Limoneira Company reported financial results for the second quarter ended April 30, 2016. Revenue was $27.4 million, compared to revenue of $28.3 million in the second quarter of the previous fiscal year.
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Agribusiness revenue was $25.9 million compared to $26.9 million in the second quarter last fiscal year, primarily due to lower avocado sales because Limoneira began its avocado harvest later in fiscal year 2016 than fiscal year 2015.
Rental operations revenue was $1.4 million in the second quarter of fiscal year 2016, compared to $1.3 million in the second quarter of last fiscal year. Real estate development revenue was $8,000 compared to $18,000 in the second quarter last fiscal year.
Agribusiness revenue for the second quarter of fiscal year 2016 includes $20.8 million in lemon sales, compared to $18.8 million of lemon sales during the same period of fiscal year 2015, primarily the result of higher prices and volume of fresh lemons sold compared to the same period in fiscal year 2015.
Approximately 780,000 cartons of fresh lemons were sold during the second quarter of fiscal year 2016 at a $22.44 average price per carton compared to approximately 711,000 cartons sold at a $21.94 average price per carton during the second quarter of fiscal year 2015.
Avocado revenue for the second quarter of fiscal year 2016 was $1.2 million, compared to $4.1 million in the same period last year, primarily the result of decreased prices and volume of avocados sold compared to the same period in fiscal year 2015.
Limoneira recognized $2.6 million of orange revenue in each of the second quarters of fiscal year 2016 and 2015. Specialty citrus and other crop revenues were $1.3 million in the second quarter of fiscal year 2016, compared to $1.4 million in the same period of fiscal year 2015.
Second quarter of fiscal year 2016 results for oranges and specialty citrus reflect lower prices partially offset by higher volume compared to the same period in fiscal year 2015.
Costs and expenses for the second quarter of fiscal year 2016 were $25.2 million compared to $24.1 million in the second quarter of last fiscal year.
The second quarter of fiscal year 2016 increase in operating expenses was primarily attributable to increases in agribusiness costs partially offset by decreases in selling, general and administrative costs.
Agribusiness costs and expenses are $1.2 million higher for the second quarter of fiscal year 2016 compared to the second quarter of last fiscal year primarily attributable to increases in packing, harvest and third-party grower costs mainly due to higher lemon sales and harvest volume, partially offset by lower growing costs.
Operating income for the second quarter of fiscal year 2016 was $2.2 million, compared to a $4.1 million operating income in the second quarter of the previous fiscal year.
Net income applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2016 was $1.1 million, compared to net income applicable to common stock of $2.4 million in the second quarter of fiscal year 2015.
Net income per diluted share for the second quarter of fiscal year 2016 was $0.08 compared to a net income per diluted share of $0.17 for the same period of fiscal year 2015, based on approximately 14.2 million and 14.1 million weighted average diluted common shares outstanding, respectively.
EBITDA was $3.4 million in the second quarter of fiscal year 2016, compared to $5.0 million in the same period of fiscal year 2015. ■