Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 31, 2017 | Aug. 31, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | |
Entity Common Stock, Shares Outstanding | 14,405,031 | |
Trading Symbol | LMNR |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Current assets: | ||
Cash | $ 1,822,000 | $ 38,000 |
Accounts receivable, net | 10,732,000 | 9,298,000 |
Cultural costs | 3,430,000 | 3,844,000 |
Prepaid expenses and other current assets | 3,789,000 | 2,509,000 |
Income taxes receivable | 0 | 2,810,000 |
Total current assets | 19,773,000 | 18,499,000 |
Property, plant and equipment, net | 186,845,000 | 177,096,000 |
Real estate development | 79,160,000 | 77,136,000 |
Equity in investments | 14,337,000 | 6,254,000 |
Investment in Calavo Growers, Inc. | 22,215,000 | 17,745,000 |
Other assets | 13,381,000 | 8,718,000 |
Total Assets | 335,711,000 | 305,448,000 |
Current liabilities: | ||
Accounts payable | 4,462,000 | 5,555,000 |
Growers payable | 10,584,000 | 8,577,000 |
Accrued liabilities | 8,495,000 | 6,421,000 |
Fair value of derivative instrument | 420,000 | 690,000 |
Current portion of long-term debt | 2,935,000 | 2,508,000 |
Total current liabilities | 26,896,000 | 23,751,000 |
Long-term liabilities: | ||
Long-term debt, less current portion | 97,638,000 | 88,164,000 |
Deferred income taxes | 28,470,000 | 25,328,000 |
Other long-term liabilities | 5,161,000 | 6,127,000 |
Sale-leaseback deferral | 27,565,000 | 23,349,000 |
Total liabilities | 185,730,000 | 166,719,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common Stock - $.01 par value (39,000,000 shares authorized: 14,405,031 and 14,178,226 shares issued and outstanding at July 31, 2017 and October 31, 2016, respectively) | 144,000 | 142,000 |
Additional paid-in capital | 94,053,000 | 91,841,000 |
Retained earnings | 38,261,000 | 31,812,000 |
Accumulated other comprehensive income | 6,118,000 | 2,703,000 |
Noncontrolling interest | 595,000 | 0 |
Total stockholders’ equity | 139,171,000 | 126,498,000 |
Total Liabilities and Stockholders’ Equity | 335,711,000 | 305,448,000 |
Series B Convertible Preferred Stock [Member] | ||
Long-term liabilities: | ||
Convertible Preferred Stock | 1,479,000 | 2,900,000 |
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, 2017 | Oct. 31, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 39,000,000 | 39,000,000 |
Common Stock, Shares, Issued | 14,405,031 | 14,178,226 |
Common Stock, Shares, Outstanding | 14,405,031 | 14,178,226 |
Series B Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Preferred Stock, Shares Issued | 14,790 | 29,000 |
Preferred Stock, Shares Outstanding | 14,790 | 29,000 |
Preferred Stock, Dividend Rate, Percentage | 8.75% | 8.75% |
Series B-2 Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 9,300 | 9,300 |
Preferred Stock, Shares Outstanding | 9,300 | 9,300 |
Preferred Stock, Dividend Rate, Percentage | 4.00% | 4.00% |
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Series A Junior Participating Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000 | 20,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Net revenues: | ||||
Agribusiness | $ 39,050,000 | $ 38,430,000 | $ 101,236,000 | $ 87,943,000 |
Rental operations | 1,345,000 | 1,454,000 | 4,144,000 | 4,273,000 |
Real estate development | 0 | 19,000 | 0 | 39,000 |
Total net revenues | 40,395,000 | 39,903,000 | 105,380,000 | 92,255,000 |
Costs and expenses: | ||||
Agribusiness | 23,022,000 | 21,151,000 | 75,821,000 | 67,861,000 |
Rental operations | 929,000 | 889,000 | 2,934,000 | 2,711,000 |
Real estate development | 47,000 | 249,000 | 172,000 | 1,880,000 |
Impairment of real estate development assets | 0 | 0 | 120,000 | 0 |
Selling, general and administrative | 3,229,000 | 3,420,000 | 10,192,000 | 9,728,000 |
Total costs and expenses | 27,227,000 | 25,709,000 | 89,239,000 | 82,180,000 |
Operating income | 13,168,000 | 14,194,000 | 16,141,000 | 10,075,000 |
Other income (expense): | ||||
Interest expense, net | (521,000) | (473,000) | (1,372,000) | (1,036,000) |
Gain on sale of stock in Calavo Growers, Inc. | 0 | 3,419,000 | 0 | 3,419,000 |
Equity in earnings of investments | 76,000 | 235,000 | 9,000 | 206,000 |
Other income, net | 37,000 | 47,000 | 364,000 | 463,000 |
Total other income (expense) | (408,000) | 3,228,000 | (999,000) | 3,052,000 |
Income before income tax provision | 12,760,000 | 17,422,000 | 15,142,000 | 13,127,000 |
Income tax provision | (5,017,000) | (6,693,000) | (5,935,000) | (5,088,000) |
Net income | 7,743,000 | 10,729,000 | 9,207,000 | 8,039,000 |
Net loss attributable to noncontrolling interest | 34,000 | 0 | 38,000 | 0 |
Net income attributable to Limoneira Company | 7,777,000 | 10,729,000 | 9,245,000 | 8,039,000 |
Preferred dividends | (125,000) | (156,000) | (435,000) | (471,000) |
Net income attributable to common stock | $ 7,652,000 | $ 10,573,000 | $ 8,810,000 | $ 7,568,000 |
Basic net income per common share | $ 0.53 | $ 0.75 | $ 0.62 | $ 0.53 |
Diluted net income per common share | 0.52 | 0.71 | 0.62 | 0.53 |
Dividends per common share | $ 0.06 | $ 0.05 | $ 0.17 | $ 0.15 |
Weighted-average common shares outstanding-basic | 14,396,000 | 14,178,000 | 14,287,000 | 14,165,000 |
Weighted-average common shares outstanding-diluted | 14,989,000 | 15,066,000 | 14,570,000 | 15,053,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Net income | $ 7,743,000 | $ 10,729,000 | $ 9,207,000 | $ 8,039,000 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | 113,000 | 0 | (113,000) | 0 |
Minimum pension liability adjustment | 126,000 | 113,000 | 378,000 | 339,000 |
Unrealized holding gains on security available-for-sale | 1,534,000 | 1,569,000 | 2,707,000 | 2,829,000 |
Reclassification of unrealized gain on security sold | 0 | (1,719,000) | 0 | (1,719,000) |
Unrealized gains from derivative instrument | 102,000 | 51,000 | 443,000 | 147,000 |
Total other comprehensive income, net of tax | 1,875,000 | 14,000 | 3,415,000 | 1,596,000 |
Comprehensive income | 9,618,000 | 10,743,000 | 12,622,000 | 9,635,000 |
Comprehensive loss attributable to noncontrolling interest | 45,000 | 0 | 49,000 | 0 |
Comprehensive income attributable to Limoneira Company | $ 9,663,000 | $ 10,743,000 | $ 12,671,000 | $ 9,635,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Operating activities | ||
Net income | $ 9,207,000 | $ 8,039,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,824,000 | 3,863,000 |
Gain on sale of stock in Calavo Growers. Inc. | 0 | (3,419,000) |
Impairments of real estate development assets | 120,000 | 0 |
Loss on disposals of assets | 215,000 | 121,000 |
Stock compensation expense | 1,088,000 | 1,012,000 |
Equity in earnings of investments | (9,000) | (206,000) |
Cash distributions from equity investments | 377,000 | 276,000 |
Accrued interest on note receivable | (18,000) | (17,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,335,000) | (5,143,000) |
Cultural costs | 880,000 | 1,147,000 |
Prepaid expenses and other current assets | (1,010,000) | (70,000) |
Income taxes receivable | 2,810,000 | 0 |
Other assets | 420,000 | 322,000 |
Accounts payable and growers payable | 480,000 | 351,000 |
Accrued liabilities | 1,968,000 | 4,497,000 |
Other long-term liabilities | 105,000 | 97,000 |
Net cash provided by operating activities | 20,122,000 | 10,870,000 |
Investing activities | ||
Capital expenditures | (9,607,000) | (13,263,000) |
Proceeds from sale of LLC Interest | 0 | 18,000,000 |
Business combination | (5,706,000) | 0 |
Agricultural property acquisition | 0 | (15,098,000) |
Net proceeds from sale of stock in Calavo Growers, Inc. | 0 | 4,019,000 |
Equity investment contributions | (7,450,000) | (1,275,000) |
Investments in mutual water companies | (350,000) | (291,000) |
Net cash used in investing activities | (23,113,000) | (7,908,000) |
Financing activities | ||
Borrowings of long-term debt | 161,425,000 | 127,702,000 |
Repayments of long-term debt | (153,442,000) | (127,777,000) |
Dividends paid - common | (2,362,000) | (2,125,000) |
Dividends paid - preferred | (435,000) | (471,000) |
Exchange of common stock | (294,000) | (190,000) |
Payments of debt financing costs | (108,000) | (44,000) |
Net cash provided by (used in) financing activities | 4,784,000 | (2,905,000) |
Effect of exchange rate changes in cash | (9,000) | 0 |
Net increase in cash | 1,784,000 | 57,000 |
Cash at beginning of period | 38,000 | 39,000 |
Cash at end of period | 1,822,000 | 96,000 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for interest (net of amounts capitalized) | 1,295,000 | 796,000 |
Cash paid during the period for income taxes, net of (refunds) | (1,500,000) | 5,000 |
Non-cash investing and financing activities: | ||
Unrealized holding gain on Calavo investment | (4,470,000) | (4,311,000) |
Increase in real estate development and sale-leaseback deferral | 4,216,000 | 2,349,000 |
Settlement of lease obligation related to agriculture property acquisition | 0 | (739,000) |
Capital expenditures accrued but not paid at period-end | 328,000 | 431,000 |
Accrued interest on note receivable | 18,000 | 17,000 |
Accrued Series B-2 Convertible Preferred Stock dividends | $ 31,000 | $ 31,000 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | 1 Months Ended | |
Jun. 20, 2017 | Feb. 24, 2017 | |
Conversion of Stock [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 5,706,000 | |
Rabobank Revolving Credit Facility [Member] | ||
Conversion of Stock [Line Items] | ||
Repayments of Long-term Debt, Total | $ 68,572,000 | |
Fruticola Pan de Azucar S.A. [Member] | ||
Conversion of Stock [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 5,800,000 | |
Repayments of Long-term Debt, Total |
Business
Business | 9 Months Ended |
Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. Business 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 food service, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. The Company sells all of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on NASDAQ under the symbol CVGW. Calavo’s customers include many of the largest retail and food service companies in the United States and Canada. The Company’s avocados are packed by Calavo, which are then 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 material subsidiaries include: Limoneira Mercantile, LLC, Windfall Investors, LLC (“Windfall”), Templeton Santa Barbara, LLC, Associated Citrus Packers, Inc. (“Associated”), Limoneira Chile, SpA, Limoneira EA1 Land, LLC and Fruticola Pan de Azucar S.A. (“PDA”), in which the Company has a 90 Consolidation, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies PDA’s functional currency is the Chilean Peso. Its balance sheet is translated to U.S. dollars at exchange rates in effect at the balance sheet date and its income statement is translated at average exchange rates during the reporting period. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income. FASB Accounting Standards Update (“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. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. These ASUs apply to all companies that enter into contracts with customers to transfer goods or services. In May 2016, the FASB issued, ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. ASU 2016-12 provides clarifying guidance in certain narrow areas and adds some practical expedients. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company currently anticipates adopting the standard in the first quarter of its fiscal year ending October 31, 2019 and anticipates using the modified retrospective method. The Company has begun to inventory and evaluate its revenue streams and related contracts with customers. The Company continues to evaluate the effect this ASU may have on its consolidated financial statements. 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. The Company’s adoption of this ASU had no impact on its consolidated financial statements. FASB ASU 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 an effect on its consolidated financial statements. FASB ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (i.e., securities or loans and receivables). Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements. FASB ASU 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 ASU will be effective for the Company beginning in the first quarter of its fiscal year ending October 31, 2019. The Company is evaluating the effect this ASU may have on its consolidated financial statements, however it expects to apply the practical expedients provided in the ASU and to record right-of-use assets and lease obligations for its operating leases that exist on the date of adoption. Note 20 Commitment and Contingencies in the Notes to Consolidated Financial Statements included in the Company’s fiscal year 2016 Annual Report on Form 10-K describes it’s operating lease arrangements as of October 31, 2016. FASB ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company adopted this ASU during the quarter ended July 31, 2017 in connection with the refinancing of its line of credit arrangements and related interest rates swap as described in Note 13 Long-Term Debt and Note 14 Derivative Instrument and Hedging Activities. FASB ASU 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. Early adoption is permitted. The Company’s early adoption of this ASU on November 1, 2016 resulted in a cumulative effect provision of $ 21,000 |
Acquisitions
Acquisitions | 9 Months Ended |
Jul. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Acquisitions Business Combination On February 24, 2017 (the “Acquisition Date”), the Company completed the acquisition of 90 5,800,000 1,700,000 210 9,451,000 13 35 47 10 53 1,900,000 57,000 After the April 30, 2017, interim unaudited financial statements were issued, a third-party valuation of the fair value of the net assets was finalized, which resulted in a $ 193,000 94,000 Cultural costs $ 473,000 Other current assets 166,000 Land and land improvements 2,748,000 Buildings and equipment 206,000 Orchards 2,876,000 Investment in Rosales 1,021,000 Water rights 1,120,000 Deposit for land purchase 645,000 Goodwill 196,000 Total assets acquired 9,451,000 Current liabilities (122,000) Current and long-term debt (1,964,000) Deferred income taxes (1,026,000) Noncontrolling interest (633,000) Net cash paid $ 5,706,000 Revenue of $ 463,000 206,000 The unaudited, pro forma consolidated statement of operations as if PDA had been included in the consolidated results of the Company for the entire nine months ended July 31, 2017 results in revenue of $ 105,991,000 9,312,000 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, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements Under the FASB ASC 820, Fair Value Measurement and Disclosures, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). July 31, 2017 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale securities $ 22,215,000 $ $ $ 22,215,000 Liabilities at fair value: Derivative $ $ 420,000 $ $ 420,000 October 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale securities $ 17,745,000 $ $ $ 17,745,000 Liabilities at fair value: Derivative $ $ 1,151,000 $ $ 1,151,000 Available-for-sale securities consist of marketable securities in Calavo common stock. The Company currently owns 300,000 1.7 74.05 59.15 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, 2017 | |
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, 2017 and October 31, 2016 the allowances totaled $ 343,000 357,000 |
Concentrations
Concentrations | 9 Months Ended |
Jul. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 6. Concentrations Lemons procured from third-party growers were 37 42 14 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 Prepaid insurance $ 464,000 $ 633,000 Prepaid supplies 1,133,000 879,000 Lemon supplier advances 1,016,000 41,000 Deposits 16,000 61,000 Deferred lease expense, water assessments and other 1,160,000 895,000 $ 3,789,000 $ 2,509,000 |
Real Estate Development Assets
Real Estate Development Assets | 9 Months Ended |
Jul. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 8. Real Estate Development Assets July 31, October 31, 2017 2016 East Areas I and II $ 71,224,000 $ 66,097,000 Templeton Santa Barbara, LLC 7,936,000 11,039,000 $ 79,160,000 $ 77,136,000 East Areas I and II In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 1,415,000 1,229,000 months 5,127,000 5,508,000 2,000 3,000 39,000 1,158,000 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 I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (the “LLC” or “Joint Venture”) as the development entity, contributed its East Area I property to the LLC and sold a 50 20,000,000 2,000,000 18,000,000 18,800,000 1,200,000 In addition, on the Transaction Date, the Company incurred a Success Fee with Parkstone Companies, Inc., in the amount of $ 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 1,236,000 758,000 4,216,000 2,349,000 In connection with the LLC Agreement, the Company is to be reimbursed $ 250,000 12,000 7,000 The Company determined the Joint Venture to be a Variable Interest Entity (“VIE”) under ASC 810, because the Joint Venture will require additional subordinated financial support to finance its operations. The Company further determined that it is not the primary beneficiary of the VIE, as the Company and Lewis have joint control over all significant decisions affecting the Joint Venture’s economic performance. Accordingly, contributions made by the Company to the LLC, 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 $ 3,000,000 825,000 7,450,000 1,275,000 54,000 In connection with facilitating the annexation of East Area I into the City of Santa Paula, during February 2014 the Company entered into a Capital Improvement Cost Sharing Agreement for Improvements to Santa Paula Creek Channel (the “Cost Sharing Agreement”) with the Ventura County Watershed Protection District (the “District”). The Cost Sharing Agreement requires the Company to reimburse the District 28.5 5,000,000 Templeton Santa Barbara, LLC The three real estate development parcels within the Templeton Santa Barbara, LLC project 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, 2017 were $ 2,983,000 3,250,000 4,686,000 2,983,000 3,370,000 4,686,000 45,000 48,000 133,000 130,000 On March 27, 2017, the Company entered into an agreement to sell its Centennial property for $ 3,200,000 100,000 of $ 3,500,000 120,000 1,452,000 40,000 |
Equity in Investments
Equity in Investments | 9 Months Ended |
Jul. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 9. Equity in Investments July 31, October 31, 2017 2016 Limoneira Lewis Community Builders, LLC $ 9,671,000 $ 2,275,000 Limco Del Mar, Ltd. 2,030,000 1,961,000 Rosales 2,114,000 1,496,000 Romney Property Partnership 522,000 522,000 $ 14,337,000 $ 6,254,000 The Rosales equity investment includes the Company’s 35 12 |
Investment in Calavo Growers, I
Investment in Calavo Growers, Inc. | 9 Months Ended |
Jul. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 10. 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 Additionally, changes in the fair value of the available-for-sale securities result in unrealized holding gains or losses for the remaining shares held by the Company. The Company recorded unrealized holding gains of $ 2,535,000 1,534,000 2,583,000 1,569,000 4,470,000 2,707,000 4,657,000 2,829,000 |
Other Assets
Other Assets | 9 Months Ended |
Jul. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | 11. Other Assets Other assets consist of the following: July 31, October 31, 2017 2016 Investments in mutual water companies $ 4,679,000 $ 4,327,000 Acquired water and mineral rights 2,635,000 1,536,000 Real estate development held for sale 2,983,000 - Deposit for land purchase 633,000 - Deferred lease assets and other 437,000 930,000 Note receivable 630,000 612,000 Revolving funds and memberships 263,000 292,000 Acquired trade names and trademarks, net 248,000 341,000 Goodwill 873,000 680,000 $ 13,381,000 $ 8,718,000 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Jul. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 12. Accrued Liabilities July 31, October 31, 2017 2016 Compensation $ 1,959,000 $ 2,362,000 Income taxes 4,625,000 - Property taxes 307,000 520,000 Interest 308,000 277,000 Deferred income and deposits 467,000 633,000 Lease expense 157,000 296,000 Lemon supplier payables 76,000 1,242,000 Other 596,000 1,091,000 $ 8,495,000 $ 6,421,000 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 13. Long-Term Debt July 31, October 31, 2017 2016 Farm Credit West revolving and non-revolving lines of credit: the interest rate is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 1.22% at July 31, 2017, plus 1.85%. Interest is payable monthly and the principal is due in full on July 1, 2022. $ 69,478,000 $ - Rabobank revolving credit facility: the loan was repaid in June 2017 with proceeds from the Farm Credit West revolving and non-revolving lines of credit as noted below. - 59,606,000 Farm Credit West term loan: the interest rate is variable and was 3.70% at July 31, 2017. The loan is payable in quarterly installments through November 2022. 3,292,000 3,701,000 Farm Credit West term loan: the interest rate is variable and was 3.70% at July 31, 2017. The loan is payable in monthly installments through October 2035. 