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Calavo Growers, Inc. Announces Fiscal 2012 Fourth Quarter And Full-Year Results

Stocks in this article: CVGW

Cole continued, “This optimism is extremely well-founded. Early estimates for the 2013 avocado supply are pegged to be at least 1.65 billion pounds, up from about 1.4 billion pounds in the recently concluded year and 1.1 billion pounds in 2011. Calavo’s avocado market position places the company in the sweet spot of an industry that’s booming around us. The surging supply, including a projected increased harvest in California, should result in larger volume pouring into our packinghouses which drive operating efficiencies and, by extension, gross margins.

“Augmenting avocados, we anticipate larger tomato volume at higher prices during the current year in the Fresh segment, which will be further bolstered by our other diversified-produce offerings,” the CEO said.

“Our Calavo Foods business segment is increasingly a picture of strength,” Cole continued, “with a growing pipeline of orders from customers for our prepared avocado lineup. With continued favorable pricing of fruit, we expect to register record gross profit in the Calavo Foods segment, building upon the gross-margin performance which characterized fiscal 2012. We recently launched our latest ultra-high-pressure product, avocado halves, which are attracting considerable interest and attention among customers. This convenience product will be rolled out broadly during the current year and we are genuinely excited about its prospects.”

The CEO said, “RFG proceeds on plan with market penetration into the retail grocery channel, as well as expanding consumer demand for its products from consumers. The business unit’s robust product-development pipeline—as well as its rapid order-fulfillment and just-in-time distribution of fresh, convenient and healthful offerings—remain cornerstones of the RFG strategic blueprint.

“With so many platforms driving Calavo’s revenue and profit engines—all performing exceptionally well—the company begins fiscal 2013 in an enviable position and I look forward to a very successful year ahead,” Cole concluded.

About Calavo

Calavo Growers, Inc. is a global avocado-industry leader. The company also procures and markets diversified fresh produce items, ranging from tomatoes to tropical produce. An expanding provider of value-added fresh food, the company’s Calavo Foods business segment manufactures and distributes guacamole, guacamole hummus, salsa and tortilla chips under the respected Calavo brand name. Calavo Foods’ wholly owned subsidiary, Renaissance Food Group, LLC, creates, markets and distributes a portfolio of healthy, high-quality lifestyle products for consumers through fast-growing brands that include Garden Highway and Chef Essentials. Founded in 1924, Calavo serves food distributors, produce wholesalers, supermarket retailers and restaurant chains worldwide.

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