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 second quarter and six months ended April 30, 2012.
Fiscal Year 2012 Second Quarter Results
For the second quarter of fiscal year 2012, revenue was $16.1 million, compared to revenue of $12.5 million in the second quarter of the previous fiscal year. Agribusiness revenue increased 31% to $15.0 million, compared to $11.5 million in the second quarter last year. Rental operations revenue was $1.0 million in the second quarter of fiscal years 2012 and 2011. Real estate development revenue was $44,000, compared to $51,000 in the second quarter last year.
Second quarter 2012 agribusiness revenue is primarily comprised of $12.4 million in lemon sales, compared to $8.8 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 a 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 second quarter of fiscal year 2012 was $601,000 compared to $369,000 in the second quarter last year. The Company expects that avocado sales will continue to improve on a year-over-year basis in the coming quarters of fiscal year 2012. The Company generated $2.0 million of orange, specialty citrus and other crop revenues in the second quarter of fiscal year 2012 compared to $2.3 million in the same period of fiscal year 2011 due primarily to lower sales volume and prices of specialty citrus crops.
Costs and expenses for the second quarter of fiscal year 2012 were $15.0 million, compared to $14.1 million in the second 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 and higher selling, general and administrative expenses, partially offset by a decrease in impairments of real estate development assets. The Company incurred a non-cash charge of $1.2 million attributable to impairments of real estate development assets in the second quarter of fiscal year 2011.