Business Wire | Sep 9, 2020 04:01PM EDT

Limoneira Company Announces Third Quarter Fiscal Year 2020 Financial Results

Sep. 09, 2020

SANTA PAULA, Calif.--(BUSINESS WIRE)--Sep. 09, 2020--Limoneira 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 third quarter ended July 31, 2020.

Management Comments

Harold Edwards, President and Chief Executive Officer of the Company, stated, "We achieved revenue and earnings growth in the third quarter driven by lemons, avocados and oranges. Our overall business continues to be affected by the COVID-19 pandemic; however, we are experiencing strong volume in grocery retail as consumer buying patterns are focusing on at-home dining instead of foodservice venues. We continue to be a leader in foodservice and export and are well positioned as dining-out continues to improve. Our real estate development project, Harvest at Limoneira, has now closed on 354 lots since inception, including 144 new closings this fiscal year. This has exceeded our expectations and we are very pleased with the strong interest in this beautiful development."

Mr. Edwards continued, "We generated $5.3 million of adjusted EBITDA in the third quarter due to strong revenue and focus on expenses. In addition, we recently closed on the sale of a non-strategic property for $6.0 million in the Central Valley of California, strengthening our balance sheet for the fourth quarter of fiscal 2020. Looking forward, we are very excited about our growth opportunities in fiscal 2021 as we have dramatically increased our sales in grocery this year and believe we are very well positioned for foodservice growth as restaurants and bars begin to reopen."

Fiscal Year 2020 Third Quarter Results

For the third quarter of fiscal year 2020, total net revenue was $53.6 million, compared to total net revenue of $50.9 million in the third quarter of the previous fiscal year. Agribusiness revenue was $52.4 million, compared to $49.6 million in the third quarter of last fiscal year. Other operations revenue was similar to the prior fiscal year at $1.2 million.

Agribusiness revenue for the third quarter of fiscal year 2020 includes $35.4 million in fresh lemon sales, compared to $35.8 million of fresh lemon sales during the same period of fiscal year 2019. The decrease was primarily the result of COVID-19 related food service closures reducing the demand for lemons and creating an over-supply in the marketplace, which resulted in lower average per carton prices in the third quarter of fiscal year 2020. Approximately 1,979,000 cartons of fresh lemons were sold in aggregate during the third quarter of fiscal year 2020 at a $17.91 average price per carton compared to approximately 1,876,000 cartons sold at a $19.09 average price per carton during the third quarter of fiscal year 2019. The Company recognized $6.1 million of avocado revenue in the third quarter of fiscal year 2020, compared to $2.5 million in the same period last fiscal year. Approximately 6.1 million pounds of avocados were sold during the third quarter of fiscal year 2020 at a $1.00 average price per pound, compared to approximately 1.4 million pounds sold at a $1.80 average price per pound during the third quarter of fiscal year 2019.

The Company recognized $2.2 million of orange revenue in the third quarter of fiscal year 2020, compared to $0.7 million in the same period of fiscal year 2019, attributable to higher prices of oranges partially offset by a decrease in volume. Approximately 184,000 cartons of oranges were sold during the third quarter of fiscal year 2020 at a $12.13 average price per carton, compared to approximately 382,000 cartons sold at a $1.86 average price per carton during the third quarter of fiscal year 2019. Specialty citrus and other crop revenues were $0.8 million in the third quarter of fiscal year 2020, compared to no sales in the third quarter of fiscal year 2019.

Total costs and expenses for the third quarter of fiscal year 2020 increased to $51.7 million, compared to $48.8 million in the third quarter of last fiscal year. The third quarter of fiscal year 2020 increase in operating expenses was primarily attributable to increases in agribusiness costs partially offset by decreases in selling, general and administrative expenses. Costs associated with agribusiness include packing costs, harvest costs, growing costs, costs related to the fruit procured and sold for third-party growers and depreciation and amortization expense.

Operating income for the third quarter of fiscal year 2020 was $1.8 million, compared to operating income of $2.1 million in the third quarter of the previous fiscal year.

Net income applicable to common stock, after preferred dividends, for the third quarter of fiscal year 2020 was $2.2 million, compared to net loss of $1.1 million in the third quarter of fiscal year 2019. Net income per diluted share for the third quarter of fiscal year 2020 was $0.12 compared to net loss per diluted share of $0.06 for the same period of fiscal year 2019.

Excluding the loss on stock in Calavo, non-cash equity in earnings of Limoneira Lewis Community Builders, LLC ("LLCB") and loss on asset disposals, adjusted net income applicable to common stock was $1.9 million or $0.10 per diluted share, compared to third quarter of fiscal year 2019 adjusted net loss applicable to common stock of $0.1 million or zero dollars per diluted share.

Adjusted EBITDA was $5.3 million in the third quarter of fiscal year 2020, compared to $3.8 million in the same period of fiscal year 2019. A reconciliation of adjusted EBITDA to net income is provided at the end of this release.

Fiscal Year 2020 First Nine Months Results

For the nine months ended July 31, 2020, revenue was $134.8 million, compared to $134.9 million in the same period last fiscal year. Operating loss for the first nine months of fiscal year 2020 was $9.5 million, compared to operating loss of $1.9 million in the same period last fiscal year. Net loss applicable to common stock, after preferred dividends, was $9.4 million for the first nine months of fiscal year 2020, compared to net loss of $3.2 million in the same period last fiscal year. Net loss per diluted share for the first nine months of fiscal year 2020 was $0.54, compared to a net loss per diluted share of $0.19 in the same period of fiscal year 2019.

Excluding the loss on stock in Calavo, non-cash equity in earnings of LLCB and loss on asset disposals for the first nine months of fiscal year 2020, adjusted net loss applicable to common stock was $4.7 million compared to adjusted net loss applicable to common stock of $3.7 million for the same period in fiscal year 2019. Excluding the loss on stock in Calavo, non-cash equity in earnings of LLCB and loss on asset disposals in the first nine months of 2020, adjusted net loss per diluted share was $0.27 compared to adjusted net loss per diluted share of $0.21 for the same period in fiscal year 2019, based on approximately 17.6 million and 17.5 million, respectively, weighted average diluted common shares outstanding.

Balance Sheet and Liquidity

During the nine months ended July 31, 2020, net cash used in operating activities was $11.4 million, compared to net cash provided by operating activities of $4.3 million in the prior fiscal year. For the nine months ended July 31, 2020, net cash provided by investing activities was $0.3 million, compared to net cash used in investing activities of $31.4 million in the prior fiscal year. Net cash provided by financing activities was $11.5 million for the nine months ended July 31, 2020, compared to $27.5 million in the same period last fiscal year.

On March 12, 2020, the Board of Directors approved a share repurchase program authorizing the repurchase up to $10.0 million of outstanding shares of common stock through March 2021. During the third quarter, the Company repurchased 42,100 shares for approximately $0.6 million. As of July 31, 2020, the remaining authorization under this program is approximately $9.4 million.

Long-term debt as of July 31, 2020 was $122.2 million, compared to $105.9 million at the end of fiscal year 2019.

During the nine months ended July 31, 2020, the Company received a $2.0 million income tax benefit from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and expects to receive approximately $6.4 million of federal and California tax refunds in calendar year 2020.

Real Estate Development and Property Sales

The Company's joint venture with The Lewis Group of Companies ("Lewis") for the residential development of its East Area I real estate development project, named Harvest at Limoneira, broke ground to commence mass grading on November 8, 2017. Project plans include approximately 632 residential units in Phase 1. In the third quarter of fiscal year 2020, the Company closed the sales of the initial residential lots representing 110 residential units and announced that one of the primary builders will be offering a new concept of Harvest single-story residences. Through July 31, 2020, the joint venture has closed the sales of the initial residential lots representing 354 residential units, an increase of 144 sales during the first nine months of fiscal 2020. Over the 6 to 9-year life of this project, the joint venture will have approximately 1,500 total residential units built and sold.

