Business
Limoneira Announces Sale of a Lindsay Central Valley Property
Sale Generated Net Cash of $6 Million Transaction In-Line with Company's Long-Term Strategy to Streamline Non-Synergistic Assets SANTA PAULA,
About this update from Limoneira Co
[{"type":"text","content":"\nSale Generated Net Cash of $6 Million\n\n\nTransaction In-Line with Company's Long-Term Strategy to Streamline Non-Synergistic Assets\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nLimoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus packing, sales and marketing company with related agribusiness activities and real estate development operations, today announced the sale of its real estate asset referred to as “Lindsay Central Valley” located in Lindsay, CA. The transaction closed on August 26, 2020 and the Company received approximately $6.0 million in net proceeds. In addition, the Company will record a one-time, non-cash loss of approximately $0.3 million in its third fiscal quarter of 2020 related to this sale.\n\n\nThe Lindsay property consists of 291 acres of orange and specialty citrus groves located in the Central Valley of California. During the Company’s continuous review of its strategic initiatives, it was determined that this property is not aligned with the Company’s other orange and specialty citrus properties.\n\n\nHarold Edwards, President and Chief Executive Officer, stated, \"We are pleased with the sale of our Lindsay property which is in-line with our long-term strategy to streamline non-synergistic assets that do not meet our longer-term goals. As with prior sales of non-synergistic assets, we will use the cash generated by the sale to pay down debt and to invest in the growth of our core agribusiness.\"\n\n\nAbout Limoneira Company\n\n\nLimoneira Company, a 126-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lç moñ âra) is a dedicated sustainability company with 15,400 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, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.\n\n\nForward-Looking Statements\n\n\nThis 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 Li...