Limoneira (LMNR) 10-Q 8 Sep 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jul. 31, 2016	Aug. 31, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	Limoneira CO
Entity Central Index Key	1,342,423
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
Trading Symbol	LMNR
Entity Common Stock, Shares Outstanding		14,178,226

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Current assets:
Cash	$ 96,000	$ 39,000
Accounts receivable, net	12,563,000	7,420,000
Cultural costs	2,769,000	3,916,000
Prepaid expenses and other current assets	2,657,000	2,387,000
Total current assets	18,085,000	13,762,000
Property, plant and equipment, net	149,220,000	128,951,000
Real estate development	102,338,000	96,067,000
Equity in investments	4,253,000	3,047,000
Investment in Calavo Growers, Inc.	19,734,000	18,508,000
Other assets	8,735,000	9,035,000
Total Assets	302,365,000	269,370,000
Current liabilities:
Accounts payable	4,561,000	6,611,000
Growers payable	8,673,000	5,841,000
Accrued liabilities	9,622,000	5,864,000
Fair value of derivative instrument	723,000	767,000
Current portion of long-term debt	2,486,000	589,000
Total current liabilities	26,065,000	19,672,000
Long-term liabilities:
Long-term debt, less current portion	87,100,000	89,079,000
Deferred income taxes	20,457,000	19,425,000
Other long-term liabilities	4,979,000	7,641,000
Sale-leaseback deferral (Note 8)	22,349,000	0
Total liabilities	160,950,000	135,817,000
Commitments and contingencies
Stockholders' equity:
Common Stock - $.01 par value (19,900,000 shares authorized: 14,178,226 and 14,135,080 shares issued and outstanding at July 31, 2016 and October 31, 2015, respectively)	142,000	141,000
Additional paid-in capital	91,631,000	90,759,000
Retained earnings	32,659,000	27,216,000
Accumulated other comprehensive income	4,752,000	3,156,000
Total stockholders' equity	129,184,000	121,272,000
Total Liabilities and Stockholders' Equity	302,365,000	269,370,000
Series B Convertible Preferred Stock [Member]
Long-term liabilities:
Convertible Preferred Stock	2,900,000	2,950,000
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	9 Months Ended	12 Months Ended
	Jul. 31, 2016	Oct. 31, 2015
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	14,178,226	14,135,080
Common Stock, Shares, Outstanding	14,178,226	14,135,080
Series B Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 100	$ 100
Preferred Stock, Shares Authorized	30,000	30,000
Preferred Stock, Shares Issued	29,000	29,500
Preferred Stock, Shares Outstanding	29,000	29,500
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 ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Net revenues:
Agribusiness	$ 38,430,000	$ 28,466,000	$ 87,943,000	$ 82,268,000
Rental operations	1,454,000	1,311,000	4,273,000	3,769,000
Real estate development	19,000	34,000	39,000	62,000
Total net revenues	39,903,000	29,811,000	92,255,000	86,099,000
Costs and expenses:
Agribusiness	21,151,000	17,471,000	67,861,000	63,308,000
Rental operations	889,000	907,000	2,711,000	2,471,000
Real estate development	249,000	325,000	1,880,000	806,000
Selling, general and administrative	3,420,000	3,270,000	9,728,000	10,053,000
Total costs and expenses	25,709,000	21,973,000	82,180,000	76,638,000
Operating income	14,194,000	7,838,000	10,075,000	9,461,000
Other income (expense):
Interest expense, net	(473,000)	(45,000)	(1,036,000)	(102,000)
Gain on sale of stock in Calavo Growers, Inc.	3,419,000	0	3,419,000	0
Equity in earnings of investments	235,000	205,000	206,000	193,000
Other income, net	47,000	91,000	463,000	353,000
Total other income	3,228,000	251,000	3,052,000	444,000
Income before income tax provision	17,422,000	8,089,000	13,127,000	9,905,000
Income tax provision	(6,693,000)	(2,776,000)	(5,088,000)	(3,477,000)
Net income	10,729,000	5,313,000	8,039,000	6,428,000
Preferred dividends	(156,000)	(159,000)	(471,000)	(477,000)
Net income applicable to common stock	$ 10,573,000	$ 5,154,000	$ 7,568,000	$ 5,951,000
Basic net income per common share	$ 0.75	$ 0.36	$ 0.53	$ 0.42
Diluted net income per common share	0.71	0.36	0.53	0.42
Dividends per common share	$ 0.05	$ 0.05	$ 0.15	$ 0.14
Weighted-average common shares outstanding-basic	14,178,000	14,127,000	14,165,000	14,115,000
Weighted-average common shares outstanding-diluted	15,066,000	14,953,000	15,053,000	14,115,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Net income	$ 10,729,000	$ 5,313,000	$ 8,039,000	$ 6,428,000
Other comprehensive income, net of tax:
Minimum pension liability adjustment	113,000	149,000	339,000	447,000
Unrealized holding gains on security available-for-sale	1,569,000	1,172,000	2,829,000	1,813,000
Reclassification of unrealized gain on security sold	(1,719,000)	0	(1,719,000)	0
Unrealized gains from derivative instrument	51,000	87,000	147,000	75,000
Total other comprehensive income, net of tax	14,000	1,408,000	1,596,000	2,335,000
Comprehensive income	$ 10,743,000	$ 6,721,000	$ 9,635,000	$ 8,763,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Operating activities
Net income	$ 8,039,000	$ 6,428,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,863,000	2,979,000
Gain on sale of stock in Calavo Growers, Inc.	(3,419,000)	0
Loss on disposals of assets	121,000	357,000
Stock compensation expense	1,012,000	799,000
Equity in earnings of investments	(206,000)	(193,000)
Cash distributions from equity investments	276,000	496,000
Accrued interest on note receivable	(17,000)	(36,000)
Donation of common stock	0	100,000
Changes in operating assets and liabilities:
Accounts receivable, net	(5,143,000)	(394,000)
Cultural costs	1,147,000	832,000
Prepaid expenses and other current assets	(70,000)	(137,000)
Income taxes receivable	0	1,143,000
Other assets	322,000	208,000
Accounts payable and growers payable	351,000	(2,073,000)
Accrued liabilities	4,497,000	(581,000)
Other long-term liabilities	97,000	258,000
Net cash provided by operating activities	10,870,000	10,186,000
Investing activities
Capital expenditures	(13,263,000)	(23,735,000)
Proceeds from sale of LLC interest	18,000,000	0
Agriculture property acquisition	(15,098,000)	0
Net proceeds from sale of stock in Calavo Growers, Inc.	4,019,000	0
Equity investment contributions	(1,275,000)	(9,000)
Investments in mutual water companies	(291,000)	(293,000)
Net cash used in investing activities	(7,908,000)	(24,037,000)
Financing activities
Borrowings of long-term debt	127,702,000	93,334,000
Repayments of long-term debt	(127,777,000)	(76,888,000)
Dividends paid - common	(2,125,000)	(1,903,000)
Dividends paid - preferred	(471,000)	(477,000)
Exchange of common stock	(190,000)	(275,000)
Payments of debt financing costs	(44,000)	0
Net cash (used in) provided by financing activities	(2,905,000)	13,791,000
Net increase (decrease) in cash	57,000	(60,000)
Cash at beginning of period	39,000	92,000
Cash at end of period	96,000	32,000
Supplemental disclosures of cash flow information
Cash paid during the period for interest (net of amounts capitalized)	796,000	65,000
Cash paid during the period for income taxes, net of (refunds)	5,000	(640,000)
Non-cash investing and financing activities:
Unrealized holding gain on Calavo investment	(4,311,000)	(2,985,000)
Increase in real estate development and sale-leaseback deferral	2,349,000	0
Settlement of lease obligation related to agriculture property acquisition	(739,000)	0
Capital expenditures accrued but not paid at period-end	431,000	1,654,000
Non-cash reduction of note receivable	0	1,301,000
Accrued interest on note receivable	17,000	36,000
Donation of common stock	0	100,000
Accrued Series B-2 Convertible Preferred Stock dividends	$ 31,000	$ 31,000