1,178,000 1,213,000 Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036. 9,585,000 9,822,000 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. 7,151,000 7,349,000 Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023. 8,063,000 9,152,000 Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025. 2,022,000 - Subtotal 100,769,000 90,843,000 Less deferred financing costs, net of accumulated amortization 196,000 171,000 Total long-term debt, net 100,573,000 90,672,000 Less current portion 2,935,000 2,508,000 Long-term debt, less current portion $ 97,638,000 $ 88,164,000 On June 20, 2017, the Company entered into a Master Loan Agreement (the “Loan Agreement”) with Farm Credit West, FLCA (“Farm Credit West”) which includes a Revolving Credit Supplement and a Non-revolving Credit Supplement (the “Supplements”). The Supplements provide aggregate borrowing capacity of $ 100,000,000 60,000,000 40,000,000 1.60 2.35 All indebtedness under the Loan Agreements, including any indebtedness under the Supplements, is secured by a first lien on certain of the Company’s agricultural properties in Tulare and Ventura counties in California and certain of the Company’s building fixtures and improvements and investments in mutual water companies associated with the pledged agricultural properties. The Loan Agreement includes customary default provisions that provide should an event of default occur, Farm Credit West, at its option, may declare all or any portion of the indebtedness under the Loan Agreement to be immediately due and payable without demand, notice of non-payment, protest or prior recourse to collateral, and terminate or suspend the Company’s right to draw or request funds on any loan or line of credit. Proceeds from the Supplements were used to pay down all the remaining outstanding indebtedness under the revolving credit facility the Company had with Rabobank, N.A. The Loan Agreement subjects the Company to affirmative and restrictive covenants including, among other customary covenants, financial reporting requirements, requirements to maintain and repair any collateral, restrictions on the sale of assets, restrictions on the use of proceeds, prohibitions on the incurrence of additional debt and restrictions on the purchase or sale of major assets of the Company’s business. The Company is also subject to a covenant that it will maintain a debt service coverage ratio greater than 1.25:1.0 measured annually at October 31. The Farm Credit West credit facility provides for maximum borrowings of $ 100,000,000 100,000,000 The Company paid and capitalized debt financing costs of $ 108,000 45,000 On January 20, 2016, the Company entered into a $ 10,000,000 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 The Banco de Chile term loan was assumed with the acquisition of PDA in February 2017. The interest rate is fixed at 6.48 Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $ 551,000 444,000 1,424,000 1,448,000 |
Derivative Instrument and Hedgi
Derivative Instrument and Hedging Activities | 9 Months Ended |
Jul. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 14. Derivative Instrument and Hedging Activities The Company enters into interest rate swaps to minimize the risks and costs associated with its financing activities. Notional Amount Fair Value Liability July 31, October 31, July 31, October 31, 2017 2016 2017 2016 Pay fixed-rate, receive floating-rate forward interest $ 40,000,000 $ 40,000,000 $ 420,000 $ 1,151,000 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 This interest rate swap qualifies as a cash flow hedge and the fair value liability is included in fair value of derivative instrument, other long-term liabilities and related accumulated other comprehensive income at July 31, 2017 and October 31, 2016. |
Basic and Diluted Net Income pe
Basic and Diluted Net Income per Share | 9 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 15. Basic and Diluted Net Income per Share Basic net income per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. 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. Three months ended July 31, Nine months ended July 31, 2017 2016 2017 2016 Basic net income per common share: Numerator: Net income applicable to common stock $ 7,652,000 $ 10,573,000 $ 8,810,000 $ 7,568,000 Denominator: Weighted average common shares-basic 14,396,000 14,178,000 14,287,000 14,165,000 Basic net income per common share $ 0.53 $ 0.75 $ 0.62 $ 0.53 Diluted net income per common share: Numerator: Net income for diluted EPS $ 7,777,000 $ 10,729,000 $ 8,966,000 $ 8,039,000 Denominator: Weighted average common sharesbasic 14,396,000 14,178,000 14,287,000 14,165,000 Effect of dilutive preferred stock 593,000 888,000 283,000 888,000 Weighted average common sharesdiluted 14,989,000 15,066,000 14,570,000 15,053,000 Diluted net income per common share $ 0.52 $ 0.71 $ 0.62 $ 0.53 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 16. Related-Party Transactions The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $ 180,000 191,000 548,000 561,000 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 $ 207,000 292,000 925,000 1,034,000 67,000 131,000 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 $ 373,000 312,000 1,354,000 1,202,000 72,000 87,000 The Company has an investment in and representation on the board of directors of Calavo and Calavo has an investment in and representation on the board of directors of the Company. The Company recorded dividend income of $ 270,000 288,000 7,490,000 9,571,000 9,519,000 10,759,000 1,654,000 72,000 70,000 214,000 208,000 368,000 405,000 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, 2017 and 2016, the aggregate amount of lemons procured from entities owned or controlled by members of the board of directors was $ 1,135,000 1,271,000 2,111,000 1,899,000 978,000 877,000 31 3,000 96,000 15,000 108,000 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 30,000 11,000 71,000 26,000 17,000 113,000 87,000 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 25,000 The Company has representation on the board of directors of Colorado River Growers, Inc. (“CRG”), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid no harvest costs to CRG in the three months ended July 31, 2017 and 2016, respectively. The Company paid harvest costs to CRG of $ 2,825,000 2,888,000 303,000 274,000 181,000 The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District (“YMIDD”). In December 2013, Associated entered into an agreement, as amended in December 2014 and 2015, with 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 34,000 151,000 6,000 67,000 76,000 The Company has a 1.3 26.8 35,000 44,000 104,000 111,000 1,052,000 1,368,000 1,714,000 1,710,000 1,008,000 791,000 176,000 220,000 107,000 153,000 176,000 220,000 244,000 294,000 On August 14, 2014, the Company’s wholly owned subsidiary, Limoneira Chile SpA, invested approximately $ 1,750,000 35 12 428,000 216,000 1,038,000 268,000 430,000 1,348,000 467,000 1,590,000 763,000 70,000 135,000 102,000 52,000 24,000 68,000 206,000 156,000 134,000 56,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 17. Income Taxes The Company’s estimated effective tax rate for the nine months ended July 31, 2017 is approximately 39.2 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, 2017. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Jul. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 18. 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 $ 150,000 250,000 575,000 375,000 Three Months Ended July 31, Nine Months Ended July 31, 2017 2016 2017 2016 Administrative expenses $ 76,000 $ 31,000 $ 228,000 $ 93,000 Interest cost 194,000 209,000 582,000 627,000 Expected return on plan assets (263,000) (269,000) (789,000) (807,000) Prior service cost 11,000 - 33,000 - Recognized actuarial loss 208,000 186,000 624,000 558,000 Net periodic benefit cost $ 226,000 $ 157,000 $ 678,000 $ 471,000 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Jul. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | 19. Other Long-Term Liabilities July 31, October 31, 2017 2016 Minimum pension liability $ 5,099,000 $ 5,619,000 Fair value of derivative instrument - 461,000 Deferred gain and other 62,000 47,000 $ 5,161,000 $ 6,127,000 |
Contingencies
Contingencies | 9 Months Ended |
Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 20. Contingencies The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity, and/or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings. |
Series B and Series B-2 Preferr
Series B and Series B-2 Preferred Stock | 9 Months Ended |
Jul. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Preferred Stock [Text Block] | 21. Series B and Series B-2 Preferred Stock Series B Convertible Preferred Stock In 1997, in connection with the acquisition of Ronald Michaelis Ranches, Inc., the Company issued 30,000 100.00 Dividends: The holders of shares of Series B Stock are entitled to receive cumulative cash dividends at an annual rate of 8.75 Voting Rights: Each shareholder of Series B Stock is entitled to ten votes on all matters submitted to a vote of the stockholders of the Company. Redemption: The Company, at the option of the board of directors, may redeem the Series B Stock, as a whole or in part, at any time or from time to time on or after August 1, 2017 and before July 31, 2027, at a redemption price equal to the par value thereof, plus accrued and unpaid dividends thereon to the date fixed for redemption. Redemption by the Company of a portion of the Series B Stock totaling 14,790 Conversion: The holders of Series B Stock have the right, at their option, to convert such shares into shares of Common Stock of the Company at any time prior to redemption. The conversion price is $ 8.00 Put: The holders of Series B Stock may at any time after July 1, 2017 and before June 31, 2027 cause the Company to repurchase such shares at a repurchase price equal to the par value thereof, plus accrued and unpaid dividends thereon to the date fixed for repurchase. The put features of a portion of the Series B Stock totaling 14,790 shares are subject to certain conditions agreed upon between the Company and the holders of this portion of the Series B Stock. Because the Series B Stock may be redeemed by holders of the shares at their discretion beginning July 1, 2017, the redemption is outside of the control the Company and accordingly, the Series B Stock has been classified as temporary equity. In May 2017, 3,042 38,025 In April 2017, 10,453 130,662 In November 2016, 715 8,937 In April 2016, 500 6,250 In September 2015, 