, among other things, release Rabobank’s security interest in Teague McKevett Ranch, which is also known as East Area I real estate development project, in Ventura County, California, and grant Rabobank a security interest in certain of the Company’s agricultural properties located in Ventura and Tulare Counties. The line of credit provides for maximum borrowings of $ 100,000,000 92,556,000 106,000 Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $ 2,534,000 2,315,000 The Company incurs certain loan fees and costs associated with its new or amended credit arrangements. Such costs are capitalized as deferred financing costs and amortized as interest expense using the straight-line method over the terms of the credit agreements. The balance of deferred financing costs is $ 156,000 Principal payments on the Company’s long-term debt are due as follows: 2016 $ 589,000 2017 605,000 2018 84,948,000 2019 640,000 2020 657,000 Thereafter 2,385,000 $ 89,824,000 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Oct. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 14. Derivative Instruments and Hedging Activities Derivative financial instruments consist of the following at October 31: Notional Amount Fair Value Liability 2015 2014 2015 2014 Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018 $ 40,000,000 $ 40,000,000 $ 1,702,000 $ 1,782,000 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 40,000,000 The Company’s previous interest rate swap, which had a notional amount of $ 42,000,000 711,000 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Oct. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 15. Related-Party Transactions The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $ 622,000 561,000 534,000 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 $ 1,357,000 1,232,000 1,135,000 175,000 74,000 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 $ 1,567,000 1,425,000 1,266,000 142,000 177,000 The Company recorded dividend income of $ 375,000 350,000 432,000 7,132,000 7,374,000 11,683,000 67,000 242,000 272,000 277,000 271,000 162,000 658,000 2,418,000 Certain members of the Company’s board of directors market lemons through the Company pursuant to its customary marketing agreements. During fiscal years 2015, 2014 and 2013 the aggregate amount of lemons procured from entities owned or controlled by members of the board of directors was $ 1,472,000 1,583,000 1,101,000 531,000 592,000 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 options to lease up to an additional 960 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 20 200 20 1,200 58,000 15,000 148,000 82,000 18,000 42,000 1,000 On February 3, 2015, the Company entered into a Modification of Lease Agreement (the “Amendment”) with Cadiz. The Amendment, among other things, increased by 200 acres the amount of property leased by the Company under the lease agreement dated July 1, 2013. In connection with the Amendment, the Company paid a total of $ 1,212,000 The Company has representation on the board of directors of Colorado River Growers, Inc. (“CRG”), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest and third-party grower expense to CRG of $ 6,003,000 6,805,000 218,000 116,000 40,000 The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District (“YMIDD”). In December 2013, Associated entered into an agreement, as amended in December 2014 and 2015, with YMIDD to participate in a Pilot Fallowing Program in which Associated agreed to forego its water allocation for approximately 300 acres of land in exchange for $ 750 210,000 166,000 160,000 183,000 125,000 119,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 16. Income Taxes The components of the provisions for income taxes for fiscal years 2015, 2014 and 2013 are as follows: 2015 2014 2013 Current: Federal $ (3,315,000) $ (2,820,000) $ (3,589,000) State (1,007,000) (882,000) (856,000) Foreign (2,000) - - Total current provision (4,324,000) (3,702,000) (4,445,000) Deferred: Federal 343,000 80,000 1,084,000 State 7,000 49,000 126,000 Total deferred provision 350,000 129,000 1,210,000 Total provision $ (3,974,000) $ (3,573,000) $ (3,235,000) 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. The components of deferred income tax assets (liabilities) at October 31, 2015 and 2014 are as follows: 2015 2014 Deferred income tax assets (liabilities): Labor accruals $ 246,000 $ 250,000 Property taxes (205,000) (181,000) State income taxes 337,000 288,000 Prepaid insurance and other 38,000 77,000 Depreciation (5,518,000) (5,678,000) Amortization 683,000 332,000 Impairments of real estate development assets 3,152,000 3,145,000 Derivative instruments 669,000 699,000 Minimum pension liability adjustment 1,715,000 1,945,000 Unrealized net gain on Calavo investment (5,864,000) (7,564,000) Book and tax basis difference of acquired assets (14,482,000) (14,093,000) Other (196,000) (261,000) Net deferred income tax liabilities $ (19,425,000) $ (21,041,000) In November 2015, the FASB issued Accounting Standard Update No. 2015-17, "Balance Sheet Classification of Deferred Taxes", an update to ASC 740, Income Taxes (“Update”). Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Board also decided to permit earlier application by all entities as of the beginning of any interim or annual reporting period. The Board further provides that this Update may be applied to all deferred tax liabilities and assets retrospectively to all periods presented. The Company chose to adopt the Update retrospectively in fiscal year ended October 31, 2015 and reclassified $ 751,000 At October 31, 2015, the Company had state operating loss carry-forwards of approximately $ 400,000 The income tax provision differs from that computed using the federal statutory rate applied to income before taxes as follows for fiscal years 2015, 2014, and 2013: 2015 2014 2013 Amount % Amount % Amount % Provision at statutory rates $ (3,757,000) (34.0) % $ (3,587,000) (34.0) % $ (2,768,000) (34.0) % State income tax, net of federal benefit (614,000) (5.5) % (552,000) (5.2) % (509,000) (6.2) % Dividend exclusion 94,000 0.8 % 83,000 0.8 % 103,000 1.3 % Production deduction 495,000 4.5 % 461,000 4.4 % 175,000 2.1 % Other permanent items (192,000) (1.7) % 22,000 0.2 % (236,000) (2.9) % Total income tax provision $ (3,974,000) (35.9) % $ (3,573,000) (33.8) % $ (3,235,000) (39.7) % The Company recognizes excess tax deductions associated with the vesting of stock grants directly to stockholders’ equity when realized. At October 31, 2015 and 2014, 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, 2015. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Oct. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 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 Wells Fargo 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 $ 375,000 500,000 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: Domestic Equity 35 40 10 15 47 3 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. 2015 2014 Administrative expenses $ 135,000 $ 135,000 Interest cost 852,000 820,000 Expected return on plan assets (1,128,000) (1,073,000) Recognized actuarial loss 984,000 781,000 Net periodic benefit cost $ 843,000 $ 663,000 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 21,959,000 $ 19,280,000 Service cost 135,000 135,000 Interest cost 852,000 820,000 Benefits paid (1,031,000) (1,006,000) Actuarial (gain) loss (864,000) 2,730,000 Benefit obligation at end of year $ 21,051,000 $ 21,959,000 Change in plan assets: Fair value of plan assets at beginning of year $ 17,005,000 $ 16,375,000 Actual return on plan assets 343,000 1,136,000 Employer contributions 375,000 500,000 Benefits paid (1,031,000) (1,006,000) Fair value of plan assets at end of year $ 16,692,000 $ 17,005,000 Reconciliation of funded status: Fair value of plan assets $ 16,692,000 $ 17,005,000 Benefit obligations 21,051,000 21,959,000 Net plan obligations $ (4,359,000) $ (4,954,000) Amounts recognized in statements of financial position: Noncurrent assets $ $ Current liabilities Noncurrent liabilities (4,359,000) (4,954,000) Net obligation recognized in statements of financial position $ (4,359,000) $ (4,954,000) Reconciliation of amounts recognized in statements of financial position: Accumulated other comprehensive loss $ (8,015,000) $ (9,077,000) Accumulated contributions in excess of net periodic benefit cost 3,656,000 4,123,000 Net deficit recognized in statements of financial position $ (4,359,000) $ (4,954,000) 2015 2014 Changes recognized in other comprehensive income: Net (gain) loss arising during the year $ (79,000) $ 2,667,000 Amortization or settlement recognition of net loss (984,000) (781,000) Total recognized in other comprehensive (income) loss $ (1,063,000) $ 1,886,000 Total recognized in net periodic benefit and other comprehensive (income) loss $ (220,000) $ 2,549,000 2015 Initial net asset (obligation) $ Prior service credit (cost) Net loss 746,000 Total $ 746,000 2015 2014 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.10 % 4.00 % Assumptions used to determine net periodic benefit cost: Discount rate 4.00 % 4.40 % Expected return on plan assets 7.00 % 7.00 % Additional year-end information: Projected benefit obligation $ 21,051,000 $ 21,959,000 Accumulated benefit obligation $ 21,051,000 $ 21,959,000 Fair value of plan assets $ 16,692,000 $ 17,005,000 500,000 2016 $ 1,117,000 2017 1,168,000 2018 1,199,000 2019 1,220,000 2020 1,225,000 2021-2025 6,362,000 $ 12,291,000 Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 525,000 $ $ $ 525,000 Mutual funds 1,238,000 1,238,000 Pooled funds 14,929,000 14,929,000 $ 1,763,000 14,929,000 $ $ 16,692,000 The Company has a 401(k) plan in which it contributes an amount equal to 4 100 4 20 775,000 647,000 615,000 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Oct. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | 18. Other Long-Term Liabilities 2015 2014 Minimum pension liability $ 4,359,000 $ 4,954,000 Fair value of derivative instrument 935,000 973,000 Contingent consideration 300,000 300,000 Deposit received for joint venture interest 2,000,000 - Deferred gain and other 47,000 55,000 $ 7,641,000 $ 6,282,000 |
Operating Lease Income
Operating Lease Income | 12 Months Ended |
Oct. 31, 2015 | |
Leases, Operating [Abstract] | |
Leases of Lessor Disclosure [Text Block] | The Company rents certain of its assets under net operating lease agreements ranging from one month to 20 1,865,000 21,042,000 5,370,000 135,000 200,000 119,000 2016 $ 1,792,000 2017 1,621,000 2018 1,387,000 2019 529,000 2020 294,000 Thereafter 1,457,000 $ 7,080,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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 2015, 2014 and 2013 was $ 2,922,000 3,390,000 2,316,000 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 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 1,275,000 664,000 903,000 Additionally, the Company had agreements which expired in 2014, with an electric utility through the California Solar Initiative which entitled it to receive rebates for energy produced by our solar arrays. These rebates were zero, $ 91,000 992,000 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 1,137,000 1,641,000 724,000 On July 1, 2013, the Company and Cadiz, entered into a long-term lease agreement 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 20 200 20 1,200 On February 3, 2015, the Company amended its lease agreement with Cadiz. The amendment, among other things; increased by 200 acres the amount of property leased by the Company under the lease agreement dated July 1, 2013. The Company incurred $ 58,000 15,000 2016 $ 1,341,000 2017 1,259,000 2018 1,227,000 2019 440,000 2020 414,000 Thereafter 2,077,000 $ 6,758,000 Letters of Credit The Company utilizes standby letters of credit to satisfy workers’ compensation insurance security deposit requirements. At October 31, 2015, these outstanding letters of credit totaled $ 137,000 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. |
Public Offering of Common Stock
