Limoneira Q1 revenue increased 12% to $28.1 million
Staff Writer |
Limoneira company reported financial results for the first quarter ended January 31, 2017.
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Revenue increased 12% to $28.1 million, compared to revenue of $25.0 million in the first quarter of the previous fiscal year.
Agribusiness revenue was $26.8 million, compared to $23.6 million in the first quarter last year, primarily due to stronger lemon sales.
Rental operations revenue was $1.3 million in the first quarter of fiscal year 2017, which compared to $1.4 million in last year's first quarter.
There were no real estate development revenues in the first quarter of fiscal year 2017 or 2016.
Agribusiness revenue for the first quarter of fiscal year 2017 includes $26.0 million in lemon sales, compared to $21.9 million of lemon sales during the same period of fiscal year 2016, with the increase primarily the result of higher volume of fresh lemons sold partially offset by lower prices compared to the same period in fiscal year 2016.
Approximately 909,000 cartons of fresh lemons were sold during the first quarter of fiscal year 2017 at a $23.10 average price per carton compared to approximately 753,000 cartons sold at a $23.46 average price per carton during the first quarter of fiscal year 2016.
As anticipated due to the seasonality of the avocado crop, the company recognized no avocado revenue in the first quarter of fiscal year 2017, compared to minimal revenues in last year's first quarter.
The company recognized $0.5 million of orange revenue in the first quarter of fiscal year 2017, compared to $1.0 million in the same period of fiscal year 2016, due largely to the increased rainfall which curtailed the available harvesting days in January.
Specialty citrus and other crop revenues were similarly impacted by the rainfall and delayed harvest, resulting in revenues of $0.3 million in the first quarter of fiscal year 2017, compared to $0.7 million in the first quarter of fiscal year 2016.
Costs and expenses for the first quarter of fiscal year 2017 were similar to the prior year period at $31.3 million. Slight increases in agribusiness costs were offset by a decrease in real estate development costs during the quarter.
Operating loss for the first quarter of fiscal year 2017 improved to $3.2 million, compared to a $6.3 million loss in the first quarter of the previous fiscal year.
Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2017 was $2.2 million and compares to a net loss applicable to common stock of $4.1 million in the first quarter of fiscal year 2016.
Net loss per diluted share for the first quarter of fiscal year 2017 was $0.16 compared to a net loss per diluted share of $0.29 for the same period of fiscal year 2016, with both periods based on approximately 14.2 million weighted average diluted common shares outstanding.
EBITDA was negative $1.3 million in the first quarter of fiscal year 2017 compared to negative $4.7 million in the same period of fiscal year 2016. ■