Californian agribusiness Limoneira has announced its results for the third quarter of fiscal 2011, with net income applicable to common stock dropping by 4 per cent from US$4.8m in 2010 to US$4.6m.
The drop was attributed to higher costs and expenses, which hit US$16m in the third quarter compared with US$13.2m in the same period last year, an increase primarily due to growing real estate development costs.
Revenue did climb 5 per cent to US$23.2m, up from US$22.2m, while agricultural revenue comprised US$19.9m of that total – made up of lemon sales (US$11.4m), avocado sales (US$6.3m) and orange, specialty citrus and other crops (US$2.1m).
'We continued to make solid progress with our business in the third quarter of fiscal year 2011, as we improved our top line, generated significant adjusted EBITDA in the quarter and improved our balance sheet by reducing our long-term debt,' said Harold Edwards, president and CEO. 'Our agribusiness benefited from increased lemon sales due to higher volumes, and we are pleased with the positive customer response we continue to receive regarding our direct lemon sales and marketing strategy.
'As we begin our final quarter of fiscal 2011 and look toward next year, we are confident about the position of our business,' he added. 'We are improving our operations in both our agribusiness and real estate segments and believe we are on track for long-term growth and profitability.'
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