500 6,250 Series B-2 Convertible Preferred Stock During March and April of 2014, pursuant to a Series B-2 Stock Purchase Agreement dated March 21, 2014, the Company issued an aggregate of 9,300 100.00 9,300,000 Conversion: Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Company’s common stock based upon the closing price of the Company’s common stock on the NASDAQ Stock Market, LLC or on such other principal market on which the Company’s common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock (i) at any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination. Dividends: The holder of shares of the Series B-2 Preferred Stock is entitled to receive cumulative cash dividends at an annual rate of 4 1,000 Liquidation Rights: In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holder of shares of the Series B-2 Preferred Stock is entitled to be paid out of the assets available for distribution, before any payment is made to the holders of the Company’s common stock or any other series or class of the Company’s shares ranking junior to the Series B-2 Preferred Stock, an amount equal to the liquidation value of $1,000 per share, plus an amount equal to all accrued and unpaid dividends. Voting Rights: Each share of Series B-2 Preferred Stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. Redemption: The Company may redeem shares of Series B-2 Preferred Stock only (i) from WPI or its designee and (ii) upon, and to the extent of, an election to exercise the option pursuant to the Option Agreement, described below, at a redemption price equal to the liquidation value of $1,000 per share plus accrued and unpaid dividends. Because the Series B-2 Preferred Stock may be redeemed by WPI at its discretion with the exercise of the Option Agreement, the redemption is outside of the control the Company and accordingly, the Series B-2 Preferred Stock has been classified as temporary equity. In connection with the sale of the Series B-2 Preferred Stock, Associated and another affiliate of WAM (“WPI-ACP”), entered into a series of agreements related to the future ownership and disposition of farmland with associated Colorado River water rights and other real estate that is held by Associated in Yuma, Arizona. The agreements allow the parties to explore strategies that will make the highest and best use of those assets, including but not limited to the sale or lease of assets or the expansion of a fallowing and water savings program in which a portion of Associated’s property is currently enrolled. The net proceeds of any monetization event would be shared equally by the parties. The agreements entered into include a Water Development Agreement and an Option Agreement. Pursuant to the Water Development Agreement, Associated granted WPI-ACP exclusive rights to develop water assets attributable to the real estate owned by Associated for the mutual benefit of Associated and WAM. Pursuant to the Option Agreement, Associated granted WPI-ACP an option to purchase an undivided interest of up to one-half of the real estate owned by Associated in Yuma County, Arizona (the “Property”) and the water rights associated therewith until January 1, 2026. The purchase price for the Property subject to the Option Agreement will be paid via the redemption by the Company of a proportionate percentage of the Series B-2 Preferred Stock. Unless and until a definitive agreement or definitive agreements with respect to Associated’s real estate and water rights is entered into that would cause the cessation of farming operations, Associated expects to continue farming the Property and recognize all results of operations and retain all proceeds from such operations. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Jul. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | 22. 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 two-year period. In December 2016, 44,998 19.92 896,000 544,000 27,424 15.29 410,000 130,000 42,085 25.35 1,071,000 367,000 Performance Shares Three Months Ended July 31, Nine Months Ended July 31, Year Granted 2017 2016 2017 2016 2014 42,085 $ - $ 88,000 $ - $ 264,000 2015 27,424 36,000 32,000 108,000 96,000 2016 44,998 64,000 379,000 192,000 379,000 2017 - 108,000 - 465,000 - $ 208,000 $ 499,000 $ 765,000 $ 739,000 During the three months ended January 31, 2017 and 2016 members of management exchanged 14,773 12,433 294,000 190,000 During January 2017 and 2016, 18,956 21,905 323,000 273,000 |
Segment Information
Segment Information | 9 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 23. 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 lemons sales, farming, harvesting and lemon packing. The other agribusiness segment includes sales, farming and harvesting of avocados, oranges and specialty citrus. The lemon operations and other agribusiness segments are seasonal in nature and interim results should not be taken as indicative of the estimated results for a full fiscal year. The rental operations segment includes residential 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. In October 2016, the Company repurposed Windfall from a real estate development project to an agricultural ranch and reclassified $ 26,779,000 135,000 507,000 Three months ended July 31, 2017 2016 Lemon operations: Revenues $ 29,995,000 $ 26,209,000 Costs and expenses 17,581,000 15,614,000 Operating income 12,414,000 10,595,000 Other agribusiness: Revenues 9,055,000 12,221,000 Costs and expenses 4,054,000 4,342,000 Operating income 5,001,000 7,879,000 Lemon and other agribusiness depreciation and amortization 1,387,000 1,195,000 Total agribusiness operating income 16,028,000 17,279,000 Rental operations: Revenues 1,345,000 1,454,000 Costs and expenses 738,000 702,000 Depreciation and amortization 191,000 187,000 Operating income 416,000 565,000 Real estate development: Revenues - 19,000 Costs and expenses 47,000 234,000 Depreciation and amortization - 15,000 Operating loss (47,000) (230,000) Selling, general and administrative expenses (3,229,000) (3,420,000) Total operating income $ 13,168,000 $ 14,194,000 The following table sets forth revenues by category, by segment for the three months ended July 31, 2017 and 2016: Three months ended July 31, 2017 2016 Lemon operations revenues $ 29,995,000 $ 26,209,000 Avocados 7,490,000 9,571,000 Navel and Valencia oranges 1,118,000 1,891,000 Specialty citrus and other crops 447,000 759,000 Other agribusiness revenues 9,055,000 12,221,000 Agribusiness revenues 39,050,000 38,430,000 Residential and commercial rentals 906,000 903,000 Leased land 372,000 441,000 Organic recycling and other 67,000 110,000 Rental operations revenues 1,345,000 1,454,000 Real estate development revenues - 19,000 Total net revenues $ 40,395,000 $ 39,903,000 Segment information for the nine months ended July 31, 2017 and 2016: Nine months ended July 31, 2017 2016 Lemon operations: Revenues $ 82,154,000 $ 68,852,000 Costs and expenses 58,180,000 53,719,000 Operating income 23,974,000 15,133,000 Other agribusiness: Revenues 19,082,000 19,091,000 Costs and expenses 13,548,000 11,046,000 Operating income 5,534,000 8,045,000 Lemon and other agribusiness depreciation and amortization 4,093,000 3,096,000 Total agribusiness operating income 25,415,000 20,082,000 Rental operations: Revenues 4,144,000 4,273,000 Costs and expenses 2,367,000 2,166,000 Depreciation and amortization 567,000 545,000 Operating income 1,210,000 1,562,000 Real estate development: Revenues - 39,000 Costs and expenses 292,000 1,835,000 Depreciation and amortization - 45,000 Operating loss (292,000) (1,841,000) Selling, general and administrative expenses (10,192,000) (9,728,000) Total operating income $ 16,141,000 $ 10,075,000 The following table sets forth revenues by category, by segment for the nine months ended July 31, 2017 and 2016: Nine months ended July 31, 2017 2016 Lemon operations revenues $ 82,154,000 $ 68,852,000 Avocados 9,519,000 10,759,000 Navel and Valencia oranges 6,539,000 5,576,000 Specialty citrus and other crops 3,024,000 2,756,000 Other agribusiness revenues 19,082,000 19,091,000 Agribusiness revenues 101,236,000 87,943,000 Residential and commercial rentals 2,688,000 2,655,000 Leased land 1,114,000 1,386,000 Organic recycling and other 342,000 232,000 Rental operations revenues 4,144,000 4,273,000 Real estate development revenues - 39,000 Total net revenues $ 105,380,000 $ 92,255,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 24. Subsequent Events The Company has evaluated events subsequent to July 31, 2017 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 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 Accoun32
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation PDA’s functional currency is the Chilean Peso. Its balance sheet is translated to U.S. dollars at exchange rates in effect at the balance sheet date and its income statement is translated at average exchange rates during the reporting period. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income. |
Recent Accounting Pronouncements [Policy Text Block] | FASB Accounting Standards Update (“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. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. These ASUs apply to all companies that enter into contracts with customers to transfer goods or services. In May 2016, the FASB issued, ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. ASU 2016-12 provides clarifying guidance in certain narrow areas and adds some practical expedients. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company currently anticipates adopting the standard in the first quarter of its fiscal year ending October 31, 2019 and anticipates using the modified retrospective method. The Company has begun to inventory and evaluate its revenue streams and related contracts with customers. The Company continues to evaluate the effect this ASU may have on its consolidated financial statements. 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. The Company’s adoption of this ASU had no impact on its consolidated financial statements. FASB ASU 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 an effect on its consolidated financial statements. FASB ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (i.e., securities or loans and receivables). Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements. FASB ASU 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 ASU will be effective for the Company beginning in the first quarter of its fiscal year ending October 31, 2019. The Company is evaluating the effect this ASU may have on its consolidated financial statements, however it expects to apply the practical expedients provided in the ASU and to record right-of-use assets and lease obligations for its operating leases that exist on the date of adoption. Note 20 Commitment and Contingencies in the Notes to Consolidated Financial Statements included in the Company’s fiscal year 2016 Annual Report on Form 10-K describes it’s operating lease arrangements as of October 31, 2016. FASB ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company adopted this ASU during the quarter ended July 31, 2017 in connection with the refinancing of its line of credit arrangements and related interest rates swap as described in Note 13 Long-Term Debt and Note 14 Derivative Instrument and Hedging Activities. FASB ASU 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. Early adoption is permitted. The Company’s early adoption of this ASU on November 1, 2016 resulted in a cumulative effect provision of $ 21,000 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair Value Measurements and Disclosures Cultural costs $ 473,000 Other current assets 166,000 Land and land improvements 2,748,000 Buildings and equipment 206,000 Orchards 2,876,000 Investment in Rosales 1,021,000 Water rights 1,120,000 Deposit for land purchase 645,000 Goodwill 196,000 Total assets acquired 9,451,000 Current liabilities (122,000) Current and long-term debt (1,964,000) Deferred income taxes (1,026,000) Noncontrolling interest (633,000) Net cash paid $ 5,706,000 |
