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, 2022 and October 31, 2021 | ||||||||
Consolidated Statements of Operations – three months ended January 31, 2022 and 2021 | ||||||||
Consolidated Statements of Comprehensive Loss – three months ended January 31, 2022 and 2021 | ||||||||
Consolidated Statements of Stockholders' Equity and Temporary Equity – three months ended January 31, 2022 and 2021 | ||||||||
Consolidated Statements of Cash Flows – three months ended January 31, 2022 and 2021 | ||||||||
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, 2022 | October 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Cultural costs | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Receivables/other from related parties | |||||||||||
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 and suppliers 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 stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Net revenues: | |||||||||||
$ | $ | ||||||||||
Other operations | |||||||||||
Total net revenues | |||||||||||
Costs and expenses: | |||||||||||
Other operations | |||||||||||
Gain on disposal of assets | ( | ||||||||||
Selling, general and administrative | |||||||||||
Total costs and expenses | |||||||||||
Operating loss | ( | ( | |||||||||
Other income: | |||||||||||
Interest income | |||||||||||
Interest expense, net of patronage dividends | |||||||||||
Equity in earnings of investments, net | |||||||||||
Other income (expense), net | ( | ||||||||||
Total other income | |||||||||||
Loss before income tax benefit | ( | ( | |||||||||
Income tax benefit | |||||||||||
Net loss | ( | ( | |||||||||
Net loss (income) 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, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation adjustments | |||||||||||
Minimum pension liability adjustment, net of tax of $ | |||||||||||
Total other comprehensive income, net of tax | |||||||||||
Comprehensive loss | ( | ( | |||||||||
Comprehensive loss (income) 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, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Common ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Series B-2 ($ | — | — | — | ( | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of common stock | ( | — | ( | — | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gain on disposal of assets | ( | ||||||||||
Stock compensation expense | |||||||||||
Non-cash lease expense | |||||||||||
Equity in earnings of investments, net | ( | ( | |||||||||
Deferred income taxes | ( | ( | |||||||||
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 and suppliers payable | ( | ( | |||||||||
Accrued liabilities and payables to related parties | ( | ||||||||||
Other long-term liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net proceeds from sale of assets | |||||||||||
Collection on loan and note receivable | |||||||||||
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 | ( | ( | |||||||||
Principal paid on finance leases | ( | ||||||||||
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, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the period for interest, net of amounts capitalized | $ | $ | |||||||||
Cash paid (received) during the period for income taxes, net | $ | $ | ( | ||||||||
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, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Pre-tax Amount | Tax Expense | Net Amount | Pre-tax Amount | Tax Expense | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Minimum pension liability adjustments: | |||||||||||||||||||||||||||||||||||
Other comprehensive gain before reclassifications | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive income | $ | $ | ( | $ | $ | $ | ( | $ |
Foreign Currency Translation (Loss) Gain | Defined Benefit Pension Plan | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
Balance at October 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income | |||||||||||||||||
Balance at January 31, 2022 | $ | ( | $ | ( | $ | ( |
Foreign Currency Translation (Loss) Gain | Defined Benefit Pension Plan | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
Balance at October 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income | |||||||||||||||||
Balance at January 31, 2021 | $ | ( | $ | ( | $ | ( |
January 31, 2022 | October 31, 2021 | ||||||||||
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, 2022 | October 31, 2021 | ||||||||||
East Area I - Retained Property | $ | $ | |||||||||
East Area II | |||||||||||
$ | $ |
January 31, 2022 | October 31, 2021 | ||||||||||
Limoneira Lewis Community Builders, LLC | $ | $ | |||||||||
Limco Del Mar, Ltd. | |||||||||||
Rosales | |||||||||||
Romney Property Partnership | |||||||||||
$ | $ |
Goodwill Carrying Amount | |||||
Balance at October 31, 2021 | $ | ||||
Foreign currency translation adjustment | |||||
Balance at January 31, 2022 | $ |
January 31, 2022 | October 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
2022 (excluding the three months ended January 31, 2022) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ |
January 31, 2022 | October 31, 2021 | ||||||||||
Compensation | $ | $ | |||||||||
Property taxes | |||||||||||
Operating expenses | |||||||||||
Leases | |||||||||||
Other | |||||||||||
