Business
Calavo Growers, Inc. Announces Second Quarter 2020 Financial Results
SANTA PAULA, Calif., June 08, 2020 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and growing provider of
About this update from Calavo Growers, Inc.
[{"type":"text","content":"SANTA PAULA, Calif., June 08, 2020 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and growing provider of value-added fresh food, today reported its financial results for the second quarter ended April 30, 2020.\n Second Quarter Highlights Total revenue of $281.2 million, essentially flat with fiscal second quarter 2019 despite a profound impact on volume from COVID-19.Gross profit of $22.1 million compared to $36.8 million last year.Net loss of $3.3 million and adjusted net income of $7.0 million.Diluted loss per share of $(0.19) and adjusted diluted earnings per share of $0.40.Completed the acquisition of Simply Fresh Fruit (“SFFI”), a high-quality producer of fresh-cut fruit.James Gibson, formerly President of Renaissance Food Group, was promoted to Chief Executive Officer, and Joel Silva, formerly Division Controller for Fresh and Foods segments, was promoted to Corporate Controller and Chief Accounting Officer. Subsequent to the quarter end, Kevin Manion joined Calavo as Chief Financial Officer. Additionally, J. Link Leavens, who previously served as Vice Chairman of the Board, was appointed Chairman. This appointment completes the separation of Board Chairman role and CEO role.Minimized supply chain disruptions and ensured business continuity with swift response to COVID-19. Management Commentary “We have been operating under extraordinary circumstances in the COVID-19 environment and I want to thank our employees for their steadfast commitment to serving our customers and operating at the highest standards every day,” said James E. Gibson, CEO of Calavo Growers. “Our sales were significantly impacted beginning in March by the closure of large restaurant chains, retail food outlets and the consumer shift to non-perishable foods at the onset of shelter in place restrictions. However, demand in our retail grocery and foodservice channels began to improve in April with further progress through May.” Gibson continued, “Our Fresh segment was especially resilient during the quarter, with sales increasing 13.0% over last year, and gross profit per carton of avocados improving sequentially from Q1. As the economy gradually reopens, we expect demand to pick up across our Fresh, RFG and Foods segments, and our bottom line to return to pre-COVID-19 levels.” “While we still have limited vi...