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Limoneira Company Announces Third Quarter And Nine Months Fiscal Year 2012 Financial Results

Stocks in this article: LMNR

Balance Sheet and Liquidity

Cash generated by operating activities in the third quarter of fiscal year 2012 was $7.5 million, compared to $6.1 million in the third quarter of fiscal year 2011. During the third quarter of fiscal year 2012, the Company reduced its long-term debt by $3.5 million. Cash provided by operating activities was $4.5 million for the nine months ended July 31, 2012 compared to $1.2 million for the same period last year. Borrowings on long-term debt increased $4.4 million in the first nine months of fiscal 2012 to finance the acquisition of agriculture properties, real estate development activities and on-going capital requirements.

Real Estate Development

During the third quarter of fiscal year 2012, the Company continued to execute its real estate development strategy by capitalizing development costs of $1.8 million compared to $1.3 million in the same period of fiscal year 2011.

Recent Business Highlights

The Company continues to benefit from the success of its direct lemon sales and marketing strategy. In the third quarter of fiscal year 2012, lemon sales were comprised of approximately 86% to U.S. and Canada-based customers and 14% to domestic exporters.

Alex Teague, Senior Vice President, stated, “Our direct lemon marketing and sales strategy continues to gain traction, and we are extremely pleased with its success. In the third quarter, we sold approximately 124,000 more fresh lemon cartons than the third quarter of last year, and we are looking forward to continued growth in future quarters. To help bolster our direct lemon sales and marketing strategy, we recently launched a marketing campaign ‘Unleash the Power of Lemons,’ with the goal of building lemon sales and consumption through fun and easy consumption ideas.”

In July 2012, the Company entered into an agreement to acquire 230 acres of agriculture property in the San Joaquin Valley of California for $1.4 million. The property, which is adjacent to the Company’s leased Sheldon Ranch orchards, is high quality citrus land that will be planted with approximately 150 acres of lemons adding to the existing 1,910 acres of lemon orchards. Once this property is fully planted, the Company believes it is capable of producing approximately 1,000 cartons of lemons per acre. The acquisition closed in August 2012. With this acquisition, the Company owns or leases over 8,000 acres of agriculture and real estate property.

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