Limoneira Company reported financial results for the fourth quarter and fiscal year ended October 31, 2014. Q4 revenue was $16.3 million, compared to revenue of $14.3 million in Q4 of the previous fiscal year.
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Agribusiness revenue was $15 million, compared to $12.9 million in the fourth quarter last year, primarily reflecting higher lemon revenue partially offset by lower avocado and specialty citrus and other crop revenue.
Rental operations revenue was $1.2 million in the fourth quarter of fiscal year 2014, compared to $1.1 million in the fourth quarter last year. Real estate development revenue was $0.1 million compared to $0.3 million in the fourth quarter last year.
Agribusiness revenue for the fourth quarter of fiscal year 2014 includes $13.8 million in lemon sales, compared to $9.5 million of lemon sales during the same period of fiscal year 2013, 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 typical fluctuations in fruit harvests, the Company generated minimal avocado revenue in the fourth quarter of fiscal year 2014, compared to $1.3 million in the same period of fiscal year 2013. The Company recognized $0.6 million of orange revenue in the fourth quarter of fiscal year 2014, compared to $0.4 million of orange revenue in the same period of fiscal year 2013.
Specialty citrus and other crop revenues were $0.6 million in the fourth quarter of fiscal year 2014, compared to $1.7 million in the fourth quarter of fiscal year 2013. The decrease in specialty citrus and other crop revenue is primarily due to lower olive, peach, plum and pistachio production.
Costs and expenses for the fourth quarter of fiscal year 2014 were $20.8 million, compared to $15.9 million in the fourth 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 volume and the Company's Yuma, Arizona packing operations, which was acquired in June 2014 and increased third-party grower costs.
Additionally, fourth quarter of fiscal year 2014 selling, general, and administration expenses increased due to employee incentive compensation resulting from increased annual profitability of the Company and certain costs incurred in connection with the Company's strategic initiatives.
Operating loss for the fourth quarter of fiscal year 2014 was $4.5 million, compared to $1.6 million in the fourth quarter of the previous fiscal year. As noted above, the increase in the fourth quarter loss was due to lower avocado and specialty and other crop revenue and increased agribusiness and selling, general and administrative costs.
In addition, while fresh lemon sales were higher in the fourth quarter of fiscal year 2014 compared to the fourth quarter of fiscal year 2013, 42% of fresh lemons sold in the fourth quarter of fiscal year 2014 were procured from third party growers at an average per carton cost of $25.71 compared to 38% for the fourth quarter of fiscal year 2013 at an average per carton cost of $17.12.
Adjusted EBITDA was ($3.3) million in the fourth quarter of fiscal year 2014, compared to ($0.6) million in the same period of fiscal year 2013. A reconciliation of Adjusted EBITDA to the GAAP measure net income is provided at the end of this release.
Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2014 was $3 million, compared to $1.1 million in the fourth quarter of fiscal year 2013. Net loss per diluted share for the fourth quarter of fiscal year 2014 was $0.21 on approximately 14.1 million weighted average diluted common shares outstanding, compared to net loss per diluted share of $0.08 on approximately 13.7 million weighted average diluted common shares outstanding in the same period of the prior year.
The year-over-year increase in shares outstanding is primarily due to shares issued in connection with the acquisition of the Yuma, Arizona packing business.
For the fiscal year ended October 31, 2014, revenue increased 22% to $103.5 million, compared to $84.9 million last year. Operating income for fiscal year 2014 was $9.9 million, compared to $5.4 million last year. Adjusted EBITDA for fiscal year 2014 was $14.5 million, compared to $10 million last year.
Net income applicable to common stock, after preferred dividends, for fiscal year 2014 was $6.5 million, compared to $4.6 million last year. Net income for fiscal year 2014 includes an impairment charge of $0.4 million on the Company's Centennial property. Net income for fiscal year 2013 includes a $3.1 million gain associated with the sale of Calavo Growers common stock and a $1.8 million equity loss related to the sale of the Company's investment in HM East Ridge, LLC.
These two transactions combined generated approximately $0.9 million of net income and $0.07 earnings per diluted share for the fiscal year ended October 31, 2013. Earnings per diluted share for fiscal year 2014 were $0.46 on approximately 14.1 million weighted average diluted common shares outstanding, compared to $0.36 on approximately 12.8 million weighted average diluted common shares outstanding for fiscal year 2013.
The year-over-year increase in shares outstanding is primarily due to shares issued in connection with the acquisitions of Associated and the Yuma, Arizona packing business. ■