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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 first quarter ended January 31, 2013.
Fiscal Year 2013 First Quarter Results
For the first quarter of fiscal year 2013, revenue was $17.4 million, compared to revenue of $10.2 million in the first quarter of the previous fiscal year. Agribusiness revenue increased 77% to $16.3 million, compared to $9.2 million in the first quarter last year. Rental operations revenue was $1.0 million in the first quarter of fiscal year 2013, essentially flat compared to the first quarter last year. Real estate development revenue was $48,000, compared to $44,000 in the first quarter last year.
First quarter fiscal year 2013 agribusiness revenue includes $14.0 million in lemon sales, compared to $7.8 million of lemon sales during the same period of fiscal year 2012, reflecting a larger number of cartons of fresh lemons sold, partially offset by lower average price per carton. The Company also experienced higher sales of lemon by-products compared to the same period last year. As anticipated, due to the typical seasonality of the avocado crop, the Company did not record significant avocado sales during the first quarter of fiscal year 2013. In the first quarter of fiscal year 2012, the Company generated $124,000 of revenue from avocados. The Company recognized $1.4 million of orange revenue in the first quarter of fiscal year 2013 compared to $500,000 of orange revenue in the same period of fiscal year 2012. The increase is primarily due to production from Sheldon Ranch. Specialty citrus and other crop revenues were $883,000 in the first quarter of fiscal year 2013, which was $72,000 more than the first quarter of fiscal year 2012.
Costs and expenses for the first quarter of fiscal year 2013 were $22.7 million, compared to $15.0 million in the first quarter of last fiscal year. The year-over-year increase in operating expenses primarily reflects increased agribusiness costs associated with the higher sales for this segment. Packing costs increased, primarily attributable to a higher volume of fresh lemons packed and sold compared to the same period of fiscal year 2012. On a per carton basis, packing costs were $5.60 for the first quarter of fiscal 2013 compared to $6.34 compared to the same period of fiscal year 2012, as costs were leveraged across a larger volume of lemons packed and sold. Third-party grower costs increased in the first quarter of fiscal year 2013 compared to the same quarter of last year, due to an increase in lemons procured from third-party growers and in particular from Associated Citrus Packers, which began in August 2012.