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2 days ago
- Business
- Yahoo
Limoneira to rejoin US citrus company Sunkist Growers
Limoneira, one of the original founders of US-based citrus farming group Sunkist Growers, to rejoin the cooperative. The transaction, structured as a "merger" of Limoneira's sales and marketing operations with Sunkist, is expected to be finalised in November. California-based Limoneira will return to Sunkist as one of its largest lemon growers and an exclusive licensed packer, the agri-food group said in a statement. Limoneira said the move would lead to "streamlined operations" and improved efficiency in its supply chain. It expects the deal to generate $5m in annual cost savings and EBITDA improvement. Sunkist said the transaction would "drive expanded market access, optimise citrus supply and strengthen the cooperative's ability to meet evolving customer and grower needs". Harold Edwards, the CEO of Limoneira, added: 'Together, we plan to deliver reliable supply, operational efficiency, and complete category coverage to the nation's premier food service and retail customers, while generating meaningful cost savings and establishing a stronger foundation for sustainable growth.' Jim Phillips, chief executive of Sunkist said: 'This is a strategic reconnection of entities with shared legacy, collaboration, values and trust. We are focused on transforming our collective capabilities, insights, and expertise into increased value for our growers, packers and customers.' Limoneira Company, headquartered in Santa Paula, California, is an international agricultural business. The fruit packer, founded in 1893, has 10,500 acres of land, real estate and properties, with water rights in California, Arizona, Chile and Argentina. Its product portfolio includes lemons, avocados, and other crops. Sunkist Growers, also founded in 1893, is owned and operated by more than 1,000 farmer families growing citrus in California and Arizona. "Limoneira to rejoin US citrus company Sunkist Growers" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Melden Sie sich an, um Ihr Portfolio aufzurufen.
Yahoo
3 days ago
- Business
- Yahoo
Founding Member Limoneira to Rejoin Sunkist Growers
VALENCIA, Calif., June 10, 2025 /PRNewswire/ -- Sunkist Growers, Inc., a citrus marketing cooperative founded in 1893, announced today that Limoneira Company, one of its original founding members, will rejoin the organization effective November 1, 2025. The move marks a meaningful reunion and a bold step forward for both companies. "This is more than a return—it's a powerful alignment of shared history, values, and vision," said Jim Phillips, President and CEO of Sunkist Growers. "Together, we're transforming our collective capabilities into greater value for our growers, packers, and customers." Under the new agreement, Limoneira will continue to operate as an independent business entity. However, all of Limoneira's fresh citrus sales and marketing responsibilities—primarily focused on lemons—will transition to Sunkist at the start of the new citrus season. "We have long respected Sunkist's leadership and legacy in the citrus industry," said Harold Edwards, President and CEO of Limoneira. "Now is the right time to rejoin. Both organizations have evolved, adapted, and strengthened—and we're excited to build on that momentum to create lasting value for our growers and customers." This reconnection is expected to drive expanded market access, optimize citrus supply, and strengthen the cooperative's ability to meet evolving customer and grower needs. Both companies are looking forward to strengthening Sunkist's market position and expanding our reach through this renewed momentum and are committed to ensuring a seamless transition and continued service excellence heading into the new season. About Limoneira: (Nasdaq: LMNR), a 132-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 10,500 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile, and Argentina. The company is a leading producer of lemons, avocados, and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit About Sunkist: Sunkist Growers, Inc. is a citrus marketing cooperative, founded in 1893, which is owned and operated by more than 1,000 growers made up of family farmers growing citrus in California and Arizona. For more information, visit All Rights Reserved. Sunkist is a registered trademark of Sunkist Growers, Inc., USA © 2025 View original content to download multimedia: SOURCE Sunkist Growers, Inc. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Founding Member Limoneira to Rejoin Sunkist Growers
