Limoneira reported financial results for the second quarter ended April 30, 2023.
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For the second quarter of fiscal year 2023, total net revenue was $48.1 million, compared to total net revenue of $46.8 million in the second quarter of the previous fiscal year.
Agribusiness revenue increased to $46.7 million, compared to $45.4 million in the second quarter of last fiscal year.
In April 2023, the Company entered into a settlement agreement with Southern California Edison Company and Edison International to formally resolve any and all claims related to the Thomas Fire in fiscal year 2018.
Under the terms of the settlement agreement, the Company was awarded a total settlement of $9.0 million.
In May 2023, the Company received approximately $6.1 million, net of legal and related costs, of which $3.8 million was recorded in agribusiness revenues and $2.3 million was recorded in gain on legal settlement in the second quarter of fiscal year 2023.
Other operations revenue was $1.4 million in both the second quarters of fiscal years 2023 and 2022.
Agribusiness revenue for the second quarter of fiscal year 2023 includes $26.6 million in fresh lemon sales, compared to $27.3 million of fresh lemon sales during the same period of fiscal year 2022.
Lemon revenues in the second quarter of fiscal year 2023 included settlement proceeds of $1.5 million allocated to lemons.
Approximately 1,547,000 cartons of U.S.
packed fresh lemons were sold in aggregate during the second quarter of fiscal year 2023 at a $17.23 average price per carton, compared to approximately 1,552,000 cartons sold at a $17.57 average price per carton during the second quarter of fiscal year 2022.
Of the 1,547,000 and 1,552,000 cartons of U.S.
packed fresh lemons sold during the second quarter of fiscal years 2023 and 2022, respectively, 49% and 51%, respectively, were procured from third-party growers.
The Company recognized $3.6 million of avocado revenue in the second quarter of fiscal year 2023, similar to the same period last fiscal year.
Avocado revenues in the second quarter of fiscal year 2023 included settlement proceeds of $2.4 million allocated to avocados.
Approximately 0.9 million pounds of avocados were sold in aggregate during the second quarter of fiscal year 2023 at a $1.30 average price per pound, compared to approximately 1.9 million pounds sold at a $1.90 average price per pound during the second quarter of fiscal year 2022.
The Company recognized $1.4 million of orange revenue in the second quarter of fiscal year 2023, compared to $2.6 million in the same period of fiscal year 2022.
Approximately 88,000 cartons of oranges were sold during the second quarter of fiscal year 2023 at a $15.72 average price per carton, compared to approximately 328,000 cartons sold at a $7.98 average price per carton during the second quarter of fiscal year 2022.
Specialty citrus and other revenue was $2.4 million for the second quarter of fiscal year 2023, compared to $1.4 million in the same period of fiscal year 2022.
Operating loss for the second quarter of fiscal year 2023 was $3.9 million, compared to operating income of $2.6 million in the second quarter of the previous fiscal year.
Net loss applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2023 was $1.7 million, compared to net income applicable to common stock of $1.4 million in the second quarter of fiscal year 2022.
Net loss per diluted share for the second quarter of fiscal year 2023 was $0.10, compared to net income per diluted share of $0.08 for the same period of fiscal year 2022.
Adjusted net income for diluted EPS in the second quarter of fiscal year 2023 was $3.9 million or $0.21 per diluted share, compared to the second quarter of fiscal year 2022 of $1.9 million or $0.11 per diluted share.
A reconciliation of net (loss) income attributable to Limoneira Company to adjusted net income (loss) for diluted EPS is provided at the end of this release.
Adjusted EBITDA was $6.2 million in the second quarter of fiscal year 2023, similar to the same period of fiscal year 2022.
A reconciliation of net (loss) income attributable to Limoneira Company to adjusted EBITDA is provided at the end of this release. ■