SANTA PAULA, CA - Limoneira is closing out its fiscal 2015 after having focused on growth and expanding its footprint in California citrus.

"Over the past year, we continued to execute on our long-term growth strategy,” Harold Edwards, President and Chief Executive Officer, said, according to the financial report. “We formed a development partnership between our company and The Lewis Group, a leading real estate development and investment company, for the development of Harvest at Limoneira. We expect to receive $100 million to $130 million from the joint venture, including the $20 million we have received, over the seven to ten year life of the project. We are also focused on the development of over 40 acres of commercial properties adjacent to project property, which represents an additional opportunity for meaningful cash flows."

Highlights for the fourth quarter report for fiscal 2015 included:

• Fiscal Year 2015 Revenue of $100.3 Million
• FY 2015 EBITDA increase of 10% compared to last year
• Company expectations of an increase in Operating Income for FY 2016
  

Edwards added that the company made significant progress in its agribusiness during fiscal year 2015, having completed the expansion of its Santa Paula lemon packing house and expecting the new packing facilities to be up and operating in the first quarter of fiscal year 2016.

“Our operating cash flows combined with projected future cash flows from real estate development initiatives, are expected to provide the financial flexibility to invest in our business while continuing to pay a quarterly dividend, which we recently raised by 11%," he concluded.

Other details included agribusiness revenue of $12.9 million, compared to $15.0 million in the fourth quarter of 2014. The company noted that the decrease in agribusiness revenue was primarily due to lower lemon sales, which included $11.6 million in lemon sales, compared to $13.8 million of lemon sales during the same period of fiscal year 2014, primarily reflecting lower fresh lemon prices and volume.

“Looking forward, we intend to continue to make investments to expand our agribusiness operations in both California and internationally in order to expand Limoneira's position as a leading global citrus agribusiness," Edwards stated.

For the fiscal year ending October 31, 2016, the company said that it expects to sell between 2.7 million and 3.0 million cartons of fresh lemons at an average price of approximately $22.50 per carton, and expects to sell approximately 8.5 to 9.5 million pounds of avocados at approximately $0.80 per pound.

“We continue to make progress expanding our agribusiness,” said Alex Teague, Senior Vice President. “As we begin fiscal 2016, we will benefit from our expanded and modernized lemon packing house, along with other investments we have made over the past several years. We look forward to capitalizing on opportunities to expand our acreage of productive land, as well as driving organic growth.”

As we previously reported, Limoneira and The Lewis Group have partnered up to engage in the residential development of Harvest at Limoneira (formerly Santa Paula Gateway Project and East Area 1.) Build-out is expected to begin this year, and the company anticipates that Limoneira Lewis Community Builders will begin receiving security deposits from homebuilders for lots sales in mid-2017. The sale of lots is expected to begin in the fourth quarter of 2017.

Limoneira