The Limoneira Company was founded in Ventura County, California in 1893. Its founders were pioneers of spirit and vision that helped lay the foundations of a thriving California citrus industry. Their dedication and innovation in the agricultural industry helped found and develop many institutions that still exist (Sunkist Growers, Fruit Growers Supply and Diamond Walnut). Today, Limoneira has evolved into a global company whose mission is to preserve and promote its tradition, heritage and legacy in agriculture, community development and stewardship to maximize value for its shareholders.

With nearly 11,000 acres of agricultural production, Limoneira is one of the largest providers of lemons and avocados in the United States. In addition to agricultural investments, Limoneira has a long history of community building, and new live-walk-work neighborhoods are close to shovel ready. Commercial and residential income producing and for-sale properties round out our portfolio.

Limoneira was founded in 1893 and is headquartered in Santa Paula, US

Limoneira has offices in Santa Paula and Porterville

Santa Paula, US (HQ)

1141 Cummings Rd

Porterville, US

26000 Ave 116

Limoneira's revenue was reported to be $36.9 m in Q2, 2017

USD

## Revenue (Q2, 2017) | 36.9 m |

## Net income (Q2, 2017) | 1.5 m |

## EBIT (Q2, 2017) | 6.2 m |

## Market capitalization (17-Aug-2017) | 305.4 m |

## Cash (30-Apr-2017) | 228 k |

Limoneira's current market capitalization is $305.4 m.

USD | FY, 2010^{} | FY, 2011^{} | FY, 2012^{} | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|---|---|

## Revenue | 54.3 m | 52.5 m | 65.8 m | 84.9 m | 103.5 m | 100.3 m | 111.8 m |

## Revenue growth, % | (3%) | 25% | 29% | 22% | (3%) | 11% | |

## General and administrative expense | 11.9 m | 14.3 m | 13.8 m | 13.3 m | |||

## Operating expense total | 11.9 m | 89.6 m | 18.5 m | 13.3 m | |||

## EBIT | 5.4 m | 9.9 m | 4.6 m | 9.2 m | |||

## EBIT margin, % | 6% | 10% | 5% | 8% | |||

## Interest expense | 1.6 m | 1.3 m | 508 k | (124 k) | (188 k) | (1.4 m) | |

## Interest income | 85 k | 60 k | 40 k | 23 k | |||

## Pre tax profit | 10.6 m | 11.1 m | 13.3 m | ||||

## Income tax expense | (72 k) | 707 k | 2 m | (3.2 m) | (3.6 m) | (4 m) | (5.3 m) |

## Net Income | 4.9 m | 7 m | 7.1 m | 8.1 m |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 36.5 m | 28 m | 28.3 m | 29.8 m | 25 m | 27.4 m | 39.9 m | 28.1 m | 36.9 m |

## General and administrative expense | 3.6 m | 3.7 m | 3.1 m | 3.3 m | 3.5 m | 2.8 m | 3.4 m | 3.8 m | 3.1 m |

## Operating expense total | 3.6 m | 3.7 m | 3.1 m | 3.3 m | 3.5 m | 2.8 m | 3.4 m | 3.8 m | 3.1 m |

## EBIT | 13.4 m | (2.5 m) | 4.1 m | 7.8 m | (6.3 m) | 2.2 m | 14.2 m | (3.2 m) | 6.2 m |

## EBIT margin, % | 37% | (9%) | 15% | 26% | (25%) | 8% | 36% | (12%) | 17% |

## Interest expense | (12 k) | (219 k) | (344 k) | (473 k) | (434 k) | (417 k) | |||

## Interest income | 20 k | (12 k) | |||||||

## Pre tax profit | 4 m | 8.1 m | 17.4 m | ||||||

## Income tax expense | (4.6 m) | 755 k | (1.5 m) | (2.8 m) | 2.2 m | (562 k) | (6.7 m) | 1.2 m | (2.2 m) |

## Net Income | 9.8 m | (1.4 m) | 1.1 m | 6.4 m | (3.9 m) | (2.7 m) | 8 m | (2.1 m) | 1.5 m |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 82 k | 92 k | 39 k | 38 k |

## Accounts Receivable | 6.4 m | 7.2 m | 7.4 m | 9.3 m |

## Inventories | 3 m | 3.8 m | 2.4 m | 2.5 m |

## Current Assets | 13.6 m | 16 m | 13.8 m | 18.5 m |

## PP&E | 86.2 m | 105.4 m | 129 m | 177.1 m |

## Total Assets | 209.9 m | 247.6 m | 269.5 m | 305.4 m |

## Accounts Payable | 4.8 m | 6.4 m | 6.6 m | 5.6 m |

## Total Debt | 2.5 m | |||

## Current Liabilities | 14.7 m | 21.1 m | 19.7 m | 23.8 m |

## Non-Current Liabilities | 84.6 m | |||

## Total Liabilities | 99.3 m | 166.7 m | ||

## Preferred Stock | 3 m | |||

## Additional Paid-in Capital | 88.2 m | 89.8 m | 90.8 m | 91.8 m |

## Retained Earnings | 19.1 m | 23.3 m | 27.2 m | 31.8 m |

## Total Equity | 110.7 m | 118.3 m | 121.3 m | 126.5 m |

## Debt to Equity Ratio | 0 x | |||

## Debt to Assets Ratio | 0 x | |||

## Financial Leverage | 1.9 x | 2.1 x | 2.2 x | 2.4 x |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 53 k | 104 k | 77 k | 32 k | 60 k | 46 k | 96 k | 69 k | 228 k |

