Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2021 Financial Results
Achieved Strong Fresh Lemon Utilization in Fiscal Year 2021 and Brokered Fruit Revenue more than Doubled Compared to Fiscal Year 2020
Anticipates Pricing Improvement in Fresh Lemon Cartons in Fiscal Year 2022 Compared to Prior Year
Company Closed Sales of 232 Harvest at Limoneira Lots During Fiscal Year 2021: Completing Phase 1 of Harvest at Limoneira
554 Lot Sales for Phase 2 of Harvest at Limoneira Beginning in Fiscal Year 2022
SANTA PAULA, Calif.-- (BUSINESS WIRE) – January 10, 2022 -- Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today reported financial results for the fourth quarter and full fiscal year ended October 31, 2021.
Harold Edwards, President and Chief Executive Officer of the Company, stated, “Fourth quarter of fiscal year 2021 revenue, in our seasonally slower quarter, increased 13% compared to the same period last year. These results were driven by higher lemon prices and very strong brokered fruit revenue which more than doubled compared to last year. Lemon pricing improved in the back half of fiscal year 2021 and we expect this trend to continue throughout fiscal year 2022. We achieved our solid top line results even as the widely publicized global logistical delays continue to affect the entire agriculture industry and reduce exports to Asia. Specifically, due to these shipping delays and spoilage occurring in the fourth quarter, we expect to receive insurance compensation in the first quarter of calendar year 2022.”
Mr. Edwards continued, “Throughout fiscal year 2021, we made great strides in expanding our One World of Citrus™ initiative and improving our long-term growth opportunities. We continued to focus on expanding our grocery opportunities as well as strengthening our foodservice relationships as many restaurants began to open again after closures due to the COVID-19 pandemic. We made a strategic decision to dramatically expand our brokered fruit business which offset seasonally lower domestic volumes in the fourth quarter providing supplemental fruit for our global customers. Lastly, our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 586 lots since inception, including 30 new lot closings in the fourth quarter of fiscal year 2021. We have now completely sold all lots in Phase 1 of this project and are now focused on the 554 lots for sale in Phase 2. We expect to begin receiving cash distributions this year from Harvest at Limoneira and fully expect to generate $80 million of cash distributions over the next five years. In addition, we believe there is upside to our stated cash distributions due to the potential increased number of sellable lots entitled in Harvest at Limoneira as well as the opportunity of the recently announced medical campus in our East Area 2 development.”
Fiscal Year 2021 Fourth Quarter Results
For the fourth quarter of fiscal year 2021, total net revenue was $33.5 million, compared to total net revenue of $29.8 million in the fourth quarter of the previous fiscal year. Agribusiness revenue was $32.3 million, compared to
The following information was filed by Limoneira Co (LMNR) on Monday, January 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.