$CVGW
CALAVO GROWERS INC

2015 Q2 Form 10-Q Financial Statement

#000119312515218103 Filed on June 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $221.6M $200.7M $194.9M
YoY Change 13.7% 5.28% 17.17%
Cost Of Revenue $198.6M $182.2M $176.0M
YoY Change 12.85% 4.9% 13.65%
Gross Profit $22.98M $18.52M $18.89M
YoY Change 21.61% 9.24% 64.64%
Gross Profit Margin 10.37% 9.22% 9.69%
Selling, General & Admin $9.986M $9.430M $9.145M
YoY Change 9.2% -0.45% 14.1%
% of Gross Profit 43.46% 50.92% 48.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M $1.820M $1.690M
YoY Change 18.34% 33.82% 0.6%
% of Gross Profit 8.71% 9.83% 8.95%
Operating Expenses $9.986M $9.430M $9.145M
YoY Change 9.2% -0.45% 14.1%
Operating Profit $12.99M -$2.490M $2.711M
YoY Change 379.12% -76.36% 103.07%
Interest Expense $236.0K $215.0K $292.0K
YoY Change -19.18% -8.9% -7.89%
% of Operating Profit 1.82% 10.77%
Other Income/Expense, Net $309.0K $164.0K $270.0K
YoY Change 14.44% 680.95% 14.89%
Pretax Income $13.10M -$43.30M $2.700M
YoY Change 385.19% 304.67% 107.69%
Income Tax $4.590M -$1.493M $1.433M
% Of Pretax Income 35.04% 53.07%
Net Earnings $8.472M -$1.242M $1.554M
YoY Change 445.17% -65.17% 205.3%
Net Earnings / Revenue 3.82% -0.62% 0.8%
Basic Earnings Per Share $0.49 -$0.08 $0.10
Diluted Earnings Per Share $0.49 -$0.08 $0.09
COMMON SHARES
Basic Shares Outstanding 17.30M shares 15.82M shares 15.76M shares
Diluted Shares Outstanding 17.38M shares 15.82M shares 17.18M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.300M $6.700M $9.900M
YoY Change -6.06% -16.25% 39.44%
Cash & Equivalents $9.269M $6.744M $9.914M
Short-Term Investments
Other Short-Term Assets $24.30M $26.10M $15.60M
YoY Change 55.77% 63.13% 44.44%
Inventory $31.05M $30.98M $32.26M
Prepaid Expenses $1.700M
Receivables $80.49M $56.62M $64.09M
Other Receivables $2.500M $2.600M $0.00
Total Short-Term Assets $147.5M $123.0M $121.8M
YoY Change 21.11% 12.13% 15.29%
LONG-TERM ASSETS
Property, Plant & Equipment $60.86M $57.35M $55.57M
YoY Change 9.51% 8.93% 8.47%
Goodwill $18.26M $18.26M $18.26M
YoY Change 0.0% 0.0% 0.0%
Intangibles $5.270M $5.925M $6.587M
YoY Change -19.99% -18.52%
Long-Term Investments $18.36M $18.38M $1.533M
YoY Change 1097.65% 1194.37% 194.81%
Other Assets $8.954M $9.784M $11.44M
YoY Change -21.7% -20.76% -15.54%
Total Long-Term Assets $160.0M $160.4M $135.3M
YoY Change 18.24% 23.2% 16.91%
TOTAL ASSETS
Total Short-Term Assets $147.5M $123.0M $121.8M
Total Long-Term Assets $160.0M $160.4M $135.3M
Total Assets $307.6M $283.5M $257.2M
YoY Change 19.6% 18.14% 16.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.10M $15.10M $15.90M
YoY Change 20.13% 29.06% 27.2%
Accrued Expenses $20.61M $25.30M $54.51M
YoY Change -62.2% -30.75% 28.78%
Deferred Revenue
YoY Change
Short-Term Debt $45.15M $35.90M $41.03M
YoY Change 10.04% 5.62% 16.76%
Long-Term Debt Due $4.600M $5.100M $5.300M
YoY Change -13.21% -3.77% -7.02%
Total Short-Term Liabilities $114.6M $101.0M $135.8M
YoY Change -15.64% -10.61% 20.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.200M $2.800M $5.800M
YoY Change -79.31% -64.1% -47.75%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.168M $2.791M $5.801M
YoY Change -79.87% -64.76% -57.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.6M $101.0M $135.8M
Total Long-Term Liabilities $1.168M $2.791M $5.801M
Total Liabilities $115.8M $103.8M $141.6M
YoY Change -18.27% -14.16% 11.67%
SHAREHOLDERS EQUITY
Retained Earnings $35.95M $22.18M $34.84M
YoY Change 3.19% -36.73% -25.79%
Common Stock $145.9M $144.5M $71.50M
YoY Change 104.1% 104.1% 69.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.5M $179.4M $116.2M
YoY Change
Total Liabilities & Shareholders Equity $307.6M $283.5M $257.2M
YoY Change 19.6% 18.14% 16.14%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $8.472M -$1.242M $1.554M
YoY Change 445.17% -65.17% 205.3%
Depreciation, Depletion And Amortization $2.000M $1.820M $1.690M
YoY Change 18.34% 33.82% 0.6%
Cash From Operating Activities $16.39M -$2.940M $19.88M
YoY Change -17.56% 53.93% 842.18%
INVESTING ACTIVITIES
Capital Expenditures -$2.970M -$4.520M -$3.790M
YoY Change -21.64% 149.72% 146.1%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.470M $0.00
YoY Change 47.0%
Cash From Investing Activities -$2.970M -$6.000M -$3.790M
YoY Change -21.64% 113.52% 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 -9.280M 6.250M -12.53M
YoY Change -25.94% -8.22% 397.22%
NET CHANGE
Cash From Operating Activities 16.39M -2.940M 19.88M
Cash From Investing Activities -2.970M -6.000M -3.790M
Cash From Financing Activities -9.280M 6.250M -12.53M
Net Change In Cash 4.140M -2.690M 3.560M
YoY Change 16.29% -228.71% -282.56%
FREE CASH FLOW
Cash From Operating Activities $16.39M -$2.940M $19.88M
Capital Expenditures -$2.970M -$4.520M -$3.790M
Free Cash Flow $19.36M $1.580M $23.67M
YoY Change -18.21% -1680.0% 548.49%

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
CALAVO GROWERS INC
dei Trading Symbol
TradingSymbol
CVGW
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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us-gaap Loss Contingency Period Of Occurrence
LossContingencyPeriodOfOccurrence
In January 2015, various class action lawsuits, which have been consolidated into a single lawsuit during our second fiscal quarter, were initiated against the company related to the restatement of previously-issued Financial Statements.
dei Document Period End Date
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2015-04-30
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us-gaap Sales Revenue Net
SalesRevenueNet
416380000
us-gaap Profit Loss
ProfitLoss
13771000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-4702000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1381000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-25000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
70000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12970000
us-gaap Operating Income Loss
OperatingIncomeLoss
21284000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10715000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-4702000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
426000
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
456000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
15700000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6663000
us-gaap Net Income Loss
NetIncomeLoss
13771000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
23905000
us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
423598000
us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
21251000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-623000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-20000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
10715000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3965000
us-gaap Interest Expense
InterestExpense
459000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19496000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
375600000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
30000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2525000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7480000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5572000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-1646000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6663000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
235000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0
cvgw Increase Decrease In Advances To Suppliers
IncreaseDecreaseInAdvancesToSuppliers
-3182000
cvgw Increase Decrease In Payable To Parent Company
IncreaseDecreaseInPayableToParentCompany
18419000
cvgw Sales Incentives
SalesIncentives
7218000
cvgw Business Combination Contingent Consideration Expense
BusinessCombinationContingentConsiderationExpense
0
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17176000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15755000 shares
CY2014Q2 us-gaap Gross Profit
GrossProfit
18892000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2320000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
194894000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10876000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
3699000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
1256000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2711000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3874000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
3803000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
270000
CY2014Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
12600000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
1554000
CY2014Q2 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
198926000
CY2014Q2 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
2689000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
3576000
CY2014Q2 us-gaap Interest Expense
InterestExpense
292000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9145000
CY2014Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
7036000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
176002000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1433000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
1483000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-298000
CY2014Q2 cvgw Sales Incentives
SalesIncentives
4032000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17382000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17300000 shares
CY2015Q2 us-gaap Gross Profit
GrossProfit
22975000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2404000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
221589000
CY2015Q2 us-gaap Profit Loss
ProfitLoss
8472000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
12989000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
309000
CY2015Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
9600000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
8472000
CY2015Q2 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
225042000
CY2015Q2 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
13062000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
10876000
CY2015Q2 us-gaap Interest Expense
InterestExpense
236000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9986000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
198614000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4590000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
1295000
CY2015Q2 cvgw Sales Incentives
SalesIncentives
3453000
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment

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