This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

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.

4 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs