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.

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