FORM |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
FOR THE TRANSITION PERIOD FROM TO |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
Title of Each Class | Trading Symbol | Name of Each Exchange of Which Registered | ||||||
The |
☐ | Large accelerated filer | ☒ | Emerging growth company | ||||||||||||||
☐ | Non-accelerated filer | Smaller reporting company |
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Consolidated Balance Sheets – January 31, 2021 and October 31, 2020 | ||||||||
Consolidated Statements of Operations – three months ended January 31, 2021 and 2020 | ||||||||
Consolidated Statements of Comprehensive Loss – three months ended January 31, 2021 and 2020 | ||||||||
Consolidated Statements of Stockholders' Equity and Temporary Equity – three months ended January 31, 2021 and 2020 | ||||||||
Consolidated Statements of Cash Flows – three months ended January 31, 2021 and 2020 | ||||||||
Notes to Consolidated Financial Statements | ||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
Item 4. | Controls and Procedures | |||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | Legal Proceedings | |||||||
Item 1A. | Risk Factors | |||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Item 3. | Defaults Upon Senior Securities | |||||||
Item 4. | Mine Safety Disclosures | |||||||
Item 5. | Other Information | |||||||
Item 6. | Exhibits | |||||||
SIGNATURES |
January 31, 2021 | October 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Cultural costs | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Receivables/other from related parties | |||||||||||
Income taxes receivable | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Real estate development | |||||||||||
Equity in investments | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Growers payable | |||||||||||
Accrued liabilities | |||||||||||
Payables to related parties | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities: | |||||||||||
Long-term debt, less current portion | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (See Note 16) | |||||||||||
Series B Convertible Preferred Stock – $ | |||||||||||
Series B-2 Convertible Preferred Stock – $ | |||||||||||
Stockholders' Equity: | |||||||||||
Series A Junior Participating Preferred Stock – $ | |||||||||||
Common Stock – $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Net revenues: | |||||||||||
Agribusiness | $ | $ | |||||||||
Other operations | |||||||||||
Total net revenues | |||||||||||
Costs and expenses: | |||||||||||
Agribusiness | |||||||||||
Other operations | |||||||||||
Selling, general and administrative | |||||||||||
Total costs and expenses | |||||||||||
Operating loss | ( | ( | |||||||||
Other income (expense): | |||||||||||
Interest income | |||||||||||
Interest expense, net of dividends | ( | ||||||||||
Equity in earnings (losses) of investments, net | ( | ||||||||||
Loss on stock in Calavo Growers, Inc. | ( | ||||||||||
Other (expense) income, net | ( | ||||||||||
Total other income (expense) | ( | ||||||||||
Loss before income tax benefit | ( | ( | |||||||||
Income tax benefit | |||||||||||
Net loss | ( | ( | |||||||||
Net (income) loss attributable to noncontrolling interest | ( | ||||||||||
Net loss attributable to Limoneira Company | ( | ( | |||||||||
Preferred dividends | ( | ( | |||||||||
Net loss attributable to common stock | $ | ( | $ | ( | |||||||
Basic net loss per common share | $ | ( | $ | ( | |||||||
Diluted net loss per common share | $ | ( | $ | ( | |||||||
Weighted-average common shares outstanding-basic | |||||||||||
Weighted-average common shares outstanding-diluted |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Minimum pension liability adjustment, net of tax of $ | |||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive loss | ( | ( | |||||||||
Comprehensive (income) loss attributable to noncontrolling interest | ( | ||||||||||
Comprehensive loss attributable to Limoneira Company | $ | ( | $ | ( |
Stockholders' Equity | Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Accumulated Other Comprehensive | Treasury | Non- controlling | Total | Series B Preferred | Series B-2 Preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | (Loss) Income | Stock | Interest | Equity | Stock | Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Common ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | ( | ( | ( | — | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | ( | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Accumulated Other Comprehensive | Treasury | Non- controlling | Total | Series B Preferred | Series B-2 Preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Loss | Stock | Interest | Equity | Stock | Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2019 | $ | $ | $ | $ | ( | $ | — | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Common ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 $ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | ( | — | ( | — | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | — | — | — | — | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2020 | $ | $ | $ | $ | ( | $ | — | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gain on disposals of assets | ( | ||||||||||
Stock compensation expense | |||||||||||
Non-cash lease expense | |||||||||||
Equity in earnings of investments | ( | ||||||||||
Deferred income taxes | ( | ( | |||||||||
Loss on stock in Calavo Growers, Inc. | |||||||||||
Other, net | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable and receivables/other from related parties | ( | ( | |||||||||
Cultural costs | |||||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Income taxes receivable | |||||||||||
Other assets | ( | ||||||||||
Accounts payable and growers payable | ( | ( | |||||||||
Accrued liabilities and payables to related parties | ( | ( | |||||||||
Other long-term liabilities | ( | ||||||||||
Net cash used in operating activities | ( | ( | |||||||||
Investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Collection on note receivable | |||||||||||
Equity investment contributions | ( | ||||||||||
Investments in mutual water companies and water rights | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Borrowings of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Dividends paid – common | ( | ( | |||||||||
Dividends paid – preferred | ( | ( | |||||||||
Exchange of common stock | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net increase in cash | |||||||||||
Cash at beginning of period | |||||||||||
Cash at end of period | $ | $ |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the period for interest, net of amounts capitalized | $ | $ | |||||||||
Cash paid during the period for income taxes, net of (refunds received) | $ | ( | $ | ||||||||
Non-cash investing and financing activities: | |||||||||||
Capital expenditures accrued but not paid at period-end | $ | $ | |||||||||
Accrued contribution obligation of investment in water company | $ | $ | |||||||||
Three Months Ended January 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Pre-tax Amount | Tax (Expense) Benefit | Net Amount | Pre-tax Amount | Tax (Expense) Benefit | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Minimum pension liability adjustments: | |||||||||||||||||||||||||||||||||||
Other comprehensive gain before reclassifications | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( |
Foreign Currency Translation Loss | Defined Benefit Pension Plan | Available-for-Sale Securities | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||
Balance as of October 31, 2020 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Balance as of January 31, 2021 | $ | ( | $ | ( | $ | $ | ( |
Foreign Currency Translation Loss | Defined Benefit Pension Plan | Available-for-Sale Securities | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||
Balance as of October 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Balance as of January 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( |
January 31, 2021 | October 31, 2020 | ||||||||||
Prepaid supplies and insurance | $ | $ | |||||||||
Note receivable and related interest | |||||||||||
Real estate development held for sale | |||||||||||
Sales tax receivable | |||||||||||
Lemon supplier advances and other | |||||||||||
$ | $ |
January 31, 2021 | October 31, 2020 | ||||||||||
Retained Property - East Area I | $ | $ | |||||||||
East Area II | |||||||||||
$ | $ |
January 31, 2021 | October 31, 2020 | ||||||||||
Limoneira Lewis Community Builders, LLC | $ | $ | |||||||||
Limco Del Mar, Ltd. | |||||||||||
Rosales | |||||||||||
Romney Property Partnership | |||||||||||
$ | $ |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues | $ | $ | |||||||||
Cost of land sold | |||||||||||
Operating expenses | |||||||||||
Net income | $ | $ | |||||||||
Net income attributable to Limoneira Company | $ | $ |
Goodwill Carrying Amount | |||||
Balance at October 31, 2020 | $ | ||||
Foreign currency translation adjustment | |||||
Balance at January 31, 2021 | $ |
January 31, 2021 | October 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life in Years | ||||||||||||||||||||||||||||||||||||||||
Trade names and trademarks | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Non-competition agreement | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Acquired water and mineral rights | — | Indefinite | — | Indefinite | |||||||||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
2021 (excluding the three months ended January 31, 2021) | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
$ |
January 31, 2021 | October 31, 2020 | ||||||||||
Compensation | $ | $ | |||||||||
Property taxes | |||||||||||
Lemon and orange supplier payables | |||||||||||
Operating expenses | |||||||||||
Leases | |||||||||||
Other | |||||||||||
$ | $ |
January 31, 2021 | October 31, 2020 | |||||||||||||
Farm Credit West revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was | $ | $ | ||||||||||||
Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at | ||||||||||||||
Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at | ||||||||||||||
Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at | ||||||||||||||
Farm Credit West term loan: Effective July 1, 2020 the interest rate was fixed at | ||||||||||||||
Wells Fargo term loan: the interest rate is fixed at | ||||||||||||||
Banco de Chile term loan: the interest rate is fixed at | ||||||||||||||
Note Payable: the interest rate ranges from | ||||||||||||||
Banco de Chile COVID-19 loans: The interest rates are fixed at | ||||||||||||||
Subtotal | ||||||||||||||
Less deferred financing costs, net of accumulated amortization | ||||||||||||||
Total long-term debt, net | ||||||||||||||
Less current portion | ||||||||||||||
Long-term debt, less current portion | $ | $ |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating lease revenue | $ | $ | |||||||||
Variable lease revenue | |||||||||||
Total lease revenue | $ | $ |
Classification | January 31, 2021 | October 31, 2020 | |||||||||||||||
Assets | |||||||||||||||||
Operating lease ROU assets | Other assets | $ | $ | ||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Current operating lease liabilities | Accrued liabilities | ||||||||||||||||
Non-current operating lease liabilities | |||||||||||||||||
Total operating lease liabilities | $ | $ |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows from operating leases | $ | $ | |||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | $ |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Basic net loss per common share: | |||||||||||
Net loss applicable to common stock | $ | ( | $ | ( | |||||||
Effect of unvested, restricted stock | ( | ( | |||||||||
Numerator: Net loss for basic EPS | ( | ( | |||||||||
Denominator: Weighted average common shares-basic | |||||||||||
Basic net loss per common share | $ | ( | $ | ( |
Diluted net loss per common share: | |||||||||||
Numerator: Net loss for diluted EPS | $ | ( | $ | ( | |||||||
Weighted average common shares–basic | |||||||||||
Effect of dilutive unvested, restricted stock and preferred stock | |||||||||||
Denominator: Weighted average common shares–diluted | |||||||||||
Diluted net loss per common share | $ | ( | $ | ( |
January 31, 2021 | October 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Receivable/Other from Related Parties | Other Assets | Payables to Related Parties | Other Long-Term Liabilities | Receivable/Other from Related Parties | Other Assets | Payables to Related Parties | Other Long-Term Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
3 | Cooperative association | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
6 | Colorado River Growers | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
9 | LLCB | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended January 31, 2021 | Three Months Ended January 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ref | Related Party | Net Revenue Agribusiness | Net Revenue Rental Operations | Agribusiness Expense and Other | Dividends Paid | Net Revenue Agribusiness | Net Revenue Rental Operations | Agribusiness Expense and Other | Other Income, Net | Dividends Paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Employees | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Mutual water companies | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Cooperative association | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Calavo | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Cadiz / Fenner / WAM | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Colorado River Growers | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | YMIDD | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Administrative expenses | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Prior service cost | |||||||||||
Recognized actuarial loss | |||||||||||
Net periodic benefit cost | $ | $ |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | $ | $ | — | $ | $ | $ | $ | $ | |||||||||||||||||
Intersegment revenue | ( | — | — | — | — | — | ||||||||||||||||||||
Total net revenues | ( | |||||||||||||||||||||||||
Costs and expenses | ( | |||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Operating (loss) income | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ( |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | $ | $ | — | $ | $ | $ | $ | $ | |||||||||||||||||
Intersegment revenue | ( | — | — | — | — | — | ||||||||||||||||||||
Total net revenues | ( | |||||||||||||||||||||||||
Costs and expenses | ( | |||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Operating (loss) income | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended January 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||
Agribusiness | $ | 37,137 | $ | 40,483 | ||||||||||
Other operations | 1,138 | 1,173 | ||||||||||||
Total net revenues | 38,275 | 41,656 | ||||||||||||
Costs and expenses: | ||||||||||||||
Agribusiness | 36,938 | 42,543 | ||||||||||||
Other operations | 1,082 | 1,269 | ||||||||||||
Selling, general and administrative | 5,895 | 6,310 | ||||||||||||
Total costs and expenses | 43,915 | 50,122 | ||||||||||||
Operating (loss) income: | ||||||||||||||
Agribusiness | 199 | (2,060) | ||||||||||||
Other operations | 56 | (96) | ||||||||||||
Selling, general and administrative | (5,895) | (6,310) | ||||||||||||
Operating loss | (5,640) | (8,466) | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | 43 | 225 | ||||||||||||
Interest expense, net of dividends | 134 | (170) | ||||||||||||
Equity in earnings (losses) of investments, net | 366 | (120) | ||||||||||||
Loss on stock in Calavo Growers, Inc. | — | (2,024) | ||||||||||||
Other (expense) income, net | (6) | 515 | ||||||||||||
Total other income (expense) | 537 | (1,574) | ||||||||||||
Loss before income tax benefit | (5,103) | (10,040) | ||||||||||||
Income tax benefit | 1,187 | 3,136 | ||||||||||||
Net loss | (3,916) | (6,904) | ||||||||||||
Net (income) loss attributable to noncontrolling interest | (292) | 477 | ||||||||||||
Net loss attributable to Limoneira Company | $ | (4,208) | $ | (6,427) |
Three Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Net loss attributable to Limoneira Company | $ | (4,208) | $ | (6,427) | |||||||
Interest income | (43) | (225) | |||||||||
Interest expense, net of dividends | (134) | 170 | |||||||||
Income tax benefit | (1,187) | (3,136) | |||||||||
Depreciation and amortization | 2,501 | 2,565 | |||||||||
EBITDA | $ | (3,071) | $ | (7,053) | |||||||
Loss on stock in Calavo Growers, Inc. | — | 2,024 | |||||||||
Adjusted EBITDA | $ | (3,071) | $ | (5,029) |
Agribusiness Revenues for the Three Months Ended January 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Lemons | $ | 34,197 | $ | 36,151 | $ | (1,954) | (5)% | ||||||||||
Avocados | — | 168 | (168) | (100)% | |||||||||||||
Oranges | 1,091 | 2,272 | (1,181) | (52)% | |||||||||||||
Specialty citrus and other crops | 1,849 | 1,892 | (43) | (2)% | |||||||||||||
Agribusiness revenues | $ | 37,137 | $ | 40,483 | $ | (3,346) | (8)% |
Agribusiness Costs and Expenses for the Three Months Ended January 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Packing costs | $ | 10,377 | $ | 9,156 | $ | 1,221 | 13% | ||||||||||
Harvest costs | 4,923 | 6,248 | (1,325) | (21)% | |||||||||||||
Growing costs | 8,112 | 9,779 | (1,667) | (17)% | |||||||||||||
Third-party grower costs | 11,314 | 15,076 | (3,762) | (25)% | |||||||||||||
Depreciation and amortization | 2,212 | 2,284 | (72) | (3)% | |||||||||||||
Agribusiness costs and expenses | $ | 36,938 | $ | 42,543 | $ | (5,605) | (13)% |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 29,300 | $ | 4,897 | $ | — | $ | — | $ | 2,940 | $ | 37,137 | $ | 1,138 | $ | 38,275 | ||||||||||
Intersegment revenue | — | 6,685 | (6,685) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 29,300 | 11,582 | (6,685) | — | 2,940 | 37,137 | 1,138 | 38,275 | ||||||||||||||||||
Costs and expenses | 29,507 | 9,531 | (6,685) | — | 2,373 | 34,726 | 6,688 | 41,414 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,212 | 289 | 2,501 | ||||||||||||||||||
Operating (loss) income | $ | (207) | $ | 2,051 | $ | — | $ | — | $ | 567 | $ | 199 | $ | (5,839) | $ | (5,640) |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 32,057 | $ | 4,094 | $ | — | $ | 168 | $ | 4,164 | $ | 40,483 | $ | 1,173 | $ | 41,656 | ||||||||||
Intersegment revenue | — | 7,105 | (7,105) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 32,057 | 11,199 | (7,105) | 168 | 4,164 | 40,483 | 1,173 | 41,656 | ||||||||||||||||||
Costs and expenses | 34,351 | 8,609 | (7,105) | 473 | 3,931 | 40,259 | 7,298 | 47,557 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,284 | 281 | 2,565 | ||||||||||||||||||
Operating (loss) income | $ | (2,294) | $ | 2,590 | $ | — | $ | (305) | $ | 233 | $ | (2,060) | $ | (6,406) | $ | (8,466) |
Trailing Twelve Months Ended January 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Agribusiness | $ | 156,591 | $ | 166,232 | |||||||
Other operations | 4,587 | 4,804 | |||||||||
Total revenues | 161,178 | 171,036 | |||||||||
Costs and expenses: | |||||||||||
Agribusiness | 151,676 | 155,999 | |||||||||
Other operations | 4,317 | 4,601 | |||||||||
Loss on sale and disposal of property assets | 502 | — | |||||||||
Selling, general and administrative | 20,865 | 22,465 | |||||||||
Total costs and expenses | 177,360 | 183,065 | |||||||||
Operating loss | (16,182) | (12,029) | |||||||||
Other (expense) income: | |||||||||||
Interest income | 180 | 393 | |||||||||
Interest expense, net of dividends | (1,744) | (2,619) | |||||||||
Equity in earnings of investments, net | 825 | 2,911 | |||||||||
Loss on stock in Calavo Growers, Inc. | (4,275) | (231) | |||||||||
Other (expense) income, net | (302) | 340 | |||||||||
Total other (expense) income | (5,316) | 794 | |||||||||
Loss before income tax benefit | (21,498) | (11,235) | |||||||||
Income tax benefit | 6,545 | 2,472 | |||||||||
Net loss | (14,953) | (8,763) | |||||||||
Loss attributable to noncontrolling interest | 737 | 17 | |||||||||
Net loss attributable to Limoneira Company | $ | (14,216) | $ | (8,746) |
Period | Total Number of Shares Purchased (1) | Weighted Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||
November 1, 2020 - November 30, 2020 | — | — | — | — | ||||||||||
December 1, 2020 - December 31, 2020 | 46,993 | $ | 14.90 | — | — | |||||||||
January 1, 2021 - January 31, 2021 | — | — | — | — | ||||||||||
Total | 46,993 | — | — |
Exhibit Number | Exhibit | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
3.6 | |||||
3.7 | |||||
3.8 | |||||
3.8.1 | |||||
3.8.2 | |||||
3.8.3 | |||||
3.8.4 | |||||
4.1 | |||||
4.2 | |||||
4.3 |
Exhibit Number | Exhibit | ||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101.INS* | XBRL Instance Document | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | The cover page for the Company's Quarterly Report on Form 10-Q for the quarter ended January 31, 2021, has been formatted in Inline XBRL. |
* | Filed or furnished herewith, | |||||||
In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. |
LIMONEIRA COMPANY | ||||||||
March 10, 2021 | By: | /s/ HAROLD S. EDWARDS | ||||||
Harold S. Edwards | ||||||||
Director, President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
March 10, 2021 | By: | /s/ MARK PALAMOUNTAIN | ||||||
Mark Palamountain | ||||||||
Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
(Principal Financial and Accounting Officer) |
March 10, 2021 | /s/ Harold S. Edwards | |||||||
Harold S. Edwards, | ||||||||
Director, President, and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
March 10, 2021 | /s/ Mark Palamountain | |||||||
Mark Palamountain, | ||||||||
Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
(Principal Financial and Accounting Officer) |
March 10, 2021 | /s/ Harold S. Edwards | |||||||
Harold S. Edwards, | ||||||||
Director, President, and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
March 10, 2021 | /s/ Mark Palamountain | |||||||
Mark Palamountain, | ||||||||
Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
(Principal Financial and Accounting Officer) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (3,916) | $ (6,904) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 795 | (1,267) |
Minimum pension liability adjustment, net of tax of $51 and $50 for the three months ended January 31, 2021 and 2020, respectively. | 134 | 135 |
Total other comprehensive income (loss), net of tax | 929 | (1,132) |
Comprehensive loss | (2,987) | (8,036) |
Comprehensive (income) loss attributable to noncontrolling interest | (331) | 465 |
Comprehensive loss attributable to Limoneira Company | $ (3,318) | $ (7,571) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Statement of Other Comprehensive Income [Abstract] | ||
Minimum pension liability adjustment, tax | $ 51 | $ 50 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY - USD ($) $ in Thousands |
Total |
Series B Preferred Stock |
Series B2 Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Series B Preferred Stock
|
Retained Earnings
Series B2 Preferred Stock
|
Accumulated Other Comprehensive (Loss) Income |
Treasury Stock |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Oct. 31, 2019 | 17,756,180 | ||||||||||
Beginning balance at Oct. 31, 2019 | $ 221,688 | $ 178 | $ 160,254 | $ 53,089 | $ (7,255) | $ 15,422 | |||||
Stockholders' Equity | |||||||||||
Dividends Common | (1,338) | (1,338) | |||||||||
Dividends Preferred | $ (32) | $ (93) | $ (32) | $ (93) | |||||||
Stock compensation (in shares) | 112,841 | ||||||||||
Stock compensation | 829 | $ 1 | 828 | ||||||||
Exchange of common stock (in shares) | (11,314) | ||||||||||
Exchange of common stock | (213) | (213) | |||||||||
Net income (loss) | (6,904) | (6,427) | (477) | ||||||||
Other comprehensive (loss) income, net of tax | (1,120) | (1,132) | 12 | ||||||||
Ending balance (in shares) at Jan. 31, 2020 | 17,857,707 | ||||||||||
Ending balance at Jan. 31, 2020 | 212,817 | $ 179 | 160,869 | 45,199 | (8,387) | 14,957 | |||||
Beginning balance, temporary equity at Oct. 31, 2019 | 1,479 | 9,331 | |||||||||
Ending balance, temporary equity at Jan. 31, 2020 | 1,479 | 9,331 | |||||||||
Beginning balance (in shares) at Oct. 31, 2020 | 17,606,730 | ||||||||||
Beginning balance at Oct. 31, 2020 | 195,760 | $ 179 | 162,084 | 30,797 | (7,548) | $ (3,493) | 13,741 | ||||
Stockholders' Equity | |||||||||||
Dividends Common | (1,324) | (1,324) | |||||||||
Dividends Preferred | (32) | (93) | $ (32) | $ (93) | |||||||
Stock compensation (in shares) | 125,190 | ||||||||||
Stock compensation | 1,067 | $ 1 | 1,066 | ||||||||
Exchange of common stock (in shares) | (46,993) | ||||||||||
Exchange of common stock | (701) | $ (1) | (700) | ||||||||
Net income (loss) | (3,916) | (4,208) | 292 | ||||||||
Other comprehensive (loss) income, net of tax | 968 | 929 | 39 | ||||||||
Ending balance (in shares) at Jan. 31, 2021 | 17,684,927 | ||||||||||
Ending balance at Jan. 31, 2021 | $ 191,729 | $ 179 | $ 162,450 | $ 25,140 | $ (6,619) | $ (3,493) | $ 14,072 | ||||
Beginning balance, temporary equity at Oct. 31, 2020 | 1,479 | 9,331 | |||||||||
Ending balance, temporary equity at Jan. 31, 2021 | $ 1,479 | $ 9,331 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Dividends - Common (in dollars per share) | $ 0.075 | $ 0.075 |
Series B Preferred Stock | ||
Dividends - Preferred (in dollars per share) | 2.19 | 2.19 |
Series B2 Preferred Stock | ||
Dividends - Preferred (in dollars per share) | $ 10 | $ 10 |
Organization and Basis of Presentation |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Business Limoneira Company (together with its consolidated subsidiaries, the “Company”) 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. The Company markets and sells lemons directly to food service, wholesale and retail customers throughout the United States, Canada, Asia, Europe and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. The Company sells the majority of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on the NASDAQ Global Select Market under the symbol CVGW. Calavo’s customers include many of the largest retail and food service companies in the United States and Canada. Calavo packs the Company’s avocados, which are then sold and distributed under Calavo brands to its customers. Basis of Presentation and Preparation The accompanying unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which the Company holds a controlling interest. Intercompany accounts and transactions have been eliminated. In the opinion of the Company, the unaudited interim consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these unaudited interim consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Because the consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.
|
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Comprehensive Loss Comprehensive loss represents all changes in a company’s net assets, except changes resulting from transactions with shareholders. Other comprehensive income or loss primarily includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive (loss) income is reported as a component of the Company's stockholders' equity. The following table summarizes the changes in other comprehensive income (loss) by component (in thousands):
2. Summary of Significant Accounting Policies (continued) The following table summarizes the changes in accumulated other comprehensive (loss) income by component (in thousands):
Recent Accounting Pronouncements FASB ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs This amendment requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. ASU 2016-13 is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU effective November 1, 2020 and the adoption did not have a material impact on its consolidated financial statements. FASB ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity This amendment simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU 2020-06 is effective for public business entities that meet the definition of a SEC filer for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. The Company is evaluating the effect this ASU may have on its consolidated financial statements.
|
Concentrations and Geographic Information |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations and Geographic Information | Concentrations and Geographic Information Lemons procured from third-party growers were 48% and 55% of the Company's lemon supply in the three months ended January 31, 2021 and 2020, respectively, of which one third-party grower was 26% of the lemon supply for the three months ended January 31, 2021. The Company sells the majority of its avocado production to Calavo. Sales of avocados to Calavo were insignificant for the three months ended January 31, 2021 and 2020, respectively. The Company sells a majority of its oranges and specialty citrus to a third-party packinghouse. 3. Concentrations and Geographic Information (continued) Concentrations of credit risk with respect to revenues and accounts receivables are limited due to a large, diverse customer base. One individual customer represented 23% of revenues for the three months ended January 31, 2021. One individual customer represented 12% of accounts receivable, net as of January 31, 2021. During the three months ended January 31, 2021 and 2020, the Company had approximately $1,027,000 and $539,000, respectively, of total sales in Chile by Fruticola Pan de Azucar S.A. ("PDA") and Agricola San Pablo SpA ("San Pablo"). During the three months ended January 31, 2021 and 2020, the Company had approximately $1,671,000 and $199,000, respectively, of total sales in Argentina by Trapani Fresh.
|
Prepaid Expenses and Other Current Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
|
Real Estate Development |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Development | Real Estate Development Real estate development assets are comprised primarily of land and land development costs and consist of the following (in thousands):
East Area I, Retained Property and East Area II In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. On November 10, 2015 (the “Transaction Date”), the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (“LLCB” or “Joint Venture”) as the development entity, contributed its East Area I property to LLCB and sold a 50% interest in LLCB to Lewis for $20,000,000. The Company and the Joint Venture also entered into a Retained Property Development Agreement on the Transaction Date (the "Retained Property Agreement"). Under the terms of the Retained Property Agreement, the Joint Venture transferred certain contributed East Area I property, which is entitled for commercial development, back to the Company (the "Retained Property") and arranged for the design and construction of certain improvements to the Retained Property, subject to certain reimbursements by the Company. The balance in Retained Property and East Area II includes estimated costs incurred by and reimbursable to LLCB of $5,300,000 at January 31, 2021 and October 31, 2020, which is included in payables to related parties. 5. Real Estate Development (continued) East Area I, Retained Property and East Area II (continued) In January 2018, the Joint Venture entered into a $45,000,000 unsecured Line of Credit Loan Agreement and Promissory Note (the “Loan”) with Bank of America, N.A. to fund early development activities. The Loan originally was scheduled to mature in January 2020 and was extended to February 22, 2021 per the terms thereof. The interest rate on the Loan is LIBOR plus 2.85% and is payable monthly. The Loan contains certain customary default provisions and the Joint Venture may prepay any amounts outstanding under the Loan without penalty. In February 2021, this loan was extended to February 22, 2023 with an option to extend to February 22, 2024, subject to certain conditions. The Joint Venture recorded the Loan balance of $17,411,000 as of January 31, 2021. In February 2018, certain principals from Lewis and by the Company guaranteed the obligations under the Loan. The guarantee shall continue in effect until all of the Loan obligations are fully paid and the guarantors are jointly and severally liable for all Loan obligations in the event of default by the Joint Venture. The $1,080,000 estimated value of the guarantee was recorded in the Company’s consolidated balance sheets and is included in other long-term liabilities with a corresponding value in equity in investments. The extension had no impact on the Company's Loan guarantee value. Additionally, a Reimbursement Agreement was executed between the Lewis guarantors and the Company, which provides for unpaid liabilities of the Joint Venture to be shared pro-rata by the Lewis guarantors and the Company in proportion to their percentage interest in the Joint Venture. The Company made contributions to the Joint Venture of zero and $2,800,000 in the three months ended January 31, 2021 and 2020, respectively. Through January 31, 2021, the Joint Venture has closed the sales of the initial residential lots representing 398 residential units. Other Real Estate Development Projects The remaining real estate development parcel within the Templeton Santa Barbara, LLC project is described as Sevilla. In the first quarter of fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2,700,000, which is expected to close in fiscal year 2021. After transaction and other costs, the Company expects to receive cash proceeds of approximately $2,550,000 and recognize an immaterial gain upon closing. At January 31, 2021, the $2,543,000 carrying value of the property was classified as held for sale and included in prepaid expenses and other current assets. During December 2017, the Company sold its Centennial property with a net book value of $2,983,000 for $3,250,000. The Company received cash and a $3,000,000 promissory note secured by the property for the balance of the purchase. The promissory note was originally scheduled to mature in December 2019 but was extended to December 15, 2020 and the interest rate was reset to equal to the 6-month LIBOR plus 2.75% on the outstanding principal balance of the note, interest only paid monthly on the first day of each month beginning January 1, 2020. In September 2020, the promissory note was further extended to June 15, 2021 on the same terms and conditions upon making a principal paydown of $25,000, which was paid in November 2020, and an option to further extend the maturity date of the promissory note to December 15, 2021 on the same terms and conditions and upon making an additional principal paydown of $25,000 on or before June 1, 2021. At January 31, 2021, the net carrying value of the note was $2,625,000 and classified in prepaid expenses and other current assets.
|
Equity in Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in Investments | Equity in Investments Equity in investments consist of the following (in thousands):
Unconsolidated Significant Subsidiary 6. Equity in Investments (continued) In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries." In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim periods for the three months ended January 31, 2021 and 2020, this threshold was not met for any of the Company's equity investments. Although not required for the three months ended January 31, 2021, the Company included the LLCB summarized income statement information in this Quarterly Report on Form 10-Q since it anticipates it will be required in the second quarter of 2021. The following is unaudited summarized financial information for LLCB (in thousands):
|
Goodwill and Intangible Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets A summary of the change in the carrying amount of goodwill is as follows (in thousands):
Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of January 31, 2021. During the three months ended January 31, 2021, the Company acquired additional water rights in Chile for $186,000. Intangible assets consisted of the following as of January 31, 2021 and October 31, 2020 (in thousands):
Amortization expense totaled $263,000 and $285,000 for the three months ended January 31, 2021 and 2020, respectively. 7. Goodwill and Intangible Assets Estimated future amortization expense of intangible assets as of January 31, 2021 are as follows (in thousands):
|
Other Assets |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | Other AssetsInvestments in Mutual Water CompaniesThe Company’s investments in various not-for-profit mutual water companies provide the Company with the right to receive a proportionate share of water from each of the not-for-profit mutual water companies that have been invested in and do not constitute voting shares and/or rights. Amounts included in other assets in the consolidated balance sheets as of January 31, 2021 and October 31, 2020 were $5,567,000 and $5,563,000, respectively. |
Accrued Liabilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands):
|
Long-Term Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt is comprised of the following (in thousands):
The Company and Farm Credit West, FLCA (“Farm Credit West”) are parties to that certain Master Loan Agreement (the “Loan Agreement”), dated June 20, 2017, which includes a Revolving Credit Supplement and a Non-Revolving Credit Supplement (together, the “Supplements”). On June 30, 2020, the Company and Farm Credit West entered into a Conversion Agreement to convert the term loans noted above to fixed interest rate loans effective July 1, 2020. No changes were made to the outstanding principal balances on the term loans and the Company made no cash repayments of principal. The rates were subject to a prepayment restriction period for a portion of the fixed rate term that expired on January 1, 2021. The Company may prepay any amounts without penalty. In March 2020, the Company entered into a revolving equity line of credit promissory note and loan agreement with Farm Credit West for a $15,000,000 Revolving Equity Line of Credit (the "RELOC") secured by a first lien on the Windfall Investors, LLC property. The RELOC matures in 2043 and features a 3-year draw period followed by 20 years of fully amortized loan payments. The interest rate is variable with monthly interest-only payments during the 3-year draw period and monthly principal and interest payments thereafter. The Supplements and RELOC provide aggregate borrowing capacity of $130,000,000 comprised of $75,000,000 under the Revolving Credit Supplement, $40,000,000 under the Non-Revolving Credit Supplement and $15,000,000 under the RELOC. The borrowing capacity based on collateral value was $130,000,000 at January 31, 2021, of which $17,980,000 was available to borrow. All indebtedness under the Loan Agreement and RELOC with Farm Credit West, including any indebtedness under the Supplements, is secured by a first lien on certain of its agricultural properties in Tulare, Ventura and San Luis Obispo counties in California and certain of the Company's building fixtures and improvements and investments in mutual water companies associated with the pledged agricultural properties. The Loan Agreement includes customary default provisions that provide should an event of default occur, Farm Credit West, at its option, may declare all or any portion of the indebtedness under the Loan Agreement to be 10. Long-Term Debt (continued) immediately due and payable without demand, notice of non-payment, protest or prior recourse to collateral, and terminate or suspend the Company's right to draw or request funds on any loan or line of credit. In December 2020, Farm Credit West declared an annual cash patronage dividend of 1.50% of average eligible loan balances. The Company accrued the $1,170,000 dividend receivable in prepaid expenses and other current assets at January 31, 2021, which was received in February 2021. The Loan Agreement subjects the Company to affirmative and restrictive covenants including, among other customary covenants, financial reporting requirements, requirements to maintain and repair any collateral, restrictions on the sale of assets, restrictions on the use of proceeds, prohibitions on the incurrence of additional debt and restrictions on the purchase or sale of major assets of the Company's business. The Company is also subject to a covenant that it will maintain a debt service coverage ratio greater than 1.25:1.0 measured annually at October 31. In August 2020, Farm Credit West modified the covenant to defer measurement at October 31, 2020 and revert to a debt service coverage ratio of 1.25:1.0 measured as of October 31, 2021. Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of zero and $89,000 during the three months ended January 31, 2021 and 2020, respectively. Capitalized interest is included in property, plant and equipment and real estate development assets in the Company’s consolidated balance sheets.
|
Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessor Arrangements The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 22 years, with various renewal terms available. All of the residential rentals have month to month lease terms. The Company’s rental operations revenue consists of the following (in thousands):
Lessee Arrangements The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are typically classified as operating leases. The Company’s lease contracts are generally for agricultural land and packinghouse equipment with remaining lease terms ranging from to 17 years, with various term extensions available. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. As of January 31, 2021, there were no material finance leases for which the Company was a lessee. Operating lease costs were $142,000 and $137,000 for the three months ended January 31, 2021 and 2020, respectively, which are primarily included in agribusiness costs and expenses in the Company’s consolidated statements of operations. Variable and short term lease costs were immaterial. 11. Leases (continued) Lessee Arrangements (continued) Supplemental balance sheet information related to leases consists of the following (in thousands):
Supplemental cash flow information related to leases consists of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessor Arrangements The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 22 years, with various renewal terms available. All of the residential rentals have month to month lease terms. The Company’s rental operations revenue consists of the following (in thousands):
Lessee Arrangements The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are typically classified as operating leases. The Company’s lease contracts are generally for agricultural land and packinghouse equipment with remaining lease terms ranging from to 17 years, with various term extensions available. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. As of January 31, 2021, there were no material finance leases for which the Company was a lessee. Operating lease costs were $142,000 and $137,000 for the three months ended January 31, 2021 and 2020, respectively, which are primarily included in agribusiness costs and expenses in the Company’s consolidated statements of operations. Variable and short term lease costs were immaterial. 11. Leases (continued) Lessee Arrangements (continued) Supplemental balance sheet information related to leases consists of the following (in thousands):
Supplemental cash flow information related to leases consists of the following (in thousands):
|
Basic and Diluted Net Loss per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Net Loss per Share | Basic and Diluted Net Loss per Share Basic net loss per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. Diluted net loss per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of conversion of unvested, restricted stock and preferred stock. The computations for basic and diluted net loss per common share are as follows (in thousands, except per share amounts):
12. Basic and Diluted Net Loss per Share (continued) Diluted earnings (losses) per common share are computed using the more dilutive method of either the two-class method or the treasury stock method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. The Company excluded 226,000 and 149,000, unvested, restricted shares, as calculated under the treasury stock method, from its computation of diluted earnings (losses) per share for the three months ended January 31, 2021 and 2020, respectively.
|
Related-Party Transactions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions The Company has transactions with various related-parties as summarized in the tables below (in thousands):
(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees. There were no rental payments due from employees at January 31, 2021 and October 31, 2020. (2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies. (3) Cooperative association - The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies from and had payments due to the cooperative association. (4) Calavo - The Company had an investment in Calavo through March 2020 and has representation on the board of directors and Calavo has an investment in the Company. The Company recorded dividend income on its investment in Calavo, paid dividends to Calavo and had avocado sales to Calavo. Additionally, the Company leases office space to Calavo, purchased storage services from Calavo and had immaterial amounts due to Calavo for those services. 13. Related-Party Transactions (continued) (5) Cadiz / Fenner / WAM - A member of the Company’s board of directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and currently leases 670 acres located in eastern San Bernardino County, California. The annual base rental is equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses), not to exceed $1,200 per acre per year. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). An entity affiliated with WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock. Upon the adoption of ASC 842, the Company recorded a ROU asset and corresponding lease liability. (6) Colorado River Growers, Inc. (“CRG”) - The Company has representation on the board of directors of CRG, a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest expense to CRG, provided harvest management and administrative services to CRG and had a receivable due from CRG for such services. (7) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had amounts payable to them for such purchases. (8) FGF - The Company advances funds to FGF for fruit purchases which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. Additionally, FGF provided farming, packing, by-product processing and administrative services to Trapani Fresh. The Company had a receivable from FGF for lemon sales and a payable due to FGF for fruit purchases and services. (9) LLCB - Refer to Note 5 - Real Estate Development.
|
Income Taxes |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate for the three months ended January 31, 2021 was higher than the federal statutory tax rate of 21% mainly due to foreign jurisdictions which are taxed at different rates, state taxes, and nondeductible tax items. The Company has no material uncertain tax positions as of January 31, 2021. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of January 31, 2021. |
Retirement Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | Retirement Plans The Limoneira Company Retirement Plan (the “Plan”) is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees. Benefits paid by the Plan are calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date. The Plan is funded consistent with the funding requirements of federal law and regulations. There were no funding contributions during the three months ended January 31, 2021 and 2020. The components of net periodic pension cost for the Plan for the three months ended January 31, 2021 and 2020 were as follows (in thousands):
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings. |
Stock-based Compensation and Treasury Stock |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation and Treasury Stock | Stock-based Compensation and Treasury Stock Stock-based Compensation The Company has a stock-based compensation plan (the “Stock Plan”) that allows for the grant of common stock of the Company to members of management, key executives and non-employee directors. The fair value of such awards is based on the fair value of the Company’s stock on the date of grant and all are classified as equity awards. Performance Awards Certain restricted stock grants are made to management each December under the Stock Plan based on the achievement of certain annual financial performance and other criteria achieved during the previous fiscal year (“Performance Awards”). The performance grants are based on a percentage of the employee’s base salary divided by the stock price on the grant date once the performance criteria has been met, and generally vest over a two-year period as service is provided. There were no shares of common stock granted to management under the Stock Plan for fiscal year 2020 performance because the financial performance and other criteria were not met. Executive Awards Certain restricted stock grants are made to key executives under the Stock Plan (“Executive Awards”). These grants generally vest over a to five-year period as service is provided. During December 2020, the Company granted 95,000 shares of common stock with a per share price of $15.26 to key executives under the Stock Plan. The related compensation expense of approximately $1,450,000 will be recognized equally over the next three years as the shares vest. Director Awards The Company issues shares of common stock to non-employee directors under the Stock Plan on an annual basis that vest upon grant (“Director Awards”). During January 2021 and 2020, 27,815 and 17,841 shares, respectively, of common stock were granted as Director Awards. The Company recognized $469,000 and $358,000 of stock-based compensation to non-employee directors during the three months ended January 31, 2021 and 2020, respectively. During the three months ended January 31, 2021 and 2020, members of management exchanged 46,993 and 11,314 shares, respectively, of common stock with fair values of $701,000 and $213,000, respectively, at the date of the exchanges, for the payment of payroll taxes associated with the vesting of shares under the Company’s stock-based compensation programs. Treasury Stock Share Repurchase Program On March 12, 2020, the Board of Directors of the Company approved a share repurchase program authorizing the Company to repurchase up to $10,000,000 of its outstanding shares of common stock through March 2021. Under the share repurchase program, purchases of shares of common stock may be made from time to time in the open market or in privately negotiated transactions. The share repurchase program may be modified, suspended or discontinued at any time and does not commit the Company to repurchase shares of its common stock.
|
Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, farming and harvesting expenses and third-party grower costs relative to fresh lemons. The lemon packing segment includes packing revenues and shipping and handling revenues relative to lemon packing. The lemon packing segment expenses are comprised of lemon packing costs. The lemon packing segment revenues include intersegment revenues between fresh lemons and lemon packing. The intersegment revenues are included gross in the segment note and a separate line item is shown as an elimination. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment includes sales, farming and harvest costs of oranges, specialty citrus and other crops. Revenues related to rental operations are included in “Corporate and Other.” Other agribusiness revenues consist of oranges of $1,091,000 and specialty citrus and other crops of $1,849,000 for the three months ended January 31, 2021 and oranges of $2,272,000 and specialty citrus and other crops of $1,892,000 for the three months ended January 31, 2020. The Company does not separately allocate depreciation and amortization to its fresh lemons, lemon packing, avocados and other agribusiness segments. No asset information is provided for reportable operating segments, as these specified amounts are not included in the measure of segment profit or loss reviewed by the Company’s chief operating decision maker. The Company measures operating performance, including revenues and operating income, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, total other income (expense) and income taxes, or specifically identify them to its operating segments. The Company earns packing revenue for packing lemons grown on its orchards and lemons procured from third-party growers. Intersegment revenues represent packing revenues related to lemons grown on the Company’s orchards. Segment information for the three months ended January 31, 2021 (in thousands):
Segment information for the three months ended January 31, 2020 (in thousands):
|
Subsequent Events |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsExcept as described in the notes to the interim consolidated financial statements, no other subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Loss Comprehensive loss represents all changes in a company’s net assets, except changes resulting from transactions with shareholders. Other comprehensive income or loss primarily includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive (loss) income is reported as a component of the Company's stockholders' equity.
|
Recent Accounting Pronouncements | Recent Accounting Pronouncements FASB ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs This amendment requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. ASU 2016-13 is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU effective November 1, 2020 and the adoption did not have a material impact on its consolidated financial statements. FASB ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity This amendment simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU 2020-06 is effective for public business entities that meet the definition of a SEC filer for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. The Company is evaluating the effect this ASU may have on its consolidated financial statements.
|
Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) by Component | The following table summarizes the changes in other comprehensive income (loss) by component (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) by Component | The following table summarizes the changes in accumulated other comprehensive (loss) income by component (in thousands):
|
Prepaid Expenses and Other Current Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands):
|
Real Estate Development (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | Real estate development assets are comprised primarily of land and land development costs and consist of the following (in thousands):
|
Equity in Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity in Investments | Equity in investments consist of the following (in thousands):
The following is unaudited summarized financial information for LLCB (in thousands):
|
Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in the Carrying Amount of Goodwill | A summary of the change in the carrying amount of goodwill is as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | Intangible assets consisted of the following as of January 31, 2021 and October 31, 2020 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets | Intangible assets consisted of the following as of January 31, 2021 and October 31, 2020 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Amortization Expense of Intangible Assets | Estimated future amortization expense of intangible assets as of January 31, 2021 are as follows (in thousands):
|
Accrued Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
|
Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt is comprised of the following (in thousands):
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Rental Operations Revenue | The Company’s rental operations revenue consists of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases consists of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases consists of the following (in thousands):
|
Basic and Diluted Net Loss per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Income (Loss) per Share | The computations for basic and diluted net loss per common share are as follows (in thousands, except per share amounts):
|
Related-Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Transactions with Related-Parties | The Company has transactions with various related-parties as summarized in the tables below (in thousands):
(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees. There were no rental payments due from employees at January 31, 2021 and October 31, 2020. (2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies. (3) Cooperative association - The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies from and had payments due to the cooperative association. (4) Calavo - The Company had an investment in Calavo through March 2020 and has representation on the board of directors and Calavo has an investment in the Company. The Company recorded dividend income on its investment in Calavo, paid dividends to Calavo and had avocado sales to Calavo. Additionally, the Company leases office space to Calavo, purchased storage services from Calavo and had immaterial amounts due to Calavo for those services. 13. Related-Party Transactions (continued) (5) Cadiz / Fenner / WAM - A member of the Company’s board of directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and currently leases 670 acres located in eastern San Bernardino County, California. The annual base rental is equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses), not to exceed $1,200 per acre per year. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). An entity affiliated with WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock. Upon the adoption of ASC 842, the Company recorded a ROU asset and corresponding lease liability. (6) Colorado River Growers, Inc. (“CRG”) - The Company has representation on the board of directors of CRG, a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest expense to CRG, provided harvest management and administrative services to CRG and had a receivable due from CRG for such services. (7) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had amounts payable to them for such purchases. (8) FGF - The Company advances funds to FGF for fruit purchases which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. Additionally, FGF provided farming, packing, by-product processing and administrative services to Trapani Fresh. The Company had a receivable from FGF for lemon sales and a payable due to FGF for fruit purchases and services. (9) LLCB - Refer to Note 5 - Real Estate Development.
|
Retirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Plan for the three months ended January 31, 2021 and 2020 were as follows (in thousands):
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information by Segment | Segment information for the three months ended January 31, 2021 (in thousands):
Segment information for the three months ended January 31, 2020 (in thousands):
|
Summary of Significant Accounting Policies - Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax (Expense) Benefit | $ (51) | $ (50) |
Foreign Currency Translation Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-tax Amount | 795 | (1,267) |
Tax (Expense) Benefit | 0 | 0 |
Net Amount | 795 | (1,267) |
Defined Benefit Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-tax Amount | 185 | 185 |
Tax (Expense) Benefit | (51) | (50) |
Net Amount | 134 | 135 |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-tax Amount | 980 | (1,082) |
Tax (Expense) Benefit | (51) | (50) |
Net Amount | $ 929 | $ (1,132) |
Concentrations and Geographic Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Concentration Risk [Line Items] | ||
Revenues | $ 37,137 | $ 40,483 |
Customer Concentration Risk | Accounts Receivable | One Customer | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 12.00% | |
Customer Concentration Risk | Revenue Benchmark | One Customer | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 23.00% | |
Lemon | Supplier Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 48.00% | 55.00% |
Lemon | Supplier Concentration Risk | One Third-Party Grower | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 26.00% | |
Chile | San Pablo and PDA | ||
Concentration Risk [Line Items] | ||
Revenues | $ 1,027 | $ 539 |
Argentina | Trapani Fresh | ||
Concentration Risk [Line Items] | ||
Revenues | $ 1,671 | $ 199 |
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid supplies and insurance | $ 2,569 | $ 2,080 |
Note receivable and related interest | 2,470 | 2,490 |
Real estate development held for sale | 2,543 | 2,543 |
Sales tax receivable | 1,549 | 1,867 |
Lemon supplier advances and other | 2,181 | 1,708 |
Prepaid expenses and other current assets | $ 11,312 | $ 10,688 |
Real Estate Development - Schedule of Real Estate Development (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 21,510 | $ 21,636 |
Retained Property - East Area I | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | 12,698 | 13,169 |
East Area II | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 8,812 | $ 8,467 |
Equity in Investments (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | $ 61,580 | $ 61,214 |
Limoneira Lewis Community Builders, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 57,574 | 57,142 |
Limco Del Mar, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 1,986 | 1,920 |
Rosales | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 1,511 | 1,641 |
Romney Property Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | $ 509 | $ 511 |
Equity in Investments - Financial Information for Equity in Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 38,275 | $ 41,656 |
Cost of land sold | 36,938 | 42,543 |
Net loss | (3,916) | (6,904) |
Net income attributable to Limoneira Company | (4,208) | (6,427) |
Limoneira Lewis Community Builders | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 7,341 | 4,743 |
Cost of land sold | 5,750 | 3,960 |
Operating expenses | 255 | 328 |
Net loss | 1,336 | 455 |
Net income attributable to Limoneira Company | $ 678 | $ 249 |
Goodwill and Intangible Assets - Change in Carrying Amount of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Jan. 31, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Balance | $ 1,535 |
Foreign currency translation adjustment | 9 |
Balance | $ 1,544 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill impairment loss | $ 0 | |
Amortization expense | 263,000 | $ 285,000 |
Acquired water and mineral rights | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Acquired water rights | $ 186,000 |
Goodwill and Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands |
Jan. 31, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 (excluding the three months ended January 31, 2021) | $ 777 |
2022 | 989 |
2023 | 989 |
2024 | 981 |
2025 | 976 |
Thereafter | 2,763 |
Net Carrying Amount | $ 7,475 |
Other Assets (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Other Assets [Abstract] | ||
Investments in mutual water companies | $ 5,567 | $ 5,563 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 2,890 | $ 2,275 |
Property taxes | 225 | 683 |
Lemon and orange supplier payables | 0 | 1,346 |
Operating expenses | 1,455 | 938 |
Leases | 966 | 959 |
Other | 1,357 | 1,746 |
Accrued liabilities | $ 6,893 | $ 7,947 |
Leases - Lessor Arrangements, Narrative (Details) |
Jan. 31, 2021 |
---|---|
Minimum | |
Lessor, Lease, Description [Line Items] | |
Remaining terms of operating leases | 1 month |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Remaining terms of operating leases | 22 years |
Leases - Composition of Rental Operations Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Leases [Abstract] | ||
Operating lease revenue | $ 1,059 | $ 1,096 |
Variable lease revenue | 79 | 77 |
Total lease revenue | $ 1,138 | $ 1,173 |
Leases - Lessee Arrangements, Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | $ 142 | $ 137 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining terms of operating leases | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining terms of operating leases | 17 years |
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Jan. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Assets | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Operating lease ROU assets | $ 2,203 | $ 2,053 |
Liabilities and Stockholders' Equity | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Current operating lease liabilities | $ 529 | $ 521 |
Non-current operating lease liabilities | 1,705 | 1,610 |
Total operating lease liabilities | $ 2,234 | $ 2,131 |
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | $ 189 | $ 184 |
ROU assets obtained in exchange for new operating lease liabilities | $ 271 | $ 0 |
Basic and Diluted Net Loss per Share - Schedule of Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Basic net loss per common share: | ||
Net loss applicable to common stock | $ (4,333) | $ (6,552) |
Effect of unvested, restricted stock | (18) | (17) |
Numerator: Net loss for basic EPS | $ (4,351) | $ (6,569) |
Denominator: Weighted average common shares–basic (in shares) | 17,405,000 | 17,579,000 |
Basic net loss per common share (in dollars per share) | $ (0.25) | $ (0.37) |
Diluted net loss per common share: | ||
Numerator: Net loss for diluted EPS | $ (4,351) | $ (6,569) |
Denominator: Weighted average common shares–basic (in shares) | 17,405,000 | 17,579,000 |
Effect of dilutive unvested, restricted stock and preferred stock (in shares) | 0 | 0 |
Denominator: Weighted average common shares–diluted (in shares) | 17,405,000 | 17,579,000 |
Diluted net loss per common share (in dollars per share) | $ (0.25) | $ (0.37) |
Basic and Diluted Net Loss per Share - Narrative (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Restricted Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 226 | 149 |
Retirement Plans - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Retirement Benefits [Abstract] | ||
Average earnings period | 5 years | |
Funding contributions | $ 0 | $ 0 |
Retirement Plans - Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021 |
Jan. 31, 2020 |
|
Retirement Benefits [Abstract] | ||
Administrative expenses | $ 69 | $ 70 |
Interest cost | 137 | 160 |
Expected return on plan assets | (236) | (248) |
Prior service cost | 11 | 11 |
Recognized actuarial loss | 185 | 185 |
Net periodic benefit cost | $ 166 | $ 178 |
Segment Information - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2021
USD ($)
segment
|
Jan. 31, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 4 | |
Revenues | $ 38,275 | $ 41,656 |
Other Agribusiness | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,940 | 4,164 |
Other Agribusiness | Oranges | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,091 | 2,272 |
Other Agribusiness | Specialty Citrus and Other Crops | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,849 | $ 1,892 |
_
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M)[5[N2$ XE]]GW??7?.77 GA&L0'QT'SV'^B^#JL9,V\ <0=Z/A26A/
MCN K6<]F/EDV.H'1"#YK5G(;(!X S:631 ZR3X[4Z(C
MMA0!K?4R.> P]OMKRH^Y')9V8^0/]" -\Z$GP"UW,(_1$(^$(LG;#A4+5B%A
MF;Y!4&,3C(I: GBUM2;DQ[H'03O"J,SUZ)-_49:N8\)!ES_;@YSPWI8R*O:2
MFG]-\G?G-#^X]1K=)O8VSZX[0ZD!#*M#^SQ+7>,A//7>*^$VDM45U@P=CUX=
M9^!2/TL3LFWL(6M+W)'BL.%? +H0P/NUM;2?!('AI[+\"5!+ P04 " "/
M@6I2"R1YN.X# !H" &0 'AL+W=O -0K'0^XD0MRI5UB%SYV$%.FX.\H*[%FUURG
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M&LU!;LTI,F%!U(<9V9.5^$T]H6256@.+3"'IA]!K5PH;#'I>T)&[J%$[$:1
MDO^E5OH3?*Z<:69(,"E524% )Z .X$AY?"_#*+]
S5W)TRID]RM*BW74J#VW\+OF?P\11L?D386=46I H*M1,5"
M(;WM(D-\D-@6Q8W456TZ1_R>AO#Z.OI1< Q2=U3^]%\KIB*XM*0'R\^*NYBO
M#Y$$"I8VQ'8)'84PG6;BE@3)#:Y"5I'3IV0C/6>G["CQ5F@K&D#)R;".]@V1
M4B,>PD<=,LY"67:H[J26>$ Y)L=0Q2363N__FVKF-0[&173P1$P#T#Q5,>;F
M$?93K26_U\?9316GE8,(G%IZ?]H/Q-,T!^[4TS2]X,1Q,?)[6;/I:/CN*..+
MB1,J;;QIXU18&<\QQ67-0YUL4YVAA_V 0'_=^$Q;]02P,$% @ CX%J
M4H^B3H#; @ 1@8 !D !X;"]W;W)K
.PZP=Q\@\]+J]WZZ>WR^MN[.KY0*
MXDM9&/^RMPJA^OGXV&
*5CR
M^2_^UYJ'VB*^>.!#A_JNW.$CZHZ3/X-QF.4^J3P