Public Offering of Common Stock | 12 Months Ended |
Oct. 31, 2015 | |
Public Offering Of Common Stock [Abstract] | |
Public Offering Of Common Stock [Text Block] | 21. 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. |
Series B and Series B-2 Preferr
Series B and Series B-2 Preferred Stock | 12 Months Ended |
Oct. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Preferred Stock [Text Block] | 22. Series B and Series B-2 Preferred Stock Series B Convertible Preferred Stock In 1997, in connection with the acquisition of Ronald Michaelis Ranches, Inc., the Company issued 30,000 100.00 Dividends: The holders of shares of Series B Stock are entitled to receive cumulative cash dividends at an annual rate of 8.75 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 August 1, 2017 and before July 31, 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 Put: The holders of Series B Stock may at any time after July 1, 2017 and before June 31, 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. Because the Series B Stock may be redeemed by holders of the shares at their discretion beginning July 1, 2017, the redemption is outside of the control the Company and accordingly, the Series B Stock has been classified as temporary equity. In September 2015, 500 6,250 Series B-2 Convertible Preferred Stock During March and April of 2014, pursuant to a Series B-2 Stock Purchase Agreement dated March 21, 2014, the Company issued an aggregate of 9,300 100.00 9,300,000 Conversion: Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Company’s common stock based upon the closing price of the Company’s common stock on the NASDAQ Stock Market, LLC or on such other principal market on which the Company’s common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock (i) at any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination. Dividends: The holder of shares of the Series B-2 Preferred Stock is entitled to receive cumulative cash dividends at an annual rate of 4 1,000 Liquidation Rights: In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holder of shares of the Series B-2 Preferred Stock is entitled to be paid out of the assets available for distribution, before any payment is made to the holders of the Company’s common stock or any other series or class of the Company’s shares ranking junior to the Series B-2 Preferred Stock, an amount equal to the liquidation value of $1,000 per share, plus an amount equal to all accrued and unpaid dividends. Voting Rights: Each share of Series B-2 Preferred Stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. Redemption: The Company may redeem shares of Series B-2 Preferred Stock only (i) from WPI or its designee and (ii) upon, and to the extent of, an election to exercise the option pursuant to the Option Agreement, described below, at a redemption price equal to the liquidation value of $1,000 per share plus accrued and unpaid dividends. Because the Series B-2 Preferred Stock may be redeemed by WPI at its discretion with the exercise of the Option Agreement, the redemption is outside of the control the Company and accordingly, the Series B-2 Preferred Stock has been classified as temporary equity. In connection with the sale of the Series B-2 Preferred Stock, Associated and another affiliate of WAM (“WPI-ACP”), entered into a series of agreements related to the future ownership and disposition of farmland with associated Colorado River water rights and other real estate that is held by Associated in Yuma, Arizona. The agreements allow the parties to explore strategies that will make the highest and best use of those assets, including but not limited to the sale or lease of assets or the expansion of a fallowing and water savings program in which a portion of Associated’s property is currently enrolled. The net proceeds of any monetization event would be shared equally by the parties. The agreements entered into include a Water Development Agreement and an Option Agreement. Pursuant to the Water Development Agreement, Associated granted WPI-ACP exclusive rights to develop water assets attributable to the real estate owned by Associated for the mutual benefit of Associated and WAM. Pursuant to the Option Agreement, Associated granted WPI-ACP an option to purchase an undivided interest of up to one-half of the real estate owned by Associated in Yuma County, Arizona (the “Property”) and the water rights associated therewith until January 1, 2026. The purchase price for the Property subject to the Option Agreement will be paid via the redemption by the Company of a proportionate percentage of the Series B-2 Preferred Stock. Unless and until a definitive agreement or definitive agreements with respect to Associated’s real estate and water rights is entered into that would cause the cessation of farming operations, Associated expects to continue farming the Property and recognize all results of operations and retain all proceeds from such operations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 23. Stockholders’ Equity 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 October 31, 2006 December 20, 2006 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 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. In December 2015, 27,424 with a per share value of $ 15.29 410,000 130,000 42,085 with a per share value of $ 25.35 1,071,000 367,000 27,091 with a per share value of $ 26.82 727,000 253,000 Performance Shares Year Ended October 31, Year Granted 2015 2014 2013 2010 62,287 $ - $ - $ 91,000 2012 34,721 33,000 209,000 209,000 2013 27,091 237,000 237,000 253,000 2014 42,085 352,000 367,000 - 2015 27,424 130,000 - - $ 752,000 $ 813,000 $ 553,000 During fiscal years 2015, 2014, and 2013, respectively, members of management exchanged 10,907 6,619 11,010 275,000 176,000 236,000 During fiscal years 2015, 2014 and 2013, respectively, 15,077 13,587 9,040 325,000 303,000 200,000 Donation of Common Stock During each June of 2015, 2014 and 2013 the Company donated $ 100,000 4,498 4,552 4,859 100,000 |
Fruit Growers Supply Cooperativ
Fruit Growers Supply Cooperative | 12 Months Ended |
Oct. 31, 2015 | |
Fruit Growers Supply Cooperative [Abstract] | |
Fruit Growers Supply Cooperative Disclosure [Text Block] | 24. 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, 2015 and October 31, 2014, the Company has been allocated $ 729,000 67,000 59,000 During September 2011, the Company settled a claim with Sunkist in which Sunkist requested a refund of $ 586,000 50 251,000 |
Segment Information
Segment Information | 12 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 25. Segment Information The Company operates in four reportable operating segments; lemon operations, other 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 lemon operations segment includes farming, harvesting and lemon packing. The other agribusiness segment includes farming and harvesting. 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. The Company does not separately allocate depreciation and amortization to its lemon operations and other agribusiness segments. 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 operating income, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, other income, interest expense and income taxes, or specifically identify them to its operating segments. During the fourth quarter of fiscal year 2015, the Company changed the composition of its operating segments from three reportable segments to four reportable segments by presenting lemon operations separate from other agribusiness. This change was made to align operating segments with the basis that the chief operating decision maker uses to review financial information to make operating decisions, assess performance, develop strategy and allocate capital resources. All prior period disclosures below have been recast to present results on a comparable basis. Year Ended October 31, 2015 2014 2013 Lemon operations: Revenues $ 78,978,000 $ 79,726,000 $ 58,137,000 Costs and expenses 61,766,000 59,412,000 49,252,000 Operating income 17,212,000 20,314,000 8,885,000 Other agribusiness: Revenues 16,146,000 18,796,000 21,853,000 Costs and expenses 12,079,000 12,086,000 12,598,000 Operating income 4,067,000 6,710,000 9,255,000 Lemon and other agribusiness depreciation and amortization 3,341,000 2,827,000 1,757,000 Total agribusiness operating income 17,938,000 24,197,000 16,383,000 Rental operations: Revenues 5,104,000 4,640,000 4,250,000 Costs and expenses 2,859,000 2,651,000 2,213,000 Depreciation and amortization 581,000 422,000 388,000 Operating income 1,664,000 1,567,000 1,649,000 Real estate development: Revenues 83,000 300,000 644,000 Costs and expenses 1,284,000 1,756,000 1,361,000 Depreciation and amortization 46,000 79,000 67,000 Operating loss (1,247,000) (1,535,000) (784,000) Selling, general and administrative expenses; (13,772,000) (14,336,000) (11,850,000) Total operating income $ 4,583,000 $ 9,893,000 $ 5,398,000 The following table sets forth revenues by category, by segment for fiscal years 2015, 2014 and 2013: Year Ended October 31, 2015 2014 2013 Lemon operations revenues $ 78,978,000 $ 79,726,000 $ 58,137,000 Avocados 7,132,000 7,374,000 11,683,000 Navel and Valencia oranges 5,626,000 7,616,000 5,528,000 Specialty citrus and other crops 3,388,000 3,806,000 4,642,000 Other agribusiness revenues 16,146,000 18,796,000 21,853,000 Rental operations 2,892,000 2,454,000 2,385,000 Leased land 1,865,000 1,986,000 1,746,000 Organic recycling 347,000 200,000 119,000 Rental operations revenues 5,104,000 4,640,000 4,250,000 Real estate development revenues 83,000 300,000 644,000 Total revenues $ 100,311,000 $ 103,462,000 $ 84,884,000 |
Sale of Property
Sale of Property | 12 Months Ended |
Oct. 31, 2015 | |
Proceeds from Sale of Property, Plant, and Equipment [Abstract] | |
Sale Of Property [Text Block] | 26. Sale of Property On August 21, 2015, the Company sold its Wilson Ranch, which is comprised of 52 33 2,750,000 935,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 27. Subsequent Events The Company has evaluated events subsequent to October 31, 2015, to assess the need for potential recognition or disclosure in this Annual Report on Form 10-K. Based upon this evaluation, except as disclosed below and in the notes to consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the consolidated financial statements. East Area I Joint Venture Development Agreement On November 10, 2015, (the “Transaction Date”) the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (the “LLC” or “Joint Venture”) as the development entity, contributed its East Area I property to the LLC and sold a 50 20,000,000 2,000,000 18,000,000 18,800,000 1,200,000 2,100,000 On the Transaction Date, a subsidiary of the Company and Lewis also entered into a limited liability company agreement (the “LLC Agreement”) providing for the admittance of Lewis as a 50 Pursuant to the LLC Agreement, the Joint Venture will own, develop, subdivide, entitle, maintain, improve, hold for investment, market and dispose of the Joint Venture’s property in accordance with the business plan and budget approved by the executive committee. Further on the Transaction Date, the Joint Venture and the Company entered into a Lease Agreement (the "Lease Agreement"), pursuant to which the Joint Venture will lease certain of the contributed East Area I property back to the Company for continuation of agricultural operations, and certain other permitted uses, on the property until the Joint Venture requires the property for development. The Lease provides a rate of $ 1 The Company and the Joint Venture Entity also entered into a Retained Property Development Agreement on the Transaction Date (the "Retained Property Agreement"). Under the terms of the Retained Property Agreement, the Joint Venture will transfer certain contributed East Area I property, which is entitled for commercial development, back to the Company (the "Retained Property") and arrange for the design and construction of certain improvements to the Retained Property, subject to certain reimbursements by the Company. Wells Fargo Term Loan On December 18, 2015, Limoneira Company (the “Company”) drew an advance of $ 8,000,000 10,000,000 The Interim Funding Agreement provides a “Cutoff Date,” of January 31, 2016 whereby if the Equipment has not been delivered to and accepted by the Company, then upon demand the Company is obligated to repay the Advance together with any unpaid interest thereon to Wells Fargo and Wells Fargo will transfer any and all of its rights to the Equipment to the Company. The Advance matures on the earliest of: (i) the date Wells Fargo demands payment after the Cutoff Date, (ii) the date the Equipment is accepted by the Company or (iii) the date the Company repays the Advance. The foregoing summary of the Interim Funding Agreement is qualified in its entirety by reference to the text of the Interim Funding Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein. The interest rate on the Interim Funding Agreement is LIBOR plus 2% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 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, statements of operations, statements of comprehensive income, statements of stockholders’ equity and temporary equity and 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 |
