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 first quarter ended January 31, 2012.
Fiscal Year 2012 First Quarter Results
For the first quarter of fiscal year 2012, revenue was $10.2 million, compared to revenue of $5.9 million in the first quarter of the previous fiscal year. Agribusiness revenue increased 89% to $9.2 million, compared to $4.9 million in the first quarter last year. Rental revenue was $1.0 million in the first quarter of fiscal year 2012, essentially flat compared to the first quarter last year. Real estate development revenue was $44,000, compared to $56,000 in the first quarter last year.
First quarter 2012 agribusiness revenue is primarily comprised of $7.8 million in lemon sales, compared to $3.1 million of lemon sales during the same period of fiscal year 2011, reflecting a larger number of cartons of fresh lemons sold as well as higher 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 first quarter of fiscal year 2012 was $124,000 compared to $6,000 in the first quarter last year. The Company expects that avocado sales will improve on a year-over-year basis in the coming quarters of fiscal year 2012. The Company generated $1.3 million of orange, specialty citrus and other crop revenues in the first quarter of fiscal year 2012 compared to $1.8 million in the same period of fiscal year 2011 due primarily to lower sales volume and prices of oranges.
Costs and expenses for the first quarter of fiscal year 2012 were $15.0 million, compared to $11.4 million in the first quarter of last fiscal year. The year-over-year increase in operating expenses reflects increased agribusiness costs associated with the higher sales for this segment, partially offset by lower selling, general and administrative expenses.