Business

Business	9 Months Ended
	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	Limoneira Company, a Delaware corporation (the “Company”), engages primarily in growing citrus and avocados, picking and hauling citrus, and packing, marketing and selling lemons. The Company is also engaged in residential rentals and other rental operations and real estate development activities. The Company markets and sells lemons directly to foodservice, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. The Company sells all of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on NASDAQ under the symbol CVGW. Calavo’s customers include many of the largest retail and food service companies in the United States and Canada. The Company’s avocados are packed by Calavo, sold and distributed under Calavo brands to its customers. The unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. The unaudited interim consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of cash flows of the Company and its wholly-owned subsidiaries. The Company’s subsidiaries include: Limoneira International Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC, Templeton Santa Barbara, LLC, Associated Citrus Packers, Inc. (“Associated”), Limoneira Chile, SpA, Limoneira EA1 Land, LLC and Limoneira S.A. 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jul. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Reclassifications and Adjustments Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the July 31, 2016 presentation. 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. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ASU 2014-15 is 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. This ASU is 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 does not expect this ASU to have a material impact on its consolidated financial statements. FASB Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. The adoption of ASU 2015-02 did not have a material impact on our 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. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. 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 Update No. 2016-02, Leases (Topic 832) Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: · A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and · A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the effect this ASU may have on its consolidated financial statements. FASB Accounting Standards Update No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the effect this ASU may have on its consolidated financial statements.

Agriculture Property Acquisitio

Agriculture Property Acquisition	9 Months Ended
	Jul. 31, 2016
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	3. Agriculture Property Acquisition In September 2015, the Company entered into a purchase agreement to acquire 757 15,148,000 50,000 15,098,000 Additionally, the Company incurred $ 111,000 739,000 Fair Value Measurements and Disclosures Land $ 11,560,000 Land improvements 1,800,000 Buildings and building improvements 110,000 Orchards 1,050,000 Fair value of assets acquired $ 14,520,000

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jul. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Under the FASB ASC 820, Fair Value Measurement and Disclosures July 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale securities $ 19,734,000 $ – $ – $ 19,734,000 Liabilities at fair value: Derivative $ – $ 1,459,000 $ – $ 1,459,000 October 31, 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: Derivative $ – $ 1,702,000 $ – $ 1,702,000 Available-for-sale securities consist of marketable securities in Calavo common stock. The Company currently owns 300,000 1.7 65.78 51.41 The derivative consists of an interest rate swap, the fair value of which is estimated using industry-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Jul. 31, 2016
Receivables [Abstract]
Accounts Receivable Disclosure [Text Block]	5. Accounts Receivable The Company grants credit in the course of its operations to customers, 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 certain other factors. As of July 31, 2016 and October 31, 2015 the allowances totaled $ 486,000 390,000

Concentrations

Concentrations	9 Months Ended
	Jul. 31, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	6. Concentrations Lemons procured from third-party growers were 27 25 39 35 One third-party grower of lemons represented 53% of growers payable at July 31, 2016. The Company sells all of its avocado production to Calavo.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Jul. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses And Other Current Assets [Text Block]	7. Prepaid Expenses and Other Current Assets July 31, October 31, 2016 2015 Prepaid insurance $ 464,000 $ 598,000 Prepaid supplies 1,003,000 1,064,000 Fruit supplier advances 102,000 35,000 Deposits 61,000 129,000 Other 1,027,000 561,000 $ 2,657,000 $ 2,387,000

Real Estate Development Assets

Real Estate Development Assets	9 Months Ended
	Jul. 31, 2016
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	8. Real Estate Development Assets July 31, 2016 October 31, 2015 Investment in East Area 1 $ 62,525,000 $ 57,076,000 East Area 2 2,210,000 2,151,000 Templeton Santa Barbara, LLC 11,039,000 11,039,000 Windfall Investors, LLC 26,564,000 25,801,000 $ 102,338,000 $ 96,067,000 East Areas 1 and 2 In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 1,229,000 1,434,000 5,508,000 3,516,000 3,000 4,000 1,158,000 12,000 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 1 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 1 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, the LLC and Lewis also entered into a limited liability company agreement (the “LLC Agreement”) providing for the admittance of Lewis as a 50% member of the Joint Venture. The LLC Agreement provides that Lewis will serve as the manager of the Joint Venture with the right to manage, control, and conduct its day-to-day business and development activities. Certain major decisions, which are enumerated in the LLC Agreement, require approval by an executive committee comprised of two representatives appointed by Lewis and two representatives appointed by the Company. 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 will terminate in stages corresponding to the Joint Venture's development of the property, which is to occur in stages pursuant to a phased master development plan. In any event, the Lease will terminate five years from the Transaction Date. The Company and the Joint Venture 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. The Company’s sale of an interest in the LLC in which the Company’s contributed property comprises the LLC’s primary asset, combined with the Lease Agreement is considered a sale-leaseback transaction under FASB ASC 840, Leases 20,000,000 758,000 2,349,000 In connection with the LLC Agreement, the Company is to be reimbursed $ 500,000 250,000 4,000 7,000 Contributions made by the Company to the LLC and the Company’s proportionate share of Joint Venture’s results of operations and distributions received by the Company from the LLC will be accounted for under the equity method. The Company made contributions of $ 825,000 1,275,000 In connection with facilitating the annexation of the East Area 1 property into the City of Santa Paula, during February 2013, the Company entered into a Capital Improvement Cost Sharing Agreement for Improvements to Santa Paula Creek Channel (the “Cost Sharing Agreement”) with the Ventura County Watershed Protection District (the “District”). The Cost Sharing Agreement requires the Company to reimburse the District 28.5 5,000,000 Templeton Santa Barbara, LLC The three real estate development parcels within the Templeton Santa Barbara, LLC project are described as Centennial Square (“Centennial”), The Terraces at Pacific Crest (“Pacific Crest”), and Sevilla. The net carrying values of Centennial, Pacific Crest and Sevilla at July 31, 2016 and October 31, 2015 were $ 2,983,000 3,370,000 4,686,000 48,000 42,000 130,000 128,000 Windfall Investors, LLC On November 15, 2009, the Company acquired Windfall Investors, LLC, which included $ 16,842,000 375,000 2,597,000 763,000 3,319,000 179,000 245,000 553,000 604,000

Investment in Calavo Growers, I

Investment in Calavo Growers, Inc.	9 Months Ended
	Jul. 31, 2016
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 In fiscal year 2009, the Company sold 335,000 6,079,000 2,729,000 165,000 4,788,000 3,138,000 140,000 6,433,000 5,033,000 60,000 4,019,000 3,419,000 300,000 Changes in the fair value of the available-for-sale securities result in unrealized holding gains or losses for the remaining shares held by the Company and reclassifications of unrealized gains on securities sold by the Company. The Company recorded unrealized holding gains of $ 2,583,000 1,569,000 1,930,000 1,172,000 4,657,000 2,829,000 2,985,000 1,813,000 2,830,000 1,719,000

