Limoneira Reports Huge Spike in Lemon Sales
Santa Paula, CA
By Eric Anderson
3.14.13
Limoneira Company has announced first quarter fiscal year 2013 results, highlighted by a huge boost in lemon sales.
During the first quarter, lemon sales spiked by 80% from $7.8 million to $14 million. The figure reflects a larger number of cartons of fresh lemons sold, partially offset by lower average price per carton. The company also experienced higher sales of lemon by-products compared to the same period last year, according to a release.
Revenue increased from $10.2 million to $17.4 million, while agribusiness revenue rose by 77% percent from $9.2 million to $16.4 million.
Rental operations revenue remained flat at $1.0 million. Real estate development revenue grew from $44,000 to $48,000.
Operating loss grew from $4.7 million to $5.3 million, while EBITDA increased from $3.9 million to $4.4 million.
Costs and expenses increased from $15 million to $22.7 million. The year-over-year increase in operating expenses primarily reflects increased agribusiness costs associated with the higher sales for this segment. Packing costs increased, primarily attributable to a higher volume of fresh lemons packed and sold compared to the same period of fiscal year 2012. On a per carton basis, packing costs fell from $6.34 to $5.60, as costs were leveraged across a larger volume of lemons packed and sold.Third-party grower costs increased in the first quarter of fiscal year 2013 compared to the same quarter of last year, due to an increase in lemons procured from third-party growers and in particular from Associated Citrus Packers, which began in August 2012.