$ | $ |
January 31, 2022 | October 31, 2021 | |||||||||||||
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 revolving equity line of credit: the interest rate is variable based on the Lender's variable interest rate plan, 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 | ||||||||||||||
Farm Credit West term loan: Effective August 2, 2021, the interest rate was 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 | ||||||||||||||
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, | |||||||||||
2022 | 2021 | ||||||||||
Operating lease revenue | $ | $ | |||||||||
Variable lease revenue | |||||||||||
Total lease revenue | $ | $ |
Classification | January 31, 2022 | October 31, 2021 | |||||||||||||||
Assets | |||||||||||||||||
Operating lease ROU assets | $ | $ | |||||||||||||||
Finance lease assets | |||||||||||||||||
Total lease assets | $ | $ | |||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Current operating lease liabilities | $ | $ | |||||||||||||||
Current finance lease liabilities | |||||||||||||||||
Non-current operating lease liabilities | |||||||||||||||||
Non-current finance lease liabilities | |||||||||||||||||
Total lease liabilities | $ | $ |
Three Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows from operating leases | $ | $ | |||||||||
Operating cash outflows from finance leases | $ | $ | |||||||||
Financing cash outflows from finance leases | $ | $ | |||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | $ |
Three Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Basic net loss per common share: | |||||||||||
Net loss applicable to common stock | $ | ( | $ | ( | |||||||
Less: Earnings allocated to 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: | |||||||||||
Net loss for basic EPS | $ | ( | $ | ( | |||||||
Effect of dilutive unvested, restricted stock and preferred stock | |||||||||||
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, 2022 | October 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
8 | FGF | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
9 | LLCB | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
11 | Third party growers | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended January 31, 2022 | Three Months Ended January 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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, | |||||||||||
2022 | 2021 | ||||||||||
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, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Agribusiness | $ | 38,083 | $ | 37,137 | |||||||
Other operations | 1,191 | 1,138 | |||||||||
Total net revenues | 39,274 | 38,275 | |||||||||
Costs and expenses: | |||||||||||
Agribusiness | 41,244 | 36,938 | |||||||||
Other operations | 1,074 | 1,082 | |||||||||
Gain on disposal of assets | (85) | — | |||||||||
Selling, general and administrative | 6,599 | 5,895 | |||||||||
Total costs and expenses | 48,832 | 43,915 | |||||||||
Operating loss: | |||||||||||
Agribusiness | (3,161) | 199 | |||||||||
Other operations | 117 | 56 | |||||||||
Gain on disposal of assets | 85 | — | |||||||||
Selling, general and administrative | (6,599) | (5,895) | |||||||||
Operating loss | (9,558) | (5,640) | |||||||||
Other income: | |||||||||||
Interest income | 21 | 43 | |||||||||
Interest expense, net of patronage dividends | 215 | 134 | |||||||||
Equity in earnings of investments, net | 51 | 366 | |||||||||
Other income (expense), net | 15 | (6) | |||||||||
Total other income | 302 | 537 | |||||||||
Loss before income tax benefit | (9,256) | (5,103) | |||||||||
Income tax benefit | 2,650 | 1,187 | |||||||||
Net loss | (6,606) | (3,916) | |||||||||
Net loss (income) attributable to noncontrolling interest | 88 | (292) | |||||||||
Net loss attributable to Limoneira Company | $ | (6,518) | $ | (4,208) |
Three Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss attributable to Limoneira Company | $ | (6,518) | $ | (4,208) | |||||||
Interest income | (21) | (43) | |||||||||
Interest expense, net of patronage dividends | (215) | (134) | |||||||||
Income tax benefit | (2,650) | (1,187) | |||||||||
Depreciation and amortization | 2,480 | 2,501 | |||||||||
EBITDA | $ | (6,924) | $ | (3,071) | |||||||
Named executive officer severance | 770 | — | |||||||||
Gain on disposal of assets | (85) | — | |||||||||
Adjusted EBITDA | $ | (6,239) | $ | (3,071) |
Agribusiness Revenues for the Three Months Ended January 31, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Lemons | $ | 35,568 | $ | 34,197 | $ | 1,371 | 4% | |||||||||||||
Avocados | 766 | — | 766 | —% | ||||||||||||||||
Oranges | 873 | 1,091 | (218) | (20)% | ||||||||||||||||
Specialty citrus and other crops | 876 | 1,849 | (973) | (53)% | ||||||||||||||||
Agribusiness revenues | $ | 38,083 | $ | 37,137 | $ | 946 | 3% |
Agribusiness Costs and Expenses for the Three Months Ended January 31, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Packing costs | $ | 11,280 | $ | 10,377 | $ | 903 | 9% | |||||||||||||
Harvest costs | 5,246 | 4,923 | 323 | 7% | ||||||||||||||||
Growing costs | 8,278 | 8,112 | 166 | 2% | ||||||||||||||||
Third-party grower and supplier costs | 14,255 | 11,314 | 2,941 | 26% | ||||||||||||||||
Depreciation and amortization | 2,185 | 2,212 | (27) | (1)% | ||||||||||||||||