Other Assets

Other Assets	9 Months Ended
	Jul. 31, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	10. Other Assets July 31, October 31, 2016 2015 Investments in mutual water companies $ 4,322,000 $ 4,031,000 Acquired water and mineral rights 1,536,000 1,536,000 Deferred lease assets and other 1,229,000 1,753,000 Note receivable 606,000 589,000 Acquired trade names and trademarks, net 362,000 446,000 Goodwill 680,000 680,000 $ 8,735,000 $ 9,035,000

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Jul. 31, 2016
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	11. Accrued Liabilities July 31, October 31, 2016 2015 Compensation $ 1,761,000 $ 1,655,000 Income taxes 5,240,000 180,000 Property taxes 410,000 541,000 Interest 279,000 263,000 Deferred rental income and deposits 594,000 892,000 Lease expense 305,000 827,000 Fruit supplier payables 682,000 788,000 Other 351,000 718,000 $ 9,622,000 $ 5,864,000

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jul. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	12. Long-Term Debt July 31, October 31, 2016 2015 Rabobank revolving credit facility: the interest rate is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 0.47% at July 31, 2016, plus 1.80%. Interest is payable monthly and the principal is due in full in June 2018. $ 58,010,000 $ 83,834,000 Farm Credit West term loan: the interest rate is variable and was 2.95% at July 31, 2016. The loan is payable in quarterly installments through November 2022. 3,835,000 4,235,000 Farm Credit West non-revolving line of credit: the loan was repaid in February 2016 with proceeds from the Farm Credit West term loans as noted below. - 492,000 Farm Credit West term loan: the interest rate is variable and was 2.95% at July 31, 2016. The loan is payable in monthly installments through October 2035. 1,225,000 1,263,000 Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036. 9,899,000 - Farm Credit West term loan: the interest rate is fixed at 3.62% until March 2021, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036. 7,414,000 - Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023. 9,365,000 - Subtotal 89,748,000 89,824,000 Less deferred financing costs 162,000 156,000 Total long-term debt, net 89,586,000 89,668,000 Less current portion 2,486,000 589,000 Long-term debt, less current portion $ 87,100,000 $ 89,079,000 The Rabobank revolving credit facility provides for maximum borrowings of $ 100,000,000 92,556,000 On January 20, 2016, the Company entered into a $ 10,000,000 1.25 1.0 2 On February 16, 2016, the Company entered into a Promissory Note and Loan Agreement with Farm Credit West. The loan agreement provides for a term loan in the amount of $ 10,000,000 7,500,000 44,000 Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $ 444,000 651,000 1,448,000 1,874,000

Derivative Instrument and Hedgi

Derivative Instrument and Hedging Activities	9 Months Ended
	Jul. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	13. Derivative Instrument and Hedging Activities Notional Amount Fair Value Liability July 31, October 31, July 31, October 31, 2016 2015 2016 2015 Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018 $ 40,000,000 $ 40,000,000 $ 1,459,000 $ 1,702,000 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

Earnings per Share

Earnings per Share	9 Months Ended
	Jul. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	14. Earnings per Share Basic net income per common share is calculated using the weighted-average number of common shares outstanding during the period. Diluted net income per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of conversion of preferred stock. Quarter ended July 31, Nine Months Ended July 31, 2016 2015 2016 2015 Basic net income per common share: Numerator: Net income applicable to common stock $ 10,573,000 $ 5,154,000 $ 7,568,000 $ 5,951,000 Denominator: Weighted average common shares-basic 14,178,000 14,127,000 14,165,000 14,115,000 Basic net income per common share $ 0.75 $ 0.36 $ 0.53 $ 0.42 Quarter ended July 31, Nine Months Ended July 31, 2016 2015 2016 2015 Diluted net income per common share: Numerator: Net income for diluted EPS $ 10,729,000 $ 5,313,000 $ 8,039,000 $ 5,951,000 Denominator: Weighted average common shares–basic 14,178,000 14,127,000 14,165,000 14,115,000 Effect of dilutive preferred stock 888,000 826,000 888,000 - Weighted average common shares–diluted 15,066,000 14,953,000 15,053,000 14,115,000 Diluted net income per common share $ 0.71 $ 0.36 $ 0.53 $ 0.42 Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share using the two-class method. The Company’s unvested, restricted stock awards qualify as participating shares.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Jul. 31, 2016
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 $ 191,000 166,000 561,000 459,000 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 $ 292,000 364,000 1,034,000 1,067,000 89,000 175,000 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 $ 312,000 382,000 1,202,000 1,081,000 142,000 The Company recorded dividend income of $ 288,000 375,00 9,571,000 3,027,000 10,759,000 7,142,000 2,291,000 70,000 68,000 208,000 204,000 368,000 86,000 405,000 105,000 97,000 Certain members of the Company’s board of directors market lemons through the Company pursuant to its customary marketing agreements. During the three months ended July 31, 2016 and 2015, the aggregate amount of lemons procured from entities owned or controlled by members of the board of directors was $ 1,271,000 774,000 1,899,000 1,356,000 748,000 531,000 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 11,000 20,000 26,000 122,000 16,000 87,000 41,000 32,000 On February 5, 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 9,300 45,000 60,000 60,000 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 and marketing business in Yuma County, Arizona. The Company paid no harvest and third-party grower expense to CRG in the three months ended July 31, 2016 and 2015 and $ 2,888,000 5,177,000 274,000 305,000 72,000 116,000 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, with the 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 50,000 151,000 160,000 6,000 76,000 68,000 17,000 The Company has a 1.3 22.1 44,000 111,000 119,000 417,000 367,000 535,000 470,000 904,000 712,000 220,000 153,000 225,000 220,000 495,000 294,000 412,000 On August 14, 2014, the Company’s wholly owned subsidiary, Limoneira Chile SpA, invested approximately $ 1,750,000 35 216,000 268,000 119,000 467,000 415,000 763,000 567,000 285,000 135,000 33,000 52,000 68,000 64,000 156,000 56,000

Income Taxes

Income Taxes	9 Months Ended
	Jul. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	16. Income Taxes There has been no material change to the Company’s uncertain tax position for the three and nine month periods ended July 31, 2016. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. The Company has not accrued any interest and penalties associated with uncertain tax positions as of July 31, 2016.

Retirement Plans

Retirement Plans	9 Months Ended
	Jul. 31, 2016
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 of the Company. 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 $ 250,000 375,000 2016 2015 Administrative expenses $ 31,000 $ 34,000 Interest cost 209,000 213,000 Expected return on plan assets (269,000) (282,000) Recognized actuarial loss 186,000 246,000 Net periodic benefit cost $ 157,000 $ 211,000 The net periodic pension costs for the Plan for the nine months ended July 31 were as follows: 2016 2015 Administrative expenses $ 93,000 $ 102,000 Interest cost 627,000 639,000 Expected return on plan assets (807,000) (846,000) Recognized actuarial loss 558,000 738,000 Net periodic pension cost $ 471,000 $ 633,000

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Jul. 31, 2016
Other Liabilities Disclosure [Abstract]
Other Liabilities Disclosure [Text Block]	18. Other Long-Term Liabilities July 31, October 31, 2016 2015 Minimum pension liability $ 3,896,000 $ 4,359,000 Fair value of derivative instrument 736,000 935,000 Contingent consideration 300,000 300,000 Deposit received for joint venture interest - 2,000,000 Other 47,000 47,000 $ 4,979,000 $ 7,641,000

