Business
Calavo Growers, Inc. Announces Fourth Quarter and Fiscal 2021 Financial Results
SANTA PAULA, Calif., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of value-added
About this update from Calavo Growers, Inc.
[{"type":"text","content":"SANTA PAULA, Calif., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of value-added fresh food, today reported its financial results for the fourth quarter and fiscal year ended October 31, 2021. Fourth Quarter Financial Overview Total revenue of $273.4 million, a 17% increase from the year-ago quarter.Fresh segment revenue increased 26% year-over-year to $149.8 million, and Renaissance Food Group (RFG) and Foods segments revenues increased 7% and 6% year-over-year, respectively.Gross profit of $9.1 million, or 3.3% of revenue, compared to $21.2 million, or 9.0% of revenue, for the year-ago quarter.Net loss of $(13.0) million, or $(0.73) per share, compared to net income of $6.2 million, or $0.35 per diluted share, for the same period last year.Adjusted net loss was $(1.4) million, or $(0.08) per share, compared to adjusted net income of $6.0 million, or $0.34 per diluted share last year.Adjusted EBITDA of $1.4 million compared to $13.4 million for the same period last year. Adjusted net income (loss) and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below. Fiscal Year 2021 Financial Overview Total revenue of $1.1 billion, consistent with fiscal year 2020.Gross profit of $57.4 million, or 5.4% of revenue, compared to $89.9 million, or 8.5% of revenue, for fiscal year 2020.Net loss of $(11.8) million, or $(0.67) per share, compared to a net loss of $(13.6) million, or $(0.78) per share for fiscal year 2020.Adjusted net income of $6.2 million, or $0.35 per share, compared to adjusted net income of $27.6 million, or $1.57 per diluted share for fiscal year 2020.Adjusted EBITDA of $26.8 million, compared to $54.4 million for fiscal year 2020. Fourth Quarter and Fiscal Year Highlights Headway with Project Uno, a profit improvement project with initial focus on pricing initiatives, SKU rationalization, plant optimization and unified procurement, freight and back-office activities across all business units.Continued strengthening supply chain and adjusting for the prolonged COVID-19 pandemic.Appointed Mariela Matute to Chief Financial Officer role and Graciela Montgomery as first Chief Human Resources Officer.Declared an annual cash dividend of $1.15 per share on common stock, consistent with the prior year’s annual dividend.Publ...