Agribusiness costs and expenses | $ | 41,244 | $ | 36,938 | $ | 4,306 | 12% |
Fresh Lemons | Lemon Packing | Eliminations | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||||
Revenues from external customers | $ | 29,600 | $ | 5,968 | $ | — | $ | 766 | $ | 1,749 | $ | 38,083 | $ | 1,191 | $ | 39,274 | ||||||||||
Intersegment revenue | — | 6,589 | (6,589) | — | — | — | — | — | ||||||||||||||||||
Total net revenues | 29,600 | 12,557 | (6,589) | 766 | 1,749 | 38,083 | 1,191 | 39,274 | ||||||||||||||||||
Costs and expenses | 32,161 | 10,556 | (6,589) | 321 | 2,610 | 39,059 | 7,293 | 46,352 | ||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | 2,185 | 295 | 2,480 | ||||||||||||||||||
Operating (loss) income | $ | (2,561) | $ | 2,001 | $ | — | $ | 445 | $ | (861) | $ | (3,161) | $ | (6,397) | $ | (9,558) |
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) |
Trailing Twelve Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Agribusiness | $ | 162,327 | $ | 156,591 | |||||||
Other operations | 4,699 | 4,587 | |||||||||
Total revenues | 167,026 | 161,178 | |||||||||
Costs and expenses: | |||||||||||
Agribusiness | 152,798 | 151,676 | |||||||||
Other operations | 4,324 | 4,317 | |||||||||
Gain on disposal of assets | 24 | 502 | |||||||||
Selling, general and administrative | 20,130 | 20,865 | |||||||||
Total costs and expenses | 177,276 | 177,360 | |||||||||
Operating loss | (10,250) | (16,182) | |||||||||
Other income (expense): | |||||||||||
Interest income | 357 | 180 | |||||||||
Interest expense, net of patronage dividends | (1,420) | (1,744) | |||||||||
Equity in earnings of investments, net | 2,888 | 825 | |||||||||
Loss on stock in Calavo Growers, Inc. | — | (4,275) | |||||||||
Other income (expense), net | 111 | (302) | |||||||||
Total other income (expense) | 1,936 | (5,316) | |||||||||
Loss before income tax benefit | (8,314) | (21,498) | |||||||||
Income tax benefit | 1,729 | 6,545 | |||||||||
Net loss | (6,585) | (14,953) | |||||||||
Loss attributable to noncontrolling interest | 836 | 737 | |||||||||
Net loss attributable to Limoneira Company | $ | (5,749) | $ | (14,216) |
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, 2021 - November 30, 2021 | — | — | — | — | ||||||||||
December 1, 2021 - December 31, 2021 | 55,362 | $ | 16.25 | — | — | |||||||||
January 1, 2022 - January 31, 2022 | — | — | — | — | ||||||||||
Total | 55,362 | — | — |
Exhibit Number | Exhibit | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
3.6 | |||||
3.7 | |||||
3.8 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 |
Exhibit Number | Exhibit | ||||
10.1 | |||||
10.2 | |||||
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, 2022 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, 2022 | By: | /s/ HAROLD S. EDWARDS | ||||||
Harold S. Edwards | ||||||||
Director, President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
March 10, 2022 | By: | /s/ MARK PALAMOUNTAIN | ||||||
Mark Palamountain | ||||||||
Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
(Principal Financial and Accounting Officer) |
March 10, 2022 | /s/ Harold S. Edwards | |||||||
Harold S. Edwards, | ||||||||
Director, President, and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
March 10, 2022 | /s/ Mark Palamountain | |||||||
Mark Palamountain, | ||||||||
Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
(Principal Financial and Accounting Officer) |
March 10, 2022 | /s/ Harold S. Edwards | |||||||
Harold S. Edwards, | ||||||||
Director, President, and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
March 10, 2022 | /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, 2022 |
Jan. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (6,606) | $ (3,916) |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 55 | 795 |
Minimum pension liability adjustment, net of tax of $27 and $51 for the three months ended January 31, 2022 and 2021, respectively. | 72 | 134 |
Total other comprehensive income, net of tax | 127 | 929 |
Comprehensive loss | (6,479) | (2,987) |
Comprehensive loss (income) attributable to noncontrolling interest | 86 | (331) |
Comprehensive loss attributable to Limoneira Company | $ (6,393) | $ (3,318) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Statement of Other Comprehensive Income [Abstract] | ||
Minimum pension liability adjustment, tax | $ 27 | $ 51 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY - USD ($) $ in Thousands |
Total |
Series B Preferred |
Series B-2 Preferred |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Series B Preferred
|
Retained Earnings
Series B-2 Preferred
|
Accumulated Other Comprehensive (Loss) Income |
Treasury Stock |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|---|---|---|---|
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 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 | |||||||||
Beginning balance (in shares) at Oct. 31, 2021 | 17,685,400 | ||||||||||
Beginning balance at Oct. 31, 2021 | 188,435 | $ 179 | 163,965 | 21,552 | (5,733) | (3,493) | 11,965 | ||||
Stockholders' Equity | |||||||||||
Dividends Common | (1,328) | (1,328) | |||||||||
Dividends Preferred | (32) | (93) | $ (32) | $ (93) | |||||||
Stock compensation (in shares) | 70,000 | ||||||||||