Use of Estimates, Policy [Policy Text Block] | 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. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | 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, 2015 and 2014 the allowances totaled $ 390,000 442,000 208,000 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations The Company sells all of its avocado production to Calavo. Sales of avocados to Calavo were $ 7,132,000 7,374,000 11,683,000 Lemons procured from third-party growers were approximately 36 36 52 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. |
Costs Incurred, Policy [Policy Text Block] | 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 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 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 Tax, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment is stated at original cost, net of accumulated depreciation. Land improvements 10 20 Buildings and building improvements 10 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. |
Interest Capitalization, Policy [Policy Text Block] | 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 $ 2,534,000 2,315,000 |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | 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 $ 7,979,000 5,104,000 |
Equity Method Investments, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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, 2015 and 2014, marketable securities are comprised of the Company’s investment in Calavo. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 of zero and $ 435,000 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 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 eight 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. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. Goodwill impairment is tested in a two-step process, with the first step performed to determine if there is potential for impairment by comparing the fair value of the reporting unit to its carrying value. If potential impairment is identified as indicated by the carrying value exceeding the fair value of the reporting unit, the second step is performed to measure the amount of impairment to be recognized in the financial statements by comparing the implied fair value of goodwill to its carrying value. If the carrying value of goodwill exceeds its implied fair value, an impairment loss is recognized for the excess amount. Goodwill impairment testing involves significant judgment and estimates. The annual assessment of goodwill impairment was performed as of July 31, 2015 with no impairment noted. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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, note 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, 2015 and 2014. |
Derivatives, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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 also earns commissions on certain brokered fruit sales, which totaled $ 114,000 115,000 53,000 The Company’s avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. 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 $ 9,000 184,000 36,000 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 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 Costs, Policy [Policy Text Block] | Advertising costs are expensed as incurred. Such costs in fiscal years 2015, 2014, and 2013 were $ 364,000 308,000 315,000 |
Lease, Policy [Policy Text Block] | 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. |
Earnings Per Share, Policy [Policy Text Block] | Basic net income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of preferred stock. Diluted net income per common share is calculated using the weighted-average number of common shares outstanding plus the dilutive effect of conversion of preferred stock. The Series B and Series B-2 convertible preferred shares were anti-dilutive for fiscal years ended October 31, 2015, 2014 and 2013. |
Reclassification, Policy [Policy Text Block] | Reclassifications and Adjustments Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the October 31, 2015 presentation. Immaterial Classification Error - An immaterial error in the classification of an equity method investee’s distributions was corrected in the October 31, 2014 and 2013 consolidated financial statements which resulted in the reclassification of an equity method investee’s distributions from investing to operating cash flows in the amounts of $ 183,000 110,000 440,000 183,000 Materiality |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | 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, 4.0 4.1 864,000 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Financial Accounting Standards Board Accounting Standards Update (“FASB ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and tangible assets within the scope of Topic 350, Intangibles Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: · Identify the contract(s) with a customer. · Identify the performance obligations in the contract. · Determine the transaction price. · Allocate the transaction price to the performance obligations in the contract. · Recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements. Financial Accounting Standards Board Accounting Standards Update (“FASB ASU”) 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern The amendments in ASU 2014-15 are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in this ASU are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company is evaluating the effect this ASU may have on its consolidated financial statements. FASB Accounting Standards Update No. 2015-03, InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. FASB Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this ASU more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. FASB Accounting Standards Updates No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For private companies, not-for-profit organizations, and employee benefit plans, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted and the Company adopted this ASU retrospectively in its fiscal year ended October 31, 2015 resulting in the reclassification of $ 751,000 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Useful Life [Table Text Block] | 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 10 20 Buildings and building improvements 10 50 Equipment 5 20 Orchards 20 40 |
Agriculture Property Acquisit37
Agriculture Property Acquisitions (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following is a summary of the fair value of the assets acquired on the date of acquisition based on a third-party valuation, which is considered a Level 3 fair value measurement under FASB ASC 820, Fair Value Measurements and Disclosures Building $ 395,000 Land and improvements 260,000 Equipment 885,000 Customer relationships 160,000 Fair value of assets acquired $ 1,700,000 |
Lemons 400 [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following is a summary of the fair value of the assets acquired on the date of acquisition based on a third-party valuation, which is considered a Level 3 fair value measurement under FASB ASC 820, Fair Value Measurements and Disclosures 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 Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following is a summary of the fair value of the assets acquired on the date of acquisition based on a third-party valuation, which is considered a Level 3 fair value measurement under FASB ASC 820, Fair Value Measurements and Disclosures 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, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth the Company’s financial assets and liabilities as of October 31, 2015 and 2014 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: 2015 Level 1 Level 2 Level 3 Total Assets at fair value: Available- for -sale securities $ 18,508,000 $ $ $ 18,508,000 Liabilities at fair value: Derivatives $ $ 1,702,000 $ $ 1,702,000 2014 Level 1 Level 2 Level 3 Total Assets at fair value: Available- for -sale securities $ 24,270,000 $ $ $ 24,270,000 Liabilities at fair value: Derivatives $ $ 1,782,000 $ $ 1,782,000 |
Prepaid Expenses and Other Cu39
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Prepaid expenses and other current assets consist of the following at October 31: 2015 2014 Prepaid insurance $ 598,000 $ 568,000 Prepaid supplies 1,064,000 982,000 Lemon supplier advances 35,000 390,000 Deposits 129,000 138,000 Other 561,000 580,000 $ 2,387,000 $ 2,658,000 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following at October 31: 2015 2014 Land $ 48,211,000 $ 47,246,000 Land improvements 19,998,000 16,715,000 Buildings and building improvements 20,655,000 12,948,000 Equipment 28,624,000 28,048,000 Orchards 26,648,000 25,350,000 Construction in progress 35,428,000 23,388,000 179,564,000 153,695,000 Less accumulated depreciation (50,613,000) (47,822,000) $ 128,951,000 $ 105,873,000 |
Real Estate Development (Tables
Real Estate Development (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Real estate development assets are comprised primarily of land and land development costs and consist of the following at October 31: 2015 2014 East Areas I and II $ 59,227,000 $ 55,016,000 Templeton Santa Barbara, LLC 11,039,000 11,039,000 Windfall Investors, LLC 25,801,000 22,033,000 $ 96,067,000 $ 88,088,000 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | The following is unaudited financial information of the equity method investees for fiscal years 2015, 2014 and 2013: 2015 Del Mar Romney East Ridge Rosales Total Assets $ 1,204,000 $ 652,000 $ $ 2,103,000 $ 3,959,000 Liabilities $ $ $ $ 1,113,000 $ 1,113,000 Equity 1,204,000 652,000 990,000 2,846,000 Total liabilities and equity $ 1,204,000 $ 652,000 $ $ 2,103,000 $ 3,959,000 Revenues $ 2,817,000 $ 13,000 $ $ 4,864,000 $ 7,694,000 Expenses 876,000 17,000 4,838,000 5,731,000 Net income (loss) $ 1,941,000 $ (4,000) $ $ 26,000 $ 1,963,000 2014 Assets $ 2,623,000 $ 707,000 $ $ 3,722,000 $ 7,052,000 Liabilities $ $ $ $ 2,471,000 $ 2,471,000 Equity 2,623,000 707,000 1,251,000 4,581,000 Total liabilities and equity $ 2,623,000 $ 707,000 $ $ 3,722,000 $ 7,052,000 Revenues $ 2,003,000 $ 6,000 $ $ 2,175,000 $ 4,184,000 Expenses 910,000 16,000 2,009,000 2,935,000 Net income (loss) $ 1,093,000 $ (10,000) $ $ 166,000 $ 1,249,000 2013 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) |