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Jul. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	19. 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 15.29 410,000 130,000 42,085 25.35 1,071,000 367,000 27,091 26.82 727,000 253,000 Three Months Ended Nine Months Ended July 31, July 31, Performance Shares Year Granted 2016 2015 2016 2015 2012 34,721 $ - $ - $ - $ 33,000 2013 27,091 - 59,000 - 179,000 2014 42,085 88,000 88,000 264,000 262,000 2015 27,424 32,000 (65,000) 96,000 - 2016 - 379,000 - 379,000 - $ 499,000 $ 82,000 $ 739,000 $ 474,000 During the three months ended January 31, 2016 and 2015 members of management exchanged 12,433 10,907 190,000 275,000 During January 2016 and 2015, 21,905 15,077 273,000 325,000

Segment Information

Segment Information	9 Months Ended
	Jul. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	20. 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 of avocados, oranges and specialty citrus. 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. Three Months Ended July 31, 2016 2015 Lemon operations: Revenues $ 26,209,000 $ 23,859,000 Costs and expenses 15,614,000 13,843,000 Operating income 10,595,000 10,016,000 Other agribusiness: Revenues 12,221,000 4,607,000 Costs and expenses 4,342,000 2,837,000 Operating income 7,879,000 1,770,000 Lemon and other agribusiness depreciation and amortization 1,195,000 791,000 Total agribusiness operating income 17,279,000 10,995,000 Rental operations: Revenues 1,454,000 1,311,000 Costs and expenses 702,000 755,000 Depreciation and amortization 187,000 152,000 Operating income 565,000 404,000 Real estate development: Revenues 19,000 34,000 Costs and expenses 234,000 313,000 Depreciation and amortization 15,000 12,000 Operating loss (230,000) (291,000) Selling, general and administrative expenses (3,420,000) (3,270,000) Total operating income $ 14,194,000 $ 7,838,000 The following table sets forth revenues by category, by segment for three months ended July 31, 2016 and 2015: Three Months Ended July 30, 2016 2015 Lemon operations revenues $ 26,209,000 $ 23,859,000 Avocados 9,571,000 3,027,000 Navel and Valencia oranges 1,891,000 1,020,000 Specialty citrus and other crops 759,000 560,000 Other agribusiness revenues 12,221,000 4,607,000 Residential and commercial rentals 903,000 728,000 Leased land 441,000 480,000 Organic recycling and other 110,000 103,000 Rental operations revenues 1,454,000 1,311,000 Real estate development revenues 19,000 34,000 Total revenues $ 39,903,000 $ 29,811,000 Segment information for the nine months ended July 31, 2016 and 2015: Nine Months Ended July 31, 2016 2015 Lemon operations: Revenues $ 68,852,000 $ 67,385,000 Costs and expenses 53,719,000 50,484,000 Operating income 15,133,000 16,901,000 Other agribusiness: Revenues 19,091,000 14,883,000 Costs and expenses 11,046,000 10,449,000 Operating income 8,045,000 4,434,000 Lemon and other agribusiness depreciation and amortization 3,096,000 2,375,000 Total agribusiness operating income 20,082,000 18,960,000 Rental operations: Revenues 4,273,000 3,769,000 Costs and expenses 2,166,000 2,062,000 Depreciation and amortization 545,000 409,000 Operating income 1,562,000 1,298,000 Real estate development: Revenues 39,000 62,000 Costs and expenses 1,835,000 772,000 Depreciation and amortization 45,000 34,000 Operating loss (1,841,000) (744,000) Selling, general and administrative expenses (9,728,000) (10,053,000) Total operating income $ 10,075,000 $ 9,461,000 The following table sets forth revenues by category, by segment for nine months ended July 31, 2016 and 2015: Nine Months Ended July 31, 2016 2015 Lemon operations revenues $ 68,852,000 $ 67,385,000 Avocados 10,759,000 7,142,000 Navel and Valencia oranges 5,576,000 5,054,000 Specialty citrus and other crops 2,756,000 2,687,000 Other agribusiness revenues 19,091,000 14,883,000 Residential and commercial rentals 2,655,000 2,012,000 Leased land 1,386,000 1,413,000 Organic recycling and other 232,000 344,000 Rental operations revenues 4,273,000 3,769,000 Real estate development revenues 39,000 62,000 Total revenues $ 92,255,000 $ 86,099,000

Subsequent Events

Subsequent Events	9 Months Ended
	Jul. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	21. Subsequent Events The Company has evaluated events subsequent to July 31, 2016 through the filing date to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Based upon this evaluation, except as described in the notes to the consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jul. 31, 2016
Accounting Policies [Abstract]
Reclassifications and Adjustments[PolicyText Block]	Reclassifications and Adjustments Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the July 31, 2016 presentation.
Recent Accounting Pronouncements [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. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ASU 2014-15 is 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. This ASU is 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 does not expect this ASU to have a material impact on its consolidated financial statements. FASB Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. The adoption of ASU 2015-02 did not have a material impact on our 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. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. 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 Update No. 2016-02, Leases (Topic 832) Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: · A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and · A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the effect this ASU may have on its consolidated financial statements. FASB Accounting Standards Update No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the effect this ASU may have on its consolidated financial statements.

Agriculture Property Acquisit29

Agriculture Property Acquisition (Tables)	9 Months Ended
	Jul. 31, 2016
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 Land $ 11,560,000 Land improvements 1,800,000 Buildings and building improvements 110,000 Orchards 1,050,000 Fair value of assets acquired $ 14,520,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jul. 31, 2016
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 July 31, 2016 and October 31, 2015, which are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: July 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale securities $ 19,734,000 $ – $ – $ 19,734,000 Liabilities at fair value: Derivative $ – $ 1,459,000 $ – $ 1,459,000 October 31, 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: Derivative $ – $ 1,702,000 $ – $ 1,702,000

Prepaid Expenses and Other Cu31

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Jul. 31, 2016
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: July 31, October 31, 2016 2015 Prepaid insurance $ 464,000 $ 598,000 Prepaid supplies 1,003,000 1,064,000 Fruit supplier advances 102,000 35,000 Deposits 61,000 129,000 Other 1,027,000 561,000 $ 2,657,000 $ 2,387,000

Real Estate Development Assets

Real Estate Development Assets (Tables)	9 Months Ended
	Jul. 31, 2016
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	July 31, 2016 October 31, 2015 Investment in East Area 1 $ 62,525,000 $ 57,076,000 East Area 2 2,210,000 2,151,000 Templeton Santa Barbara, LLC 11,039,000 11,039,000 Windfall Investors, LLC 26,564,000 25,801,000 $ 102,338,000 $ 96,067,000

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Jul. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets consist of the following: July 31, October 31, 2016 2015 Investments in mutual water companies $ 4,322,000 $ 4,031,000 Acquired water and mineral rights 1,536,000 1,536,000 Deferred lease assets and other 1,229,000 1,753,000 Note receivable 606,000 589,000 Acquired trade names and trademarks, net 362,000 446,000 Goodwill 680,000 680,000 $ 8,735,000 $ 9,035,000

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Jul. 31, 2016
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued liabilities consist of the following: July 31, October 31, 2016 2015 Compensation $ 1,761,000 $ 1,655,000 Income taxes 5,240,000 180,000 Property taxes 410,000 541,000 Interest 279,000 263,000 Deferred rental income and deposits 594,000 892,000 Lease expense 305,000 827,000 Fruit supplier payables 682,000 788,000 Other 351,000 718,000 $ 9,622,000 $ 5,864,000