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, 2017 | |
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, 2017 and October 31, 2016, which are measured on a recurring basis during the period, segregated by level within the fair value hierarchy: July 31, 2017 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale securities $ 22,215,000 $ $ $ 22,215,000 Liabilities at fair value: Derivative $ $ 420,000 $ $ 420,000 October 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale securities $ 17,745,000 $ $ $ 17,745,000 Liabilities at fair value: Derivative $ $ 1,151,000 $ $ 1,151,000 |
Prepaid Expenses and Other Cu35
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 Prepaid insurance $ 464,000 $ 633,000 Prepaid supplies 1,133,000 879,000 Lemon supplier advances 1,016,000 41,000 Deposits 16,000 61,000 Deferred lease expense, water assessments and other 1,160,000 895,000 $ 3,789,000 $ 2,509,000 |
Real Estate Development Assets
Real Estate Development Assets (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Real estate development assets consist of the following: July 31, October 31, 2017 2016 East Areas I and II $ 71,224,000 $ 66,097,000 Templeton Santa Barbara, LLC 7,936,000 11,039,000 $ 79,160,000 $ 77,136,000 |
Equity in Investments (Tables)
Equity in Investments (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | Equity in investments consist of the following: July 31, October 31, 2017 2016 Limoneira Lewis Community Builders, LLC $ 9,671,000 $ 2,275,000 Limco Del Mar, Ltd. 2,030,000 1,961,000 Rosales 2,114,000 1,496,000 Romney Property Partnership 522,000 522,000 $ 14,337,000 $ 6,254,000 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Other Assets [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other assets consist of the following: July 31, October 31, 2017 2016 Investments in mutual water companies $ 4,679,000 $ 4,327,000 Acquired water and mineral rights 2,635,000 1,536,000 Real estate development held for sale 2,983,000 - Deposit for land purchase 633,000 - Deferred lease assets and other 437,000 930,000 Note receivable 630,000 612,000 Revolving funds and memberships 263,000 292,000 Acquired trade names and trademarks, net 248,000 341,000 Goodwill 873,000 680,000 $ 13,381,000 $ 8,718,000 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of the following: July 31, October 31, 2017 2016 Compensation $ 1,959,000 $ 2,362,000 Income taxes 4,625,000 - Property taxes 307,000 520,000 Interest 308,000 277,000 Deferred income and deposits 467,000 633,000 Lease expense 157,000 296,000 Lemon supplier payables 76,000 1,242,000 Other 596,000 1,091,000 $ 8,495,000 $ 6,421,000 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt is comprised of the following: July 31, October 31, 2017 2016 Farm Credit West revolving and non-revolving lines of credit: the interest rate is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 1.22% at July 31, 2017, plus 1.85%. Interest is payable monthly and the principal is due in full on July 1, 2022. $ 69,478,000 $ - Rabobank revolving credit facility: the loan was repaid in June 2017 with proceeds from the Farm Credit West revolving and non-revolving lines of credit as noted below. - 59,606,000 Farm Credit West term loan: the interest rate is variable and was 3.70% at July 31, 2017. The loan is payable in quarterly installments through November 2022. 3,292,000 3,701,000 Farm Credit West term loan: the interest rate is variable and was 3.70% at July 31, 2017. The loan is payable in monthly installments through October 2035. 1,178,000 1,213,000 Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036. 9,585,000 9,822,000 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. 7,151,000 7,349,000 Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023. 8,063,000 9,152,000 Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025. 2,022,000 - Subtotal 100,769,000 90,843,000 Less deferred financing costs, net of accumulated amortization 196,000 171,000 Total long-term debt, net 100,573,000 90,672,000 Less current portion 2,935,000 2,508,000 Long-term debt, less current portion $ 97,638,000 $ 88,164,000 |
Derivative Instrument and Hed41
Derivative Instrument and Hedging Activities (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Derivative financial instruments are as follows: Notional Amount Fair Value Liability July 31, October 31, July 31, October 31, 2017 2016 2017 2016 Pay fixed-rate, receive floating-rate forward interest $ 40,000,000 $ 40,000,000 $ 420,000 $ 1,151,000 |
Basic and Diluted Net Income 42
Basic and Diluted Net Income per Share (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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: Three months ended July 31, Nine months ended July 31, 2017 2016 2017 2016 Basic net income per common share: Numerator: Net income applicable to common stock $ 7,652,000 $ 10,573,000 $ 8,810,000 $ 7,568,000 Denominator: Weighted average common shares-basic 14,396,000 14,178,000 14,287,000 14,165,000 Basic net income per common share $ 0.53 $ 0.75 $ 0.62 $ 0.53 Diluted net income per common share: Numerator: Net income for diluted EPS $ 7,777,000 $ 10,729,000 $ 8,966,000 $ 8,039,000 Denominator: Weighted average common sharesbasic 14,396,000 14,178,000 14,287,000 14,165,000 Effect of dilutive preferred stock 593,000 888,000 283,000 888,000 Weighted average common sharesdiluted 14,989,000 15,066,000 14,570,000 15,053,000 Diluted net income per common share $ 0.52 $ 0.71 $ 0.62 $ 0.53 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension costs for the Plan were as follows: Three Months Ended July 31, Nine Months Ended July 31, 2017 2016 2017 2016 Administrative expenses $ 76,000 $ 31,000 $ 228,000 $ 93,000 Interest cost 194,000 209,000 582,000 627,000 Expected return on plan assets (263,000) (269,000) (789,000) (807,000) Prior service cost 11,000 - 33,000 - Recognized actuarial loss 208,000 186,000 624,000 558,000 Net periodic benefit cost $ 226,000 $ 157,000 $ 678,000 $ 471,000 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consist of the following: July 31, October 31, 2017 2016 Minimum pension liability $ 5,099,000 $ 5,619,000 Fair value of derivative instrument - 461,000 Deferred gain and other 62,000 47,000 $ 5,161,000 $ 6,127,000 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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 recognized over the performance and vesting periods as summarized below: Performance Shares Three Months Ended July 31, Nine Months Ended July 31, Year Granted 2017 2016 2017 2016 2014 42,085 $ - $ 88,000 $ - $ 264,000 2015 27,424 36,000 32,000 108,000 96,000 2016 44,998 64,000 379,000 192,000 379,000 2017 - 108,000 - 465,000 - $ 208,000 $ 499,000 $ 765,000 $ 739,000 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment information for the three months ended July 31, 2017 and 2016: Three months ended July 31, 2017 2016 Lemon operations: Revenues $ 29,995,000 $ 26,209,000 Costs and expenses 17,581,000 15,614,000 Operating income 12,414,000 10,595,000 Other agribusiness: Revenues 9,055,000 12,221,000 Costs and expenses 4,054,000 4,342,000 Operating income 5,001,000 7,879,000 Lemon and other agribusiness depreciation and amortization 1,387,000 1,195,000 Total agribusiness operating income 16,028,000 17,279,000 Rental operations: Revenues 1,345,000 1,454,000 Costs and expenses 738,000 702,000 Depreciation and amortization 191,000 187,000 Operating income 416,000 565,000 Real estate development: Revenues - 19,000 Costs and expenses 47,000 234,000 Depreciation and amortization - 15,000 Operating loss (47,000) (230,000) Selling, general and administrative expenses (3,229,000) (3,420,000) Total operating income $ 13,168,000 $ 14,194,000 The following table sets forth revenues by category, by segment for the three months ended July 31, 2017 and 2016: Three months ended July 31, 2017 2016 Lemon operations revenues $ 29,995,000 $ 26,209,000 Avocados 7,490,000 9,571,000 Navel and Valencia oranges 1,118,000 1,891,000 Specialty citrus and other crops 447,000 759,000 Other agribusiness revenues 9,055,000 12,221,000 Agribusiness revenues 39,050,000 38,430,000 Residential and commercial rentals 906,000 903,000 Leased land 372,000 441,000 Organic recycling and other 67,000 110,000 Rental operations revenues 1,345,000 1,454,000 Real estate development revenues - 19,000 Total net revenues $ 40,395,000 $ 39,903,000 Segment information for the nine months ended July 31, 2017 and 2016: Nine months ended July 31, 2017 2016 Lemon operations: Revenues $ 82,154,000 $ 68,852,000 Costs and expenses 58,180,000 53,719,000 Operating income 23,974,000 15,133,000 Other agribusiness: Revenues 19,082,000 19,091,000 Costs and expenses 13,548,000 11,046,000 Operating income 5,534,000 8,045,000 Lemon and other agribusiness depreciation and amortization 4,093,000 3,096,000 Total agribusiness operating income 25,415,000 20,082,000 Rental operations: Revenues 4,144,000 4,273,000 Costs and expenses 2,367,000 2,166,000 Depreciation and amortization 567,000 545,000 Operating income 1,210,000 1,562,000 Real estate development: Revenues - 39,000 Costs and expenses 292,000 1,835,000 Depreciation and amortization - 45,000 Operating loss (292,000) (1,841,000) Selling, general and administrative expenses (10,192,000) (9,728,000) Total operating income $ 16,141,000 $ 10,075,000 The following table sets forth revenues by category, by segment for the nine months ended July 31, 2017 and 2016: Nine months ended July 31, 2017 2016 Lemon operations revenues $ 82,154,000 $ 68,852,000 Avocados 9,519,000 10,759,000 Navel and Valencia oranges 6,539,000 5,576,000 Specialty citrus and other crops 3,024,000 2,756,000 Other agribusiness revenues 19,082,000 19,091,000 Agribusiness revenues 101,236,000 87,943,000 Residential and commercial rentals 2,688,000 2,655,000 Leased land 1,114,000 1,386,000 Organic recycling and other 342,000 232,000 Rental operations revenues 4,144,000 4,273,000 Real estate development revenues - 39,000 Total net revenues $ 105,380,000 $ 92,255,000 |