Schedule Of Earnings And Losses Of Equity Method Investees [Table Text Block] | The Company’s investment and equity in earnings (losses) of the equity method investees are as follows: Del Mar Romney East Ridge Rosales Total 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 distributions (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 Equity earnings (losses) 256,000 (8,000) 15,000 263,000 Cash distributions (183,000) (183,000) Investment contributions 8,000 1,750,000 1,758,000 Investment balance October 31, 2014 1,338,000 535,000 1,765,000 3,638,000 Equity earnings (losses) 455,000 (13,000) (199,000) 243,000 Cash distributions (789,000) (54,000) (843,000) Investment contributions 9,000 9,000 Investment balance October 31, 2015 $ 1,004,000 $ 531,000 $ $ 1,512,000 $ 3,047,000 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Other Assets [Abstract] | |
Schedule of Other Assets [Table Text Block] | 2015 2014 Investments in mutual water companies $ 4,031,000 $ 3,731,000 Acquired water and mineral rights 1,536,000 1,536,000 Deferred lease assets and other 1,560,000 1,282,000 Revolving funds and memberships 349,000 355,000 Acquired trade names and trademarks 446,000 530,000 Goodwill 680,000 680,000 $ 8,602,000 $ 8,114,000 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 Compensation $ 1,655,000 $ 3,280,000 Income taxes 180,000 - Property taxes 541,000 500,000 Interest 263,000 235,000 Deferred rental income and deposits 892,000 598,000 Lease expense 827,000 1,458,000 Lemon supplier payables 788,000 624,000 Capital expenditures and other 718,000 844,000 $ 5,864,000 $ 7,539,000 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2015 2014 Rabobank revolving credit facility: the interest rate is variable based on the one-month London Interbank Offered Rate (LIBOR), which was 0.19% at October 31, 2015, plus 1.80%. Interest is payable monthly and the principal is due in full in June 2018. $ 83,834,000 $ 61,623,000 Farm Credit West term loan: the interest rate is variable and was 2.75% at October 31, 2015. The loan is payable in quarterly installments through November 2022. 4,235,000 4,756,000 Farm Credit West non-revolving line of credit: the interest rate is variable and was 2.75% at October 31, 2015. Interest is payable monthly and the principal is due in full in May 2018. 492,000 492,000 Farm Credit West term loan: the interest rate is variable and was 2.75% at October 31, 2015. The loan is payable in monthly installments through October 2035. 1,263,000 1,475,000 CNH Capital loans: these loans were fully paid in May and July 2015. - 8,000 89,824,000 68,354,000 Less current portion 589,000 583,000 Total long-term debt, less current portion $ 89,235,000 $ 67,771,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ 589,000 2017 605,000 2018 84,948,000 2019 640,000 2020 657,000 Thereafter 2,385,000 $ 89,824,000 |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Fair Value Liability 2015 2014 2015 2014 Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018 $ 40,000,000 $ 40,000,000 $ 1,702,000 $ 1,782,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current: Federal $ (3,315,000) $ (2,820,000) $ (3,589,000) State (1,007,000) (882,000) (856,000) Foreign (2,000) - - Total current provision (4,324,000) (3,702,000) (4,445,000) Deferred: Federal 343,000 80,000 1,084,000 State 7,000 49,000 126,000 Total deferred provision 350,000 129,000 1,210,000 Total provision $ (3,974,000) $ (3,573,000) $ (3,235,000) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred income tax assets (liabilities): Labor accruals $ 246,000 $ 250,000 Property taxes (205,000) (181,000) State income taxes 337,000 288,000 Prepaid insurance and other 38,000 77,000 Depreciation (5,518,000) (5,678,000) Amortization 683,000 332,000 Impairments of real estate development assets 3,152,000 3,145,000 Derivative instruments 669,000 699,000 Minimum pension liability adjustment 1,715,000 1,945,000 Unrealized net gain on Calavo investment (5,864,000) (7,564,000) Book and tax basis difference of acquired assets (14,482,000) (14,093,000) Other (196,000) (261,000) Net deferred income tax liabilities $ (19,425,000) $ (21,041,000) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Amount % Amount % Amount % Provision at statutory rates $ (3,757,000) (34.0) % $ (3,587,000) (34.0) % $ (2,768,000) (34.0) % State income tax, net of federal benefit (614,000) (5.5) % (552,000) (5.2) % (509,000) (6.2) % Dividend exclusion 94,000 0.8 % 83,000 0.8 % 103,000 1.3 % Production deduction 495,000 4.5 % 461,000 4.4 % 175,000 2.1 % Other permanent items (192,000) (1.7) % 22,000 0.2 % (236,000) (2.9) % Total income tax provision $ (3,974,000) (35.9) % $ (3,573,000) (33.8) % $ (3,235,000) (39.7) % |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost for the Plan for fiscal years 2015 and 2014 were as follows: 2015 2014 Administrative expenses $ 135,000 $ 135,000 Interest cost 852,000 820,000 Expected return on plan assets (1,128,000) (1,073,000) Recognized actuarial loss 984,000 781,000 Net periodic benefit cost $ 843,000 $ 663,000 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Following is a summary of the Plan’s funded status as of October 31: 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 21,959,000 $ 19,280,000 Service cost 135,000 135,000 Interest cost 852,000 820,000 Benefits paid (1,031,000) (1,006,000) Actuarial (gain) loss (864,000) 2,730,000 Benefit obligation at end of year $ 21,051,000 $ 21,959,000 Change in plan assets: Fair value of plan assets at beginning of year $ 17,005,000 $ 16,375,000 Actual return on plan assets 343,000 1,136,000 Employer contributions 375,000 500,000 Benefits paid (1,031,000) (1,006,000) Fair value of plan assets at end of year $ 16,692,000 $ 17,005,000 Reconciliation of funded status: Fair value of plan assets $ 16,692,000 $ 17,005,000 Benefit obligations 21,051,000 21,959,000 Net plan obligations $ (4,359,000) $ (4,954,000) Amounts recognized in statements of financial position: Noncurrent assets $ $ Current liabilities Noncurrent liabilities (4,359,000) (4,954,000) Net obligation recognized in statements of financial position $ (4,359,000) $ (4,954,000) Reconciliation of amounts recognized in statements of financial position: Accumulated other comprehensive loss $ (8,015,000) $ (9,077,000) Accumulated contributions in excess of net periodic benefit cost 3,656,000 4,123,000 Net deficit recognized in statements of financial position $ (4,359,000) $ (4,954,000) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Presented below are changes in accumulated other comprehensive income, before tax, in the Plan as of October 31: 2015 2014 Changes recognized in other comprehensive income: Net (gain) loss arising during the year $ (79,000) $ 2,667,000 Amortization or settlement recognition of net loss (984,000) (781,000) Total recognized in other comprehensive (income) loss $ (1,063,000) $ 1,886,000 Total recognized in net periodic benefit and other comprehensive (income) loss $ (220,000) $ 2,549,000 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Presented below is the October 31 year-ended estimated amount that will be amortized from accumulated other comprehensive income over the next fiscal year: 2015 Initial net asset (obligation) $ Prior service credit (cost) Net loss 746,000 Total $ 746,000 |
Schedule of Assumptions Used [Table Text Block] | The following assumptions, as of October 31, were used in determining benefit obligations and net periodic benefit cost: 2015 2014 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.10 % 4.00 % Assumptions used to determine net periodic benefit cost: Discount rate 4.00 % 4.40 % Expected return on plan assets 7.00 % 7.00 % Additional year-end information: Projected benefit obligation $ 21,051,000 $ 21,959,000 Accumulated benefit obligation $ 21,051,000 $ 21,959,000 Fair value of plan assets $ 16,692,000 $ 17,005,000 |
Schedule of Expected Benefit Payments [Table Text Block] | The Company expects to contribute $ 500,000 2016 $ 1,117,000 2017 1,168,000 2018 1,199,000 2019 1,220,000 2020 1,225,000 2021-2025 6,362,000 $ 12,291,000 |
Schedule of Allocation of Plan Assets [Table Text Block] | The following table sets forth the Plan’s assets as of October 31, 2015, 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 $ 525,000 $ $ $ 525,000 Mutual funds 1,238,000 1,238,000 Pooled funds 14,929,000 14,929,000 $ 1,763,000 14,929,000 $ $ 16,692,000 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consist of the following at October 31: 2015 2014 Minimum pension liability $ 4,359,000 $ 4,954,000 Fair value of derivative instrument 935,000 973,000 Contingent consideration 300,000 300,000 Deposit received for joint venture interest 2,000,000 - Deferred gain and other 47,000 55,000 $ 7,641,000 $ 6,282,000 |
Operating Lease Income (Tables)
Operating Lease Income (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Leases, Operating [Abstract] | |
Schedule Of Future Minimum Rental Receivables For Operating Leases [Table Text Block] | The future minimum lease payments to be received by the Company related to these net operating lease agreements as of October 31, 2015, are as follows: 2016 $ 1,792,000 2017 1,621,000 2018 1,387,000 2019 529,000 2020 294,000 Thereafter 1,457,000 $ 7,080,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future lease payments are as follows: 2016 $ 1,341,000 2017 1,259,000 2018 1,227,000 2019 440,000 2020 414,000 Thereafter 2,077,000 $ 6,758,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Performance Shares Year Ended October 31, Year Granted 2015 2014 2013 2010 62,287 $ - $ - $ 91,000 2012 34,721 33,000 209,000 209,000 2013 27,091 237,000 237,000 253,000 2014 42,085 352,000 367,000 - 2015 27,424 130,000 - - $ 752,000 $ 813,000 $ 553,000 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table provides segment information for fiscal years 2015, 2014 and 2013: Year Ended October 31, 2015 2014 2013 Lemon operations: Revenues $ 78,978,000 $ 79,726,000 $ 58,137,000 Costs and expenses 61,766,000 59,412,000 49,252,000 Operating income 17,212,000 20,314,000 8,885,000 Other agribusiness: Revenues 16,146,000 18,796,000 21,853,000 Costs and expenses 12,079,000 12,086,000 12,598,000 Operating income 4,067,000 6,710,000 9,255,000 Lemon and other agribusiness depreciation and amortization 3,341,000 2,827,000 1,757,000 Total agribusiness operating income 17,938,000 24,197,000 16,383,000 Rental operations: Revenues 5,104,000 4,640,000 4,250,000 Costs and expenses 2,859,000 2,651,000 2,213,000 Depreciation and amortization 581,000 422,000 388,000 Operating income 1,664,000 1,567,000 1,649,000 Real estate development: Revenues 83,000 300,000 644,000 Costs and expenses 1,284,000 1,756,000 1,361,000 Depreciation and amortization 46,000 79,000 67,000 Operating loss (1,247,000) (1,535,000) (784,000) Selling, general and administrative expenses; (13,772,000) (14,336,000) (11,850,000) Total operating income $ 4,583,000 $ 9,893,000 $ 5,398,000 The following table sets forth revenues by category, by segment for fiscal years 2015, 2014 and 2013: Year Ended October 31, 2015 2014 2013 Lemon operations revenues $ 78,978,000 $ 79,726,000 $ 58,137,000 Avocados 7,132,000 7,374,000 11,683,000 Navel and Valencia oranges 5,626,000 7,616,000 5,528,000 Specialty citrus and other crops 3,388,000 3,806,000 4,642,000 Other agribusiness revenues 16,146,000 18,796,000 21,853,000 Rental operations 2,892,000 2,454,000 2,385,000 Leased land 1,865,000 1,986,000 1,746,000 Organic recycling 347,000 200,000 119,000 Rental operations revenues 5,104,000 4,640,000 4,250,000 Real estate development revenues 83,000 300,000 644,000 Total revenues $ 100,311,000 $ 103,462,000 $ 84,884,000 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Land Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life | 20 years |
Land Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life | 50 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life | 10 years |
Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life | 20 years |
Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life | 5 years |
Orchards [Member] | Maximum [Member] | |
Property, plant and equipment, useful life | 40 years |
Orchards [Member] | Minimum [Member] | |
Property, plant and equipment, useful life | 20 years |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Accounting Policies [Line Items] | |||
