SANTA PAULA, CA - Limoneira Company has released its Q1 2015 financial results. The company has experienced an increase in revenue over last year’s Q1, but also an increase in costs and expenses.
For the first quarter of fiscal year 2015, revenue was $28.0 million, compared to revenue of $25.9 million in the first quarter of the previous fiscal year. Agribusiness revenue was $26.9 million, compared to $24.7 million in the first quarter last year, reflecting higher lemon revenue partially offset by lower orange, and specialty citrus and other crop revenue.
Harold Edwards, President and Chief Executive Officer, stated in the report, "We are pleased with our solid start in fiscal 2015. While our financial results reflect the anticipated seasonality of our agribusiness, our top line growth of 8% in the first quarter was driven by another strong performance from our lemon business. Based on our year-to-date results and outlook for the remainder of the year, we are reiterating our previously issued annual guidance."
According to Limoneira's financial report, costs and expenses for the first quarter of fiscal year 2015 were $30.5 million, compared to $28.1 million in the first quarter of last fiscal year. The increase in operating expenses primarily reflects additional agribusiness costs mainly associated with higher packing costs related to increased lemon sales volume and the Company's Yuma, Arizona packing operations, which was acquired in June 2014. In addition, third-party grower costs were higher in the first quarter of fiscal year 2015 compared to the same period of fiscal year 2014 related to a larger volume of fruit procured from third party growers at higher prices.
Mr. Edwards continued, "We continue to make progress on our long-term growth strategy. We recently announced that we expanded our agricultural lease agreement with Cadiz, which increased Limoneira's total lemon tree acreage in California. This is in-line with our key initiative to add productive agricultural properties and complements a number of key investments we have made over the past year, including our ongoing expansion project of our Santa Paula packing house, which we expect to become operational later this year, and investments in Arizona and Chile."
Other highlights from the company’s financial report include:
- $1.5 million of orange revenue in the first quarter of fiscal year 2015 compared to $1.9 million of orange revenue in the same period of fiscal year 2014
- Specialty citrus and other crop revenues were $0.7 million in the first quarter of fiscal year 2015, on lower prices and sales volume, compared to $1.9 million in the first quarter of fiscal year 2014.
- Operating loss for the first quarter of fiscal year 2015 was $2.5 million, compared to $2.2 million in the first quarter of the previous fiscal year.
- EBITDA was $1.2 million in the first quarter of fiscal year 2015, compared to $1.1 million in the same period of fiscal year 2014.
- Net loss applicable to common stock for Q1 2015 was $1.6 million, compared to $1.3 million in the Q1 2014.
- Net loss per diluted share for the Q1 2015 was $0.11 on approximately 14.1 million weighted average diluted common shares outstanding
Stay tuned to AndNowUKnow for continued updates on the produce industry's evolving financial landscape.
