In Calavo’s Fresh business segment, final-quarter revenues totaled $91.0 million, down from $102.3 million in last year’s fourth quarter. The year-to-year decline in segment revenues is indicative of the aforementioned, significantly larger supply of avocados in the marketplace, as compared to fiscal 2011, which resulted in substantially lower prices during the current year for the quarter. Total Fresh segment volume totaled 3.7 million units in the most-recent quarter, increasing 29 percent from 2.9 million units shipped in the fourth quarter of fiscal 2011. Fresh segment gross margin advanced to $11.4 million, or 12.5 percent of segment sales, from $7.7 million, approximating 7.5 percent of segment sales, in last year’s fourth quarter.
Revenues in the Calavo Foods business segment edged upward in the final quarter to $11.6 million from $11.2 million in the fiscal 2011 fourth quarter. The business unit—encompassing the company’s legacy products, including prepared avocados, salsa and tortilla chips—continued to benefit from the aforementioned larger supply of fruit in the marketplace and, to a less significant extent, improved pricing. These factors proved beneficial to Calavo Foods’ gross margins in the most recent quarter, which rose to $3.2 million, or 27.5 percent of that business unit’s sales, from $2.7 million, or 23.9 percent of segment sales, one year ago.
RFG business segment revenues jumped 15 percent to $39.0 million from $33.9 million in the fourth quarter of fiscal 2011. RFG gross margin in the most-recent quarter totaled $3.3 million, or 8.4 percent of segment sales, versus $2.9 million, or 8.5 percent of segment sales, in the fiscal 2011 fourth quarter.
OutlookCalavo CEO Cole stated that “the company begins fiscal 2013 with considerable operating momentum at its back. The same factors which powered our strong performance in the recently concluded year continue unabated and, in fact, are even showing early signs of accelerating. As a result of the growing velocity in our businesses, I am confident that Calavo will register record net income and per-share results in fiscal 2013.”