Business
Limoneira Company Announces Second Quarter Fiscal Year 2020 Financial Results
Second Quarter 2020 Fresh Lemons Sold Increased 13.5% to 1,475,000 Cartons Total Revenue for Second Quarter Fiscal 2020 was $39.6 Million Compared to $42.0
About this update from Limoneira Co
[{"type":"text","content":"\nSecond Quarter 2020 Fresh Lemons Sold Increased 13.5% to 1,475,000 Cartons \n\n\nTotal Revenue for Second Quarter Fiscal 2020 was $39.6 Million Compared to $42.0 Million in Prior Year Quarter\n\n\nCompany Anticipates Record Lemon Volumes for Fiscal Year 2020\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 second quarter ended April 30, 2020.\n\n\nManagement Comments\n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “During the second fiscal quarter, our fresh lemon volume increased 13.5%; however, the effects of the COVID-19 pandemic dramatically reduced the pricing of lemons due to an oversupply in North America and reduction in overseas shipments. Foodservice restaurants and bars around the world closed due to COVID-19, offsetting the strong growth we achieved in grocery retail revenue. Avocado and orange revenues increased compared to the same period last year and our real estate development project, Harvest at Limoneira, has now closed 244 lot sales since project inception and the year to date pace of the home sales has been above expectations. The homebuilders working with us have sold 70 homes since the beginning of the calendar year, for a total of 112 homes sold out of the 244 initial lot closings.”\n\n\nMr. Edwards continued, “During the past few weeks of our third quarter of fiscal year 2020, we are continuing to experience strong volume in grocery retail and beginning to see a slow improvement in foodservice as certain states begin to open restaurants and bars on a limited basis. Given the economic uncertainty as a result of the COVID-19 pandemic, we took actions to improve our current liquidity position, including selling our position in Calavo stock, repurposing certain agriculture acreage, temporarily postponing non-essential capital expenditures, reducing operating costs, increasing our revolving line of credit and substantially reducing discretionary spending.”\n\n\nFiscal Year 2020 Second Quarter Results\n\n\nFor the second quarter of fiscal year 2020, total net revenue was $39.6 million, compared to total net revenue of $42.0 million ...