Business
Limoneira Company Announces First Quarter Fiscal Year 2023 Financial Results
Achieved $37.9 Million of Revenue in First Quarter Fiscal Year 2023 Despite Heavy Rainfall Delaying a Portion of Lemon and Initial Avocado Harvest until the
About this update from Limoneira Co
[{"type":"text","content":"\nAchieved $37.9 Million of Revenue in First Quarter Fiscal Year 2023 Despite Heavy Rainfall Delaying a Portion of Lemon and Initial Avocado Harvest until the Second Quarter Fiscal Year 2023\n\nDriven by the $40.0 Million Gain on Sale of Northern Properties, Operating Income for the First Quarter of Fiscal Year 2023 was $25.9 Million, Compared to Prior Year First Quarter Operating Loss of $9.6 Million\n\nNet Debt Position Reduced by 72% from $105.0 Million at End of Fiscal Year 2022 to $28.9 Million at End of First Quarter Fiscal Year 2023\n\nCompany Sells $130 Million of Non-Strategic Assets Over the Past Six Months and Raises Total Proceeds Expected to $180 Million from $150 Million Due to Higher Values Achieved on the Completed Sales\n\nCompany Reiterates Lemon and Avocado Volume Guidance for Fiscal Year 2023; Anticipates Pricing Improvement in Fresh Lemon Cartons Through End of Fiscal Year 2023\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\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 operations, today reported financial results for the first quarter ended January 31, 2023.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We ended the first quarter with the announced closing of our Northern Properties sale for approximately $99 million in net cash proceeds. The proceeds were used to significantly reduce our net debt position by 72% from year-end 2022 to $28.9 million. We now expect total proceeds of $180 million from the sale of our identified six non-strategic assets and have successfully closed on the sale of four of these assets for a total of $130 million over the past six months. We have made tremendous progress in a short time, advancing our strategy to monetize certain non-strategic assets, expand our One World of Citrus initiative and execute on Harvest at Limoneira. Management will be meeting with our Board of Directors this month for our annual strategic planning session to implement a new strategic capital allocation plan.”\n\nMr. Edwards continued, “Results for the first quarter were impacted by heavy rains in California pushing the initial first quarter avocado harvest and a portion of the lemon harvest into ...