VALENCIA, Calif., June 10, 2025 /PRNewswire/ -- Sunkist Growers, Inc., a citrus marketing cooperative founded in 1893, announced today that Limoneira Company, one of its original founding members, will rejoin the organization effective November 1, 2025. The move marks a meaningful reunion and a bold step forward for both companies. "This is more than a return—it's a powerful alignment of shared history, values, and vision," said Jim Phillips, President and CEO of Sunkist Growers. "Together, we're transforming our collective capabilities into greater value for our growers, packers, and customers." Under the new agreement, Limoneira will continue to operate as an independent business entity. However, all of Limoneira's fresh citrus sales and marketing responsibilities—primarily focused on lemons—will transition to Sunkist at the start of the new citrus season. "We have long respected Sunkist's leadership and legacy in the citrus industry," said Harold Edwards, President and CEO of Limoneira. "Now is the right time to rejoin. Both organizations have evolved, adapted, and strengthened—and we're excited to build on that momentum to create lasting value for our growers and customers." This reconnection is expected to drive expanded market access, optimize citrus supply, and strengthen the cooperative's ability to meet evolving customer and grower needs. Both companies are looking forward to strengthening Sunkist's market position and expanding our reach through this renewed momentum and are committed to ensuring a seamless transition and continued service excellence heading into the new season. About Limoneira: (Nasdaq: LMNR), a 132-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 10,500 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile, and Argentina. The company is a leading producer of lemons, avocados, and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit About Sunkist: Sunkist Growers, Inc. is a citrus marketing cooperative, founded in 1893, which is owned and operated by more than 1,000 growers made up of family farmers growing citrus in California and Arizona. For more information, visit All Rights Reserved. Sunkist is a registered trademark of Sunkist Growers, Inc., USA © 2025 View original content to download multimedia: SOURCE Sunkist Growers, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
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Limoneira Company Announces Second Quarter Fiscal Year 2025 Financial Results
Company Announces Plan to Merge Citrus Sales and Marketing into Sunkist Growers; Expected to Generate $5 Million in Annual Selling and Marketing Cost Savings and EBITDA Improvement Beginning Fiscal Year 2026 Operating Loss Improved 28% in Second Quarter of Fiscal Year 2025 Compared to Prior Year Avocado Business Continued to Deliver Strong Pricing Performance in Second Quarter of Fiscal Year 2025 Company Reiterates Avocado Volume Guidance for Fiscal Year 2025 SANTA PAULA, Calif., June 09, 2025--(BUSINESS WIRE)--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 second quarter ended April 30, 2025. Management Comments Harold Edwards, President and Chief Executive Officer of the Company, stated, "The oversupplied lemon market created pricing pressure in our second quarter, yet we delivered strong results across our other business lines. Our avocado operations benefited from robust pricing that continued throughout the quarter, and we expect strong results in the third quarter when the majority of our harvest occurs. Our real estate development project, Harvest at Limoneira, maintained strong home sales velocity, which could potentially accelerate the timing of Phase 3, and we remain on track to close two additional water monetization transactions this fiscal year." Mr. Edwards continued, "Today we are announcing our decision to merge our citrus sales and marketing into Sunkist Growers as one of their largest lemon growers. This enables us to reunite with a partner with whom we share deep historical ties and common founding values as an exclusive Sunkist private licensed packer. We expect this to quickly improve the efficiency of our supply chain, significantly reduce costs and provide us access to many of the best food service and retail customers in the country." "We expect this partnership will begin in the first quarter of fiscal year 2026 when our sales and marketing personnel and related administrative support will transfer to Sunkist. We anticipate that this will enable us to achieve $5 million in annual selling and marketing cost savings beginning fiscal year 2026 while enhancing our market position and operational resilience. Looking ahead, we plan to execute across multiple value creation avenues – from expanding our avocado production, enhancing our citrus "go-to-market" plan, advancing our real estate development and monetizing our land and water assets. This approach leverages our unique asset base as we strive to build sustainable, long-term stockholder value." Fiscal Year 2025 Second Quarter Results For the second quarter of fiscal year 2025, total net revenue was $35.1 million, compared to total net revenue of $44.6 million in the second quarter of the previous fiscal year. Agribusiness revenue was $33.6 million, compared to $43.3 million in the second quarter of last fiscal year. Other operations revenue was $1.5 million, compared to $1.3 million in the second quarter of last fiscal year. Agribusiness revenue in the second quarter of fiscal year 2025 includes $19.7 million in fresh packed lemon sales, compared to $25.8 million of fresh packed lemon sales during the same period of fiscal year 2024. Approximately 1,357,000 cartons of U.S. packed fresh lemons were sold in aggregate during the second quarter of fiscal year 2025 at a $14.52 average price per carton, compared to approximately 1,446,000 cartons sold at a $17.85 average price per carton during the second quarter of fiscal year 2024. Brokered lemons and other lemon sales were $2.4 million and $3.8 million in the second quarter of fiscal years 2025 and 2024, respectively. The Company recognized $2.8 million of avocado revenue in the second quarter of fiscal year 2025, compared to $2.3 million of avocado revenue in the second quarter of last fiscal year. Approximately 1,232,000 pounds of avocados were sold in aggregate during the second quarter of fiscal year 2025 at a $2.26 average price per pound, compared to approximately 1,595,000 pounds sold at a $1.47 average price per pound during the second quarter of fiscal year 2024. The Company recognized $1.6 million of orange revenue in the second quarter of fiscal year 2025, compared to $1.2 million in the same period of fiscal year 2024. Approximately 92,000 cartons of oranges were sold during the second quarter of fiscal year 2025 at a $17.07 average price per carton, compared to approximately 66,000 cartons sold at a $17.58 average price per carton during the second quarter of fiscal year 2024. Specialty citrus and wine grape revenue was $671,000 for the second quarter of fiscal year 2025, compared to $839,000 in the same period of fiscal year 2024. During the second quarter of fiscal years 2025 and 2024, approximately 22,000 and 29,000 40-pound carton equivalents were sold at average per carton prices of $30.77 and $29.24, respectively. Farm management revenues were $0.3 million in the second quarter of fiscal year 2025, compared to $2.0 million in the same period of fiscal year 2024. The decrease in farm management revenues in the second quarter of fiscal year 2025 was due to termination of the farm management agreement with PGIM Real Estate Finance, LLC effective March 31, 2025. Total costs and expenses in the second quarter of fiscal year 2025 were $38.5 million, compared to $49.3 million in the second quarter of last fiscal year. Operating loss for the second quarter of fiscal year 2025 was $3.3 million, compared to operating loss of $4.7 million in the second quarter of the previous fiscal year. Total other income was $0.3 million in the second quarter of fiscal year 2025, compared to $16.5 million in the same period of fiscal year 2024, primarily due to equity in earnings of investments recognized on the April 2024 sale of 554 residential homesites at Harvest at Limoneira. Net loss applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2025 was $3.5 million, compared to net income applicable to common stock of $6.4 million in the second quarter of fiscal year 2024. Net loss per diluted share for the second quarter of fiscal year 2025 was $0.20, compared to net income per diluted share of $0.35 for the same period of fiscal year 2024. Adjusted net loss for diluted EPS in the second quarter of fiscal year 2025 was $3.1 million or $0.17 per diluted share, compared to the second quarter of fiscal year 2024 adjusted net income for diluted EPS of $8.1 million or $0.44 per diluted share. A reconciliation of net income or loss attributable to Limoneira Company to adjusted net income or loss for diluted EPS is provided at the end of this release. Non-GAAP adjusted EBITDA was a loss of $167,000 in the second quarter of fiscal year 2025, compared to a gain of $16.6 million in the same period of fiscal year 2024. A reconciliation of net income or loss attributable to Limoneira Company to non-GAAP adjusted EBITDA is provided at the end of this release. Fiscal Year 2025 First Six Months Results For the six months ended April 30, 2025, total net revenue was $69.4 million, compared to $84.3 million for the same period in fiscal year 2024. The decrease was primarily due to decreased lemon revenues, partially offset by increased avocados and oranges agribusiness revenues. Operating loss for the first six months of fiscal year 2025 was $8.7 million, compared to operating loss of $12.4 million in the same period last fiscal year. Net loss applicable to common stock, after preferred dividends, was $6.7 million for the first six months of fiscal year 2025, compared to net income of $2.7 million in the same period last fiscal year. Net loss per diluted share for the first six months of fiscal year 2025 was $0.38, compared to net income per diluted share of $0.15 in the same period of fiscal year 2024. For the first six months of fiscal year 2025, adjusted net loss for diluted EPS was $5.6 million compared to adjusted net income for diluted EPS of $4.8 million for the same period in fiscal year 2024. In the first six months of fiscal year 2025, adjusted net loss per diluted share was $0.32 compared to adjusted net income per diluted share of $0.27 for the same period in fiscal year 2024, based on approximately 17.8 million and 17.7 million, respectively, adjusted weighted average diluted common shares outstanding. Balance Sheet and Liquidity For the first half of fiscal year 2025, net cash used in operating activities was $4.0 million, compared to net cash used in operating activities of $13.3 million in the same period of the prior fiscal year. Net cash used in investing activities was $6.5 million, compared to net cash used in investing activities of $2.9 million in the same period last fiscal year. For the first half of fiscal year 2025, net cash provided by financing activities was $9.6 million, compared to net cash provided by financing activities of $14.0 million in the prior fiscal year. Long-term debt as of April 30, 2025, was $54.9 million, compared to $40.0 million at the end of fiscal year 2024. Debt levels as of April 30, 2025, less $2.1 million of cash on hand, resulted in a net debt position of $52.9 million at quarter end. In April 2025, the Company received $10.0 million of its share of a $20.0 million cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies ("Lewis"). The distribution came from the joint venture's available unaudited cash and cash equivalents, which as of April 30, 2025, totaled $37.3 million. Real Estate Development and Water Transactions In October 2023, the Company's real estate joint venture completed the sell-out of Phase 1 of the development. In April 2024, the joint venture closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. Total lot sales of 1,261 residential units closed since the project's inception. In May 2024, the Company announced that the Santa Paula City Council approved the proposal brought by the joint venture to increase the total number of residential units for the project from 1,500 to 2,050 units. The 550-unit increase will provide 250 additional single family for-sale homesites within Phase 3 of Harvest at Limoneira. A separate joint venture with Lewis plans to construct 300 multi-family rental homes on a mixed-use portion of the project. In January 2025, the Company sold water pumping rights in the Santa Paula Basin for $30,000 per-acre foot in three separate transactions. The total selling price was $1.7 million, and the Company recorded a gain on sales of water rights of $1.5 million. Guidance The Company now expects fresh lemon volumes to be in the range of 4.5 million to 5.0 million cartons for fiscal year 2025. The Company continues to expect avocado volumes to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2025. The Company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years, with approximately $10 million received in April 2025 and $15 million received in fiscal year 2024. Harvest at Limoneira Cash Flow Projections (in millions) Fiscal Year 2024 Actual 2025 Actual 2026 2027 2028 2029 2030 Projected Distributions $15 $10 $16 $34 $41 $22 $42 The Company has 700 acres of non-bearing avocados estimated to become full bearing over the next four to five years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over three years. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry. Looking ahead, we continue to see a strong EBITDA outlook that is underpinned by plans to expand avocado production by an additional 500 acres through fiscal year 2027 to capitalize on expected robust consumer demand trends. During this transition, the Company expects fiscal year 2025 avocado volume to be lower compared to fiscal year 2024 due to the alternate bearing nature of avocado trees. These operational results do not take into account anticipated additional gains from asset monetization. Conference Call Information The Company will host a conference call to discuss its financial results on June 9, 2025, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately two hours after the call concludes and will be available through June 23, 2025, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13753683. About Limoneira Company Limoneira Company, a 132-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 10,500 acres of rich agricultural lands, real estate properties and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira's current expectations about future events and can be identified by terms such as "could," "expect," "may," "anticipate," "outlook," "plans," "intend," "should," "will," "likely," "strive," and similar expressions referring to future periods. Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company's business plans and strategies, including the merger of the Company's citrus sales and marketing into Sunkist Growers and managing the risks involved in the foregoing; the ability of the merger to improve efficiency and reduce cost; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh produce; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates and the impact of inflation; availability of financing for land development activities; general economic conditions for residential and commercial real estate development; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreement; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira's SEC filings that are available on the SEC's website at Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law. LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) April 30,2025 October 31,2024 Assets Current assets: Cash $ 2,083 $ 2,996 Accounts receivable, net 15,751 14,734 Cultural costs 3,036 1,877 Prepaid expenses and other current assets 4,931 3,849 Receivables/other from related parties 4,033 2,390 Total current assets 29,834 25,846 Property, plant and equipment, net 165,071 162,046 Real estate development 10,270 10,201 Equity in investments 74,073 81,546 Goodwill 1,505 1,504 Intangible assets, net 4,716 5,221 Other assets 11,158 12,451 Total assets $ 296,627 $ 298,815 Liabilities, Convertible Preferred Stock and Stockholders' Equity Current liabilities: Accounts payable $ 9,121 $ 7,260 Growers and suppliers payable 6,315 8,960 Accrued liabilities 7,947 12,483 Payables to related parties 5,072 5,542 Current portion of long-term debt 72 559 Total current liabilities 28,527 34,804 Long-term liabilities: Long-term debt, less current portion 54,929 40,031 Deferred income taxes 17,964 20,084 Other long-term liabilities 1,746 1,395 Total liabilities 103,166 96,314 Commitments and contingencies — — Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2025 and October 31, 2024) (8.75% coupon rate) 1,479 1,479 Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at April 30, 2025 and October 31, 2024) (4% dividend rate on liquidation value of $1,000 per share) 9,331 9,331 Stockholders' equity: Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2025 and October 31, 2024) — — Common Stock – $0.01 par value (39,000,000 shares authorized: 18,320,006 and 18,284,148 shares issued and 18,069,029 and 18,033,171 shares outstanding at April 30, 2025 and October 31, 2024, respectively) 181 180 Additional paid-in capital 170,399 170,243 Retained earnings 11,434 20,826 Accumulated other comprehensive loss (6,379 ) (6,614 ) Treasury stock, at cost, 250,977 shares at April 30, 2025 and October 31, 2024 (3,493 ) (3,493 ) Noncontrolling interest 10,509 10,549 Total stockholders' equity 182,651 191,691 Total liabilities, convertible preferred stock and stockholders' equity $ 296,627 $ 298,815 LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months EndedApril 30, Six Months EndedApril 30, 2025 2024 2025 2024 Net revenues: Agribusiness $ 33,582 $ 43,257 $ 66,434 $ 81,596 Other operations 1,537 1,349 2,990 2,741 Total net revenues 35,119 44,606 69,424 84,337 Costs and expenses: Agribusiness 31,704 40,436 65,203 79,550 Other operations 1,009 1,429 2,180 2,611 Gain on sales of water rights — — (1,488 ) — Loss (gain) on disposal of assets, net 18 48 12 (117 ) Selling, general and administrative 5,733 7,368 12,208 14,713 Total costs and expenses 38,464 49,281 78,115 96,757 Operating loss (3,345 ) (4,675 ) (8,691 ) (12,420 ) Other income (expense) Interest income 13 14 28 36 Interest expense, net of patronage dividends (228 ) (351 ) (488 ) (558 ) Equity in earnings of investments, net 491 16,592 593 16,633 Other income, net 5 197 16 219 Total other income 281 16,452 149 16,330 (Loss) income before income tax (provision) benefit (3,064 ) 11,777 (8,542 ) 3,910 Income tax (provision) benefit (301 ) (5,222 ) 2,106 (1,032 ) Net (loss) income (3,365 ) 6,555 (6,436 ) 2,878 Net loss attributable to noncontrolling interest 4 12 1 104 Net (loss) income attributable