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

Safe Harbor Statement

This news release contains statements relating to future events and results of Calavo (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: increased competition, conducting substantial amounts of business internationally, pricing pressures on agricultural products, adverse weather and growing conditions confronting avocado growers, new governmental regulations, as well as other risks and uncertainties detailed from time to time in the company’s Securities and Exchange Commission filings, including, without limitation, the company’s Annual Report on Form 10-K for the year ended October 31, 2011. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
     

CALAVO GROWERS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)
 

 

October 31,
2012                   2011
 
Assets
Current assets:
Cash and cash equivalents $ 7,103 $ 2,774

Accounts receivable, net of allowances of $3,221 (2012) and $2,285 (2011)
38,870 36,101
Inventories, net 22,948 17,787
Prepaid expenses and other current assets 7,190 6,220
Advances to suppliers 2,369 3,349
Income taxes receivable 2,762 3,111
Deferred income taxes   2,222   2,136

Total current assets
83,464 71,478
Property, plant, and equipment, net 50,562 47,091
Investment in Limoneira Company 38,841 29,991
Investment in unconsolidated entities 520 2,292
Goodwill 18,262 18,349
Other assets   16,242   16,122
$ 207,891 $ 185,323
Liabilities and shareholders' equity
Current liabilities:
Payable to growers $ 8,475 $ 5,081
Trade accounts payable 7,898 7,038
Accrued expenses 22,237 19,285
Short-term borrowings 20,170 17,860
Dividend payable 9,612 8,123
Current portion of long-term obligations   5,416   5,448
Total current liabilities 73,808 62,835
Long-term liabilities:
Long-term obligations, less current portion 13,039 18,244
Deferred income taxes   10,665   8,002
Total long-term liabilities 23,704 26,246
Commitments and contingencies
Noncontrolling interest 357 462
Total shareholders' equity:   110,022   95,780
$ 207,891 $ 185,323
 
 
               

CALAVO GROWERS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)
 

 

Three months ended

October 31,

Year ended

October 31,
2012       2011 2012       2011
 
Net sales $ 141,552 $ 147,349 $ 551,119 $ 522,529
Cost of sales   123,696     134,145     490,453     480,221  
Gross margin 17,856 13,204 60,666 42,308
Selling, general and administrative   10,258     6,808     33,128     23,976  
Operating income 7,598 6,396 27,538 18,332
Interest expense (243 ) (297 ) (1,152 ) (1,016 )
Other income, net   737     29     1,616     888  
Income before provision for income taxes 8,092 6,128 28,002 18,204
Provision for income taxes   1,976     2,540     11,055     7,249  
Net income 6,116 3,588 16,947 10,955
Add: Net loss attributable to noncontrolling interest   44     51     105     113  
Net income attributable to Calavo Growers, Inc. $ 6,160   $ 3,639   $ 17,052   $ 11,068  
 
Calavo Growers, Inc.’s net income per share:
Basic $ 0.42   $ 0.25   $ 1.15   $ 0.75  
Diluted $ 0.42   $ 0.25   $ 1.15   $ 0.75  

Calavo Growers, Inc.’s shares used in per share computation:
Basic   14,795     14,769     14,786     14,743  
Diluted   14,822     14,781     14,814     14,751  
 
 

CALAVO GROWERS, INC. NET SALES AND GROSS MARGIN BY BUSINESS SEGMENT
                             

Fresh

products
Calavo

Foods

RFG

Total

 

(All amounts are presented in thousands)
Three months ended October 31, 2012
Net sales $ 90,974 $11,576 $ 39,002 $ 141,552
Cost of sales 79,568 8,393 35,735   123,696
Gross margin $ 11,406 $ 3,183 $ 3,267 $ 17,856
 
Three months ended October 31, 2011
Net sales $102,317 $11,154 $33,878 $ 147,349
Cost of sales 94,662 8,493 30,990   134,145
Gross margin $ 7,655 $ 2,661 $ 2,888 $ 13,204
 

Net sales to third parties by segment exclude inter-segment sales and cost of sales. For the three months ended October 31, 2012, and 2011, inter-segment sales and cost of sales for Fresh products totaling $7.4 million and $4.1 million were eliminated. For the three months ended October 31, 2012, and 2011, inter-segment sales and cost of sales for Calavo Foods totaling $3.2 million and $2.7 million were eliminated.
                             

Fresh

products
Calavo

Foods

RFG

Total

(All amounts are presented in thousands)
Year ended October 31, 2012
Net sales $350,582 $46,424 $154,113 $ 551,119
Cost of sales 316,287 32,422 141,744   490,453
Gross margin $ 34,295 $14,002 $ 12,369 $ 60,666
 
Year ended October 31, 2011 (1)
Net sales $420,658 $45,151 $56,720 $ 522,529
Cost of sales 389,371 38,403 52,447   480,221
Gross margin $ 31,287 $ 6,748 $ 4,273 $ 42,308
 
(1)    

As the acquisition for RFG was completed on June 1, 2011, only five months are included in prior year ended October 31, 2011.
 

Net sales to third parties by segment exclude inter-segment sales and cost of sales. For fiscal years 2012 and 2011, inter-segment sales and cost of sales for Fresh products totaling $22.2 million and $15.8 million were eliminated. For fiscal years 2012 and 2011, inter-segment sales and cost of sales for Calavo Foods totaling $11.6 million and $11.2 million were eliminated.

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