Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, today reported financial results for the fourth quarter and full year ended October 31, 2011.
Fiscal Year 2011 Fourth Quarter Results
For the fourth quarter of fiscal year 2011, revenue was $10.9 million, compared to revenue of $12.5 million in the fourth quarter of the previous fiscal year. Agribusiness revenue increased 18% to $9.8 million, compared to $8.3 million in the fourth quarter last year. Rental revenue was $1.0 million in the fourth quarter of fiscal year 2011, compared to $1.1 million in the fourth quarter last year. Real estate development revenue was $41,000, compared to $3.0 million in the fourth quarter last year. Real estate development sales in the fourth quarter of fiscal year 2010 were primarily attributable to the Company's sale of its Cactus Wren property in Arizona.
Fourth quarter 2011 agribusiness revenue is primarily comprised of $7.8 million in lemon sales compared to $6.2 million of lemon sales during the same period of fiscal year 2010, reflecting a higher number of cartons of fresh lemons sold, partially offset by lower average price per carton. The Company also experienced higher sales of lemon by-products compared to the same period last year. Avocado revenue in the fourth quarters of fiscal 2011 and fiscal 2010 was $0.9 million. The Company generated $1.1 million of orange, specialty citrus and other crop revenues in the fourth quarter of fiscal year 2011 compared to $1.2 million in the same period of fiscal year 2010.Costs and expenses for the fourth quarter of fiscal year 2011 were $10.0 million compared to $14.6 million in the fourth quarter of last fiscal year. The year-over-year decrease in operating expenses reflects lower selling, general and administrative expenses primarily due to lower management incentive compensation offset by higher agribusiness expenses related to an increase in lemon sales volume. Additionally, operating expenses in fiscal 2010 include $3.0 million associated with the sale of the Company's Cactus Wren property and non-cash real estate development impairment expense of $1.9 million.