In the first quarter of fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2.7 million, which is expected to close in the first quarter of fiscal year 2021. After transaction and other costs, the Company expects to receive proceeds of approximately $2.6 million and recognize an immaterial gain upon closing. At July 31, 2020, the $2.5 million carrying value of the property was classified as held for sale and included in prepaid expenses and other current assets.

On August 26, 2020, the Company closed on the sale of its agribusiness property referred to as "Lindsay Central Valley" located in Lindsay, CA. The Lindsay property consists of 291 acres of orange and specialty citrus groves located in the Central Valley of California. Limoneira determined during its continuous review of its strategic initiatives, that this property was not aligned with the Company's other orange and specialty citrus properties. The Company received approximately $6.0 million in net proceeds in August 2020 and recorded a one-time, non-cash loss of approximately $0.3 million in the third quarter of fiscal year 2020 related to this sale.

COVID-19

Limoneira is continuing to closely monitor the impact of the COVID-19 pandemic and is taking actions to ensure its ability to safeguard the health of its employees, maintain the ability to serve customers and manage its financial performance and liquidity. The COVID-19 pandemic has had an adverse impact on the industries and markets the Company serves. In particular, the United States lemon market has seen a significant decline in volume, with overall lemon demand falling since widespread shelter in place orders were issued in mid-March 2020, resulting in significant market oversupply. The export market for fresh lemons has also significantly declined due to COVID-19 impacts.

Limoneira's retail food and club grocery business has performed significantly better than expectations during this period and fared better than its foodservice business, which has suffered from closures of full-service restaurants, quick service restaurants and bar business due to the COVID-19 pandemic. In an effort to offset the declines from foodservice, the Company has pivoted heavily toward retail food and club grocery and picked up additional accounts during the nine months ended July 31, 2020. While the duration of these trends and the magnitude of such impacts cannot be estimated at this time, as they are affected by a number of factors outside management's control, the Company is strengthening its position as its foodservice business begins to come back.

The Company continues to expect record lemon volumes for fiscal year 2020, subject to any unforeseen changes that may arise as the COVID-19 pandemic continues to unfold.

Longer-Term Growth Pipeline

Looking beyond fiscal year 2020, the Company has an additional 1,200 acres of non-bearing lemons estimated to become full bearing over the next four years, which will enable the Company to achieve strong organic growth for many years to come. The Company expects 200 of the 1,200 acres to become full bearing in fiscal year 2021. Beyond these 1,200 acres, Limoneira intends to plant an additional 250 acres of lemons in the next two years that it believes will further build its long-term pipeline of productive acreage. The Company anticipates this additional acreage will increase its domestic supply of Limoneira-owned lemons from its 2020 level by approximately 50%, or about 900 thousand to 1.3 million additional fresh cartons, as the non-bearing and planned acreage becomes productive. The Company also expects to have a steady increase in third-party grower fruit. The foregoing describes organic growth and does not include potential acquisition opportunities for the Company in its highly fragmented industry.

Conference Call Information

The Company will host a conference call to discuss its financial results today at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 705-6003 from the U.S. and international callers can dial (201) 493-6725. A telephone replay will be available approximately two hours after the call concludes and will be available through September 23, 2020, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13708472.

About Limoneira Company

Limoneira 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 (l mo ra) 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.

Forward-Looking Statements

This press release contains forward-looking statements, including guidance for fiscal year 2020, 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 Limoneira's current expectations about future events and can be identified by terms such as "expect," "may," "anticipate," "intend," "should be," "will be," "is likely to," "strive to," and similar expressions referring to future periods.

Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: additional impacts from the current COVID-19 pandemic, changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira's SEC filings that are available on the SEC's website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

LIMONEIRA COMPANYCONSOLIDATED BALANCE SHEETS (UNAUDITED)($ in thousands, except share amounts)

July 31, October 31, 2020 2019

Assets

Current assets:

Cash $ 878 $ 616

Accounts receivable, net 21,478 15,114

Cultural costs 6,090 7,223

Prepaid expenses and other current assets 18,309 8,153

Receivables/other from related parties 3,444 2,985

Income taxes receivable 5,827 979

Total current assets 56,026 35,070



Property, plant and equipment, net 242,501 248,114

Real estate development 20,142 17,602

Equity in investments 61,245 58,223

Investment in Calavo Growers, Inc. - 17,346

Goodwill 1,538 1,839

Intangible assets, net 11,609 12,407

Other assets 8,837 9,266

Total assets $ 401,898 $ 399,867



Liabilities and stockholders' equity

Current liabilities:

Accounts payable $ 10,350 $ 4,974

Growers payable 6,366 14,500

Accrued liabilities 6,171 8,261

Payables to related parties 5,235 906

Current portion of long-term debt 3,426 3,023

Total current liabilities 31,548 31,664

Long-term liabilities:

Long-term debt, less current portion 122,159 105,892

Deferred income taxes 23,765 24,346

Other long-term liabilities 6,064 5,467

Total liabilities 183,536 167,369

Commitments and contingencies - -



Series B Convertible Preferred Stock - $100.00 parvalue (50,000 shares authorized: 14,790 shares issued 1,479 1,479 and outstanding at July 31, 2020 and October 31, 2019)(8.75% coupon rate)

Series B-2 Convertible Preferred Stock - $100.00 parvalue (10,000 shares authorized: 9,300 shares issuedand outstanding at July 31, 2020 and October 31, 2019) 9,331 9,331 (4% dividend rate on liquidation value of $1,000 pershare)



Stockholders' equity:

Series A Junior Participating Preferred Stock - $0.01par value (20,000 shares authorized: zero issued or - - outstanding at July 31, 2020 and October 31, 2019)

Common Stock - 0.01 par value (39,000,000 sharesauthorized: 17,857,707 and 17,756,180 shares issued 179 178 and 17,815,607 and 17,756,180 shares outstanding atJuly 31, 2020 and October 31, 2019, respectively)

Additional paid-in capital 161,655 160,254

Retained earnings 39,695 53,089

Accumulated other comprehensive loss (7,261 ) (7,255 )

Treasury stock, at cost, 42,100 shares at July 31, (562 ) - 2020

Noncontrolling interest 13,846 15,422

Total stockholders' equity 207,552 221,688

Total liabilities and stockholders' equity $ 401,898 $ 399,867

LIMONEIRA COMPANYCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)($ in thousands, except share amounts)

Three Months Ended Nine Months Ended July 31, July 31,

2020 2019 2020 2019

Net revenues:

Agribusiness $ 52,387 $ 49,631 $ 131,309 $ 131,254

Other operations 1,172 1,238 3,477 3,668

Total net revenues 53,559 50,869 134,786 134,922

Costs and expenses:

Agribusiness 46,826 42,747 125,318 118,741

Other operations 1,010 1,043 3,396 3,269

Selling, general and 3,909 4,961 15,557 14,819 administrative

Total costs and 51,745 48,751 144,271 136,829 expenses

Operating income 1,814 2,118 (9,485 ) (1,907 )(loss)

Other income (expense):

Interest expense, net (92 ) (774 ) (1,089 ) (1,313 )

Equity in earnings of 832 480 341 2,449 investments, net

Loss on stock in - (1,775 ) (6,299 ) (2,073 )Calavo Growers, Inc.

