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CORRECTING and REPLACING Limoneira Company Announces First Quarter Fiscal Year 2020 Financial Results
- Company Updates Guidance for Fiscal Year 2020 - SANTA PAULA, Calif.--(BUSINESS WIRE)-- Subhead of release should read: Company Updates Guidance for Fiscal
About this update from Limoneira Co
[{"type":"text","content":"\n- Company Updates Guidance for Fiscal Year 2020 -\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nSubhead of release should read: Company Updates Guidance for Fiscal Year 2020 (instead of Company Reiterates Guidance for Fiscal Year 2020)\n\n\nThe corrected release reads:\n\n\nLIMONEIRA COMPANY ANNOUNCES FIRST QUARTER FISCAL YEAR 2020 FINANCIAL RESULTS\n\n\n- Company Updates Guidance for Fiscal Year 2020 -\n\n\nLimoneira Company (the “Company” or “Limoneira”) (Nasdaq:LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development investments, today reported financial results for the first quarter ended January 31, 2020.\n\n\nManagement Comments\n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “Our overall seasonally soft first quarter of fiscal 2020 results generated slightly higher lemon volume, but was offset by lower pricing due to the high winds that reduced the amount of higher priced fancy lemons available for sale. Avocados, oranges and specialty citrus revenue increased compared to the same period last year and our real estate development project, Harvest at Limoneira, has now closed 244 lot sales, including 34 during our first quarter of fiscal 2020.”\n\n\nMr. Edwards continued, “During the past few weeks of our second quarter of fiscal 2020, we have experienced reduced lemon and orange pricing due to the negative impact COVID-19 is having on consumer demand in Asian countries and supply chain disruptions. This situation is also currently creating an oversupply of lemons and oranges domestically. We are updating our full fiscal year 2020 guidance and now expect improvements in our avocados to be offset by a currently challenging environment in our citrus offerings. We expect full fiscal year 2020 adjusted EBITDA to increase compared to last year to a range of $15 million to $20 million.”\n\n\nFiscal Year 2020 First Quarter Results\n\n\nFor the first quarter of fiscal year 2020, total net revenue was $41.7 million, compared to total net revenue of $42.0 million in the first quarter of the previous fiscal year. Agribusiness revenue was $40.5 million, compared to $40.8 million in the first quarter last fiscal year. Other revenue was essentially flat compared to the prior year at $1.2 million for the first quarter of ...