Interest Costs Capitalized | $ 2,534,000 | $ 2,315,000 | |
Real Estate Inventory, Capitalized Interest Costs Incurred | 7,979,000 | 5,104,000 | |
Impairment of Real Estate | 0 | 435,000 | $ 95,000 |
Brokerage Commissions Revenue | 114,000 | 115,000 | 53,000 |
Agribusiness Revenues From Crop Insurance Proceeds | 9,000 | 184,000 | 36,000 |
Advertising Expense | 364,000 | 308,000 | 315,000 |
Revenue, Net, Total | 95,124,000 | 98,522,000 | 79,990,000 |
Allowance for Doubtful Accounts Receivable, Current | 390,000 | 442,000 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 183,000 | 110,000 | |
Prepaid Expense and Other Assets, Current | 2,387,000 | 2,658,000 | |
Deferred Tax Assets, Net, Current | 751,000 | ||
Equipment [Member] | |||
Accounting Policies [Line Items] | |||
Prepaid Expense and Other Assets, Current | 440,000 | 183,000 | |
Avocado [Member] | |||
Accounting Policies [Line Items] | |||
Revenue, Net, Total | 7,132,000 | $ 7,374,000 | $ 11,683,000 |
Brokered Fruit Sales [Member] | |||
Accounting Policies [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Current | $ 208,000 | ||
Lemon [Member] | Supplier Concentration Risk [Member] | |||
Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 36.00% | 36.00% | 52.00% |
Pension Plan [Member] | |||
Accounting Policies [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.10% | 4.00% | |
Defined Benefit Plan, Actuarial Gain (Loss) | $ (864,000) | $ 2,730,000 | |
Pension Plan [Member] | Lemon [Member] | |||
Accounting Policies [Line Items] | |||
Defined Benefit Plan, Actuarial Gain (Loss) | $ 864,000 |
Agriculture Property Acquisit56
Agriculture Property Acquisitions (Details) - Marlin Packing Company [Member] | Oct. 31, 2015USD ($) |
Assets acquired | |
Building | $ 395,000 |
Land and improvements | 260,000 |
Equipment | 885,000 |
Customer relationships | 160,000 |
Fair value of assets acquired | $ 1,700,000 |
Agriculture Property Acquisit57
Agriculture Property Acquisitions (Details 1) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 11, 2013 | Sep. 06, 2013 |
Assets acquired | ||||
Goodwill | $ 680,000 | $ 680,000 | ||
Lemons 400 [Member] | ||||
Assets acquired | ||||
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 | |||
Total assets acquired | $ 8,750,000 | |||
Associated [Member] | ||||
Assets acquired | ||||
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 | |||
Liabilities assumed | ||||
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 |
Agriculture Property Acquisit58
Agriculture Property Acquisitions (Details Textual) | Oct. 11, 2013USD ($)a | Sep. 06, 2013USD ($)ashares | Sep. 30, 2015USD ($)a | Jun. 30, 2014USD ($)shares | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2013USD ($) | Sep. 30, 2015a |
Business Acquisition [Line Items] | ||||||||
Acres Of Land Purchased | a | 757 | |||||||
Payments to Acquire Land Held-for-use | $ 15,148,000 | |||||||
Increase in Restricted Cash | 50,000 | |||||||
Payments to Acquire Businesses, Gross | $ 3,389,000 | $ 3,389,000 | $ 0 | $ 375,000 | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 300,000 | 300,000 | ||||||
Revenues, Total | 100,311,000 | 103,462,000 | 84,884,000 | |||||
Net Income (Loss) Attributable to Parent, Total | 7,082,000 | 6,991,000 | 4,906,000 | |||||
Finite-lived Intangible Assets Acquired | $ 486,000 | |||||||
Business Acquisition Area of Land Acquired | a | 157 | 1,000 | ||||||
Marlin Packing Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred, Total | $ 1,700,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 23,455 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 518,600 | |||||||
Payments to Acquire Businesses, Gross | 700,000 | |||||||
Business Combination, Contingent Consideration, Liability, Total | 300,000 | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 181,400 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 400,000 | |||||||
Revenues, Total | 136,000 | |||||||
Net Income (Loss) Attributable to Parent, Total | $ 522,000 | |||||||
Associated [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres Of Land Purchased | a | 1,300 | |||||||
Business Combination, Consideration Transferred, Total | $ 18,580,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 705,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 15,959,000 | |||||||
Payments to Acquire Businesses, Gross | 1,041,000 | |||||||
Revenues, Total | 2,809,000 | |||||||
Net Income (Loss) Attributable to Parent, Total | 291,000 | |||||||
Business Acquisition, Pro Forma Revenue | 86,667,000 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | 4,973,000 | |||||||
Repayments of Other Long-term Debt | 1,580,000 | |||||||
Business Acquisition, Transaction Costs | 270,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 491,000 | |||||||
Finite-lived Intangible Assets Acquired | $ 486,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||||
Lemons 400 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acres Of Land Purchased | a | 760 | |||||||
Business Combination, Consideration Transferred, Total | $ 8,750,000 | |||||||
Business Acquisition, Pro Forma Revenue | $ 88,900,000 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 5,879,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Assets at fair value: | ||
Available- for -sale securities | $ 18,508,000 | $ 24,270,000 |
Liabilities at fair value: | ||
Derivative | 1,702,000 | 1,782,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value: | ||
Available- for -sale securities | 18,508,000 | 24,270,000 |
Liabilities at fair value: | ||
Derivative | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value: | ||
Available- for -sale securities | 0 | 0 |
Liabilities at fair value: | ||
Derivative | 1,702,000 | 1,782,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value: | ||
Available- for -sale securities | 0 | 0 |
Liabilities at fair value: | ||
Derivative | $ 0 | $ 0 |
Fair Value Measurements (Deta60
Fair Value Measurements (Details Textual) - Calavo Growers Incorporated [Member] - $ / shares | Oct. 31, 2015 | Oct. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investment Investee Price Per Share | $ 51.41 | $ 48.54 |
Investment Owned, Balance, Shares | 360,000 | 500,000 |
Equity Method Investment, Ownership Percentage | 2.10% | 2.90% |
Prepaid Expenses and Other Cu61
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Prepaid insurance | $ 598,000 | $ 568,000 |
Prepaid supplies | 1,064,000 | 982,000 |
Lemon supplier advances | 35,000 | 390,000 |
Deposits | 129,000 | 138,000 |
Other | 561,000 | 580,000 |
Prepaid Expense and Other Assets, Current | $ 2,387,000 | $ 2,658,000 |
Property, Plant and Equipment62
Property, Plant and Equipment (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 179,564,000 | $ 153,695,000 |
Less accumulated depreciation | (50,613,000) | (47,822,000) |
Property, Plant and Equipment, Net, Total | 128,951,000 | 105,873,000 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 48,211,000 | 47,246,000 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 19,998,000 | 16,715,000 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,655,000 | 12,948,000 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 28,624,000 | 28,048,000 |
Orchards [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 26,648,000 | 25,350,000 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 35,428,000 | $ 23,388,000 |
Property, Plant and Equipment63
Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 4,086,000 | $ 3,448,000 | $ 2,380,000 |
Real Estate Development (Detail
Real Estate Development (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Real Estate Properties [Line Items] | ||
Real Estate Under Development Noncurrent | $ 96,067,000 | $ 88,088,000 |
East Areas 1 and 2 [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate Under Development Noncurrent | 59,227,000 | 55,016,000 |
Templeton Santa Barbara, LLC [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate Under Development Noncurrent | 11,039,000 | 11,039,000 |
Windfall Investors, LLC [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate Under Development Noncurrent | $ 25,801,000 | $ 22,033,000 |
Real Estate Development (Deta65
Real Estate Development (Details Textual) | Nov. 10, 2015USD ($) | Aug. 25, 2014USD ($) | Aug. 24, 2010$ / shares | Oct. 31, 2015USD ($)a | Oct. 31, 2014USD ($) | Oct. 31, 2013USD ($) | Nov. 29, 2013USD ($) | Nov. 15, 2009USD ($) |
Real Estate Properties [Line Items] | ||||||||
Success Fee Percentage | 4.00% | |||||||
Success Fee Event Maximum Price Per Share | $ / shares | $ 16 | |||||||
Proceeds from Lines of Credit | $ 3,100,000 | |||||||
Other Asset Impairment Charges | $ 435,000 | |||||||
Subsequent Event [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Success Fee Payable | $ 2,100,000 | |||||||
Windfall Investors, LLC [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Development Expense | $ 1,052,000 | 954,000 | $ 644,000 | |||||
Real Estate Under Development Current And Noncurrent | $ 16,842,000 | |||||||
SEC Schedule III, Real Estate, Period Increase (Decrease), Total | $ 3,768,000 | 1,428,000 | ||||||
East Areas 1 and 2 [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number Of Acres Of Land For Real Estate Development | a | 550 | |||||||
Real Estate Development Expense | $ 21,000 | 17,000 | 11,000 | |||||
SEC Schedule III, Real Estate, Period Increase (Decrease), Total | $ 4,211,000 | 3,478,000 | ||||||
Number Of Real Estate Development Projects | 2 | |||||||
East Area 1 [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Prorata Share Percentage Of Improvement Costs Required To Be Paid Relating To Annexation | 28.50% | |||||||
Maximum Improvement Costs Required To Be Paid Relating To Annexation Of Real Estate Property | $ 5,000,000 | |||||||
Templeton Santa Barbara Limited Liability Company [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real Estate Development Expense | 167,000 | 129,000 | 32,000 | |||||
SEC Schedule III, Real Estate, Period Increase (Decrease), Total | $ 198,000 | $ 198,000 | ||||||
Number Of Real Estate Development Projects | 3 | |||||||
Asset Impairment Charges, Total | $ 95,000 | |||||||
Centennial Square [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
SEC Schedule III, Real Estate, Gross, Beginning Balance | $ 2,983,000 | |||||||
Pacific Crest [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
SEC Schedule III, Real Estate, Gross, Beginning Balance | 3,370,000 | |||||||
Sevilla [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
SEC Schedule III, Real Estate, Gross, Beginning Balance | $ 4,686,000 | |||||||
Gross Sales Price Of Parcel Of Property | $ 8,300,000 |
Equity Investments (Details)
Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 3,959,000 | $ 7,052,000 | $ 2,998,000 |
Liabilities | 1,113,000 | 2,471,000 | 0 |
Equity | 2,846,000 | 4,581,000 | 2,998,000 |
Total liabilities and equity | 3,959,000 | 7,052,000 | 2,998,000 |
Revenues | 7,694,000 | 4,184,000 | 8,227,000 |
Expenses | 5,731,000 | 2,935,000 | 8,641,000 |
Net income (loss) | 1,963,000 | 1,249,000 | (414,000) |
Limco Del Mar Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | 1,204,000 | 2,623,000 | 2,286,000 |
Liabilities | 0 | 0 | 0 |
Equity | 1,204,000 | 2,623,000 | 2,286,000 |
Total liabilities and equity | 1,204,000 | 2,623,000 | 2,286,000 |
Revenues | 2,817,000 | 2,003,000 | 2,218,000 |
Expenses | 876,000 | 910,000 | 862,000 |
Net income (loss) | 1,941,000 | 1,093,000 | 1,356,000 |
Romney Property Partnership [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | 652,000 | 707,000 | 712,000 |
Liabilities | 0 | 0 | 0 |
Equity | 652,000 | 707,000 | 712,000 |
Total liabilities and equity | 652,000 | 707,000 | 712,000 |
Revenues | 13,000 | 6,000 | 9,000 |
Expenses | 17,000 | 16,000 | 25,000 |
Net income (loss) | (4,000) | (10,000) | (16,000) |
East Ridge [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | 0 | 0 | 0 |
Liabilities | 0 | 0 | 0 |
Equity | 0 | 0 | 0 |
Total liabilities and equity | 0 | 0 | 0 |
Revenues | 0 | 0 | 6,000,000 |
