Limoneira Company reported financial results for the 2015 fourth quarter ended October 31, 2015.
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For the fourth quarter of fiscal year 2015, revenue was $14.2 million, compared to revenue of $16.3 million in the fourth quarter of the previous fiscal year.
Agribusiness revenue was $12.9 million, compared to $15.0 million in the fourth quarter last year, primarily due to lower lemon sales. Rental operations revenue was $1.3 million in the fourth quarter of fiscal year 2015, compared to $1.2 million in the fourth quarter of last year. Real estate development revenue was $21,000 compared to $104,000 in the fourth quarter last year.
Agribusiness revenue for the fourth quarter of fiscal year 2015 includes $11.6 million in lemon sales, compared to $13.8 million of lemon sales during the same period of fiscal year 2014, primarily reflecting lower fresh lemon prices and volume.
Approximately 388,000 cartons of fresh lemons were sold during the fourth quarter of fiscal year 2015 at a $25.00 average price per carton compared to approximately 413,000 cartons sold at a $29.09 average price per carton during the fourth quarter of fiscal year 2014.
As anticipated, the company did not recognize any avocado revenue in the fourth quarter of fiscal year 2015. In the fourth quarter of fiscal year 2014, avocado revenue was $54,000.
The company recognized $0.6 million of orange revenue in the fourth quarter of fiscal year 2015, which was similar to the same period of fiscal year 2014. Specialty citrus and other crop revenues were $0.7 million in the fourth quarter of fiscal year 2015, compared to $0.6 million in the fourth quarter of fiscal year 2014.
Costs and expenses for the fourth quarter of fiscal year 2015 were $19.1 million compared to $20.8 million in the fourth quarter of last fiscal year.
The fourth quarter of fiscal year 2015 decrease in operating expenses reflects lower agribusiness costs and selling, general and administrative expenses net of approximately $0.4 million in legal, consulting and accounting expenses associated with the company's real estate development joint venture described below.
Operating loss for the fourth quarter of fiscal year 2015 was $4.9 million, compared to $4.5 million in the fourth quarter of the previous fiscal year.
Net income applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2015 was $0.5 million, compared to net loss applicable to common stock of $3.0 million in the fourth quarter of fiscal year 2014.
Fourth quarter fiscal year 2015 net income includes a $5.0 million gain associated with the sale of 140,000 shares of Calavo Growers common stock and a $0.9 million gain on the sale of the company's Wilson Ranch.
Earnings per diluted share for the fourth quarter of fiscal year 2015 were $0.04 compared to a net loss per diluted share of $0.21 for the same period of fiscal year 2014, with both periods based on approximately 14.1 million weighted average diluted common shares outstanding.
The difference between the company's previously expected fourth quarter fiscal year 2015 operating results and its actual operating results are primarily due to lower lemon revenue related to less volume of fresh lemon cartons sold and additional legal costs associated with the company's joint venture with the Lewis Group as further described below, offset by lower operating expenses and the gain on the sale of Calavo stock.
EBITDA was $2.4 million in the fourth quarter of fiscal year 2015 compared to a negative $3.3 million in the same period of fiscal year 2014. A reconciliation of EBITDA to net income is provided at the end of this release.
For the fiscal year ended October 31, 2015, revenue was $100.3 million compared to $103.5 million for fiscal year 2014. Operating income for fiscal year 2015 was $4.6 million compared to $9.9 million last year.
Lower fiscal year 2015 operating income primarily reflects $2.0 million lower orange revenues on lower prices and volume, $0.7 million lower lemon revenues and higher agribusiness expenses, primarily associated with the company's packing operations in Yuma, Arizona, that was acquired June 2014.
In addition, while selling, general and administrative expenses for fiscal year 2015 were less than fiscal year 2014 by approximately $0.5 million, primarily reflecting lower incentive compensation, such expenses include approximately $0.9 million in legal, consulting and accounting expenses associated with the company's real estate development joint venture described below.
Net income applicable to common stock, after preferred dividends, was $6.4 million for fiscal year 2015 compared to $6.5 million for fiscal year 2014.
Fiscal year 2015 operating results include the aforementioned $5.0 million gain associated with the sale of Calavo Growers common stock and $0.9 million gain associated with the sale of the Wilson Ranch.
Earnings per diluted share for fiscal years 2015 and 2014 was $0.46 with both years based on approximately 14.1 million weighted average diluted common shares outstanding.
EBITDA for fiscal year 2015 was $15.4 million compared to EBITDA of $14.0 million in fiscal year 2014. ■