Business (Details Textual)
Business (Details Textual) | Jul. 31, 2017 | Oct. 31, 2014 |
Equity Method Investment, Ownership Percentage | 90.00% | 35.00% |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended |
Jul. 31, 2017USD ($) | |
Accounting Standards Update 2016-09 [Member] | |
Accounting Policies [Line Items] | |
Cumulative effect provision recognized in the current period tax benefit | $ 21,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | Jul. 31, 2017 | Feb. 24, 2017 | Oct. 31, 2016 |
Land and land improvements | $ 11,560,000 | ||
Buildings and equipment | 110,000 | ||
Goodwill | 873,000 | $ 680,000 | |
Fruticola Pan de Azucar S.A. [Member] | |||
Cultural costs | 473,000 | ||
Other current assets | 166,000 | ||
Land and land improvements | 2,748,000 | ||
Buildings and equipment | 206,000 | ||
Orchards | 2,876,000 | ||
Investment in Rosales | 1,021,000 | ||
Water rights | 1,120,000 | ||
Deposit for land purchase | 645,000 | ||
Goodwill | 196,000 | ||
Total assets acquired | 9,451,000 | $ 9,451,000 | |
Current liabilities | (122,000) | ||
Current and long-term debt | (1,964,000) | ||
Deferred income taxes | (1,026,000) | ||
Noncontrolling interest | (633,000) | ||
Net cash paid | $ 5,706,000 |
Acquisitions (Details 1)
Acquisitions (Details 1) | Jul. 31, 2017USD ($) |
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 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2017USD ($) | Feb. 24, 2017USD ($)a | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)a | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2014 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 5,706,000 | $ 5,706,000 | $ 0 | |||||||
Equity Method Investment, Ownership Percentage | 90.00% | 90.00% | 35.00% | |||||||
Revenues, Total | $ 40,395,000 | $ 39,903,000 | $ 105,380,000 | 92,255,000 | ||||||
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 | 15,098,000 | |||||||
Settlement Of Lease Obligation Related To Agricultural Property Acquisition | $ 0 | $ 739,000 | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 193,000 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 94,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Cash Acquired from Acquisition | $ 94,000 | |||||||||
Limoneira Company [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 35.00% | 47.00% | 47.00% | |||||||
Settlement Of Lease Obligation Related To Agricultural Property Acquisition | $ 739,000 | |||||||||
Fruticola Pan de Azucar S.A. [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 5,800,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,700,000 | |||||||||
Area of Land | a | 210 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 9,451,000 | $ 9,451,000 | $ 9,451,000 | |||||||
Equity Method Investment, Ownership Percentage | 13.00% | 10.00% | 10.00% | |||||||
Revenues, Total | $ 206,000 | $ 1,900,000 | ||||||||
Business Combination, Acquisition Related Costs | 57,000 | |||||||||
Business Acquisition, Pro Forma Revenue | 105,991,000 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 9,312,000 | |||||||||
Fruticola Pan de Azucar S.A. [Member] | stockholder [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 53.00% | 53.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Assets at fair value: | ||
Available-for-sale securities | $ 22,215,000 | $ 17,745,000 |
Liabilities at fair value: | ||
Derivative | 420,000 | 1,151,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value: | ||
Available-for-sale securities | 22,215,000 | 17,745,000 |
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 | 420,000 | 1,151,000 |
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 (Deta53
Fair Value Measurements (Details Textual) - $ / shares | Jul. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investment, Ownership Percentage | 90.00% | 35.00% | |
Calavo Growers Incorporated [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investment Investee Price Per Share | $ 74.05 | $ 59.15 | |
Investment Owned, Balance, Shares | 300,000 | ||
Equity Method Investment, Ownership Percentage | 1.70% |
Accounts Receivable (Details Te
Accounts Receivable (Details Textual) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Accounts Receivable Disclosure [Line Items] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 343,000 | $ 357,000 |
Concentrations (Details Textual
Concentrations (Details Textual) | 3 Months Ended | 9 Months Ended |
Jul. 31, 2017 | Jul. 31, 2017 | |
Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 14.00% | |
Lemons [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 37.00% | 42.00% |
Prepaid Expenses and Other Cu56
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Prepaid insurance | $ 464,000 | $ 633,000 |
Prepaid supplies | 1,133,000 | 879,000 |
Lemon supplier advances | 1,016,000 | 41,000 |
Deposits | 16,000 | 61,000 |
Deferred lease expense, water assessments and other | 1,160,000 | 895,000 |
Prepaid Expense and Other Assets, Current | $ 3,789,000 | $ 2,509,000 |
Real Estate Development Asset57
Real Estate Development Assets (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 79,160,000 | $ 77,136,000 |
East Area I and II [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | 71,224,000 | 66,097,000 |
Templeton Santa Barbara, LLC [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 7,936,000 | $ 11,039,000 |
Real Estate Development Asset58
Real Estate Development Assets (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Aug. 31, 2017USD ($) | Mar. 27, 2017USD ($) | Jan. 28, 2016USD ($) | Nov. 10, 2015USD ($) | Sep. 30, 2015USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Jan. 31, 2016USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014 | Oct. 31, 2005a | |
Real Estate Properties [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | 90.00% | 35.00% | |||||||||||
Increase In Real Estate Development And Financing Liability | $ 1,236,000 | $ 758,000 | $ 4,216,000 | $ 2,349,000 | ||||||||||
Payments to Acquire Equity Method Investments | 3,000,000 | 7,450,000 | 1,275,000 | |||||||||||
Income (Loss) from Equity Method Investments | 76,000 | 235,000 | 9,000 | 206,000 | ||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 3,200,000 | |||||||||||||
Pacific Crest Property [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 3,500,000 | |||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 120,000 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 100,000 | |||||||||||||
East Areas I and II [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number Of Acres Of Land For Real Estate Development | a | 550 | |||||||||||||
Real Estate Development Expense | 2,000 | 3,000 | 39,000 | 1,158,000 | ||||||||||
SEC Schedule III, Real Estate, Period Increase (Decrease), Total | $ 1,415,000 | 1,229,000 | 5,127,000 | 5,508,000 | ||||||||||
Payments to Acquire Equity Method Investments | 825,000 | 7,450,000 | 1,275,000 | |||||||||||
Income (Loss) from Equity Method Investments | $ 54,000 | |||||||||||||
East Area I [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Pro rata 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 | 45,000 | $ 48,000 | 133,000 | 130,000 | ||||||||||
Centennial Square [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
SEC Schedule III, Real Estate, Gross, Beginning Balance | 2,983,000 | 2,983,000 | $ 2,983,000 | |||||||||||
Pacific Crest [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
SEC Schedule III, Real Estate, Gross, Beginning Balance | 3,250,000 | 3,250,000 | 3,370,000 | |||||||||||
Sevilla [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
SEC Schedule III, Real Estate, Gross, Beginning Balance | 4,686,000 | 4,686,000 | $ 4,686,000 | |||||||||||
Sevilla [Member] | Subsequent Event [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 1,452,000 | |||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 40,000 | |||||||||||||
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 | $ 250,000 | |||||||||||||
Rental Income, Non-Operating | $ 12,000 | $ 7,000 |
Equity in Investments (Details)
Equity in Investments (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 14,337,000 | $ 6,254,000 |
Limoneira Lewis Community Builders, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 9,671,000 | 2,275,000 |
Limco Del Mar, Ltd.[Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 2,030,000 | 1,961,000 |
Rosales, S.A.[Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 2,114,000 | 1,496,000 |
Romney Property Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 522,000 | $ 522,000 |
Equity in Investments (Details
Equity in Investments (Details Textual) | Jul. 31, 2017 | Feb. 24, 2017 | Oct. 31, 2014 | Aug. 14, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 90.00% | 35.00% | ||
Limoneira Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 47.00% | 35.00% | ||
Equity Method Investment, Additional Ownership Percentage | 12.00% | 12.00% |
Investment in Calavo Growers,61
Investment in Calavo Growers, Inc. (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2005 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2013 | Oct. 31, 2009 | Oct. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | 90.00% | 35.00% | |||||||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 0 | $ 4,019,000 | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 | $ 3,419,000 | 0 | 3,419,000 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 60,000 | 60,000 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 1,719,000 | 0 | 1,719,000 | ||||||
Calavo Growers, Inc [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Investment Owned, Balance, Shares | 1,000,000 | |||||||||
Equity Method Investment, Ownership Percentage | 6.90% | |||||||||
Payments to Acquire Available-for-sale Securities, Equity | $ 10,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 1,728,570 | |||||||||