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jul. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt is comprised of the following: July 31, October 31, 2016 2015 Rabobank revolving credit facility: the interest rate is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 0.47% at July 31, 2016, plus 1.80%. Interest is payable monthly and the principal is due in full in June 2018. $ 58,010,000 $ 83,834,000 Farm Credit West term loan: the interest rate is variable and was 2.95% at July 31, 2016. The loan is payable in quarterly installments through November 2022. 3,835,000 4,235,000 Farm Credit West non-revolving line of credit: the loan was repaid in February 2016 with proceeds from the Farm Credit West term loans as noted below. - 492,000 Farm Credit West term loan: the interest rate is variable and was 2.95% at July 31, 2016. The loan is payable in monthly installments through October 2035. 1,225,000 1,263,000 Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036. 9,899,000 - Farm Credit West term loan: the interest rate is fixed at 3.62% until March 2021, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036. 7,414,000 - Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023. 9,365,000 - Subtotal 89,748,000 89,824,000 Less deferred financing costs 162,000 156,000 Total long-term debt, net 89,586,000 89,668,000 Less current portion 2,486,000 589,000 Long-term debt, less current portion $ 87,100,000 $ 89,079,000

Derivative Instrument and Hed36

Derivative Instrument and Hedging Activities (Tables)	9 Months Ended
	Jul. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments [Table Text Block]	The Company enters into interest rate swaps to minimize the risks and costs associated with its financing activities. Derivative financial instruments are as follows: Notional Amount Fair Value Liability July 31, October 31, July 31, October 31, 2016 2015 2016 2015 Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018 $ 40,000,000 $ 40,000,000 $ 1,459,000 $ 1,702,000

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jul. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The computations for basic and diluted net income per common share are as follows: Quarter ended July 31, Nine Months Ended July 31, 2016 2015 2016 2015 Basic net income per common share: Numerator: Net income applicable to common stock $ 10,573,000 $ 5,154,000 $ 7,568,000 $ 5,951,000 Denominator: Weighted average common shares-basic 14,178,000 14,127,000 14,165,000 14,115,000 Basic net income per common share $ 0.75 $ 0.36 $ 0.53 $ 0.42 Quarter ended July 31, Nine Months Ended July 31, 2016 2015 2016 2015 Diluted net income per common share: Numerator: Net income for diluted EPS $ 10,729,000 $ 5,313,000 $ 8,039,000 $ 5,951,000 Denominator: Weighted average common shares–basic 14,178,000 14,127,000 14,165,000 14,115,000 Effect of dilutive preferred stock 888,000 826,000 888,000 - Weighted average common shares–diluted 15,066,000 14,953,000 15,053,000 14,115,000 Diluted net income per common share $ 0.71 $ 0.36 $ 0.53 $ 0.42

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Jul. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	The net periodic pension costs for the Plan for the three months ended July 31 were as follows: 2016 2015 Administrative expenses $ 31,000 $ 34,000 Interest cost 209,000 213,000 Expected return on plan assets (269,000) (282,000) Recognized actuarial loss 186,000 246,000 Net periodic benefit cost $ 157,000 $ 211,000 The net periodic pension costs for the Plan for the nine months ended July 31 were as follows: 2016 2015 Administrative expenses $ 93,000 $ 102,000 Interest cost 627,000 639,000 Expected return on plan assets (807,000) (846,000) Recognized actuarial loss 558,000 738,000 Net periodic pension cost $ 471,000 $ 633,000

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	9 Months Ended
	Jul. 31, 2016
Other Liabilities Disclosure [Abstract]
Other Noncurrent Liabilities [Table Text Block]	Other long-term liabilities consist of the following: July 31, October 31, 2016 2015 Minimum pension liability $ 3,896,000 $ 4,359,000 Fair value of derivative instrument 736,000 935,000 Contingent consideration 300,000 300,000 Deposit received for joint venture interest - 2,000,000 Other 47,000 47,000 $ 4,979,000 $ 7,641,000

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Jul. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Stock-based compensation expense is included in selling, general and administrative expense and is recognized over the performance and vesting periods as summarized below: Three Months Ended Nine Months Ended July 31, July 31, Performance Shares Year Granted 2016 2015 2016 2015 2012 34,721 $ - $ - $ - $ 33,000 2013 27,091 - 59,000 - 179,000 2014 42,085 88,000 88,000 264,000 262,000 2015 27,424 32,000 (65,000) 96,000 - 2016 - 379,000 - 379,000 - $ 499,000 $ 82,000 $ 739,000 $ 474,000

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jul. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Segment information for the three months ended July 31, 2016 and 2015: Three Months Ended July 31, 2016 2015 Lemon operations: Revenues $ 26,209,000 $ 23,859,000 Costs and expenses 15,614,000 13,843,000 Operating income 10,595,000 10,016,000 Other agribusiness: Revenues 12,221,000 4,607,000 Costs and expenses 4,342,000 2,837,000 Operating income 7,879,000 1,770,000 Lemon and other agribusiness depreciation and amortization 1,195,000 791,000 Total agribusiness operating income 17,279,000 10,995,000 Rental operations: Revenues 1,454,000 1,311,000 Costs and expenses 702,000 755,000 Depreciation and amortization 187,000 152,000 Operating income 565,000 404,000 Real estate development: Revenues 19,000 34,000 Costs and expenses 234,000 313,000 Depreciation and amortization 15,000 12,000 Operating loss (230,000) (291,000) Selling, general and administrative expenses (3,420,000) (3,270,000) Total operating income $ 14,194,000 $ 7,838,000 The following table sets forth revenues by category, by segment for three months ended July 31, 2016 and 2015: Three Months Ended July 30, 2016 2015 Lemon operations revenues $ 26,209,000 $ 23,859,000 Avocados 9,571,000 3,027,000 Navel and Valencia oranges 1,891,000 1,020,000 Specialty citrus and other crops 759,000 560,000 Other agribusiness revenues 12,221,000 4,607,000 Residential and commercial rentals 903,000 728,000 Leased land 441,000 480,000 Organic recycling and other 110,000 103,000 Rental operations revenues 1,454,000 1,311,000 Real estate development revenues 19,000 34,000 Total revenues $ 39,903,000 $ 29,811,000 Segment information for the nine months ended July 31, 2016 and 2015: Nine Months Ended July 31, 2016 2015 Lemon operations: Revenues $ 68,852,000 $ 67,385,000 Costs and expenses 53,719,000 50,484,000 Operating income 15,133,000 16,901,000 Other agribusiness: Revenues 19,091,000 14,883,000 Costs and expenses 11,046,000 10,449,000 Operating income 8,045,000 4,434,000 Lemon and other agribusiness depreciation and amortization 3,096,000 2,375,000 Total agribusiness operating income 20,082,000 18,960,000 Rental operations: Revenues 4,273,000 3,769,000 Costs and expenses 2,166,000 2,062,000 Depreciation and amortization 545,000 409,000 Operating income 1,562,000 1,298,000 Real estate development: Revenues 39,000 62,000 Costs and expenses 1,835,000 772,000 Depreciation and amortization 45,000 34,000 Operating loss (1,841,000) (744,000) Selling, general and administrative expenses (9,728,000) (10,053,000) Total operating income $ 10,075,000 $ 9,461,000 The following table sets forth revenues by category, by segment for nine months ended July 31, 2016 and 2015: Nine Months Ended July 31, 2016 2015 Lemon operations revenues $ 68,852,000 $ 67,385,000 Avocados 10,759,000 7,142,000 Navel and Valencia oranges 5,576,000 5,054,000 Specialty citrus and other crops 2,756,000 2,687,000 Other agribusiness revenues 19,091,000 14,883,000 Residential and commercial rentals 2,655,000 2,012,000 Leased land 1,386,000 1,413,000 Organic recycling and other 232,000 344,000 Rental operations revenues 4,273,000 3,769,000 Real estate development revenues 39,000 62,000 Total revenues $ 92,255,000 $ 86,099,000

