Limoneira company reported financial results for the first quarter ended January 31, 2015. Revenue was $28 million, compared to revenue of $25.9 million in the first quarter of the previous fiscal year.
Article continues below
Agribusiness revenue was $26.9 million, compared to $24.7 million in the first quarter last year, reflecting higher lemon revenue partially offset by lower orange, and specialty citrus and other crop revenue.
Rental operations revenue was $1.1 million in the first quarter of fiscal year 2015 and the first quarter of last year. Real estate development revenue was $10,000 compared to $44,000 in the first quarter last year.
Agribusiness revenue for the first quarter of fiscal year 2015 includes $24.7 million in lemon sales, compared to $20.9 million of lemon sales during the same period of fiscal year 2014, primarily reflecting a higher average price per carton due to more favorable market conditions and an increase in fresh lemon cartons sold 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 2015. The company recognized $1.5 million of orange revenue in the first quarter of fiscal year 2015, on lower prices partially offset by higher sales volume, compared to $1.9 million of orange revenue in the same period of fiscal year 2014.
Specialty citrus and other crop revenues were $0.7 million in the first quarter of fiscal year 2015, on lower prices and sales volume, compared to $1.9 million in the first quarter of fiscal year 2014.
Costs and expenses for the first quarter of fiscal year 2015 were $30.5 million, compared to $28.1 million in the first quarter of last fiscal year. The year-over-year increase in operating expenses primarily reflects additional agribusiness costs mainly associated with higher packing costs related to increased lemon sales volume and the company's Yuma, Arizona packing operations, which was acquired in June 2014.
In addition, third-party grower costs were higher in the first quarter of fiscal year 2015 compared to the same period of fiscal year 2014 related to a larger volume of fruit procured from third party growers at higher prices.
Operating loss for the first quarter of fiscal year 2015 was $2.5 million, compared to $2.2 million in the first quarter of the previous fiscal year.
EBITDA was ($1.2) million in the first quarter of fiscal year 2015, compared to ($1.1) million in the same period of fiscal year 2014.
Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2015 was $1.6 million, compared to $1.3 million in the first quarter of fiscal year 2014.
Net loss per diluted share for the first quarter of fiscal year 2015 was $0.11 on approximately 14.1 million weighted average diluted common shares outstanding, compared to net loss per diluted share of $0.09 on approximately 14.0 million weighted average diluted common shares outstanding in the same period of the prior year. ■