Expenses | 0 | 0 | 7,754,000 |
Net income (loss) | 0 | 0 | (1,754,000) |
Rosales [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | 2,103,000 | 3,722,000 | 0 |
Liabilities | 1,113,000 | 2,471,000 | 0 |
Equity | 990,000 | 1,251,000 | 0 |
Total liabilities and equity | 2,103,000 | 3,722,000 | 0 |
Revenues | 4,864,000 | 2,175,000 | 0 |
Expenses | 4,838,000 | 2,009,000 | 0 |
Net income (loss) | $ 26,000 | $ 166,000 | $ 0 |
Equity Investments (Details 1)
Equity Investments (Details 1) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment balance | $ 3,638,000 | $ 1,800,000 | $ 8,947,000 |
Equity earnings (losses) | 243,000 | 263,000 | (1,449,000) |
Cash distributions | (843,000) | (183,000) | (5,823,000) |
Investment contributions | 9,000 | 1,758,000 | 125,000 |
Investment balance | 3,047,000 | 3,638,000 | 1,800,000 |
Limco Del Mar Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment balance | 1,338,000 | 1,265,000 | 1,058,000 |
Equity earnings (losses) | 455,000 | 256,000 | 317,000 |
Cash distributions | (789,000) | (183,000) | (110,000) |
Investment contributions | 0 | 0 | 0 |
Investment balance | 1,004,000 | 1,338,000 | 1,265,000 |
Romney Property Partnership [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment balance | 535,000 | 535,000 | 513,000 |
Equity earnings (losses) | (13,000) | (8,000) | (12,000) |
Cash distributions | 0 | 0 | 0 |
Investment contributions | 9,000 | 8,000 | 34,000 |
Investment balance | 531,000 | 535,000 | 535,000 |
East Ridge [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment balance | 0 | 0 | 7,376,000 |
Equity earnings (losses) | 0 | 0 | (1,754,000) |
Cash distributions | 0 | 0 | (5,713,000) |
Investment contributions | 0 | 0 | 91,000 |
Investment balance | 0 | 0 | 0 |
Rosales [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment balance | 1,765,000 | 0 | 0 |
Equity earnings (losses) | (199,000) | 15,000 | 0 |
Cash distributions | (54,000) | 0 | 0 |
Investment contributions | 0 | 1,750,000 | 0 |
Investment balance | $ 1,512,000 | $ 1,765,000 | $ 0 |
Equity Investments (Details Tex
Equity Investments (Details Textual) - USD ($) | Nov. 10, 2015 | Feb. 28, 2010 | Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2007 | Aug. 14, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||||||
Other Liabilities, Current | $ 5,841,000 | $ 5,839,000 | |||||||
Payments to Acquire Equity Method Investments | 9,000 | 1,758,000 | $ 125,000 | ||||||
Equity Method Investment, Net Sales Proceeds | $ 18,800,000 | ||||||||
Goodwill | 680,000 | 680,000 | |||||||
Finite-lived Intangible Assets Acquired | 486,000 | ||||||||
Limco Del Mar Limited [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment Cash Receipts From Farm Management Orchard Land Development And Accounting Services | 150,000 | 141,000 | 141,000 | ||||||
Equity Method Investment Revenues Recognized From Lemon Packing Services | 568,000 | 675,000 | 733,000 | ||||||
Other Liabilities, Current | $ 712,000 | 828,000 | |||||||
Limco Del Mar Limited [Member] | General Partner [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 1.30% | ||||||||
Limco Del Mar Limited [Member] | Limited Partner [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 22.10% | ||||||||
Romney Property Partnership [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||
Payments to Acquire Equity Method Investments | $ 489,000 | ||||||||
Partners' Capital Account, Contributions | $ 9,000 | 8,000 | $ 34,000 | ||||||
East Ridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Partners' Capital Account, Contributions | $ 7,207,000 | ||||||||
Equity Method Investment, Amount Sold | $ 6,000,000 | ||||||||
Equity Method Investment, Net Sales Proceeds | 5,713,000 | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 1,754,000 | ||||||||
Rosales [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 35.00% | ||||||||
Payments to Acquire Equity Method Investments | $ 1,750,000 | ||||||||
Preferred Interest Provision Net Income Cash Distribution Percentage | 40.00% | 50.00% | |||||||
Majority Interest Percentage With Right To Acquire At Fair Value | 52.00% | ||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 1,683,000 | ||||||||
Goodwill | $ 343,000 | ||||||||
Finite-lived Intangible Assets Acquired | $ 1,340,000 | ||||||||
Amortization of Intangible Assets | 208,000 | $ 43,000 | |||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 206,000 | ||||||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 55,000 | ||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 206,000 | ||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 206,000 | ||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 206,000 |
Investment in Calavo Growers,69
Investment in Calavo Growers, Inc. (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 11, 2013 | Feb. 28, 2013 | Jun. 30, 2005 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2009 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 2,070,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 518,000 | $ 51,857,000 | |||||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 6,433,000 | 0 | 4,788,000 | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 5,033,000 | 0 | 3,138,000 | ||||
Calavo Growers, Inc [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Investment Owned, Balance, Shares | 1,000,000 | ||||||
Equity Method Investment, Ownership Percentage | 6.90% | ||||||
Payments to Acquire Available-for-sale Securities, Equity | $ 10,000,000 | ||||||
Stock Issued During Period, Shares, New Issues | 1,728,570 | ||||||
Percentage Of Ownership Interest Sold | 15.10% | ||||||
Stock Issued During Period, Value, New Issues | $ 23,450,000 | ||||||
Proceeds From Payment For Stock Purchase Agreement | $ 13,450,000 | ||||||
Sale Of Available For Sale Securities Number Of Shares Sold | 335,000 | ||||||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 4,788,000 | 3,098,000 | $ 6,079,000 | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 3,138,000 | 5,033,000 | 1,865,000 | $ 2,729,000 | |||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | 487,000 | 9,425,000 | 3,893,000 | ||||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax, Total | $ 273,000 | $ 5,790,000 | $ 2,344,000 | ||||
Sale of Stock, Number of Shares Issued in Transaction | 165,000 | 140,000 | |||||
Sale of Stock, Price Per Share | $ 29.02 | $ 46 | |||||
Proceeds from Sale of Available-for-sale Securities, Total | $ 6,433,000 | ||||||
Available-for-sale Securities, Total | $ 360,000 |
Note Receivable (Details Textua
Note Receivable (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2005 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2004 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes, Loans and Financing Receivable, Net, Noncurrent, Total | $ 589,000 | $ 2,084,000 | |||
Notes Reduction | 1,535,000 | 0 | $ 0 | ||
Notes Receivable - Land Sale, Morro Bay, California [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes, Loans and Financing Receivable, Net, Noncurrent, Total | 1,300,000 | 2,084,000 | $ 161,000 | ||
Debt Instrument, Increase, Accrued Interest | 40,000 | $ 60,000 | $ 78,000 | ||
Notes Reduction | 1,535,000 | ||||
Notes Reduction Interest | 824,000 | ||||
Notes Reduction Principal | 711,000 | ||||
Notes Receivable Original Amount | 4,263,000 | ||||
Payments Received On Notes Receivable | $ 2,963,000 | ||||
Deferred Gain Portion Recognized In Income | $ 112,000 | $ 27,000 | |||
Notes Receivable Interest Rate | 7.00% | ||||
Notes Receivable Basis Spread On Variable Rate | 3.50% | ||||
Notes Receivable Percentage Of Net Operating Cash Flows Owed As Payment On Notes Receivable Through Twenty Fourteen | 35.00% | ||||
Notes Receivable Percentage Of Net Operating Cash Flows Owed As Payment On Notes Receivable After Twenty Fourteen | 50.00% |
Other Assets (Details)
Other Assets (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Regulatory Assets [Line Items] | ||
Investments in mutual water companies | $ 4,031,000 | $ 3,731,000 |
Acquired water and mineral rights | 1,536,000 | 1,536,000 |
Deferred lease assets and other | 1,560,000 | 1,282,000 |
Revolving funds and memberships | 349,000 | 355,000 |
Acquired trade names and trademarks | 446,000 | 530,000 |
Goodwill | 680,000 | 680,000 |
Other Assets, Noncurrent | $ 8,602,000 | $ 8,114,000 |
Other Assets (Details Textual)
Other Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Deferred Rent Receivables, Net | $ 586,000 | $ 793,000 | |
Deferred Finance Costs, Noncurrent, Net | 156,000 | 204,000 | |
Prepaid Expense Other, Noncurrent | 79,000 | 91,000 | |
Finite-Lived Intangible Assets, Net, Total | 110,000 | 123,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 112,000 | 99,000 | |
Finite-lived Intangible Assets Acquired | 486,000 | ||
Goodwill | 680,000 | 680,000 | |
Trademarks and Trade Names [Member] | |||
2,015 | 60,000 | ||
2,016 | 60,000 | ||
2,017 | 60,000 | ||
2,018 | 60,000 | ||
2,019 | 60,000 | ||
Patents [Member] | |||
Amortization of Intangible Assets | 13,000 | $ 13,000 | $ 13,000 |
2,016 | 13,000 | ||
2,017 | 13,000 | ||
2,018 | 13,000 | ||
2,019 | 13,000 | ||
Customer Relationships [Member] | |||
Finite-lived Intangible Assets Acquired | $ 160,000 | ||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Schedule of Accrued Liabilities [Line Items] | ||
Compensation | $ 1,655,000 | $ 3,280,000 |
Income taxes | 180,000 | 0 |
Property taxes | 541,000 | 500,000 |
Interest | 263,000 | 235,000 |
Deferred rental income and deposits | 892,000 | 598,000 |
Lease expense | 827,000 | 1,458,000 |
Lemon supplier payables | 788,000 | 624,000 |
Capital expenditures and other | 718,000 | 844,000 |
Accrued Liabilities, Current | $ 5,864,000 | $ 7,539,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt, Total | $ 89,824,000 | $ 68,354,000 |
Less current portion | 589,000 | 583,000 |
Total long-term debt, less current portion | 89,235,000 | 67,771,000 |
Rabobank Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | 83,834,000 | 61,623,000 |
Farm Credit West Term Loan One [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | 4,235,000 | 4,756,000 |
Farm Credit West Nonrevolving Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | 492,000 | 492,000 |
Farm Credit West Term Loan Three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | 1,263,000 | 1,475,000 |
Capital Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | $ 0 | $ 8,000 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Rabobank Revolving Credit Facility [Member] | |
LIBOR rate | 0.19% |
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Debt Instrument, Maturity Date | Jun. 30, 2018 |
Farm Credit West Term Loan One [Member] | |
Debt Instrument, Maturity Date | Nov. 30, 2022 |
Debt interest rate at period end | 2.75% |
Farm Credit West Nonrevolving Line of Credit [Member] | |
Debt Instrument, Maturity Date | May 30, 2018 |
Debt interest rate at period end | 2.75% |
Farm Credit West Term Loan Three [Member] | |
Debt Instrument, Maturity Date | Oct. 31, 2035 |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% |
Capital Loans [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Debt Instrument Fixed Rate Expiration Date | 2015-07 |
Long-Term Debt (Details 1)
Long-Term Debt (Details 1) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
2,016 | $ 589,000 | |
2,017 | 605,000 | |
2,018 | 84,948,000 | |
2,019 | 640,000 | |
2,020 | 657,000 | |
Thereafter | 2,385,000 | |
Long-term Debt, Total | $ 89,824,000 | $ 68,354,000 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | ||
Interest Costs Capitalized | $ 2,534,000 | $ 2,315,000 |
Deferred Finance Costs, Noncurrent, Net | 156,000 | 204,000 |
Rabobank Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 92,556,000 | |
Debt Issuance Cost | $ 106,000 |
Derivative Instruments and He78
Derivative Instruments and Hedging Activities (Details) - Forward Interest Rate Swaps [Member] - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 40,000,000 | $ 40,000,000 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 1,702,000 | $ 1,782,000 |
Derivative Instruments and He79
Derivative Instruments and Hedging Activities (Parenthetical) (Details) | 12 Months Ended |
Oct. 31, 2015 | |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Derivative Maturity Month And Year | 2018-06 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Derivative Maturity Month And Year | 2013-07 |
Derivative Instruments and He80
Derivative Instruments and Hedging Activities (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Derivatives | $ 0 | $ 0 | $ 711,000 |
Forward Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 4.30% | ||
Derivative Liability, Notional Amount | $ 40,000,000 | $ 40,000,000 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Notional Amount | 42,000,000 | ||
Unrealized Gain (Loss) on Derivatives | $ 711,000 |
Related-Party Transactions (Det
Related-Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 03, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Operating Leases, Rent Expense, Net, Total | $ 2,922,000 | $ 3,390,000 | $ 2,316,000 | |
Other Nonoperating Income (Expense), Total | $ 410,000 | 348,000 | 382,000 | |
Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 1 month | |||
Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 20 years | |||
Employee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rental Income | $ 622,000 | 561,000 | 534,000 | |
Mutual Water Companies [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | 1,357,000 | 1,232,000 | 1,135,000 | |
Due to Related Parties | 175,000 | 74,000 | ||
Cooperative Association [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | 1,567,000 | 1,425,000 | 1,266,000 | |
Due to Related Parties | 142,000 | 177,000 | ||
Board Of Directors [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | 1,472,000 | 1,583,000 | 1,101,000 | |
Due to Related Parties | 531,000 | 592,000 | ||
Calavo Growers, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rental Income | 272,000 | 277,000 | 271,000 | |
Related Party Transaction, Purchases from Related Party | 162,000 | 658,000 | 2,418,000 | |
Investment Income, Dividend | 375,000 | 350,000 | 432,000 | |
Calavo Growers, Inc. [Member] | Lemons [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 67,000 | 0 | 242,000 | |
Calavo Growers, Inc. [Member] | Avocado [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 7,132,000 | 7,374,000 | 11,683,000 | |
Cadiz [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | $ 1,212,000 | |||
Additional Lease Expense Gross Harvest Revenue Percentage | 20.00% | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 20 years | |||
Operating Leases, Rent Expense, Net, Total | $ 58,000 | 15,000 | ||
Professional Fees | 148,000 | 82,000 | 18,000 | |
Cadiz [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease Expense Per Acre | 200 | |||
Cadiz [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease Expense Per Acre | 1,200 | |||
Operating Leases, Rent Expense, Net, Total | 58,000 | 15,000 | ||
Colorado River Growers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 218,000 | 345,000 | 112,000 | |
Due from Related Parties | 116,000 | 40,000 | ||
Payments for Advance to Affiliate | 6,003,000 | 6,805,000 | ||
Yuma Mesa Irrigation And Drainage District [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | 125,000 | 119,000 | $ 59,000 | |
Revenue from Related Parties | 210,000 | 166,000 | ||
Lease Expense Per Acre | 750 | |||
Other Nonoperating Income (Expense), Total | 160,000 | 183,000 | ||
Law Firm [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties | $ 42,000 | $ 1,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Current: | |||
Federal | $ (3,315,000) | $ (2,820,000) | $ (3,589,000) |
State | (1,007,000) | (882,000) | (856,000) |
Foreign | (2,000) | 0 | 0 |
Total current provision | (4,324,000) | (3,702,000) | (4,445,000) |
Deferred: | |||
Federal | 343,000 | 80,000 | 1,084,000 |
State | 7,000 | 49,000 | 126,000 |
Total deferred provision | 350,000 | 129,000 | 1,210,000 |
Income tax provision | $ (3,974,000) | $ (3,573,000) | $ (3,235,000) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Deferred income tax assets (liabilities): | ||
Labor accruals | $ 246,000 | $ 250,000 |
Property taxes | (205,000) | (181,000) |
State income taxes | 337,000 | 288,000 |
Prepaid insurance and other | 38,000 | 77,000 |
Depreciation | (5,518,000) | (5,678,000) |
Amortization | 683,000 | 332,000 |
Impairments of real estate development assets | 3,152,000 | 3,145,000 |
Derivative instruments | 669,000 | 699,000 |
Minimum pension liability adjustment | 1,715,000 | 1,945,000 |
Unrealized net gain on Calavo investment | (5,864,000) | (7,564,000) |
Book and tax basis difference of acquired assets | (14,482,000) | (14,093,000) |
Other | (196,000) | (261,000) |
Net deferred income tax liabilities | $ (19,425,000) | $ (21,041,000) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Amount | |||
Provision at statutory rates | $ (3,757,000) | $ (3,587,000) | $ (2,768,000) |
State income tax, net of federal benefit | (614,000) | (552,000) | (509,000) |
Dividend exclusion | 94,000 | 83,000 | 103,000 |
Production deduction | 495,000 | 461,000 | 175,000 |
Other permanent items | (192,000) | 22,000 | (236,000) |
Total income tax provision | $ 3,974,000 | $ 3,573,000 | $ 3,235,000 |
Percent | |||
Provision at statutory rates | (34.00%) | (34.00%) | (34.00%) |
State income tax, net of federal benefit | (5.50%) | (5.20%) | (6.20%) |
Dividend exclusion | 0.80% | 0.80% | 1.30% |
Production deduction | 4.50% | 4.40% | 2.10% |
Other permanent items | (1.70%) | 0.20% | (2.90%) |
Total income tax provision | (35.90%) | (33.80%) | (39.70%) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Operating Loss Carryforwards | $ 400,000 | |
Deferred Tax Assets, Net, Current | $ 751,000 |
Retirement Plans (Details)
Retirement Plans (Details) - Pension Plan [Member] - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Administrative expenses | $ 135,000 | $ 135,000 |
Interest cost | 852,000 | 820,000 |
Expected return on plan assets | (1,128,000) | (1,073,000) |
Recognized actuarial loss | 984,000 | 781,000 |
Net periodic benefit cost | $ 843,000 | $ 663,000 |
Retirement Plans (Details 1)
Retirement Plans (Details 1) - Pension Plan [Member] - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $ 21,959,000 | $ 19,280,000 |
Service cost | 135,000 | 135,000 |
Interest cost | 852,000 | 820,000 |
Benefits paid | (1,031,000) | (1,006,000) |
Actuarial (gain) loss | (864,000) | 2,730,000 |
Benefit obligation at end of year | 21,051,000 | 21,959,000 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 17,005,000 | 16,375,000 |
Actual return on plan assets | 343,000 | 1,136,000 |
Employer contributions | 375,000 | 500,000 |
Benefits paid | (1,031,000) | (1,006,000) |
Fair value of plan assets at end of year | 16,692,000 | 17,005,000 |
Reconciliation of funded status: | ||
Fair value of plan assets | 16,692,000 | 17,005,000 |
Benefit obligations | 21,051,000 | 21,959,000 |
Net plan obligations | (4,359,000) | (4,954,000) |
Amounts recognized in statements of financial position: | ||
Noncurrent assets | 0 | 0 |
Current liabilities | 0 | 0 |
Noncurrent liabilities | (4,359,000) | (4,954,000) |
Net obligation recognized in statements of financial position | (4,359,000) | (4,954,000) |
Reconciliation of amounts recognized in statements of financial position: | ||
Accumulated other comprehensive loss | (8,015,000) | (9,077,000) |
Accumulated contributions in excess of net periodic benefit cost | 3,656,000 | 4,123,000 |
Net deficit recognized in statements of financial position | $ (4,359,000) | $ (4,954,000) |
Retirement Plans (Details 2)
Retirement Plans (Details 2) - Pension Plan [Member] - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Changes recognized in other comprehensive income: | ||
Net (gain) loss arising during the year | $ (79,000) | $ 2,667,000 |
Amortization or settlement recognition of net loss | (984,000) | (781,000) |
Total recognized in other comprehensive (income) loss | (1,063,000) | 1,886,000 |
Total recognized in net periodic benefit and other comprehensive (income) loss | $ (220,000) | $ 2,549,000 |
Retirement Plans (Details 3)
Retirement Plans (Details 3) - Pension Plan [Member] | 12 Months Ended |
Oct. 31, 2015USD ($) | |
Initial net asset (obligation) | $ 0 |
Prior service credit (cost) | 0 |
Net loss | 746,000 |
Total | $ 746,000 |
Retirement Plans (Details 4)
Retirement Plans (Details 4) - Pension Plan [Member] - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 4.10% | 4.00% | |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.00% | 4.40% | |
Expected return on plan assets | 7.00% | 7.00% | |
Additional year-end information: | |||
Projected benefit obligation | $ 21,051,000 | $ 21,959,000 | $ 19,280,000 |
Accumulated benefit obligation | 21,051,000 | 21,959,000 | |
Fair value of plan assets | $ 16,692,000 | $ 17,005,000 | $ 16,375,000 |
Retirement Plans (Details 5)
Retirement Plans (Details 5) - Pension Plan [Member] | Oct. 31, 2015USD ($) |
2,016 | $ 1,117,000 |
2,017 | 1,168,000 |
2,018 | 1,199,000 |
2,019 | 1,220,000 |
2,020 | 1,225,000 |
2021-2025 | 6,362,000 |
Total | $ 12,291,000 |
Retirement Plans (Details 6)
Retirement Plans (Details 6) - Pension Plan [Member] - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Fair value of plan assets | $ 16,692,000 | $ 17,005,000 | $ 16,375,000 |
Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 525,000 | ||
Mutual Funds [Member] | |||
Fair value of plan assets | 1,238,000 | ||
Pooled Funds [Member] | |||
Fair value of plan assets | 14,929,000 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 1,763,000 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 525,000 | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | |||
Fair value of plan assets | 1,238,000 | ||
Fair Value, Inputs, Level 1 [Member] | Pooled Funds [Member] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 14,929,000 | ||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Pooled Funds [Member] | |||
Fair value of plan assets | 14,929,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Pooled Funds [Member] | |||
Fair value of plan assets | $ 0 |
Retirement Plans (Details Textu
Retirement Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Contributions | $ 375,000 | $ 500,000 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 3.00% | ||
Pension Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 47.00% | ||
Pension Plan [Member] | Domestic Investments [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 35.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 40.00% | ||
Pension Plan [Member] | International Investments [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 10.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 15.00% | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Cost Recognized | $ 775,000 | $ 647,000 | $ 615,000 |
Defined Contribution Plan Requisite Service Period | 1 year | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 6 years |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) | Oct. 31, 2015 | Oct. 31, 2014 |
Other Long-Term Liabilities [Line Items] | ||
Minimum pension liability | $ 4,359,000 | $ 4,954,000 |
Fair value of derivative instrument | 935,000 | 973,000 |
Contingent consideration | 300,000 | 300,000 |
Deposit received for joint venture interest | 2,000,000 | 0 |
Deferred gain and other | 47,000 | 55,000 |
Other long-term liabilities | $ 7,641,000 | $ 6,282,000 |
Operating Lease Income (Details
Operating Lease Income (Details) | Oct. 31, 2015USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
2,016 | $ 1,792,000 |
2,017 | 1,621,000 |
2,018 | 1,387,000 |
2,019 | 529,000 |
2,020 | 294,000 |
Thereafter | 1,457,000 |
Total | $ 7,080,000 |
Operating Lease Income (Detai96
Operating Lease Income (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Contingent rental revenue | $ 135,000 | $ 200,000 | $ 119,000 |
Land [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property subject to operating leases, gross | 1,865,000 | ||
Building and Building Improvements [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property subject to operating leases, gross | 21,042,000 | ||
