Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, today reported financial results for the fourth quarter and year ended October 31, 2012.
Fiscal Year 2012 Fourth Quarter Results
For the fourth quarter of fiscal year 2012, revenue was $14.8 million, compared to revenue of $10.9 million in the fourth quarter of the previous fiscal year. Agribusiness revenue increased 39% to $13.6 million, compared to $9.8 million in the fourth quarter last year. Rental operations revenue was $1.1 million in the fourth quarter of fiscal year 2012, compared to $1.0 million in the fourth quarter last year. Real estate development revenue was $90,000, compared to $41,000 in the fourth quarter last year.
Fourth quarter 2012 agribusiness revenue includes $8.5 million in lemon sales, compared to $7.8 million of lemon sales during the same period of fiscal year 2011, reflecting a larger number of cartons of fresh lemons sold as well as a higher average price per carton. The Company also experienced higher sales of lemon by-products compared to the same period last year. Avocado revenue was $3.3 million in the fourth quarter of fiscal year 2012 compared to $0.9 million in the fourth quarter last year. The increase in avocado sales reflects higher volume of fruit sold offset by a lower average price per pound. The Company generated $1.8 million of orange, specialty citrus and other crop revenues in the fourth quarter of fiscal year 2012 compared to $1.1 million in the same period of fiscal year 2011.Costs and expenses for the fourth quarter of fiscal year 2012 were $14.3 million, compared to $10.0 million in the fourth quarter of last fiscal year. The year-over-year increase in operating expenses reflects increased agribusiness costs associated with the higher sales for this segment, as well as higher selling, general and administrative expenses due primarily to increased employee incentive and selling expenses as a result of improved operations in fiscal year 2012 versus fiscal year 2011.