Limoneira Company Reveals Fourth Quarter and Fiscal Year 2011 Financial Results
SANTA PAULA, CA - Limoneira Company has reported financial results for the fourth quarter and the fiscal year which ended October 31, 2011. Here are some highlights of the report, according to a recent press release. The fourth quarter of fiscal year 2011 brought Limoneira revenue of $10.9 million, where the same quarter last year reported revenue of $12.5 million. Agribusiness revenue increased in the fourth quarter by 18% to $9.8 million, compared to $8.3 million in the same period last year. The agribusiness revenue for the fourth quarter, chiefly consists of $7.8 million in lemon sales which reflects a higher number of cartons of fresh lemons sold. When compared to $6.2 million of lemon sales during the 2010 fourth quarter, the number reflects a substantial increase.
For the fiscal year of 2011 which ended October 31st, revenue for the company was $52.5 million, a decrease from last year's $54.3 million. The operating income for year was $1.0 million, where last year the numbers revealed an operating income of $3.1 million. Operating expenses increased to $51.5 million for fiscal 2011, in comparison to $51.2 million for fiscal year 2010. This increase reflects higher agriculture costs of $4.0 million that are related to higher volume of lemon sales that were in effect, offset by decreases in several company expenses.
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