Agriculture Property Acquisit42

Agriculture Property Acquisition (Details)	Jul. 31, 2016USD ($)
Assets acquired
Land	$ 11,560,000
Land improvements	1,800,000
Buildings and building improvements	110,000
Orchards	1,050,000
Fair value of assets acquired	$ 14,520,000

Agriculture Property Acquisit43

Agriculture Property Acquisition (Details Textual)	1 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)a	Jul. 31, 2016USD ($)	Jul. 31, 2015USD ($)
Business Acquisition [Line Items]
Acres Of Land Purchased | a	757
Payments to Acquire Land Held-for-use	$ 15,148,000	$ 111,000
Increase in Restricted Cash	$ 50,000
Payments to Acquire Businesses, Gross		15,098,000	$ 0
Settlement of lease obligation related to agriculture property acquisition		$ 739,000	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Assets at fair value:
Available- for -sale securities	$ 19,734,000	$ 18,508,000
Liabilities at fair value:
Derivative	1,459,000	1,702,000
Fair Value, Inputs, Level 1 [Member]
Assets at fair value:
Available- for -sale securities	19,734,000	18,508,000
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	1,459,000	1,702,000
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 (Deta45

Fair Value Measurements (Details Textual) - Calavo Growers Incorporated [Member] - $ / shares	Jul. 31, 2016	Oct. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investment Investee Price Per Share	$ 65.78	$ 51.41
Investment Owned, Balance, Shares	300,000
Equity Method Investment, Ownership Percentage	1.70%

Accounts Receivable (Details Te

Accounts Receivable (Details Textual) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Accounts Receivable Disclosure [Line Items]
Allowance for Doubtful Accounts Receivable, Current	$ 486,000	$ 390,000

Concentrations (Details Textual

Concentrations (Details Textual) - Lemons [Member]	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	25.00%	39.00%	35.00%
Growers Payable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			53.00%

Prepaid Expenses and Other Cu48

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]
Prepaid insurance	$ 464,000	$ 598,000
Prepaid supplies	1,003,000	1,064,000
Fruit supplier advances	102,000	35,000
Deposits	61,000	129,000
Other	1,027,000	561,000
Prepaid Expense and Other Assets, Current	$ 2,657,000	$ 2,387,000

Real Estate Development Asset49

Real Estate Development Assets (Details) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Real Estate Properties [Line Items]
Real estate development assets	$ 102,338,000	$ 96,067,000
Investment in East Area 1 [Member]
Real Estate Properties [Line Items]
Real estate development assets	62,525,000	57,076,000
East Area 2 [Member]
Real Estate Properties [Line Items]
Real estate development assets	2,210,000	2,151,000
Templeton Santa Barbara, LLC [Member]
Real Estate Properties [Line Items]
Real estate development assets	11,039,000	11,039,000
Windfall Investors, LLC [Member]
Real Estate Properties [Line Items]
Real estate development assets	$ 26,564,000	$ 25,801,000

Real Estate Development Asset50

Real Estate Development Assets (Details Textual)	1 Months Ended			3 Months Ended			9 Months Ended
	Jan. 28, 2016USD ($)	Nov. 10, 2015USD ($)	Sep. 30, 2015USD ($)	Jul. 31, 2016USD ($)	Jan. 31, 2016USD ($)	Jul. 31, 2015USD ($)	Jul. 31, 2016USD ($)	Jul. 31, 2015USD ($)	Feb. 01, 2018USD ($)	Feb. 01, 2017USD ($)	Oct. 31, 2015USD ($)	Nov. 15, 2009USD ($)	Oct. 31, 2005a
Real Estate Properties [Line Items]
Increase In Real Estate Development And Financing Liability				$ 758,000			$ 2,349,000	$ 0
Payments to Acquire Equity Method Investments				825,000			1,275,000	9,000
Windfall Investors, LLC [Member]
Real Estate Properties [Line Items]
Real Estate Development Expense				179,000		$ 245,000	553,000	604,000
Real Estate Under Development Current And Noncurrent												$ 16,842,000
SEC Schedule III, Real Estate, Period Increase (Decrease), Total				375,000		2,597,000	763,000	3,319,000
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				3,000		4,000	1,158,000	12,000
SEC Schedule III, Real Estate, Period Increase (Decrease), Total				$ 1,229,000		1,434,000	$ 5,508,000	3,516,000
East Area 1 [Member]
Real Estate Properties [Line Items]
Prorata Share Percentage Of Improvement Costs Required To Be Paid Relating To Annexation				28.50%			28.50%
Maximum Improvement Costs Required To Be Paid Relating To Annexation Of Real Estate Property				$ 5,000,000			$ 5,000,000
Templeton Santa Barbara Limited Liability Company [Member]
Real Estate Properties [Line Items]
Real Estate Development Expense				48,000		$ 42,000	130,000	$ 128,000
Centennial Square [Member]
Real Estate Properties [Line Items]
SEC Schedule III, Real Estate, Gross, Beginning Balance				2,983,000			2,983,000
Pacific Crest [Member]
Real Estate Properties [Line Items]
SEC Schedule III, Real Estate, Gross, Beginning Balance				3,370,000			3,370,000
Sevilla [Member]
Real Estate Properties [Line Items]
SEC Schedule III, Real Estate, Gross, Beginning Balance				4,686,000			4,686,000
Lewis Group of Companies [Member]
Real Estate Properties [Line Items]
Equity Method Investment, Ownership Percentage		50.00%
Equity Method Investment, Aggregate Cost		$ 20,000,000		20,000,000	$ 1,200,000		20,000,000
Proceeds from Sale of Equity Method Investments		$ 18,000,000	$ 2,000,000		$ 18,800,000
Payments of Financing Costs, Total	$ 2,100,000
Limoneira Lewis Community Builders, LLC Agreement [Member]
Real Estate Properties [Line Items]
Due from Joint Ventures											$ 500,000
Rental Income, Nonoperating				$ 4,000			$ 7,000
Limoneira Lewis Community Builders, LLC Agreement [Member] | Scenario, Forecast [Member]
Real Estate Properties [Line Items]
Due from Joint Ventures									$ 250,000	$ 250,000

Investment in Calavo Growers,51

Investment in Calavo Growers, Inc. (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2005	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015	Oct. 31, 2013	Oct. 31, 2009
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Sale of Available-for-sale Securities, Equity				$ 4,019,000	$ 0
Available-for-sale Securities, Gross Realized Gain (Loss)		$ 3,419,000	$ 0	3,419,000	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax		1,719,000	0	1,719,000	0
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	$ 6,079,000
Available-for-sale Securities, Gross Realized Gain (Loss)				3,419,000		$ 5,033,000	$ 3,138,000	$ 2,729,000
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes		2,583,000	1,930,000	4,657,000	2,985,000
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax, Total		1,569,000	$ 1,172,000	$ 2,829,000	$ 1,813,000
Sale of Stock, Number of Shares Issued in Transaction				60,000		140,000	165,000
Proceeds from Sale of Available-for-sale Securities, Total				$ 4,019,000		$ 6,433,000
Available-for-sale Securities, Total						$ 300,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax		2,830,000		2,830,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax		$ 1,719,000		$ 1,719,000

Other Assets (Details)

