Net revenue

Total net revenues of $39.3 million for the first quarter of fiscal 2022

Limoneira Company, a diversified citrus growing, packaging, sales and marketing company with related agribusiness and real estate development operations, today reported its financial results for the first quarter ended January 31, 2022 .

Results for the first quarter of fiscal 2022
For the first quarter of fiscal 2022, total net income was $39.3 million, compared to total net income of $38.3 million in the first quarter of the prior year. Agribusiness revenue was $38.1 million, compared to $37.1 million in the first quarter last year. Revenue from other activities was similar to the prior year at $1.2 million for the first quarter of fiscal 2022.

Agribusiness revenue for the first quarter of fiscal 2022 includes $24.7 million in sales of fresh lemons, compared to $25.0 million in sales of fresh lemons in the same period of the year. fiscal 2021. Approximately 1,207,000 cartons of U.S. packaged fresh lemons were sold in total during the first quarter of fiscal 2022 at an average price of $20.48 per carton, compared to approximately 1,320,000 cartons sold at an average price of $18.91 per carton during the first quarter of fiscal 2021. Lemon revenues in the first quarter of fiscal 2022 and 2021 included fruit and other lemon sales of $3.9 million and $3.5 million, respectively. Revenue from fruit brokerage consists mainly of packaged fruit intended for resale when the Company is the principal in the transaction.

The Company recorded $0.8 million in attorney revenue in the first quarter of fiscal 2022, compared to no attorney revenue in the same prior year period. Approximately 365,000 pounds of avocados were sold in total during the first quarter of fiscal 2022 at an average price of $2.10 per pound.

The Company recorded $0.9 million in orange revenue in the first quarter of fiscal 2022, compared to $1.1 million in the same period of fiscal 2021. Approximately 53,000 cartons of oranges were sold during the first quarter of fiscal 2022 at an average price of $16.47. per carton, compared to approximately 119,000 cartons sold at an average price of $9.17 per carton in the first quarter of fiscal 2021. Revenues from specialty citrus and other crops for the first quarter of fiscal 2022 were $0.9 million, compared to $1.8 million in the same quarter. period of the 2021 financial year.

Total costs and expenses for the first quarter of fiscal 2022 were $48.8 million, compared to $43.9 million in the first quarter of the prior year. The increase is mainly due to higher packaging costs and third-party producer and supplier costs. In addition, the Company recorded a severance expense of $0.7 million due to the departure of a Named Executive Officer.

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For more information: www.limoneira.com