Limoneira Company, a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today reported financial results for the fiscal fourth quarter and full year ended October 31, 2022.
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “We finished the year strong with seasonally soft fourth quarter revenue increasing 18% over the prior year period and our full year topline growing to a record $184.6 million. Our revenue growth was driven across the agribusiness division, with avocados and oranges experiencing the largest year-over-year increase fueled by strong pricing in fiscal year 2022. We increased annual fresh lemon volume; however, pricing remained challenged for most of the year as the lemon markets both domestically and globally continue to work through a surplus of inventory.”
Mr. Edwards continued: “This year we made significant progress in advancing our strategy to monetize certain non-core assets, expand our One World of Citrus initiative and execute on Harvest at Limoneira, while reducing our debt by over 20%. We identified over $150 million of assets for monetization and in quick succession closed the sale of two assets in the fourth quarter for a total $27 million in net cash proceeds. Additionally, during the first quarter of fiscal year 2023, we announced another asset sale for $2.6 million in cash. We have a valuable portfolio of agricultural lands, real estate properties and water rights, along with expertise in packing, marketing and distributing fruit that we are working to better utilize as we move toward an asset-lighter model. This model will enable us to streamline our operations, improve consistency of earnings, increase EBITDA and dividends per share which will ultimately unlock even more value for our shareholders.”
Fiscal Year 2022 Results
For the fiscal year ended October 31, 2022, revenue increased to $184.6 million, compared to $166.0 million in fiscal year 2021. Operating income for fiscal year 2022 was $2.2 million, compared to operating loss of $6.3 million in the prior fiscal year. Net loss applicable to common stock was $737,000 for fiscal year 2022, compared to net loss applicable to common stock of $3.9 million for fiscal year 2021. Net loss per diluted share for fiscal year 2022 was $0.04, compared to net loss per diluted share of $0.23 for fiscal year 2021.
For fiscal year 2022, adjusted net loss for diluted EPS was $1.3 million compared to adjusted net loss for diluted EPS of $2.0 million for fiscal year 2021. In fiscal year 2022, adjusted net loss per diluted share was $0.08, compared to adjusted net loss per diluted share of $0.11 for fiscal year 2021, based on approximately 17.5 million and 17.6 million, respectively, weighted average diluted common shares outstanding.
Adjusted EBITDA for fiscal year 2022 was $11.9 million, compared to $9.9 million in the prior fiscal year.
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For more information:
John Mills
Limoneira Company
Tel.: +1 646-277-1254
limoneira.com