Stock compensation | 997 | $ 1 | 996 | ||||||||
Exchange of common stock (in shares) | (55,362) | ||||||||||
Exchange of common stock | (900) | (900) | |||||||||
Net income (loss) | (6,606) | (6,518) | (88) | ||||||||
Other comprehensive income, net of tax | 129 | 127 | 2 | ||||||||
Ending balance (in shares) at Jan. 31, 2022 | 17,700,038 | ||||||||||
Ending balance at Jan. 31, 2022 | $ 180,602 | $ 180 | $ 164,061 | $ 13,581 | $ (5,606) | $ (3,493) | $ 11,879 | ||||
Beginning balance, temporary equity at Oct. 31, 2021 | 1,479 | 9,331 | |||||||||
Ending balance, temporary equity at Jan. 31, 2022 | $ 1,479 | $ 9,331 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Dividends - Common (in dollars per share) | $ 0.075 | $ 0.075 |
Series B Preferred | ||
Dividends - Preferred (in dollars per share) | 2.19 | 2.19 |
Series B-2 Preferred | ||
Dividends - Preferred (in dollars per share) | $ 10 | $ 10 |
Organization and Basis of Presentation |
3 Months Ended |
---|---|
Jan. 31, 2022 | |
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 citrus. The Company is also engaged in residential rentals and other rental operations and real estate development activities. The Company markets and sells citrus 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 a portion of its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. Through fiscal year 2021, the Company sold 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. In February 2022, the Company terminated its Avocado Marketing Agreement and the associated Letter Agreement Regarding Fruit Commitment with Calavo to pursue opportunities with other packing and marketing companies. 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 balances and transactions have been eliminated in consolidation. 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 U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ 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.
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Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 stockholders. Other comprehensive income or loss primarily includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity. The following table summarizes other comprehensive income by component (in thousands):
2. Summary of Significant Accounting Policies (continued) Comprehensive Loss (continued) The following table summarizes the changes in accumulated other comprehensive (loss) income by component (in thousands):
COVID-19 Pandemic There is uncertainty around the breadth and duration of the Company's business disruptions related to the COVID-19 pandemic. The decline in demand for the Company's products beginning the second quarter of fiscal year 2020, which it believes was due to the COVID-19 pandemic, negatively impacted its sales and profitability for the last three quarters of fiscal year 2020, all of fiscal year 2021, and the first quarter of fiscal year 2022. The Company also expects COVID-19 to have some impact to its sales and profitability in future periods. The duration of these trends and the magnitude of such impacts are uncertain and therefore cannot be estimated at this time, as they are influenced by a number of factors, many of which are outside management’s control. The full impact of the COVID-19 pandemic on the Company's results of operations, financial condition, and liquidity, including its ability to comply with debt covenants, for fiscal year 2022 and beyond, is driven by estimates that contain uncertainties. Recent Accounting Pronouncements 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 currently required under 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 adopted this ASU effective November 1, 2021 and the adoption did not have a material impact on its consolidated financial statements.
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Concentrations and Geographic Information |
3 Months Ended |
---|---|
Jan. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations and Geographic Information | Concentrations and Geographic Information Concentrations of credit risk with respect to revenues and trade receivable are limited due to a large, diverse customer base. Two individual customers represented 15% and 12% of revenue, respectively, for the three months ended January 31, 2022. 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, 2022. No individual customer represented more than 10% of accounts receivable, net as of October 31, 2021. Lemons procured from third-party growers were 57% and 48% of the Company's lemon supply for the three months ended January 31, 2022 and 2021, respectively. One third-party grower was 20% and 26% of the lemon supply for the three months ended January 31, 2022 and 2021, respectively. 3. Concentrations and Geographic Information (continued) During the three months ended January 31, 2022 and 2021, the Company had approximately $208,000 and $1,027,000, 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, 2022 and 2021, the Company had approximately $147,000 and $1,671,000, respectively, of total sales in Argentina by Trapani Fresh. Aggregate foreign exchange transaction losses realized for our foreign subsidiaries were immaterial for the three months ended January 31, 2022 and 2021.
