2014 Q4 Form 10-K Financial Statement

#000119312515028048 Filed on January 30, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $200.7M $218.7M $194.9M
YoY Change 5.28% 12.19% 17.17%
Cost Of Revenue $182.2M $198.5M $176.0M
YoY Change 4.9% 12.13% 13.65%
Gross Profit $18.52M $20.18M $18.89M
YoY Change 9.24% 12.73% 64.64%
Gross Profit Margin 9.22% 9.23% 9.69%
Selling, General & Admin $9.430M $9.738M $9.145M
YoY Change -0.45% 15.64% 14.1%
% of Gross Profit 50.92% 48.27% 48.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.820M $1.730M $1.690M
YoY Change 33.82% 0.58% 0.6%
% of Gross Profit 9.83% 8.57% 8.95%
Operating Expenses $9.430M $9.738M $9.145M
YoY Change -0.45% 15.64% 14.1%
Operating Profit -$2.490M -$12.81M $2.711M
YoY Change -76.36% -308.48% 103.07%
Interest Expense $215.0K $220.0K $292.0K
YoY Change -8.9% -24.91% -7.89%
% of Operating Profit 10.77%
Other Income/Expense, Net $164.0K $120.0K $270.0K
YoY Change 680.95% -42.58% 14.89%
Pretax Income -$43.30M -$300.0K $2.700M
YoY Change 304.67% -104.92% 107.69%
Income Tax -$1.493M -$1.780M $1.433M
% Of Pretax Income 53.07%
Net Earnings -$1.242M $1.551M $1.554M
YoY Change -65.17% -41.95% 205.3%
Net Earnings / Revenue -0.62% 0.71% 0.8%
Basic Earnings Per Share -$0.08 $0.10 $0.10
Diluted Earnings Per Share -$0.08 $0.09 $0.09
COMMON SHARES
Basic Shares Outstanding 15.82M shares 15.76M shares 15.76M shares
Diluted Shares Outstanding 15.82M shares 17.67M shares 17.18M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.700M $9.400M $9.900M
YoY Change -16.25% 59.32% 39.44%
Cash & Equivalents $6.744M $9.436M $9.914M
Short-Term Investments
Other Short-Term Assets $26.10M $18.90M $15.60M
YoY Change 63.13% 46.51% 44.44%
Inventory $30.98M $33.04M $32.26M
Prepaid Expenses $1.700M
Receivables $56.62M $63.73M $64.09M
Other Receivables $2.600M $0.00 $0.00
Total Short-Term Assets $123.0M $125.1M $121.8M
YoY Change 12.13% 11.32% 15.29%
LONG-TERM ASSETS
Property, Plant & Equipment $57.35M $54.57M $55.57M
YoY Change 8.93% 5.34% 8.47%
Goodwill $18.26M $18.26M $18.26M
YoY Change 0.0% 0.0% 0.0%
Intangibles $5.925M $6.245M $6.587M
YoY Change -18.52%
Long-Term Investments $18.38M $18.38M $1.533M
YoY Change 1194.37% 3435.0% 194.81%
Other Assets $9.784M $10.11M $11.44M
YoY Change -20.76% -23.3% -15.54%
Total Long-Term Assets $160.4M $157.4M $135.3M
YoY Change 23.2% 28.39% 16.91%
TOTAL ASSETS
Total Short-Term Assets $123.0M $125.1M $121.8M
Total Long-Term Assets $160.4M $157.4M $135.3M
Total Assets $283.5M $282.4M $257.2M
YoY Change 18.14% 20.23% 16.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.10M $16.10M $15.90M
YoY Change 29.06% 21.05% 27.2%
Accrued Expenses $25.30M $82.36M $54.51M
YoY Change -30.75% 84.33% 28.78%
Deferred Revenue
YoY Change
Short-Term Debt $35.90M $28.74M $41.03M
YoY Change 5.62% 10.62% 16.76%
Long-Term Debt Due $5.100M $5.200M $5.300M
YoY Change -3.77% -8.77% -7.02%
Total Short-Term Liabilities $101.0M $156.4M $135.8M
YoY Change -10.61% 32.88% 20.16%
LONG-TERM LIABILITIES
Long-Term Debt $2.800M $3.600M $5.800M
YoY Change -64.1% -59.09% -47.75%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.791M $3.629M $5.801M
YoY Change -64.76% -77.55% -57.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.0M $156.4M $135.8M
Total Long-Term Liabilities $2.791M $3.629M $5.801M
Total Liabilities $103.8M $160.0M $141.6M
YoY Change -14.16% 19.55% 11.67%
SHAREHOLDERS EQUITY
Retained Earnings $22.18M $36.39M $34.84M
YoY Change -36.73% -26.66% -25.79%
Common Stock $144.5M $77.26M $71.50M
YoY Change 104.1% 82.8% 69.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.4M $122.5M $116.2M
YoY Change
Total Liabilities & Shareholders Equity $283.5M $282.4M $257.2M
YoY Change 18.14% 20.23% 16.14%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.242M $1.551M $1.554M
YoY Change -65.17% -41.95% 205.3%
Depreciation, Depletion And Amortization $1.820M $1.730M $1.690M
YoY Change 33.82% 0.58% 0.6%
Cash From Operating Activities -$2.940M $14.23M $19.88M
YoY Change 53.93% 17.22% 842.18%
INVESTING ACTIVITIES
Capital Expenditures -$4.520M -$1.630M -$3.790M
YoY Change 149.72% -11.89% 146.1%
Acquisitions
YoY Change
Other Investing Activities -$1.470M -$8.540M $0.00
YoY Change 47.0%
Cash From Investing Activities -$6.000M -$10.16M -$3.790M
YoY Change 113.52% 449.19% 146.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.250M -4.540M -12.53M
YoY Change -8.22% -60.45% 397.22%
NET CHANGE
Cash From Operating Activities -2.940M 14.23M 19.88M
Cash From Investing Activities -6.000M -10.16M -3.790M
Cash From Financing Activities 6.250M -4.540M -12.53M
Net Change In Cash -2.690M -470.0K 3.560M
YoY Change -228.71% -60.5% -282.56%
FREE CASH FLOW
Cash From Operating Activities -$2.940M $14.23M $19.88M
Capital Expenditures -$4.520M -$1.630M -$3.790M
Free Cash Flow $1.580M $15.86M $23.67M
YoY Change -1680.0% 13.37% 548.49%

