SANTA PAULA, CA - Limoneira has released its financial information for the second quarter of 2016, with a reported increase in lemon volume and revenue, and further updates on its joint venture with The Lewis Group.

The company’s Q2 ended on April 30, 2016, with agribusiness revenue at $25.9 million, down from last year’s $26.9 million, which Limoneira stated was due to lower avocado sales after a later harvest. Lemon sales within that initial agribusiness number were at $20.8 million, up from last year’s $18.8 million.

"Our second quarter results reflect higher prices and volume of fresh lemons sold, which were offset by the timing of avocado shipments moving into the third quarter compared to shipments occurring in the second quarter of last year," stated Harold Edwards, President and CEO.

The company stated in a press release that the higher number of lemon sales were due to both higher prices and a higher volume of lemons sold compared to the last fiscal year period. Limoneira disclosed that about 780,000 cartons of lemons were sold at an average price of $22.44 per carton; this is about 69,000 more lemons sold than in 2015, and at about $0.50 higher price per carton.

Avocado sales were down $2.9 million to $1.2 million as reported in the 2016 Q2, which the company stated were the result of decreased prices and volumes of avocados compared to last year.

Other highlights included in the report are as follows, as compared to 2015’s Q2:

• Total revenue was at $27.4 million, down from $28.3 million
• Specialty citrus and other crops were at $1.3 million, down from $1.4 million
• Cost and expenses were $25.2 million, up from $24.1 million
• Operating income was $2.2 million, down from $4.1 million
• EBITDA was $3.4 million, down from $5.0 million
• First six months of 2016: revenue was $52.4 million, down from $56.3 million

Limoneira also stated that the company plans to engage in residential development, Harvest at Limoneira, with its partner The Lewis Group. Previously, the project was known as Santa Paula Gateway Project and East Area 1. The company expects to receive 25% to 80% of the net cash flow, based on milestones provided in the operating agreement. Development grading on the project is expected to begin in early 2017. During 2016’s Q2, the company contributed $0.5 million to the project, and another $0.5 million in May. 

Mr. Edwards continued, "We are excited to be working with the Lewis organization on the Harvest at Limoneira project. It is rewarding to be making progress on the development and we expect to begin selling lots at the end of 2017."

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Limoneira