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Prepaid Expenses and Other Current Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Real Estate Development |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. In November 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”) 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 LLCB also entered into a Retained Property Development Agreement on the Transaction Date (the "Retained Property Agreement"). Under the terms of the Retained Property Agreement, LLCB 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 $5,771,000 at January 31, 2022 and October 31, 2021, which is included in payables to related parties. In January 2018, LLCB 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, as modified and extended, matures February 22, 2023. The interest rate on the Loan is LIBOR plus 2.85% and is payable monthly. The Loan contains certain customary default provisions and LLCB may prepay any amounts outstanding under the Loan without penalty. The joint venture had an outstanding balance of $4,900,000 as of January 31, 2022. The Loan has a one year extension option through February 22, 2024 subject to terms and conditions as defined in the agreement, with the maximum borrowing amount reduced to $35,000,000 during the extension period. 5. Real Estate Development (continued) East Area I, Retained Property and East Area II (continued) In February 2018, the Company and certain principals from Lewis 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 LLCB. 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. Additionally, a Reimbursement Agreement was executed between the Lewis guarantors and the Company, which provides for unpaid liabilities of LLCB to be shared pro-rata by the Lewis guarantors and the Company in proportion to their percentage interest in the joint venture. Through January 31, 2022, the joint venture has closed the sales of the initial residential lots representing 586 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 fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2,700,000, which is expected to close in the third quarter of fiscal year 2022. 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, 2022 and October 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 has been periodically extended with principal payments totaling $400,000 received through October 31, 2021. In November 2021, the promissory note was further extended to June 30, 2022 upon making a principal paydown of $250,000, which was paid in November 2021, and revising the interest rate to 4.00% per annum, with an option to further extend the maturity date of the promissory note to September 30, 2022 upon making an additional principal paydown of $250,000 by May 31, 2022. At January 31, 2022, the net carrying value of the note was $2,350,000 and classified in prepaid expenses and other current assets.
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Equity in Investments |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in Investments | Equity in Investments Equity in investments consist of the following (in thousands):
Amounts due from Rosales were $669,000 and $1,570,000 at January 31, 2022 and October 31, 2021, respectively, and are included in receivables/other from related parties. Unconsolidated Significant Subsidiary 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, 2022 and 2021, this threshold was not met for any of the Company's equity investments and thus summarized income statement information is not required in this Quarterly Report on Form 10-Q.
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Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net 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, 2022. Intangible assets consisted of the following (in thousands):
Amortization expense totaled $181,000 and $263,000 for the three months ended January 31, 2022 and 2021, respectively. Estimated future amortization expense of intangible assets as of January 31, 2022 is as follows (in thousands):
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Other Assets |
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Jan. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Investments in Mutual Water Companies The Company’s investments in various not-for-profit mutual water companies provide it 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. As of January 31, 2022 and October 31, 2021, $6,454,000 and $5,994,000, respectively, were included in other assets.
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Accrued Liabilities |
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Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands):
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt is comprised of the following (in thousands):
In June 2021, the Company entered into a Master Loan Agreement (the “MLA”) with Farm Credit West, PCA (the "Lender") dated June 1, 2021, together with a revolving credit facility supplement (the “Revolving Credit Supplement”), a non-revolving credit facility supplement (the “Non-Revolving Credit Supplement,” and together with the Revolving Credit Supplement, the “Supplements”) and an agreement to convert to fixed interest rate for a period of time as described in the table above ("Fixed Interest Rate Agreement"). The MLA governs the terms of the Supplements. The MLA amends and restates the previous Master Loan Agreement between the Company and the Lender, dated June 19, 2017 and extends the principal repayment to July 1, 2026. In March 2020, the Company entered into a revolving equity line of credit promissory note and loan agreement with the Lender 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. 10. Long-Term Debt (continued) As of January 31, 2022 the Company's outstanding borrowings under the Supplements and RELOC were $123,775,000 and it had $6,225,000 available to borrow. For amounts outstanding under both Supplements and RELOC, interest will begin to be charged on the date the Lender disburses principal and will continue until the outstanding indebtedness under the Supplements is paid in full with interest. The interest rate in effect under the Revolving Credit Supplement automatically adjusted commencing July 1, 2021 and on the first day of each month thereafter. The interest rate for any amount outstanding under the Revolving Credit Supplement will be based on the one-month LIBOR rate plus or minus an applicable margin. The applicable margin will range from 1.75% to 2.35% depending on the ratio of current assets, plus the remaining available commitment divided by current liabilities. On July 1, 2022, and on each one-year anniversary thereafter, the Company has the option to convert the interest rate in use under the Revolving Credit Supplement from the preceding LIBOR-based calculation to a variable interest rate. Any amounts outstanding under the Revolving Credit Supplement will be due and payable in full on July 1, 2026. The Company may prepay any amounts outstanding under the Revolving Credit Supplement without penalty. The initial interest rate in effect under the Non-Revolving Credit Supplement was a fixed interest rate of 4.77% through July 1, 2022 and then will convert to a fixed interest rate of 3.57% per year until July 1, 2025 (the “Fixed Rate Term”). Thereafter, the interest rate will convert to a variable interest rate established by the Lender corresponding to the applicable interest rate group. Any amount outstanding under the Non-Revolving Credit Supplement is due and payable in full on July 1, 2026. The Company may not prepay any amounts under the outstanding Non-Revolving Credit Supplement during the Fixed Rate Term. Thereafter, the Company may prepay any amounts outstanding under the Non-Revolving Credit Supplement, provided that a fee equal to 0.50% of the amount prepaid and any other cost or loss suffered by the Lender must be paid with any prepayment. The interest rate in effect under the RELOC is a variable interest rate established by the Lender corresponding to the applicable interest rate group, which was 2.50% as of January 31, 2022. The interest rate may be adjusted automatically under the provisions of the Lender's variable interest rate plan. Any amount outstanding under the RELOC is due and payable in full on February 1, 2043. The Company may prepay any amounts outstanding under the RELOC without penalty. All indebtedness under the MLA and RELOC, including any indebtedness under the Supplements, is secured by a first lien on Company-owned stock or participation certificates, Company funds maintained with the Lender, the Lender’s unallocated surplus, and certain of the Company’s agricultural properties in Tulare and Ventura 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 MLA includes customary default provisions that provide should an event of default occur, the Lender, at its option, may declare all or any portion of the indebtedness under the MLA to be immediately due and payable without demand, notice of nonpayment, 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. The MLA 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 financial covenant that requires it to maintain compliance with a specific debt service coverage ratio greater than or equal to 1.25:1 when measured at October 31, 2022 and annually thereafter. In December 2021, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances. The Company accrued the $1,575,000 dividend receivable in prepaid expenses and other current assets at January 31, 2022, which was received in the second quarter of fiscal year 2022. 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 the second quarter of fiscal year 2021. Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of zero during the three months ended January 31, 2022 and 2021, respectively. Capitalized interest is included in property, plant and equipment and real estate development assets in the Company’s consolidated balance sheets.