Other Assets (Details) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Regulatory Assets [Line Items]
Investments in mutual water companies	$ 4,322,000	$ 4,031,000
Acquired water and mineral rights	1,536,000	1,536,000
Deferred lease assets and other	1,229,000	1,753,000
Note receivable	606,000	589,000
Acquired trade names and trademarks, net	362,000	446,000
Goodwill	680,000	680,000
Other Assets, Noncurrent	$ 8,735,000	$ 9,035,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Schedule of Accrued Liabilities [Line Items]
Compensation	$ 1,761,000	$ 1,655,000
Income taxes	5,240,000	180,000
Property taxes	410,000	541,000
Interest	279,000	263,000
Deferred rental income and deposits	594,000	892,000
Lease expense	305,000	827,000
Fruit supplier payables	682,000	788,000
Other	351,000	718,000
Accrued Liabilities, Current	$ 9,622,000	$ 5,864,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Debt Instrument [Line Items]
Less deferred financing costs	$ 162,000	$ 156,000
Total long-term debt, net	89,586,000	89,668,000
Less current portion	2,486,000	589,000
Long-term debt, less current portion	87,100,000	89,079,000
Rabobank Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt, net	58,010,000	83,834,000
Farm Credit West Term Loan One [Member]
Debt Instrument [Line Items]
Total long-term debt, net	3,835,000	4,235,000
Farm Credit West Nonrevolving Line of Credit [Member]
Debt Instrument [Line Items]
Total long-term debt, net	0	492,000
Farm Credit West Term Loan Three [Member]
Debt Instrument [Line Items]
Total long-term debt, net	1,225,000	1,263,000
Farm Credit West Term Loan Four [Member]
Debt Instrument [Line Items]
Total long-term debt, net	9,899,000	0
Farm Credit West Term Loan Five [Member]
Debt Instrument [Line Items]
Total long-term debt, net	7,414,000	0
Wells Fargo Term Loan [Member]
Debt Instrument [Line Items]
Total long-term debt, net	9,365,000	0
Subtotal [Member]
Debt Instrument [Line Items]
Total long-term debt, net	$ 89,748,000	$ 89,824,000

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Details)	9 Months Ended
	Jul. 31, 2016
Rabobank Revolving Credit Facility [Member]
LIBOR rate	0.47%
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 Instrument, Interest Rate, Stated Percentage	2.95%
Farm Credit West Term Loan Three [Member]
Debt Instrument, Maturity Date	Oct. 31, 2035
Debt Instrument, Interest Rate, Stated Percentage	2.95%
Wells Fargo Term Loan [Member]
Debt Instrument, Maturity Date	Jan. 31, 2023
Debt Instrument, Interest Rate, Stated Percentage	3.58%
Farm Credit West Term Loan Four [Member]
Debt Instrument, Maturity Date	Mar. 31, 2036
Debt Instrument, Interest Rate, Stated Percentage	4.70%
Farm Credit West Term Loan Five [Member]
Debt Instrument, Maturity Date	Mar. 31, 2036
Debt Instrument, Interest Rate, Stated Percentage	3.62%

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 16, 2016USD ($)	Jul. 31, 2016USD ($)	Jul. 31, 2015USD ($)	Jul. 31, 2016USD ($)	Jul. 31, 2015USD ($)
Debt Instrument [Line Items]
Interest Costs Capitalized		$ 444,000	$ 651,000	$ 1,448,000	$ 1,874,000
Debt Instrument, Face Amount		$ 10,000,000		$ 10,000,000
Prepayment Penalty Of Unpaid Balance		2.00%		2.00%
Payments of Debt Issuance Costs	$ 44,000			$ 44,000	$ 0
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio				1.25
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio				1
Rabobank Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000,000		$ 100,000,000
Line of Credit Facility, Collateral Fees, Amount				$ 92,556,000
Farm Credit West Term Loan Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	10,000,000
Farm Credit West Term Loan Five [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 7,500,000

Derivative Instrument and Hed57

Derivative Instrument and Hedging Activities (Details) - Forward Interest Rate Swaps [Member] - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 40,000,000	$ 40,000,000
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total	$ 1,459,000	$ 1,702,000

Derivative Instrument and Hed58

Derivative Instrument and Hedging Activities (Parenthetical) (Details)	9 Months Ended
	Jul. 31, 2016
Minimum [Member]
Debt Instrument [Line Items]
Derivative Maturity Month And Year	2013-07
Maximum [Member]
Debt Instrument [Line Items]
Derivative Maturity Month And Year	2018-06

Derivative Instrument and Hed59

Derivative Instrument and Hedging Activities (Details Textual) - Forward Interest Rate Swaps [Member] - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Derivative [Line Items]
Derivative, Fixed Interest Rate	4.30%
Derivative Liability, Notional Amount	$ 40,000,000	$ 40,000,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Basic net income per common share:
Numerator: Net income applicable to common stock	$ 10,573,000	$ 5,154,000	$ 7,568,000	$ 5,951,000
Denominator: Weighted average common shares-basic	14,178,000	14,127,000	14,165,000	14,115,000
Basic net income per common share	$ 0.75	$ 0.36	$ 0.53	$ 0.42
Diluted net income per common share:
Numerator: Net income for diluted EPS	$ 10,729,000	$ 5,313,000	$ 8,039,000	$ 5,951,000
Denominator: Weighted average common shares-basic	14,178,000	14,127,000	14,165,000	14,115,000
Effect of dilutive preferred stock	888,000	826,000	888,000	0
Weighted average common shares-diluted	15,066,000	14,953,000	15,053,000	14,115,000
Diluted net income per common share	$ 0.71	$ 0.36	$ 0.53	$ 0.42