Percentage Of Ownership Interest Sold | 15.10% | |||||||||
Stock Issued During Period, Value, New Issues | $ 23,450,000 | |||||||||
Proceeds From Payment For Stock Purchase Agreement | $ 13,450,000 | |||||||||
Sale Of Available For Sale Securities Number Of Shares Sold | 335,000 | |||||||||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 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 | 2,535,000 | 2,583,000 | 4,470,000 | 4,657,000 | ||||||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax, Total | 1,534,000 | 1,569,000 | 2,707,000 | 2,829,000 | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 60,000 | 140,000 | 165,000 | |||||||
Proceeds from Sale of Available-for-sale Securities, Total | $ 6,433,000 | $ 4,788,000 | ||||||||
Available-for-sale Securities, Total | $ 300,000 | $ 300,000 | ||||||||
Calavo Growers Incorporated [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Investment Owned, Balance, Shares | 300,000 | 300,000 | ||||||||
Equity Method Investment, Ownership Percentage | 1.70% | 1.70% | ||||||||
Proceeds from Sale of Available-for-sale Securities, Total | 4,019,000 | |||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 4,019,000 | $ 4,019,000 |
Other Assets (Details)
Other Assets (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Regulatory Assets [Line Items] | ||
Investments in mutual water companies | $ 4,679,000 | $ 4,327,000 |
Acquired water and mineral rights | 2,635,000 | 1,536,000 |
Real estate development held for sale | 2,983,000 | 0 |
Deposit for land purchase | 633,000 | 0 |
Deferred lease assets and other | 437,000 | 930,000 |
Note receivable | 630,000 | 612,000 |
Revolving funds and memberships | 263,000 | 292,000 |
Acquired trade names and trademarks, net | 248,000 | 341,000 |
Goodwill | 873,000 | 680,000 |
Other Assets, Noncurrent | $ 13,381,000 | $ 8,718,000 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Schedule of Accrued Liabilities [Line Items] | ||
Compensation | $ 1,959,000 | $ 2,362,000 |
Income taxes | 4,625,000 | 0 |
Property taxes | 307,000 | 520,000 |
Interest | 308,000 | 277,000 |
Deferred income and deposits | 467,000 | 633,000 |
Lease expense | 157,000 | 296,000 |
Lemon supplier payables | 76,000 | 1,242,000 |
Other | 596,000 | 1,091,000 |
Accrued Liabilities, Current | $ 8,495,000 | $ 6,421,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Debt Instrument [Line Items] | ||
Less deferred financing costs | $ 196,000 | $ 171,000 |
Total long-term debt, net | 100,573,000 | 90,672,000 |
Less current portion | 2,935,000 | 2,508,000 |
Long-term debt, less current portion | 97,638,000 | 88,164,000 |
Farm Credit West Master Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 69,478,000 | 0 |
Rabobank Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 0 | 59,606,000 |
Farm Credit West Term Loan One [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 3,292,000 | 3,701,000 |
Farm Credit West Term Loan Two [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 1,178,000 | 1,213,000 |
Farm Credit West Term Loan Three [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 9,585,000 | 9,822,000 |
Farm Credit West Term Loan Four [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 7,151,000 | 7,349,000 |
Wells Fargo Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 8,063,000 | 9,152,000 |
Banco de Chile term loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | 2,022,000 | 0 |
Subtotal [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net | $ 100,769,000 | $ 90,843,000 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Details) | 1 Months Ended | 9 Months Ended |
Jul. 31, 2017 | Jul. 31, 2017 | |
Farm Credit West Term Loan One [Member] | ||
Debt Instrument, Maturity Date | Nov. 30, 2022 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% |
Farm Credit West Term Loan Two [Member] | ||
Debt Instrument, Maturity Date | Oct. 31, 2035 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% |
Farm Credit West Term Loan Three [Member] | ||
Debt Instrument, Maturity Date | Mar. 31, 2036 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Farm Credit West Term Loan Four [Member] | ||
Debt Instrument, Maturity Date | Mar. 31, 2036 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.62% | 3.62% |
Wells Fargo Term Loan [Member] | ||
Debt Instrument, Maturity Date | Jan. 31, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | 3.58% |
Banco de Chile term loan [Member] | ||
Debt Instrument, Maturity Date | Jan. 31, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.48% | 6.48% |
Farm Credit West Master Loan [Member] | ||
LIBOR rate | 1.22% | |
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |
Debt Instrument, Maturity Date | Jul. 1, 2022 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 31, 2017 | Jun. 20, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Feb. 16, 2016 | Jan. 20, 2016 | |
Debt Instrument [Line Items] | ||||||||
Interest Costs Capitalized | $ 551,000 | $ 444,000 | $ 1,424,000 | $ 1,448,000 | ||||
Payments of Debt Issuance Costs | 108,000 | $ 44,000 | ||||||
Wells Fargo Equipment Finance, Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||
Prepayment Penalty Of Unpaid Balance | 2.00% | |||||||
Rabobank Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | $ 100,000,000 | 100,000,000 | |||||
Line of Credit Facility, Collateral Fees, Amount | 100,000,000 | |||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 45,000 | |||||||
Farm Credit West Term Loan Four [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.62% | 3.62% | 3.62% | |||||
Debt Instrument, Maturity Date | Mar. 31, 2036 | |||||||
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 | |||||||
Banco De Chile Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.48% | 6.48% | 6.48% | |||||
Debt Instrument, Maturity Date | Jan. 31, 2025 | |||||||
Farm Credit West Master Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |||||||
Debt Instrument, Maturity Date | Jul. 1, 2022 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||
Payments of Debt Issuance Costs | $ 108,000 | |||||||
Debt Instrument, Covenant Description | The Company is also subject to a covenant that it will maintain a debt service coverage ratio greater than 1.25:1.0 measured annually at October 31. | |||||||
Farm Credit West Master Loan [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000,000 | |||||||
Farm Credit West Master Loan [Member] | Non-Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||||
Farm Credit West Master Loan [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||||||
Farm Credit West Master Loan [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% |
Derivative Instrument and Hed67
Derivative Instrument and Hedging Activities (Details) - forward interest rate swap [Member] - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 40,000,000 | $ 40,000,000 |
Derivative Liability, Fair Value Liability | $ 420,000 | $ 1,151,000 |
Derivative Instrument and Hed68
Derivative Instrument and Hedging Activities (Details Textual) - Forward Interest Rate Swaps [Member] - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 4.30% | |
Derivative Liability, Notional Amount | $ 40,000,000 | $ 40,000,000 |
Basic and Diluted Net Income 69
Basic and Diluted Net Income per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Basic net income per common share: | ||||
Numerator: Net income applicable to common stock | $ 7,652,000 | $ 10,573,000 | $ 8,810,000 | $ 7,568,000 |
Denominator: Weighted average common shares-basic | 14,396,000 | 14,178,000 | 14,287,000 | 14,165,000 |
Basic net income per common share | $ 0.53 | $ 0.75 | $ 0.62 | $ 0.53 |
Diluted net income per common share: | ||||
Numerator: Net income for diluted EPS | $ 7,777,000 | $ 10,729,000 | $ 8,966,000 | $ 8,039,000 |
Denominator: Weighted average common shares-basic | 14,396,000 | 14,178,000 | 14,287,000 | 14,165,000 |
Effect of dilutive preferred stock | 593,000 | 888,000 | 283,000 | 888,000 |
Weighted average common shares-diluted | 14,989,000 | 15,066,000 | 14,570,000 | 15,053,000 |
Diluted net income per common share | $ 0.52 | $ 0.71 | $ 0.62 | $ 0.53 |
Related-Party Transactions (Det
Related-Party Transactions (Details Textual) | Feb. 05, 2015USD ($) | Aug. 14, 2014USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2017USD ($)ashares | Jul. 31, 2016USD ($) | Jul. 31, 2017USD ($)ashares | Jul. 31, 2016USD ($) | Feb. 24, 2017 | Oct. 31, 2016USD ($) | Oct. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||||
Rental Income | $ 30,000 | $ 11,000 | $ 71,000 | $ 26,000 | ||||||
Due from Related Parties | $ 1,008,000 | $ 1,008,000 | $ 791,000 | |||||||
Equity Method Investment, Ownership Percentage | 90.00% | 90.00% | 35.00% | |||||||
Income (Loss) from Equity Method Investments | $ 76,000 | 235,000 | $ 9,000 | 206,000 | ||||||
Payments to Acquire Equity Method Investments | $ 3,000,000 | 7,450,000 | 1,275,000 | |||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 377,000 | 276,000 | ||||||||
Limoneira Company [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 47.00% | 47.00% | 35.00% | |||||||
Equity Method Investment, Additional Ownership Percentage | 12.00% | 12.00% | 12.00% | |||||||
Fruticola Pan de Azucar S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | $ 430,000 | |||||||||
Management [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Operating Leases, Rent Expense, Net, Total | $ 3,000 | 96,000 | $ 15,000 | 108,000 | ||||||
Land Subject to Ground Leases | a | 31 | 31 | ||||||||
Series B Two Preferred Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Temporary Equity, Shares Issued | shares | 9,300 | 9,300 | ||||||||
Employee [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Rental Income | $ 180,000 | 191,000 | $ 548,000 | 561,000 | ||||||
Mutual Water Companies [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | 207,000 | 292,000 | 925,000 | 1,034,000 | ||||||
Due to Related Parties | 67,000 | 67,000 | 131,000 | |||||||
Cooperative Association [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | 373,000 | 312,000 | 1,354,000 | 1,202,000 | ||||||
Due to Related Parties | 72,000 | 72,000 | 87,000 | |||||||
Board Of Directors [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | 1,135,000 | 1,271,000 | 2,111,000 | 1,899,000 | ||||||
Due to Related Parties | 978,000 | 978,000 | 877,000 | |||||||
Calavo Growers, Inc. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Rental Income | 72,000 | 70,000 | 214,000 | 208,000 | ||||||
Related Party Transaction, Purchases from Related Party | 0 | 368,000 | 0 | 405,000 | ||||||
Due to Related Parties | 0 | 0 | 0 | |||||||