to Limoneira Company (3,361 ) 6,567 (6,435 ) 2,982 Preferred dividends (126 ) (126 ) (251 ) (251 ) Net (loss) income applicable to common stock $ (3,487 ) $ 6,441 $ (6,686 ) $ 2,731 Basic net (loss) income per common share $ (0.20 ) $ 0.36 $ (0.38 ) $ 0.15 Diluted net (loss) income per common share $ (0.20 ) $ 0.35 $ (0.38 ) $ 0.15 Weighted-average common shares outstanding-basic 17,825 17,707 17,808 17,677 Weighted-average common shares outstanding-diluted 17,825 18,362 17,808 17,677 Non-GAAP Financial Measures Due to significant depreciable assets associated with the nature of the Company's operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, loss (gain) on disposal of assets, net and severance benefits are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies. EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands): Three Months EndedApril 30, Six Months EndedApril 30, 2025 2024 2025 2024 Net (loss) income attributable to Limoneira Company $ (3,361 ) $ 6,567 $ (6,435 ) $ 2,982 Interest income (13 ) (14 ) (28 ) (36 ) Interest expense, net of patronage dividends 228 351 488 558 Income tax provision (benefit) 301 5,222 (2,106 ) 1,032 Depreciation and amortization 2,109 2,100 4,125 4,158 EBITDA (736 ) 14,226 (3,956 ) 8,694 Stock-based compensation 551 1,071 1,483 1,935 Loss (gain) on disposal of assets, net 18 48 12 (117 ) Severance benefits — 1,215 — 1,215 Adjusted EBITDA $ (167 ) $ 16,560 $ (2,461 ) $ 11,727 The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net (loss) income for diluted EPS (in thousands, except per share data): Three Months EndedApril 30, Six Months EndedApril 30, 2025 2024 2025 2024 Net (loss) income attributable to Limoneira Company $ (3,361 ) $ 6,567 $ (6,435 ) $ 2,982 Effect of preferred stock and unvested, restricted stock (142 ) (127 ) (287 ) (335 ) Stock-based compensation 551 1,071 1,483 1,935 Loss (gain) on disposal of assets, net 18 48 12 (117 ) Severance benefits — 1,215 — 1,215 Tax effect of adjustments at federal and state rates (156 ) (640 ) (411 ) (832 ) Adjusted net (loss) income for diluted EPS $ (3,090 ) $ 8,134 $ (5,638 ) $ 4,848 Diluted net (loss) income per common share $ (0.20 ) $ 0.35 $ (0.38 ) $ 0.15 Adjusted diluted net (loss) income per common share $ (0.17 ) $ 0.44 $ (0.32 ) $ 0.27 Weighted-average common shares outstanding - diluted 17,825 18,362 17,808 17,677 Adjusted weighted-average common shares outstanding - diluted 17,825 18,362 17,808 17,677 Supplemental Information(in thousands, except acres and average price amounts): Agribusiness Segment Information for the Three Months Ended April 30, 2025 Fresh Lemons Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Revenues from external customers $ 22,652 $ 4,652 $ — $ 2,780 $ 3,498 $ 33,582 Intersegment revenues — 9,196 (9,196 ) — — — Total net revenues 22,652 13,848 (9,196 ) 2,780 3,498 33,582 Costs and expenses 22,279 12,126 (9,196 ) 1,623 3,006 29,838 Depreciation and amortization — — — — — 1,866 Operating income $ 373 $ 1,722 $ — $ 1,157 $ 492 $ 1,878 Agribusiness Segment Information for the Three Months Ended April 30, 2024 Fresh Lemons Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Revenues from external customers $ 30,841 $ 4,964 $ — $ 2,348 $ 5,104 $ 43,257 Intersegment revenues — 10,914 (10,914 ) — — — Total net revenues 30,841 15,878 (10,914 ) 2,348 5,104 43,257 Costs and expenses 28,869 13,588 (10,914 ) 1,425 5,680 38,648 Depreciation and amortization — — — — — 1,788 Operating income (loss) $ 1,972 $ 2,290 $ — $ 923 $ (576 ) $ 2,821 Lemons Q2 2025 Q2 2024 Lemon Packing Q2 2025 Q2 2024 United States: Cartons packed and sold 1,357 1,446 Acres harvested 1,600 1,900 Revenue $ 13,848 $ 15,878 Limoneira cartons sold 108 347 Direct costs $ 12,126 $ 13,588 Third-party grower cartons sold 1,249 1,099 Operating income $ 1,722 $ 2,290 Average price per carton $ 14.52 $ 17.85 Avocados Q2 2025 Q2 2024 Chile: Pounds sold 1,232 1,595 Lemon revenue $ 1,677 $ 1,907 Average price per pound $ 2.26 $ 1.47 40-pound carton equivalents 220 189 Other Agribusiness Q2 2025 Q2 2024 Other: Orange cartons sold 92 66 Lemon packing $ 4,652 $ 4,964 Average price per carton $ 17.07 $ 17.58 Lemon by-product sales $ 573 $ 1,209 Specialty citrus cartons sold 22 29 Brokered lemons and other lemon sales $ 704 $ 1,901 Average price per carton $ 30.77 $ 29.24 Farm management $ 339 $ 2,046 Agribusiness costs and expenses Q2 2025 Q2 2024 Other $ 914 $ 1,059 Packing costs $ 12,126 $ 13,588 Harvest costs 1,357 2,878 Growing costs 3,366 5,462 Third-party grower and supplier costs 12,438 15,939 Other costs 551 781 Depreciation and amortization 1,866 1,788 Agribusiness costs and expenses $ 31,704 $ 40,436 View source version on Contacts Investors John MillsManaging PartnerICR 646-277-1254
