Business
Limoneira Company Announces Second Quarter Fiscal Year 2021 Financial Results
Achieves 14% Revenue Growth in the Second Quarter Fiscal 2021 Compared to Prior Year, Driven by Record Fresh Lemon Volume and Increased Avocado Volume
About this update from Limoneira Co
[{"type":"text","content":"\nAchieves 14% Revenue Growth in the Second Quarter Fiscal 2021 Compared to Prior Year, Driven by Record Fresh Lemon Volume and Increased Avocado Volume\n\nCompany Closed Sales of 66 Harvest at Limoneira Lots During Second Quarter Fiscal 2021\n\nCompany Continues to Experience Strong Demand for Homes at Harvest at Limoneira\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, 2021.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “Our 14% second quarter top line growth was due to record second quarter lemon volume and strong avocado volume. Our focus on retail food and club grocery business continues to perform well and we are beginning to experience an improvement in domestic foodservice and export sales as dining-out increases from COVID-19 vaccine distribution. Additionally, due to our continued focus on cost improvement initiatives, our adjusted EBITDA improved to $6.0 million compared to a loss of $0.1 million for the same period last year.”\n\nMr. Edwards continued, “Our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 524 lots since inception, including 66 lot closings in the second quarter of fiscal 2021 and 60 new lot closings in May 2021. The pace of home sales has been increasing this year and as each quarter closes, we gain confidence in the timing of the expected $80 million of cash distributions from Harvest at Limoneira over the next six years beginning in fiscal 2022. In addition, we believe there is potential upside to our stated cash distributions due to increased number of housing units in Harvest at Limoneira as well as the potential opportunity of a medical campus in our East Area 2 development.”\n\nFiscal Year 2021 Second Quarter Results\n\nFor the second quarter of fiscal year 2021, total net revenue was $45.1 million, compared to total net revenue of $39.6 million in the second quarter of the previous fiscal year. Agribusiness revenue was $44.0 million, compared to $38.4 million in the second quarter of last fiscal year. Other ...