Investment Income, Dividend | 270,000 | 288,000 | ||||||||
Due from Related Parties | 1,654,000 | 1,654,000 | ||||||||
Calavo Growers, Inc. [Member] | Avocado [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | 7,490,000 | 9,571,000 | $ 9,519,000 | 10,759,000 | ||||||
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 | 17,000 | $ 113,000 | 87,000 | |||||||
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 | 303,000 | 274,000 | ||||||||
Due from Related Parties | 181,000 | |||||||||
Payments for Advance to Affiliate | 2,825,000 | 2,888,000 | ||||||||
Yuma Mesa Irrigation And Drainage District [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | 0 | 6,000 | 67,000 | 76,000 | ||||||
Revenue from Related Parties | 0 | 50,000 | 34,000 | 151,000 | ||||||
Lease Expense Per Acre | $ 750 | |||||||||
Rosales [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | 0 | 0 | ||||||||
Equity Method Investment, Ownership Percentage | 35.00% | |||||||||
Income (Loss) from Equity Method Investments | 70,000 | 135,000 | 24,000 | 68,000 | ||||||
Amortization of Intangible Assets | 102,000 | 52,000 | 206,000 | 156,000 | ||||||
Payments to Acquire Equity Method Investments | $ 1,750,000 | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 134,000 | 56,000 | ||||||||
Rosales [Member] | Lemons [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | 1,348,000 | 467,000 | 1,590,000 | 763,000 | ||||||
Revenue from Related Parties | 428,000 | 216,000 | 1,038,000 | 268,000 | ||||||
Limco Del Mar Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Purchases from Related Party | 1,052,000 | 1,368,000 | 1,714,000 | 1,710,000 | ||||||
Income (Loss) from Equity Method Investments | 107,000 | 153,000 | 244,000 | 294,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 176,000 | 220,000 | $ 176,000 | 220,000 | ||||||
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 | 26.80% | 26.80% | ||||||||
Limco Del Mar Limited [Member] | Management, Development, and Accounting Services [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | $ 35,000 | $ 44,000 | $ 104,000 | $ 111,000 | ||||||
Fenner Valley Farms, LLC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to Related Parties | $ 45,000 | $ 45,000 | $ 25,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 9 Months Ended |
Jul. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 39.20% |
Retirement Plans (Details)
Retirement Plans (Details) - Pension Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Administrative expenses | $ 76,000 | $ 31,000 | $ 228,000 | $ 93,000 |
Interest cost | 194,000 | 209,000 | 582,000 | 627,000 |
Expected return on plan assets | (263,000) | (269,000) | (789,000) | (807,000) |
Prior service cost | 11,000 | 0 | 33,000 | 0 |
Recognized actuarial loss | 208,000 | 186,000 | 624,000 | 558,000 |
Net periodic benefit cost | $ 226,000 | $ 157,000 | $ 678,000 | $ 471,000 |
Retirement Plans (Details Textu
Retirement Plans (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Contributions | $ 150,000 | $ 250,000 | $ 575,000 | $ 375,000 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) | Jul. 31, 2017 | Oct. 31, 2016 |
Other Long-Term Liabilities [Line Items] | ||
Minimum pension liability | $ 5,099,000 | $ 5,619,000 |
Fair value of derivative instrument | 0 | 461,000 |
Deferred gain and other | 62,000 | 47,000 |
Other long-term liabilities | $ 5,161,000 | $ 6,127,000 |
Series B and Series B-2 Prefe75
Series B and Series B-2 Preferred Stock (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
May 31, 2017 | Apr. 30, 2017 | Nov. 30, 2016 | Apr. 30, 2016 | Sep. 30, 2015 | Jul. 31, 2017 | Oct. 31, 2016 | |
Common Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 8,937 | 6,250 | 6,250 | ||||
Series B Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Preferred stock, par value per share | $ 100 | ||||||
Preferred stock, shares issued | 30,000 | ||||||
Cumulative cash dividend percentage | 8.75% | 8.75% | |||||
Conversion price | $ 8 | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 38,025 | 130,662 | |||||
Conversion of Stock, Shares Converted | 3,042 | 10,453 | 715 | 500 | 500 | ||
Stock Redeemed or Called During Period, Shares | 14,790 | ||||||
Series B-2 Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Issuance of preferred stock | $ 9,300,000 | ||||||
Preferred stock, par value per share | $ 100 | ||||||
Preferred stock, shares issued | 9,300 | ||||||
Cumulative cash dividend percentage | 4.00% | 4.00% | |||||
Terms of conversion | Each share of the Series B-2 Preferred Stock is convertible into common stock at a conversion price equal to the greater of (a) the then-market price of the Companys common stock based upon the closing price of the Companys common stock on the NASDAQ Stock Market, LLC or on such other principal market on which the Companys common stock may then be trading and (b) $15.00 per share of common stock. Shares of the Series B-2 Preferred Stock may be converted into common stock (i) at any time prior to the redemption thereof, or (ii) in the event the Option Agreement (as defined below) is terminated without all of the shares of Series B-2 Preferred Stock having been redeemed, within 30 calendar days following such termination. | ||||||
Liquidation preference per share | $ 1,000 | $ 1,000 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - Selling, General and Administrative Expenses [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Share-based compensation expense | $ 208,000 | $ 499,000 | $ 765,000 | $ 739,000 |
2,014 | ||||
Share-based compensation expense | 0 | 88,000 | $ 0 | 264,000 |
Shares granted | 42,085 | |||
2,015 | ||||
Share-based compensation expense | 36,000 | 32,000 | $ 108,000 | 96,000 |
Shares granted | 27,424 | |||
2,016 | ||||
Share-based compensation expense | 64,000 | 379,000 | $ 192,000 | 379,000 |
Shares granted | 44,998 | |||
2,017 | ||||
Share-based compensation expense | $ 108,000 | $ 0 | $ 465,000 | $ 0 |
Shares granted | 0 |
Stock-based Compensation (Det77
Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017 | Jan. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Management [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares exchanged for payroll tax | 14,773 | 12,433 | |||||
Fair value of shares exchanged | $ 294,000 | $ 190,000 | |||||
Stock Compensation Plan [Member] | Management [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares granted | 44,998 | 27,424 | 42,085 | ||||
Common stock per share | $ 19.92 | $ 15.29 | $ 25.35 | ||||
Cost from stock compensation | $ 896,000 | $ 410,000 | $ 1,071,000 | ||||
Share-based compensation expense | $ 544,000 | $ 130,000 | $ 367,000 | ||||
Stock Compensation Plan [Member] | Nonemployee Directors [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares granted | 18,956 | 21,905 | |||||
Share-based compensation expense | $ 323,000 | $ 273,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 40,395,000 | $ 39,903,000 | $ 105,380,000 | $ 92,255,000 |
Depreciation and amortization | 4,824,000 | 3,863,000 | ||
Selling, general and administrative expenses | (3,229,000) | (3,420,000) | (10,192,000) | (9,728,000) |
Operating income (loss) | 13,168,000 | 14,194,000 | 16,141,000 | 10,075,000 |
Lemon operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 29,995,000 | 26,209,000 | 82,154,000 | 68,852,000 |
Costs and expenses | 17,581,000 | 15,614,000 | 58,180,000 | 53,719,000 |
Operating income (loss) | 12,414,000 | 10,595,000 | 23,974,000 | 15,133,000 |
Other agribusiness [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,055,000 | 12,221,000 | 19,082,000 | 19,091,000 |
Costs and expenses | 4,054,000 | 4,342,000 | 13,548,000 | 11,046,000 |
Operating income (loss) | (47,000) | (230,000) | (292,000) | (1,841,000) |
Rental Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,345,000 | 1,454,000 | 4,144,000 | 4,273,000 |
Costs and expenses | 738,000 | 702,000 | 2,367,000 | 2,166,000 |
Depreciation and amortization | 191,000 | 187,000 | 567,000 | 545,000 |
Operating income (loss) | 5,001,000 | 7,879,000 | 5,534,000 | 8,045,000 |
Real Estate Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 19,000 | 0 | 39,000 |
Costs and expenses | 47,000 | 234,000 | 292,000 | 1,835,000 |
Depreciation and amortization | 0 | 15,000 | 0 | 45,000 |
Operating income (loss) | 416,000 | 565,000 | 1,210,000 | 1,562,000 |
Lemon and other agribusiness [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lemon and other agribusiness depreciation and amortization | 1,387,000 | 1,195,000 | 4,093,000 | 3,096,000 |
Operating income (loss) | $ 16,028,000 | $ 17,279,000 | $ 25,415,000 | $ 20,082,000 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Agribusiness revenues | $ 39,050,000 | $ 38,430,000 | $ 101,236,000 | $ 87,943,000 |
Rental operations revenues | 1,345,000 | 1,454,000 | 4,144,000 | 4,273,000 |
Real estate development revenues | 0 | 19,000 | 0 | 39,000 |
Total net revenues | 40,395,000 | 39,903,000 | 105,380,000 | 92,255,000 |
Lemon operations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 29,995,000 | 26,209,000 | 82,154,000 | 68,852,000 |
Other agribusiness [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 9,055,000 | 12,221,000 | 19,082,000 | 19,091,000 |
Avocados [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Agribusiness revenues | 7,490,000 | 9,571,000 | 9,519,000 | 10,759,000 |
Navel and Valencia oranges [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Agribusiness revenues | 1,118,000 | 1,891,000 | 6,539,000 | 5,576,000 |
Specialty citrus and other crops [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Agribusiness revenues | 447,000 | 759,000 | 3,024,000 | 2,756,000 |
Residential And Commercial Rentals [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental operations revenues | 906,000 | 903,000 | 2,688,000 | 2,655,000 |
Leased Land [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental operations revenues | 372,000 | 441,000 | 1,114,000 | 1,386,000 |
Organic recycling [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental operations revenues | $ 67,000 | $ 110,000 | $ 342,000 | $ 232,000 |
Segment Information (Details Te
Segment Information (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss), Total | $ 13,168,000 | $ 14,194,000 | $ 16,141,000 | $ 10,075,000 | |
Real Estate Development And Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reclassification Of Real Estate Development To Property Plant And Equipment | $ 26,779,000 | ||||
Operating Income (Loss), Total | $ 416,000 | 565,000 | $ 1,210,000 | 1,562,000 | |
Windfall Investors, LLC [Member] | Real Estate Development And Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss), Total | $ 135,000 | $ 507,000 |