Other income, net 11 15 246 375

Total other income 751 (2,054 ) (6,801 ) (562 )(expense)



Income (loss) beforeincome tax 2,565 64 (16,286 ) (2,469 )(provision) benefit

Income tax (765 ) (461 ) 5,876 216 (provision) benefit

Net income (loss) 1,800 (397 ) (10,410 ) (2,253 )

Net loss (income)attributable to 509 (593 ) 1,409 (615 )noncontrollinginterest

Net income (loss)attributable to 2,309 (990 ) (9,001 ) (2,868 )Limoneira Company

Preferred dividends (125 ) (125 ) (376 ) (376 )

Net income (loss)attributable to $ 2,184 $ (1,115 ) $ (9,377 ) $ (3,244 )common stock



Basic net income(loss) per common $ 0.12 $ (0.06 ) $ (0.54 ) $ (0.19 )share



Diluted net income(loss) per common $ 0.12 $ (0.06 ) $ (0.54 ) $ (0.19 )share



Weighted-averagecommon shares 17,623,000 17,554,000 17,607,000 17,527,000 outstanding-basic

Weighted-averagecommon shares 18,497,000 17,554,000 17,607,000 17,527,000 outstanding-diluted

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of the Company's operations and interest costs associated with its capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes loss on stock in Calavo, LLCB earnings in equity investment, loss on asset disposals and impairments on real estate development assets when applicable, is an important measure to evaluate the Company's results of operations between periods on a more comparable basis. In addition, we have presented adjusted net income (loss) attributable to Limoneira Company and adjusted income (loss) per common share attributable to Limoneira Company to reflect the exclusion of loss on stock in Calavo, LLCB earnings in equity investment and loss on asset disposals. This presentation is an important measure to evaluate the Company's results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies. With respect to our expectations under "Updated Fiscal Year 2020 Outlook" above, the Company has not provided a reconciliation of forward-looking non-GAAP measures, primarily due to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.

EBITDA and adjusted EBITDA are summarized and reconciled to net income (loss) attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP as follows (in thousands):

Three Months Ended Nine Months Ended July July 31, 31,

2020 2019 2020 2019

Net income (loss) attributable to $ 2,309 $ (990 ) $ (9,001 ) $ (2,868 )Limoneira Company

Interest expense, net 92 774 1,089 1,313

Income tax provision (benefit) 765 461 (5,876 ) (216 )

Depreciation and amortization 2,557 2,080 7,555 6,327

EBITDA 5,723 2,325 (6,233 ) 4,556

Loss on stock in Calavo Growers, - 1,775 6,299 2,073 Inc.

LLCB earnings in equity (668 ) (303 ) (607 ) (2,573 )investment, net

Loss on asset disposals 255 - 769 -

Adjusted EBITDA $ 5,310 $ 3,797 $ 228 $ 4,056

The following is a reconciliation of net income (loss) attributable to Limoneira Company to adjusted net income (loss) attributable to Limoneira Company (in thousands, except share amounts):

Three Months Ended July 31, Nine Months Ended July 31,

2020 2019 2020 2019

Net income (loss)attributable to $ 2,309 $ (990 ) $ (9,001 ) $ (2,868 )Limoneira Company

Preferred dividendsand effect of (142 ) (141 ) (426 ) (425 )unvested, restrictedstock

Net income (loss) for 2,167 (1,131 ) (9,427 ) (3,293 )basic EPS

Loss on stock in - 1,295 4,639 1,513 Calavo (net of tax)

LLCB earnings inequity investment (492 ) (222 ) (447 ) (1,883 )(net of tax)

Loss on assetdisposals (net of 188 - 566 - tax)

Adjusted net income(loss) attributable $ 1,863 $ (58 ) $ (4,669 ) $ (3,663 )to Limoneira Company



Adjusted net income(loss) for diluted $ 1,863 $ (58 ) $ (4,669 ) $ (3,663 )EPS



Actual:

Basic net income(loss) per common $ 0.12 $ (0.06 ) $ (0.54 ) $ (0.19 )share

Diluted net income(loss) per common $ 0.12 $ (0.06 ) $ (0.54 ) $ (0.19 )share



Weighted-averagecommon shares 17,623,000 17,554,000 17,607,000 17,527,000 outstanding-basic

Weighted-averagecommon shares 18,497,000 17,554,000 17,607,000 17,527,000 outstanding-diluted

Adjusted:

Basic net income(loss) per common $ 0.11 $ - $ (0.27 ) $ (0.21 )share

Diluted net income(loss) per common $ 0.10 $ - $ (0.27 ) $ (0.21 )share



Weighted-averagecommon shares 17,623,000 17,554,000 17,607,000 17,527,000 outstanding-basic

Weighted-averagecommon shares 18,497,000 17,554,000 17,607,000 17,527,000 outstanding-diluted

Supplemental Information(in thousands, except acres and average price amounts):

Agribusiness Segment Information for the Three Months Ended July 31, 2020

Fresh Lemon Eliminations Avocados Other Total Lemons Packing Agribusiness Agribusiness

Revenuesfrom $ 39,459 $ 3,775 $ - $ 6,133 $ 3,020 $ 52,387externalcustomers

Intersegment - 16,330 (16,330 ) - - - revenue

Total net 39,459 20,105 (16,330 ) 6,133 3,020 52,387 revenues

Costs and 39,694 15,988 (16,330 ) 2,537 2,666 44,555 expenses

Depreciationand - - - - - 2,271 amortization

Operating(loss) $ (235 ) $ 4,117 $ - $ 3,596 $ 354 $ 5,561 income



Agribusiness Segment Information for the Three Months Ended July 31, 2019

Fresh Lemon Eliminations Avocados Other Total Lemons Packing Agribusiness Agribusiness

Revenuesfrom $ 41,169 $ 5,232 $ - $ 2,519 $ 711 $ 49,631 externalcustomers

Intersegment - 10,263 (10,263 ) - - - revenue

Total net 41,169 15,495 (10,263 ) 2,519 711 49,631 revenues

Costs and 35,653 13,524 (10,263 ) 1,185 825 40,924 expenses

Depreciationand - - - - - 1,823 amortization

Operatingincome $ 5,516 $ 1,971 $ - $ 1,334 $ (114 ) $ 6,884 (loss)

Fresh Lemons Q3 2020 Q3 2019 Lemon Packing Q3 2020 Q3 2019

United States: Cartons sold 1,979 1,876



Acres harvested 4,100 3,800 Revenue $ 20,105 $ 15,495

Limoneira cartons 710 775 Direct Costs 15,988 13,524 sold

Third-party Operatinggrower cartons 1,269 1,101 income $ 4,117 $ 1,971 sold

Average price per $ 17.91 $ 19.09 carton

Argentina: Avocados Q3 2020 Q3 2019



Acres harvested 1,200 1,200 Pounds sold 6,138 1,401

Cartons sold 559 609 Average price $ 1.00 $ 1.80 per pound

Average price per $ 17.14 $ 19.19 carton

Other Q3 2020 Q3 2019 Agribusiness

Lemon shipping $ 3,800 $ 5,200 Orange cartons 184 382 and handling sold

Lemon by-product $ 1,100 $ 3,600 Average price $ 12.13 $ 1.86 sales per carton

SpecialtyOther lemon sales $ 2,900 $ 1,800 citrus cartons 72 - sold

Chilean lemon $ 500 $ 1,000 Average price $ 10.94 $ - sales per carton







Agribusinesscosts and Q3 2020 Q3 2019 expenses

Packing costs $ 16,993 $ 13,524

Harvest costs 6,698 6,296

Growing costs 6,237 6,389

Third-party 14,627 14,715 grower costs

Depreciation and 2,271 1,823 amortization

Agribusinesscosts and $ 46,826 $ 42,747 expenses





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CONTACT: Investors John Mills Managing Partner ICR 646-277-1254