Business
Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2020 Financial Results
- Records Record Domestic Fresh Lemon Volume in Fiscal Year 2020 with 4.6 Million Cartons Sold - - Company has Closed Sales of 144 Harvest at Limoneira Lots
About this update from Limoneira Co
[{"type":"text","content":"\n- Records Record Domestic Fresh Lemon Volume in Fiscal Year 2020 with 4.6 Million Cartons Sold -\n\n- Company has Closed Sales of 144 Harvest at Limoneira Lots During Fiscal Year 2020 -\n\n- Provides Annual Cash Flow Distributions Expectations from Harvest at Limoneira over Next 6 Years -\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 fourth quarter and full fiscal year ended October 31, 2020.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved record lemon volume in fiscal 2020 and our real estate development project, Harvest at Limoneira, exceeded our expectations. Domestic lemon volume was up due to our expanded focus on grocery retail as consumers continue to focus on at-home dining instead of foodservice venues. During our seasonally soft fiscal fourth quarter of 2020, pricing was lower than expected during the back half of the quarter primarily related to reduced exports to Asia due to the COVID-19 pandemic. We continue to be a leader in foodservice and exports and are well positioned once dining-out improves from COVID-19 vaccine distribution.”\n\nMr. Edwards continued, “In real estate development, we have now closed 354 lots since inception, including 144 new lot closings in fiscal 2020 and Lennar, one of our primary builders, recently announced they expect additional lot closings of 76 residential units by the end of June 2021. Based on these stronger than expected homebuilding results throughout fiscal 2020, we now have annual visibility on the expected $80 million of cash distributions from Harvest at Limoneira during the next six years beginning in fiscal 2022. The expected cash distributions do not include the potential upside from increased density in housing at Harvest at Limoneira as well as the potential opportunity of a medical campus in our East Area 2 development. We expect to be in a position to provide greater transparency on these opportunities this year.”\n\nFiscal Year 2020 Fourth Quarter Results\n\nFor the fourth quarter of fiscal year 2020, total net revenue was $29.8 million, compared to tota...