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Leases |
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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 21 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 classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land and packinghouse and farming equipment with remaining lease terms ranging from to 16 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. Operating lease costs were $123,000 and $142,000 for the three months ended January 31, 2022 and 2021, respectively, which are primarily included in agribusiness costs and expenses in the Company’s consolidated statements of operations. Finance lease costs and variable and short term lease costs were immaterial. Supplemental balance sheet information related to leases consists of the following (in thousands):
11. Leases (continued) Lessee Arrangements (continued) Supplemental cash flow information related to leases consists of the following (in thousands):
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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 21 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 classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land and packinghouse and farming equipment with remaining lease terms ranging from to 16 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. Operating lease costs were $123,000 and $142,000 for the three months ended January 31, 2022 and 2021, respectively, which are primarily included in agribusiness costs and expenses in the Company’s consolidated statements of operations. Finance lease costs and variable and short term lease costs were immaterial. Supplemental balance sheet information related to leases consists of the following (in thousands):
11. Leases (continued) Lessee Arrangements (continued) Supplemental cash flow information related to leases consists of the following (in thousands):
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Basic and Diluted Net Loss per Share |
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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 unvested, restricted stock and conversion of preferred stock. The computations for basic and diluted net loss per common share are as follows (in thousands, except per share amounts):
Diluted net loss per common share is 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. Diluted net loss per common share was calculated under the two-class method for the three months ended January 31, 2022. The Company excluded 226,000, unvested, restricted shares, as calculated under the treasury stock method, from its computation of diluted net loss per common share for the three months ended January 31, 2021.
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Related-Party Transactions |
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Related-Party Transactions | Related-Party Transactions The Company has transactions with equity method investments and various related-parties summarized in Note 6 - Equity in Investments and 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, 2022 or October 31, 2021. (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 - Through January 2022, the Company had representation on the board of directors of Calavo. Calavo owns common stock of the Company and the Company pays dividends on such common stock to Calavo. Additionally, the Company leases office space to Calavo. (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 affiliate of 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 right-of-use, or ROU asset and corresponding lease liability. 13. Related-Party Transactions (continued) (6) Colorado River Growers, Inc. (“CRG”) - The Company had 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. CRG was dissolved in August 2021. The Company paid harvest expense to CRG and provided harvest management and administrative services to CRG. (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 immaterial 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 the sale of packing supplies and a payable due to FGF for fruit purchases and services. Effective March 1, 2021, Trapani Fresh sells the lemons it grows to FGF, who packs, markets, and sells the fruit to its customers. The Company also records revenue related to the licensing of intangible assets to FGF. (9) LLCB - Refer to Note 5 - Real Estate Development. (10) Freska - A member of the Company's board of directors is a majority shareholder of Freska Produce International, LLC ("Freska"). The Company had no avocado sales to Freska during the three months ended January 31, 2022 or 2021. (11) Third party growers - A member of the Company's board of directors markets lemons through the Company. The Company had payments due to the member for such lemon procurement.
