Net income applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2012 was $76,000, or $0.01 per share. Excluding the $125,000 operating loss associated with the previously discussed Sheldon Ranch leases and $150,000 in losses on notes receivable, net income would have been $351,000 or $0.03 per share. This compares to net income applicable to common stock, after preferred dividends, in the fourth quarter of fiscal year 2011 of $489,000, or $0.04 per share.
Fiscal Year 2012 Results
For the fiscal year ended October 31, 2012, revenue was $65.8 million, compared to $52.5 million last year. Operating income for fiscal year 2012 was $4.6 million, compared to $1.0 million last year. Net income applicable to common stock, after preferred dividends, for fiscal year 2012 was $2.9 million, or $0.26 per share, compared to $1.3 million, or $0.12 per share, in the same period last year. Excluding the $735,000 operating loss associated with the previously discussed Sheldon Ranch leases and $265,000 in notes receivable losses comprised of $150,000 related to a discontinued business unit described above and a $115,000 loan to an internet television company to assist it in promoting Santa Paula and surrounding areas, fiscal year 2012 net income applicable to common stock would have been $3.9 million or $0.35 per share.
Lemon sales increased 41% to $44.2 million in fiscal year 2012, compared to $31.2 million in fiscal year 2011 as a result of increased volume and higher average prices. Fresh lemon cartons sold increased 33% to 2.4 million in fiscal year 2012 from 1.8 million in fiscal year 2011.Avocado sales increased 27% to $9.5 million in fiscal year 2012, compared to $7.5 million in fiscal year 2011 as a result of higher production, partially offset by lower prices. The California avocado crop typically experiences alternative years of high and low productivity due to plant physiology.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV