$LMNR
Limoneira CO

2016 Q2 Form 10-Q Financial Statement

#000114420416107680 Filed on June 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $27.37M $28.28M
YoY Change -3.23% 14.01%
Cost Of Revenue $21.24M $20.02M
YoY Change 6.07% 14.66%
Gross Profit $6.127M $8.254M
YoY Change -25.77% 12.47%
Gross Profit Margin 22.39% 29.19%
Selling, General & Admin $2.844M $3.116M
YoY Change -8.73% -0.92%
% of Gross Profit 46.42% 37.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.280M $980.0K
YoY Change 30.61% 16.67%
% of Gross Profit 20.89% 11.87%
Operating Expenses $2.844M $3.116M
YoY Change -8.73% -0.92%
Operating Profit $2.215M $4.140M
YoY Change -46.5% 28.17%
Interest Expense $344.0K $45.00K
YoY Change 664.44%
% of Operating Profit 15.53% 1.09%
Other Income/Expense, Net -$431.0K -$121.0K
YoY Change 256.2% -532.14%
Pretax Income $1.784M $4.019M
YoY Change -55.61% 23.36%
Income Tax $562.0K $1.456M
% Of Pretax Income 31.5% 36.23%
Net Earnings $1.222M $2.563M
YoY Change -52.32% 21.3%
Net Earnings / Revenue 4.47% 9.06%
Basic Earnings Per Share $0.08 $0.17
Diluted Earnings Per Share $0.08 $0.17
COMMON SHARES
Basic Shares Outstanding 14.17M shares 14.12M shares
Diluted Shares Outstanding 14.17M shares 14.12M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $100.0K
YoY Change -100.0% 0.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $4.500M $5.800M
YoY Change -22.41% 13.73%
Inventory
Prepaid Expenses
Receivables $12.00M $11.74M
Other Receivables $1.500M $500.0K
Total Short-Term Assets $18.10M $18.06M
YoY Change 0.23% 10.1%
LONG-TERM ASSETS
Property, Plant & Equipment $248.7M $117.9M
YoY Change 111.0% 27.74%
Goodwill $680.0K $680.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $6.254M $3.139M
YoY Change 99.24% 89.67%
Other Assets $1.300M $8.182M
YoY Change -84.11% 0.44%
Total Long-Term Assets $281.5M $247.5M
YoY Change 13.73% 20.49%
TOTAL ASSETS
Total Short-Term Assets $18.10M $18.06M
Total Long-Term Assets $281.5M $247.5M
Total Assets $299.6M $265.6M
YoY Change 12.81% 19.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.600M $6.047M
YoY Change -7.39% 5.07%
Accrued Expenses $2.500M $4.619M
YoY Change -45.88% 5.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $583.0K
YoY Change 328.82% 1.04%
Total Short-Term Liabilities $18.60M $18.08M
YoY Change 2.85% 3.14%
LONG-TERM LIABILITIES
Long-Term Debt $102.5M $87.52M
YoY Change 17.11% 44.79%
Other Long-Term Liabilities $26.90M $6.024M
YoY Change 346.55% 64.01%
Total Long-Term Liabilities $129.4M $93.55M
YoY Change 38.33% 45.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.60M $18.08M
Total Long-Term Liabilities $129.4M $93.55M
Total Liabilities $168.6M $134.0M
YoY Change 25.81% 32.96%
SHAREHOLDERS EQUITY
Retained Earnings $22.84M
YoY Change 21.42%
Common Stock $141.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.0M $119.2M
YoY Change
Total Liabilities & Shareholders Equity $299.6M $265.6M
YoY Change 12.81% 19.72%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $1.222M $2.563M
YoY Change -52.32% 21.3%
Depreciation, Depletion And Amortization $1.280M $980.0K
YoY Change 30.61% 16.67%
Cash From Operating Activities -$510.0K $4.320M
YoY Change -111.81% -36.28%
INVESTING ACTIVITIES
Capital Expenditures -$4.070M -$9.290M
YoY Change -56.19% 101.08%
Acquisitions
YoY Change
Other Investing Activities -$450.0K $0.00
YoY Change
Cash From Investing Activities -$4.530M -$9.310M
YoY Change -51.34% 101.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.020M 4.960M
YoY Change 1.21% -331.78%
NET CHANGE
Cash From Operating Activities -510.0K 4.320M
Cash From Investing Activities -4.530M -9.310M
Cash From Financing Activities 5.020M 4.960M
Net Change In Cash -20.00K -30.00K
YoY Change -33.33% -400.0%
FREE CASH FLOW
Cash From Operating Activities -$510.0K $4.320M
Capital Expenditures -$4.070M -$9.290M
Free Cash Flow $3.560M $13.61M
YoY Change -73.84% 19.39%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q2 us-gaap Other Liabilities
OtherLiabilities
21591000 USD
CY2015Q4 us-gaap Other Liabilities
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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Cash
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1591000 USD
lmnr Increase In Real Estate Development And Financing Liability
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lmnr Settlement Of Lease Obligation Related To Agricultural Property Acquisition
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lmnr Settlement Of Lease Obligation Related To Agricultural Property Acquisition
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us-gaap Noncash Contribution Expense
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CY2016Q2 lmnr Lemon Supplier Advances
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35000 USD
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4314000 USD
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446000 USD
CY2016Q2 us-gaap Goodwill
Goodwill
680000 USD
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Goodwill
680000 USD
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1211000 USD
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1655000 USD
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CY2015Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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541000 USD
CY2016Q2 us-gaap Accrued Income Taxes Current
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0 USD
CY2015Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
180000 USD
CY2016Q2 us-gaap Interest Payable Current
InterestPayableCurrent
164000 USD
CY2015Q4 us-gaap Interest Payable Current
InterestPayableCurrent
263000 USD
CY2016Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
712000 USD
CY2015Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
892000 USD
CY2016Q2 us-gaap Accrued Rent Current
AccruedRentCurrent
63000 USD
CY2015Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
827000 USD
CY2016Q2 lmnr Accrued Payables To Lemon Suppliers
AccruedPayablesToLemonSuppliers
0 USD
CY2015Q4 lmnr Accrued Payables To Lemon Suppliers
AccruedPayablesToLemonSuppliers
788000 USD
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
958000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
718000 USD
CY2016Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
10000000 USD
CY2016Q2 lmnr Prepayment Penalty Of Unpaid Balance
PrepaymentPenaltyOfUnpaidBalance
0.02 pure
CY2016Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
497000 USD
CY2015Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
613000 USD
CY2016Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
4176000 USD
CY2015Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
4359000 USD
CY2016Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
825000 USD
CY2015Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
935000 USD
CY2015Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
300000 USD
CY2016Q2 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
47000 USD
CY2015Q4 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
47000 USD
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
19900000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
19900000 shares
CY2016Q2 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
0 USD
CY2015Q4 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
2000000 USD
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14178226 shares
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14178226 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14135080 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14135080 shares
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
44000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>1. Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Limoneira Company, a Delaware corporation (the &#8220;Company&#8221;), engages primarily in growing citrus and avocados, picking and hauling citrus and packing, marketing and selling lemons. The Company is also engaged in residential rentals and other rental operations and real estate development activities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company markets and sells lemons directly to food service, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. (&#8220;Sunkist&#8221;), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company sells all of its avocado production to Calavo Growers, Inc. (&#8220;Calavo&#8221;), a packing and marketing company listed on NASDAQ under the symbol CVGW. Calavo&#8217;s customers include many of the largest retail and food service companies in the United States and Canada. The Company&#8217;s avocados are packed by Calavo, sold and distributed under Calavo brands to its customers.&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. The unaudited interim consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows of the Company and its wholly-owned subsidiaries. The Company&#8217;s subsidiaries include: Limoneira International Division, LLC, Limoneira Mercantile, LLC, Windfall Investors, LLC, Templeton Santa Barbara, LLC, Associated Citrus Packers, Inc. (&#8220;Associated&#8221;), Limoneira Chile, SpA, Limoneira EA1 Land, LLC and Limoneira S.A. All significant intercompany balances and transactions have been eliminated in consolidation. The Company considers the criteria established under the Financial Accounting Standards Board &#150; Accounting Standards Code (&#8220;FASB ASC&#8221;) 810, <i>Consolidations</i> and the effect of variable interest entities, in its consolidation process. These unaudited consolidated financial statements should be read in conjunction with the notes thereto included in this quarterly report.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
11560000 USD
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
120000 USD
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
148000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
240000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
392000 USD
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
500 shares
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
6250 shares
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1004000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1223000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
44000 USD
CY2016Q2 lmnr Rental Income
RentalIncome
15000 USD
CY2015Q2 lmnr Rental Income
RentalIncome
50000 USD
lmnr Rental Income
RentalIncome
15000 USD
lmnr Rental Income
RentalIncome
102000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
36000 USD
CY2015 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
712000 USD
CY2016Q2 lmnr Increase In Real Estate Development And Financing Liability
IncreaseInRealEstateDevelopmentAndFinancingLiability
477000 USD
CY2016Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
450000 USD
CY2016Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
176000 USD
CY2015Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
156000 USD
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
104984000 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
89668000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Reclassifications and Adjustments</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain reclassifications have been made to the prior years&#8217; consolidated financial statements to conform to the April 30, 2016 presentation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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