Operating income for the fiscal year 2012 third quarter was $7.7 million, compared to $7.2 million in the third quarter of the previous fiscal year.

Adjusted EBITDA (defined as net income excluding interest, income taxes, depreciation and amortization, and non-cash impairment charges on real estate development) in the third quarter of fiscal year 2012 was $8.2 million, compared to $8.0 million in the same period of fiscal year 2011. A reconciliation of Adjusted EBITDA to the GAAP measure net income is provided at the end of this release.

Primarily as a result of a larger amount of capitalized interest on real estate development projects during the third quarter of fiscal year 2012, interest expense was $148,000 compared to $340,000 in the same period of fiscal year 2011. Non-cash fair value adjustments on the Company’s interest rate swap resulted in income of $172,000 in the third quarter of fiscal year 2012 compared to an expense of $87,000 in the same period of the prior year.

Net income applicable to common stock, after preferred dividends, for the third quarter of fiscal year 2012 was $5.0 million, or $0.45 per share. This compares to net income applicable to common stock, after preferred dividends, in the third quarter of fiscal year 2011 of $4.6 million, or $0.41 per share.

Fiscal Year 2012 First Nine Months Results

For the nine months ended July 31, 2012, revenue was $51.0 million, compared to $41.6 million in the same period last year. Operating income for the first nine months of fiscal year 2012 was $4.1 million, compared to $167,000 in the same period last year. Net income applicable to common stock, after preferred dividends, for the first nine months of fiscal year 2012 was $2.8 million, or $0.25 per share, compared to $847,000, or $0.08 per share, in the same period last year.

If you liked this article you might like

Come, Ride the Value Stocks Roller Coaster With Me

Limoneira Is More Than Just Lemons

Orange You Glad to Learn More About Limoneira?

2 Farm Names That Could Bear Fruit for the Patient Seed Planter

Sowing Farmland Investment Seeds Requires Patience for Payoff