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Income Taxes |
3 Months Ended |
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Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate for the three months ended January 31, 2022 was higher than the federal statutory tax rate of 21% mainly due to foreign jurisdictions which are taxed at different rates, state taxes, tax impact of stock-based compensation, and nondeductible tax items. The Company has no material uncertain tax positions as of January 31, 2022. 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, 2022. |
Retirement Plans |
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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 -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 administered by Wells Fargo Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021. The Plan was funded consistent with the funding requirements of federal law and regulations. There were no funding contributions during the three months ended January 31, 2022 and 2021. Plan assets are invested in a group trust consisting primarily of pooled funds, mutual funds, short-term investment funds and cash. The components of net periodic pension cost for the Plan for the three months ended January 31, 2022 and 2021 were as follows (in thousands):
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Commitments and Contingencies |
3 Months Ended |
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Jan. 31, 2022 | |
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 |
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Jan. 31, 2022 | |
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 Awards 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 -year period as service is provided. There were no Performance Awards granted for fiscal year 2021 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 -year period as service is provided. During December 2021, the Company granted 70,000 shares of common stock with a per share price of $14.96 to key executives under the Stock Plan, of which 15,000 shares were forfeited on February 1, 2022 pursuant to a key executive's severance agreement. The related compensation expense of approximately $823,000 will be recognized equally over the next three years as the shares vest. Director Awards On an annual basis, the Company generally issues shares of common stock that vest upon grant to non-employee directors under the Stock Plan (“Director Awards”). During January 2021, 27,815 shares of common stock were granted as Director Awards. The Company recognized $469,000 of stock-based compensation to non-employee directors during the three months ended January 31, 2021. During the three months ended January 31, 2022 and 2021, respectively, members of management exchanged 55,362 and 46,993 shares of common stock with fair values of $900,000 and $701,000, 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 In fiscal year 2021, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $10,000,000 of its outstanding shares of common stock through September 2022; no shares have been repurchased under this program.
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Segment Information |
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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 and supplier 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 consisted of oranges of $873,000 and specialty citrus and other crops of $876,000 for the three months ended January 31, 2022. Other agribusiness revenues consisted of oranges of $1,091,000 and specialty citrus and other crops of $1,849,000 for the three months ended January 31, 2021. 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 and suppliers. Intersegment revenues represent packing revenues related to lemons grown on the Company’s orchards. Segment information for the three months ended January 31, 2022 (in thousands):
Segment information for the three months ended January 31, 2021 (in thousands):
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Subsequent Events |
3 Months Ended |
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Jan. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has evaluated events subsequent to January 31, 2022 through the date of this filing, to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Based upon this evaluation, except as described in the notes to the interim consolidated financial statements, it was determined that 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 |
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Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Comprehensive Loss | Comprehensive Loss Comprehensive loss represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss primarily includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 currently required under 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 adopted this ASU effective November 1, 2021 and the adoption did not have a material impact on its consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) by Component | The following table summarizes other comprehensive income 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, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Development Assets | 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, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity in Investments | Equity in investments consist of the following (in thousands):
|
Goodwill and Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Indefinite-Lived Intangible Assets | Intangible assets consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets | Intangible assets consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Amortization Expense of Intangible Assets | Estimated future amortization expense of intangible assets as of January 31, 2022 is as follows (in thousands):
|
Accrued Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt is comprised of the following (in thousands):
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Rental Operations Revenue | The Company’s rental operations revenue consists of the following (in thousands):
|
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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, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Transactions with Related-Parties | The Company has transactions with equity method investments and various related-parties summarized in Note 6 - Equity in Investments and 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, 2022 or October 31, 2021. (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 - Through January 2022, the Company had representation on the board of directors of Calavo. Calavo owns common stock of the Company and the Company pays dividends on such common stock to Calavo. Additionally, the Company leases office space to Calavo. (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 affiliate of 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 right-of-use, or ROU asset and corresponding lease liability. 13. Related-Party Transactions (continued) (6) Colorado River Growers, Inc. (“CRG”) - The Company had 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. CRG was dissolved in August 2021. The Company paid harvest expense to CRG and provided harvest management and administrative services to CRG. (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 immaterial 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 the sale of packing supplies and a payable due to FGF for fruit purchases and services. Effective March 1, 2021, Trapani Fresh sells the lemons it grows to FGF, who packs, markets, and sells the fruit to its customers. The Company also records revenue related to the licensing of intangible assets to FGF. (9) LLCB - Refer to Note 5 - Real Estate Development. (10) Freska - A member of the Company's board of directors is a majority shareholder of Freska Produce International, LLC ("Freska"). The Company had no avocado sales to Freska during the three months ended January 31, 2022 or 2021. (11) Third party growers - A member of the Company's board of directors markets lemons through the Company. The Company had payments due to the member for such lemon procurement.
