Limoneira reported financial results for the fiscal fourth quarter ended October 31, 2022.
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For the fourth quarter of fiscal year 2022, total net revenue increased 18% to $39.7 million, compared to total net revenue of $33.5 million in the fourth quarter of the previous fiscal year.
Agribusiness revenue was $38.2 million, compared to $32.3 million in the fourth quarter of last fiscal year. Other operations revenue increased to $1.4 million, compared to $1.2 million for the fourth quarter of fiscal year 2021.
Agribusiness revenue for the fourth quarter of fiscal year 2022 includes $13.1 million in fresh lemon sales, compared to $7.8 million of fresh lemon sales during the same period of fiscal year 2021.
Approximately 680,000 cartons of U.S. packed fresh lemons were sold in aggregate during the fourth quarter of fiscal year 2022 at a $19.33 average price per carton, compared to approximately 390,000 cartons sold at a $20.00 average price per carton during the fourth quarter of fiscal year 2021.
The increased volume of fresh lemons compared to the prior year relates to logistical delays in the fourth quarter of fiscal year 2021 that caused physical loss on a portion of shipments of the Company’s citrus products.
The Company recognized nominal avocado revenue in the fourth quarter of fiscal years 2022 and 2021.
The Company recognized $2.7 million of orange revenue in the fourth quarter of fiscal year 2022, compared to nominal revenue in the same period of fiscal year 2021.
Approximately 86,000 cartons of oranges were sold during the fourth quarter of fiscal year 2022 at a $31.22 average price per carton.
Specialty citrus and other crops revenue was $5.5 million for the fourth quarter of fiscal year 2022, compared to $3.2 million in the same period of fiscal year 2021, primarily due to increased brokered fruit and wine grape sales.
Total costs and expenses for the fourth quarter of fiscal year 2022 were $41.5 million, compared to $40.0 million in the fourth quarter of last fiscal year.
Despite the inflationary pressures throughout the Company’s industry, operating loss for the fourth quarter of fiscal year 2022 improved to $1.9 million, compared to operating loss of $6.5 million in the fourth quarter of the previous fiscal year.
Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2022 was $2.8 million, compared to net loss applicable to common stock of $5.0 million in the fourth quarter of fiscal year 2021. Net loss per diluted share for the fourth quarter of fiscal year 2022 was $0.16, compared to net loss per diluted share of $0.28 for the same period of fiscal year 2021.
For fiscal year 2022, adjusted net loss for diluted earnings per share (“EPS”) was $5.7 million or $0.32 per diluted share, compared to the fourth quarter of fiscal year 2021 of $4.5 million or $0.26 per diluted share. A reconciliation of net loss attributable to Limoneira Company to adjusted net loss for diluted EPS is provided at the end of this release.
Adjusted EBITDA was a loss of $3.8 million in the fourth quarter of fiscal year 2022, compared to a loss of $3.0 million in the same period of fiscal year 2021. A reconciliation of net loss attributable to Limoneira Company to adjusted EBITDA is provided at the end of this release. ■