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 third quarter and nine months ended July 31, 2012.
Fiscal Year 2012 Third Quarter Results
For the third quarter of fiscal year 2012, revenue was $24.7 million, compared to revenue of $23.2 million in the third quarter of the previous fiscal year. Agribusiness revenue increased 19% to $23.7 million, compared to $19.9 million in the third quarter last year. Rental operations revenue was $1.0 million in the third quarter of fiscal years 2012 and 2011. Real estate development revenue was $74,000, compared to $2.3 million in the third quarter last year. Third quarter fiscal year 2011 real estate development revenue benefitted from the Company’s sale of its Donna Circle property in Paradise Valley, Arizona.
Third quarter 2012 agribusiness revenue includes $15.5 million in lemon sales, compared to $11.4 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 third quarter of fiscal year 2012 was $5.5 million compared to $6.3 million in the third quarter last year. The decline in avocado sales reflects lower prices, partially offset by increased volume. The Company generated $2.7 million of orange, specialty citrus and other crop revenues in the third quarter of fiscal year 2012 compared to $2.2 million in the same period of fiscal year 2011 due primarily to higher sales volume of Navel and Valencia oranges.Costs and expenses for the third quarter of fiscal year 2012 were $17.0 million, compared to $16.0 million in the third 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 real estate development expenses.