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Limoneira Company Announces Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: LMNR

In addition, the Company expects the Sheldon Ranch leases to be profitable in fiscal 2013 compared to a loss of $735,000 in fiscal year 2012.

The Company expects the approval to annex East Area 1 into the city of Santa Paula and the submission of the application to annex East Area 2 into the city of Santa Paula to occur during the first six months of 2013. Development and tract mapping for East Area 1 is anticipated by early fiscal year 2014 with first phase construction to commence during 2014.

Conference Call Information

The Company will host a conference call and audio webcast January 15, 2013, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its financial results. To access the conference call, participants in the U.S. should dial (800) 946-0713, and international participants should dial (719) 325-2131. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time. The call will also be broadcast live over the Internet and accessible through the Investor Relations section of the Company's website at www.limoneira.com. Visitors to the website should select the "Investor" link to access the webcast. The webcast will be archived and accessible on the same website for 30 days following the call. A telephone replay will be available through January 29, 2013, by calling (877) 870-5176 from the U.S. or (858) 384-5517 from international locations to access the playback; passcode is 6438636.

About Limoneira Company

Limoneira Company, a 119-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lē mon΄âra), is a dedicated sustainability company with approximately 8,200 acres of rich agricultural lands, real estate properties and water rights in California. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.

Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from disease, insects and other pests; disruption of water supplies or changes in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings, which are available on the SEC’s website at http://www.sec.gov . Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of the Company’s operations and interest costs associated with its capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA, which excludes impairments on real estate development assets, is an important measure to evaluate the Company’s results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies. Unaudited EBITDA and Adjusted EBITDA are summarized and reconciled to net income, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP as follows:

   
Three months ended October 31, Years Ended October 31,
  2012     2011   2012     2011
   
Net income $ 141,000 $ 554,000 $ 3,150,000 $ 1,598,000
Total interest (income) expense, net (124,000 ) 169,000 (335,000 ) 619,000
Income taxes 477,000 260,000 1,978,000 707,000
Depreciation and amortization   560,000     546,000   2,131,000     2,207,000
EBITDA 1,054,000 1,529,000 6,924,000 5,131,000
Impairments of real estate development assets   -     -   -     1,196,000
Adjusted EBITDA $ 1,054,000   $ 1,529,000 $ 6,924,000   $ 6,327,000
 
Limoneira Company
Consolidated Balance Sheets
 
  October 31,
      2012       2011  
Assets  
Current assets:
Cash $ 11,000 $ 21,000
Accounts receivable, net 4,252,000 2,410,000
Notes receivable - related parties 42,000 36,000
Notes receivable - 350,000
Cultural costs 2,254,000 926,000
Prepaid expenses and other current assets 2,116,000 1,385,000
Income taxes receivable   712,000     1,324,000  
Total current assets 9,387,000 6,452,000
 
Property, plant and equipment, net 53,380,000 49,187,000
Real estate development 77,772,000 72,623,000
Equity in investments 8,947,000 8,896,000
Investment in Calavo Growers, Inc. 15,701,000 15,009,000
Notes receivable - related parties 16,000 56,000
Notes receivable 2,296,000 2,123,000
Other assets   5,123,000     4,682,000  
Total Assets $ 172,622,000   $ 159,028,000  
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,670,000 $ 2,650,000
Growers payable 2,085,000 1,004,000
Accrued liabilities 4,017,000 2,399,000
Fair value of derivative instrument 1,072,000 -
Current portion of long-term debt   760,000     736,000  
Total current liabilities 11,604,000 6,789,000
Long-term liabilities:
Long-term debt, less current portion 88,875,000 82,135,000
Deferred income taxes 10,488,000 10,160,000
Other long-term liabilities   8,953,000     7,892,000  
Total long-term liabilities 108,316,000 100,187,000
Commitments and contingencies
Stockholders' equity:
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 30,000 shares issued and outstanding at October 31, 2012 and 2011) (8.75% coupon rate) 3,000,000 3,000,000
Series A Junior Participating Preferred Stock – $.01 par value (20,000 shares authorized: -0- issued or outstanding at October 31, 2012 and 2011) - -
Common Stock – $.01 par value (19,900,000 shares authorized: 11,203,180 and 11,205,241 shares issued and outstanding at October 31, 2012 and 2011, respectively) 112,000 112,000
Additional paid-in capital 35,714,000 34,863,000
Retained earnings 16,398,000 14,980,000
Accumulated other comprehensive loss   (2,522,000 )   (903,000 )
Total stockholders' equity   52,702,000     52,052,000  
Total Liabilities and Stockholders' Equity $ 172,622,000   $ 159,028,000  
 
Limoneira Company
Consolidated Statements of Operations
 
  Three months ended   Years ended
October 31, October 31,

(unaudited)

  2012       2011     2012       2011  
Revenues:
Agribusiness $ 13,641,000 $ 9,837,000 $ 61,553,000 $ 46,085,000
Rental operations 1,064,000 1,004,000 4,023,000 3,948,000
Real estate development   90,000     41,000     252,000     2,462,000  
Total revenues 14,795,000 10,882,000 65,828,000 52,495,000
Costs and expenses:
Agribusiness 10,676,000 7,284,000 47,300,000 35,180,000
Rental operations 671,000 542,000 2,418,000 2,230,000
Real estate development 282,000 281,000 1,037,000 3,551,000
Impairments of real estate development assets - - - 1,196,000
Selling, general and administrative   2,708,000     1,932,000     10,517,000     9,328,000  
Total costs and expenses   14,337,000     10,039,000     61,272,000     51,485,000  
Operating income 458,000 843,000 4,556,000 1,010,000
Other income (expense):
Interest expense (114,000 ) (298,000 ) (508,000 ) (1,260,000 )
Interest income (expense) from derivative instruments 212,000 109,000 739,000 537,000
Gain on sale of Rancho Refugio/Caldwell Ranch - - - 1,351,000
Interest income 26,000 20,000 104,000 104,000
Other income (expense), net   (150,000 )   24,000     64,000     482,000  
Total other income (expense)   (26,000 )   (145,000 )   399,000     1,214,000  
 

Income before income tax provision and equity in earnings of investments

432,000

698,000

4,955,000

2,224,000

Income tax provision (477,000 ) (260,000 ) (1,978,000 ) (707,000 )
Equity in earnings of investments   186,000     116,000     173,000     81,000  
Net income 141,000 554,000 3,150,000 1,598,000
Preferred dividends   (65,000 )   (65,000 )   (262,000 )   (262,000 )
Net income applicable to common stock $ 76,000   $ 489,000   $ 2,888,000   $ 1,336,000  
       
Basic net income per common share $ 0.01   $ 0.04   $ 0.26   $ 0.12  
         
Diluted net income per common share $ 0.01   $ 0.04   $ 0.26   $ 0.12  
       
Dividends per common share $ 0.04   $ 0.03   $ 0.13   $ 0.13  
 
Weighted-average common shares outstanding-basic 11,203,000 11,205,000 11,202,000 11,205,000
Weighted-average common shares outstanding-diluted 11,203,000 11,205,000 11,202,000 11,208,000




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