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Retirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 and 2021 were as follows (in thousands):
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information by Segment | Segment information for the three months ended January 31, 2022 (in thousands):
Segment information for the three months ended January 31, 2021 (in thousands):
|
Summary of Significant Accounting Policies - Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net Amount | $ 127 | $ 929 |
Foreign Currency Translation (Loss) Gain | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-tax Amount | 55 | 795 |
Tax Expense | 0 | 0 |
Net Amount | 55 | 795 |
Defined Benefit Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-tax Amount | 99 | 185 |
Tax Expense | (27) | (51) |
Net Amount | 72 | 134 |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-tax Amount | 154 | 980 |
Tax Expense | (27) | (51) |
Net Amount | $ 127 | $ 929 |
Summary of Significant Accounting Policies - Accumulated Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 188,435 | $ 195,760 |
Other comprehensive income | 127 | 929 |
Ending balance | 180,602 | 191,729 |
Foreign Currency Translation (Loss) Gain | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (3,754) | (3,069) |
Other comprehensive income | 55 | 795 |
Ending balance | (3,699) | (2,274) |
Defined Benefit Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (1,979) | (4,479) |
Other comprehensive income | 72 | 134 |
Ending balance | (1,907) | (4,345) |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (5,733) | (7,548) |
Other comprehensive income | 127 | 929 |
Ending balance | $ (5,606) | $ (6,619) |
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid supplies and insurance | $ 3,401 | $ 2,521 |
Note receivable and related interest | 2,188 | 2,438 |
Real estate development held for sale | 2,543 | 2,543 |
Sales tax receivable | 502 | 909 |
Lemon supplier advances and other | 4,214 | 2,298 |
Prepaid expenses and other current assets | $ 12,848 | $ 10,709 |
Real Estate Development - Schedule of Real Estate Development Assets (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 22,813 | $ 22,828 |
East Area I - Retained Property | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | 13,343 | 13,335 |
East Area II | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 9,470 | $ 9,493 |
Equity in Investments (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | $ 64,123 | $ 64,072 |
Limoneira Lewis Community Builders, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 60,216 | 60,216 |
Limco Del Mar, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 2,131 | 1,997 |
Rosales | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 1,270 | 1,351 |
Romney Property Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | $ 506 | $ 508 |
Equity in Investments - Narrative (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Rosales | Rosales | ||
Schedule of Equity Method Investments [Line Items] | ||
Amounts due from (to) related parties | $ 669 | $ 1,570 |
Goodwill and Intangible Assets, Net - Change in Carrying Amount of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Jan. 31, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 1,527 |
Foreign currency translation adjustment | 1 |
Ending balance | $ 1,528 |
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill impairment loss | $ 0 | |
Amortization expense | $ 181,000 | $ 263,000 |
Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands |
Jan. 31, 2022
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 (excluding the three months ended January 31, 2022) | $ 543 |
2023 | 724 |
2024 | 716 |
2025 | 711 |
2026 | 711 |
Thereafter | 1,102 |
Net Carrying Amount | $ 4,507 |
Other Assets (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Other Assets [Abstract] | ||
Investments in mutual water companies | $ 6,454 | $ 5,994 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jan. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 3,011 | $ 2,112 |
Property taxes | 202 | 676 |
Operating expenses | 2,636 | 1,203 |
Leases | 809 | 604 |
Other | 712 | 1,947 |
Accrued liabilities | $ 7,370 | $ 6,542 |
Leases - Lessor Arrangements, Narrative (Details) |
Jan. 31, 2022 |
---|---|
Minimum | |
Lessor, Lease, Description [Line Items] | |
Remaining terms of operating leases | 1 month |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Remaining terms of operating leases | 21 years |
Leases - Composition of Rental Operations Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Leases [Abstract] | ||
Operating lease revenue | $ 1,118 | $ 1,059 |
Variable lease revenue | 73 | 79 |
Total lease revenue | $ 1,191 | $ 1,138 |
Leases - Lessee Arrangements, Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | $ 123 | $ 142 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining terms of operating leases | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining terms of operating leases | 16 years |
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | $ 189 | $ 189 |
Operating cash outflows from finance leases | 12 | 0 |
Finance Lease, Principal Payments | 69 | 0 |
ROU assets obtained in exchange for new operating lease liabilities | 288 | 271 |
Leased assets obtained in exchange for new finance lease liabilities | $ 1,020 | $ 0 |
Basic and Diluted Net Loss per Share - Narrative (Details) shares in Thousands |
3 Months Ended |
---|---|
Jan. 31, 2021
shares
| |
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 |
Retirement Plans - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jan. 31, 2022 |
Jan. 31, 2021 |
|
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, 2022 |
Jan. 31, 2021 |
|
Retirement Benefits [Abstract] | ||
Administrative expenses | $ 180 | $ 69 |
Interest cost | 130 | 137 |
Expected return on plan assets | (127) | (236) |
Prior service cost | 11 | 11 |
Recognized actuarial loss | 99 | 185 |
Net periodic benefit cost | $ 293 | $ 166 |
Segment Information - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 31, 2022
USD ($)
segment
|
Jan. 31, 2021
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 4 | |
Revenues | $ 39,274 | $ 38,275 |
Other Agribusiness | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,749 | 2,940 |
Other Agribusiness | Oranges | ||
Segment Reporting Information [Line Items] | ||
Revenues | 873 | 1,091 |
Other Agribusiness | Specialty Citrus and Other Crops | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 876 | $ 1,849 |
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