Related-Party Transactions (Det

Related-Party Transactions (Details Textual) - USD ($)	Feb. 05, 2015	Aug. 14, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015
Related Party Transaction [Line Items]
Rental Income			$ 11,000	$ 20,000	$ 26,000	$ 122,000
Revenue from Related Parties					904,000		$ 712,000
Other Nonoperating Income (Expense), Total			47,000	91,000	463,000	353,000
Income (Loss) from Equity Method Investments			235,000	205,000	206,000	193,000
Payments to Acquire Equity Method Investments			$ 825,000		$ 1,275,000	9,000
Series B Two Preferred Stock [Member]
Related Party Transaction [Line Items]
Temporary Equity, Shares Issued			9,300		9,300
Employee [Member]
Related Party Transaction [Line Items]
Rental Income			$ 191,000	166,000	$ 561,000	459,000
Mutual Water Companies [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party			292,000	364,000	1,034,000	1,067,000
Due to Related Parties			89,000		89,000		175,000
Reimbursement Revenue					70,000		0
Cooperative Association [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party			312,000	382,000	1,202,000	1,081,000
Due to Related Parties			0		0		142,000
Board Of Directors [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party			1,271,000	774,000	1,899,000	1,356,000
Due to Related Parties			748,000		748,000		531,000
Calavo Growers, Inc. [Member]
Related Party Transaction [Line Items]
Rental Income			70,000	68,000	208,000	204,000
Related Party Transaction, Purchases from Related Party			368,000	86,000	405,000	105,000
Due to Related Parties			97,000		97,000		0
Investment Income, Dividend			9,571,000	3,027,000	288,000	37,500
Due from Related Parties			2,291,000		2,291,000		0
Calavo Growers, Inc. [Member] | Avocado [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties					$ 10,759,000	7,142,000
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			0	16,000	$ 87,000	41,000
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
Colorado River Growers [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties					274,000	305,000
Due from Related Parties			72,000		72,000		116,000
Payments for Advance to Affiliate					2,888,000	5,177,000
Yuma Mesa Irrigation And Drainage District [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party			6,000	0	76,000	68,000
Revenue from Related Parties			50,000	50,000	151,000	151,000
Due from Related Parties			17,000		17,000		0
Lease Expense Per Acre					750
Other Nonoperating Income (Expense), Total					0	160,000
Rosales [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party			467,000	415,000	763,000	567,000
Due to Related Parties			285,000		285,000		0
Distributions From Equity Investments					56,000	0
Equity Method Investment, Ownership Percentage		35.00%
Income (Loss) from Equity Method Investments			135,000	33,000	68,000	64,000
Amortization of Intangible Assets			52,000	52,000	156,000	156,000
Payments to Acquire Equity Method Investments		$ 1,750,000
Rosales [Member] | Lemons [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties			216,000	0	268,000	119,000
Limco Del Mar Limited [Member]
Related Party Transaction [Line Items]
Distributions From Equity Investments			220,000	0	220,000	495,000
Income (Loss) from Equity Method Investments			$ 153,000	225,000	$ 294,000	412,000
Limco Del Mar Limited [Member] | General Partner [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage			1.30%		1.30%
Limco Del Mar Limited [Member] | Limited Partner [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage			22.10%		22.10%
Limco Del Mar Limited [Member] | Management, Development, and Accounting Services [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties			$ 44,000	44,000	$ 111,000	119,000
Limco Del Mar Limited [Member] | Lemons [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties			417,000	$ 367,000	535,000	$ 470,000
Law Firm [Member]
Related Party Transaction [Line Items]
Due to Related Parties			0		0		32,000
Fenner Valley Farms, LLC [Member]
Related Party Transaction [Line Items]
Due to Related Parties			60,000		60,000		$ 0
Operating Leases, Rent Expense, Net, Total			$ 45,000		$ 60,000

Retirement Plans (Details)

Retirement Plans (Details) - Pension Plan [Member] - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Administrative expenses	$ 31,000	$ 34,000	$ 93,000	$ 102,000
Interest cost	209,000	213,000	627,000	639,000
Expected return on plan assets	(269,000)	(282,000)	(807,000)	(846,000)
Recognized actuarial loss	186,000	246,000	558,000	738,000
Net periodic benefit cost	$ 157,000	$ 211,000	$ 471,000	$ 633,000

Retirement Plans (Details Textu

Retirement Plans (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Contributions	$ 250,000	$ 125,000	$ 375,000	$ 375,000

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($)	Jul. 31, 2016	Oct. 31, 2015
Other Long-Term Liabilities [Line Items]
Minimum pension liability	$ 3,896,000	$ 4,359,000
Fair value of derivative instrument	736,000	935,000
Contingent consideration	300,000	300,000
Deposit received for joint venture interest	0	2,000,000
Other	47,000	47,000
Other long-term liabilities	$ 4,979,000	$ 7,641,000

Stock-based Compensation (Detai

Stock-based Compensation (Details) - Selling, General and Administrative Expenses [Member] - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 499,000	$ 82,000	$ 739,000	$ 474,000
2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares granted			34,721
Share-based compensation expense	0	0	$ 0	33,000
2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares granted			27,091
Share-based compensation expense	0	59,000	$ 0	179,000
2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares granted			42,085
Share-based compensation expense	88,000	88,000	$ 264,000	262,000
2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares granted			27,424
Share-based compensation expense	32,000	(65,000)	$ 96,000	0
2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares granted			0
Share-based compensation expense	$ 379,000	$ 0	$ 379,000	$ 0

Stock-based Compensation (Det66

Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015	Oct. 31, 2014	Dec. 31, 2013
Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Paid for Tax Withholding for Share Based Compensation	12,433	10,907
Adjustments Related to Tax Withholding for Share-based Compensation	$ 190,000	$ 275,000
Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					2 years	2 years	2 years
Stock Compensation Plan [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross					27,424	42,085	27,091
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount					$ 410,000	$ 1,071,000	$ 727,000
Allocated Share-based Compensation Expense					$ 130,000	$ 367,000	$ 253,000
Stock Issued During Period Per Share Based Compensation Gross					$ 15.29	$ 25.35	$ 26.82
Stock Compensation Plan [Member] | Nonemployee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross	21,905	15,077
Allocated Share-based Compensation Expense			$ 273,000	$ 325,000

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 39,903,000	$ 29,811,000	$ 92,255,000	$ 86,099,000
Depreciation and amortization			3,863,000	2,979,000
Selling, general and administrative expenses	(3,420,000)	(3,270,000)	(9,728,000)	(10,053,000)
Operating income (loss)	14,194,000	7,838,000	10,075,000	9,461,000
Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses			(9,728,000)	(10,053,000)
Operating income (loss)			10,075,000	9,461,000
Lemon operations [Member]
Segment Reporting Information [Line Items]
Revenues	26,209,000	23,859,000	68,852,000	67,385,000
Costs and expenses	15,614,000	13,843,000	53,719,000	50,484,000
Operating income (loss)	10,595,000	10,016,000	15,133,000	16,901,000
Other agribusiness [Member]
Segment Reporting Information [Line Items]
Revenues	12,221,000	4,607,000	19,091,000	14,883,000
Costs and expenses	4,342,000	2,837,000	11,046,000	10,449,000
Operating income (loss)	7,879,000	1,770,000	8,045,000	4,434,000
Rental Operations [Member]
Segment Reporting Information [Line Items]
Revenues	1,454,000	1,311,000	4,273,000	3,769,000
Costs and expenses	702,000	755,000	2,166,000	2,062,000
Depreciation and amortization	187,000	152,000	545,000	409,000
Operating income (loss)	565,000	404,000	1,562,000	1,298,000
Real Estate Development [Member]
Segment Reporting Information [Line Items]
Revenues	19,000	34,000	39,000	62,000
Costs and expenses	234,000	313,000	1,835,000	772,000
Depreciation and amortization	15,000	12,000	45,000	34,000
Operating income (loss)	(230,000)	(291,000)	(1,841,000)	(744,000)
Lemon and other agribusiness [Member]
Segment Reporting Information [Line Items]
Lemon and other agribusiness depreciation and amortization	1,195,000	791,000	3,096,000	2,375,000
Operating income (loss)	$ 17,279,000	$ 10,995,000	$ 20,082,000	$ 18,960,000

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Agribusiness revenues	$ 38,430,000	$ 28,466,000	$ 87,943,000	$ 82,268,000
Rental operations revenues	1,454,000	1,311,000	4,273,000	3,769,000
Real estate development revenues	19,000	34,000	39,000	62,000
Total revenues	39,903,000	29,811,000	92,255,000	86,099,000
Lemon operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	26,209,000	23,859,000	68,852,000	67,385,000
Other agribusiness [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	12,221,000	4,607,000	19,091,000	14,883,000
Avocados [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Agribusiness revenues	9,571,000	3,027,000	10,759,000	7,142,000
Navel and Valencia oranges [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Agribusiness revenues	1,891,000	1,020,000	5,576,000	5,054,000
Specialty citrus and other crops [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Agribusiness revenues	759,000	560,000	2,756,000	2,687,000
Residential And Commercial Rentals [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	903,000	728,000	2,655,000	2,012,000
Leased Land [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	441,000	480,000	1,386,000	1,413,000
Organic recycling and other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental operations revenues	$ 110,000	$ 103,000	$ 232,000	$ 344,000