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CALAVO GROWERS INC
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CVGW
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We agreed to dilute our ownership percentage in FreshRealm, as an injection of significant working capital would reduce the immediate need of Calavo to provide operating funds to FreshRealm and would also serve to preserve the value of our investment. As a result of the admission of Impermanence, Calavo’s ownership was reduced from 71.1% to 50.8%. Even though Calavo controlled greater than 50% of the outstanding units of FreshRealm, the minority/non-Calavo unit-holders held substantive participating rights. These rights existed primarily in two forms: (1) two out of a total of four board of director seats and (2) a provision in the Agreement that states that for situations for which the approval of the Members, as defined, is required by the Agreement, the Members shall act by Super-Majority Vote. As such, Calavo cannot control FreshRealm through its two board of director seats, nor its 50.8% ownership. Based on the foregoing, we deconsolidated FreshRealm in May 2014.
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17667000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15760000 shares
CY2014Q3 us-gaap Gross Profit
GrossProfit
20176000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-970000
CY2014Q3 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
12622000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
218702000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
1491000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-12811000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
581000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-1590000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
120000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
1551000
CY2014Q3 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
-289000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
521000
CY2014Q3 us-gaap Interest Expense
InterestExpense
220000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9738000
CY2014Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
23249000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
198526000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1780000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-620000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-60000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15030000 shares
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15030000 shares
CY2013Q4 us-gaap Gross Profit
GrossProfit
16953000
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
190673000
CY2013Q4 us-gaap Profit Loss
ProfitLoss
-3968000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-10534000
CY2013Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
21000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-3566000
CY2013Q4 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
-10749000
CY2013Q4 us-gaap Interest Expense
InterestExpense
236000
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9473000
CY2013Q4 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
18014000
CY2013Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
173720000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6781000
CY2013Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-402000
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15815000 shares
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15815000 shares
CY2014Q4 us-gaap Gross Profit
GrossProfit
18519000
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
200749000
CY2014Q4 us-gaap Profit Loss
ProfitLoss
-1048000
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-2490000
CY2014Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
164000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-1242000
CY2014Q4 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
-2541000
CY2014Q4 us-gaap Interest Expense
InterestExpense
215000
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9430000
CY2014Q4 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
11579000
CY2014Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
182230000
CY2014Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1493000
CY2014Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
194000

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