Property subject to operating leases, accumulated depreciation | $ 5,370,000 | ||
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 |
Commitments and Contingencies97
Commitments and Contingencies (Details) | Oct. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 1,341,000 |
2,017 | 1,259,000 |
2,018 | 1,227,000 |
2,019 | 440,000 |
2,020 | 414,000 |
Thereafter | 2,077,000 |
Total | $ 6,758,000 |
Commitments and Contingencies98
Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Lease expense | $ 2,922,000 | $ 3,390,000 | $ 2,316,000 |
Deferred rent assets | 586,000 | 793,000 | |
Utility rebate from solar arrays | 0 | 91,000 | 992,000 |
Letters of credit, amount outstanding | 137,000 | ||
Photovoltaic Generator One [Member] | |||
Operating Leased Assets [Line Items] | |||
Purchase option, purchase price | $ 1,125,000 | ||
Lease term | 10 years | ||
Photovoltaic Generator Two [Member] | |||
Operating Leased Assets [Line Items] | |||
Purchase option, purchase price | $ 1,275,000 | ||
Lease term | 10 years | ||
Deferred rent assets | $ 664,000 | 903,000 | |
Lindsay, California Property [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expense | $ 1,137,000 | 1,641,000 | $ 724,000 |
Lease term | 10 years | ||
Base rent per year | $ 500,000 | ||
Number of leases | 6 | ||
Number of renewal options | 4 | ||
Lease term, renewal | 5 years | ||
Cadiz [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expense | $ 58,000 | 15,000 | |
Additional Lease Expense Gross Harvest Revenue Percentage | 20.00% | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease term | 1 month | ||
Minimum [Member] | Cadiz [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease Expense Per Acre | $ 200 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease term | 20 years | ||
Maximum [Member] | Cadiz [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expense | $ 58,000 | $ 15,000 | |
Lease Expense Per Acre | $ 1,200 |
Public Offering of Common Sto99
Public Offering of Common Stock (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Public Offering Of Common Stock [Line Items] | ||||
Issuance of common stock, shares | 2,070,000 | |||
Common stock, price per share | $ 18.50 | |||
Percentage of common stock outstanding represented by shares issued in public offering | 16.00% | |||
Common Stock, Shares, Outstanding | 13,307,085 | 14,135,080 | 14,078,077 | |
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 | $ 0 | $ 0 | $ 35,897,000 |
Series B and Series B-2 Pref100
Series B and Series B-2 Preferred Stock (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2015shares | Oct. 31, 2015USD ($)$ / sharesshares | Oct. 31, 2014USD ($)$ / shares | Oct. 31, 2013USD ($) | |
Temporary Equity [Line Items] | ||||
Issuance of preferred stock | $ | $ 0 | $ 9,300,000 | $ 0 | |
Common Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 6,250 | |||
Series B Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Preferred stock, par value per share | $ / shares | $ 100 | |||
Preferred stock, shares issued | shares | 30,000 | |||
Cumulative cash dividend percentage | 8.75% | 8.75% | ||
Conversion price | $ / shares | $ 8 | |||
Voting rights per share | 10 | |||
Conversion of Stock, Shares Converted | shares | 500 | |||
Series B-2 Convertible Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Issuance of preferred stock | $ | $ 9,300,000 | |||
Preferred stock, par value per share | $ / shares | $ 100 | |||
Preferred stock, shares issued | shares | 9,300 | |||
Cumulative cash dividend percentage | 4.00% | 4.00% | ||
Terms of conversion | Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Companys common stock based upon the closing price of the Companys common stock on the NASDAQ Stock Market, LLC or on such other principal market on which the Companys common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock (i) at any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination. | |||
Dividend payment terms | quarterly | |||
Liquidation preference per share | $ / shares | $ 1,000 | $ 1,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Stock Compensation Plan [Member] - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Share-based compensation expense | $ 752,000 | $ 813,000 | $ 553,000 |
2,010 | |||
Share-based compensation expense | 0 | 91,000 | |
Shares granted | 62,287 | ||
2,012 | |||
Share-based compensation expense | $ 33,000 | 209,000 | 209,000 |
Shares granted | 34,721 | ||
2,013 | |||
Share-based compensation expense | $ 237,000 | 237,000 | 253,000 |
Shares granted | 27,091 | ||
2,014 | |||
Share-based compensation expense | $ 352,000 | 367,000 | 0 |
Shares granted | 42,085 | ||
2,015 | |||
Share-based compensation expense | $ 130,000 | $ 0 | $ 0 |
Shares granted | 27,424 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / sharesshares | Oct. 31, 2015USD ($)shares | Oct. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Oct. 31, 2013USD ($)shares | Oct. 31, 2007$ / sharesshares | |
Class of Stock [Line Items] | ||||||||
Donation of common stock | $ 100,000 | $ 100,000 | $ 100,000 | |||||
Donation of common stock, expense | 100,000 | 100,000 | 100,000 | |||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Donation of common stock | $ 0 | $ 0 | $ 0 | |||||
Donation of common stock, shares | shares | 4,498 | 4,552 | 4,859 | |||||
Management [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares exchanged for payroll tax | shares | 10,907 | 6,619 | 11,010 | |||||
Fair value of shares exchanged | $ 275,000 | $ 176,000 | $ 236,000 | |||||
Stock Compensation Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based compensation expense | 752,000 | 813,000 | $ 553,000 | |||||
Stock Compensation Plan [Member] | Management [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares granted | shares | 42,085 | 27,091 | ||||||
Common stock per share | $ / shares | $ 25.35 | $ 26.82 | ||||||
Cost from stock compensation | 410,000 | 1,071,000 | $ 727,000 | |||||
Share-based compensation expense | $ 130,000 | $ 367,000 | $ 253,000 | |||||
Unrecognized compensation cost, recognition period | 2 years | 2 years | 2 years | |||||
Stock Compensation Plan [Member] | Management [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares granted | shares | 27,424 | |||||||
Common stock per share | $ / shares | $ 15.29 | |||||||
Stock Compensation Plan [Member] | Nonemployee Directors [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares granted | shares | 15,077 | 13,587 | 9,040 | |||||
Share-based compensation expense | $ 325,000 | $ 303,000 | $ 200,000 | |||||
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Authorized | shares | 20,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||
Number Of Voting Rights Per Preferred Shareholder | 100 | |||||||
Dividends Payable, Date Declared | Oct. 31, 2006 | |||||||
Dividends Payable, Date to be Paid | Dec. 20, 2006 |
Fruit Growers Supply Coopera103
Fruit Growers Supply Cooperative (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Total amount of allocated after tax earnings from cooperative supply corporation | $ 729,000 | $ 729,000 | |
Amount of dividends received from cooperative supply corporation, recorded as reductions against agribusiness expenses | 0 | $ 67,000 | $ 59,000 |
Amount of refund being sought by cooperative supply corporation | $ 586,000 | ||
Percent of dividends assigned to claim | 50.00% | ||
Loss Contingency Accrual, Beginning Balance | $ 251,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 100,311,000 | $ 103,462,000 | $ 84,884,000 |
Depreciation and amortization | 4,184,000 | 3,516,000 | 2,403,000 |
Operating income (loss) | 4,583,000 | 9,893,000 | 5,398,000 |
Selling, general and administrative | 13,772,000 | 14,336,000 | 11,850,000 |
Lemon operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 78,978,000 | 79,726,000 | 58,137,000 |
Costs and expenses | 61,766,000 | 59,412,000 | 49,252,000 |
Operating income (loss) | 17,212,000 | 20,314,000 | 8,885,000 |
Other agribusiness [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 16,146,000 | 18,796,000 | 21,853,000 |
Costs and expenses | 12,079,000 | 12,086,000 | 12,598,000 |
Operating income (loss) | 4,067,000 | 6,710,000 | 9,255,000 |
Rental Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,104,000 | 4,640,000 | 4,250,000 |
Costs and expenses | 2,859,000 | 2,651,000 | 2,213,000 |
Depreciation and amortization | 581,000 | 422,000 | 388,000 |
Operating income (loss) | 1,664,000 | 1,567,000 | 1,649,000 |
Real Estate Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 83,000 | 300,000 | 644,000 |
Costs and expenses | 1,284,000 | 1,756,000 | 1,361,000 |
Depreciation and amortization | 46,000 | 79,000 | 67,000 |
Operating income (loss) | (1,247,000) | (1,535,000) | (784,000) |
Lemon and other agribusiness [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 17,938,000 | 24,197,000 | 16,383,000 |
Lemon and other agribusiness depreciation and amortization | $ 3,341,000 | $ 2,827,000 | $ 1,757,000 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Agribusiness revenues | $ 95,124,000 | $ 98,522,000 | $ 79,990,000 |
Rental operations revenues | 5,104,000 | 4,640,000 | 4,250,000 |
Real estate development revenues | 83,000 | 300,000 | 644,000 |
Total revenues | 100,311,000 | 103,462,000 | 84,884,000 |
Lemon operations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total revenues | 78,978,000 | 79,726,000 | 58,137,000 |
Other agribusiness [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total revenues | 16,146,000 | 18,796,000 | 21,853,000 |
Avocados [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Agribusiness revenues | 7,132,000 | 7,374,000 | 11,683,000 |
Navel and Valencia oranges [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Agribusiness revenues | 5,626,000 | 7,616,000 | 5,528,000 |
Specialty citrus and other crops [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Agribusiness revenues | 3,388,000 | 3,806,000 | 4,642,000 |
Rental operations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Rental operations revenues | 2,892,000 | 2,454,000 | 2,385,000 |
Leased Land [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Rental operations revenues | 1,865,000 | 1,986,000 | 1,746,000 |
Organic recycling and other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Rental operations revenues | $ 347,000 | $ 200,000 | $ 119,000 |
Sale of Property (Details Textu
Sale of Property (Details Textual) | 1 Months Ended |
Aug. 21, 2015USD ($)a | |
Acquisitions And Sale Of Property [Line Items] | |
Acres Of Land Sold | a | 52 |
Proceeds from Sale of Land Held-for-use | $ | $ 2,750,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ | $ 935,000 |
Avocado [Member] | |
Acquisitions And Sale Of Property [Line Items] | |
Acres Of Land Sold | a | 33 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Dec. 18, 2015 | Nov. 10, 2015 | Sep. 30, 2015 |
Subsequent Event [Line Items] | |||
Equity Method Investment, Net Sales Proceeds | $ 18,800,000 | ||
Lewis Group of Companies [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Sale of Equity Method Investments | $ 2,000,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Success Fee Payable | $ 2,100,000 | ||
Fair Value Rate for Leased Property | $ 1 | ||
Subsequent Event [Member] | LLC Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Subsequent Event [Member] | Interim Funding Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Borrowings under Guaranteed Investment Agreements | $ 8,000,000 | ||
Debt Instrument, Interest Rate, Basis for Effective Rate | LIBOR plus 2% | ||
Subsequent Event [Member] | Loan Agreements [Member] | |||
Subsequent Event [Line Items] | |||
Loans Payable, Total | $ 10,000,000 | ||
Subsequent Event [Member] | Lewis Group of Companies [Member] | |||
Subsequent Event [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investment, Aggregate Cost | $ 20,000,000 | ||
Proceeds from Sale of Equity Method Investments | 18,000,000 | ||
Payments of Financing Costs, Total | $ 2,100,000 |