## Accounts Receivable | 10.8 m | 11.3 m | 11.7 m | 7.6 m | 8.8 m | 12 m | 12.6 m | 8.8 m | 14.8 m |

## Current Assets | 16.6 m | 18.8 m | 18.1 m | 14.5 m | 15.4 m | 18.1 m | 18.1 m | 17.8 m | 20.1 m |

## PP&E | 96.8 m | 111.5 m | 117.9 m | 122 m | 146 m | 148 m | 149.2 m | 177.8 m | 184.6 m |

## Total Assets | 229.6 m | 253.3 m | 265.6 m | 271 m | 291.9 m | 299.6 m | 302.4 m | 311.2 m | 327.1 m |

## Accounts Payable | 5.4 m | 8.1 m | 6 m | 5.5 m | 6.7 m | 5.6 m | 4.6 m | 5.4 m | 7.1 m |

## Current Liabilities | 23.2 m | 18.8 m | 18.1 m | 20.1 m | 19.3 m | 18.6 m | 26.1 m | 19 m | 21.7 m |

## Preferred Stock | 3 m | ||||||||

## Additional Paid-in Capital | 89.5 m | 90.1 m | 90.2 m | 90.4 m | 91 m | 91.1 m | 91.6 m | 92.2 m | 93.5 m |

## Retained Earnings | 26.9 m | 21.1 m | 22.8 m | 27.4 m | 22.4 m | 22.8 m | 32.7 m | 28.8 m | 31.4 m |

## Total Equity | 122 m | 113.8 m | 119.2 m | 125.3 m | 116.9 m | 118.8 m | 129.2 m | 123.5 m | 130 m |

## Financial Leverage | 1.9 x | 2.2 x | 2.2 x | 2.2 x | 2.5 x | 2.5 x | 2.3 x | 2.5 x | 2.5 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 4.9 m | 7 m | 7.1 m | 8.1 m |

## Depreciation and Amortization | 2.4 m | 3.5 m | 4.2 m | 5.3 m |

## Accounts Receivable | 13.1 k | (153.1 k) | (184 k) | (499.5 k) |

## Inventories | (476 k) | (885 k) | 224 k | 78 k |

## Accounts Payable | 239 k | (156.1 k) | ||

## Cash From Operating Activities | 5.3 m | 10 k | (53 k) | 14.3 m |

## Capital Expenditures | (10.4 m) | (25.6 m) | (31.3 m) | (16.3 m) |

## Cash From Investing Activities | (11.3 m) | (28.2 m) | (25.8 m) | (11.5 m) |

## Long-term Borrowings | (86 m) | (111.5 m) | (99 m) | (156.4 m) |

## Cash From Financing Activities | 6.2 m | 12.5 m | 18.1 m | (2.8 m) |

## Interest Paid | 1.7 m | 2.3 m | 55 k | 1.4 m |

## Free Cash Flow | (5.1 m) | (25.6 m) | (31.3 m) | (1.9 m) |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 9.8 m | (1.4 m) | 1.1 m | 6.4 m | (3.9 m) | (2.7 m) | 8 m | (2.1 m) | 1.5 m |

## Depreciation and Amortization | 2.6 m | 989 k | 2 m | 3 m | 1.1 m | 2.4 m | 3.9 m | 1.6 m | 3.2 m |

## Accounts Receivable | (394 k) | (1.4 m) | (4.6 m) | (5.1 m) | 479 k | (5.4 m) | |||

## Cash From Operating Activities | 17.8 m | (5.8 m) | (1.5 m) | 10.2 m | (5.4 m) | (5.9 m) | 10.9 m | (4.3 m) | 2.5 m |

## Capital Expenditures | (14.2 m) | (7.1 m) | (16.4 m) | (23.7 m) | (5.9 m) | (9.9 m) | (13.3 m) | (2.3 m) | (5.7 m) |

## Cash From Investing Activities | (7.1 m) | (16.4 m) | (24 m) | (3 m) | (7.5 m) | (7.9 m) | (6.8 m) | (16 m) | |

## Long-term Borrowings | (51 m) | (23 m) | (45.9 m) | (76.9 m) | (50.8 m) | (88.9 m) | (127.8 m) | (25.3 m) | (51.1 m) |

## Cash From Financing Activities | (2.8 m) | 12.9 m | 17.9 m | 13.8 m | 8.3 m | 13.4 m | (2.9 m) | 11.2 m | 13.6 m |

## Interest Paid | 1.7 m | 597 k | 1.2 m | 1.9 m | 227 k | 692 k | 796 k | 403 k | 1.1 m |

## Income Taxes Paid | 5 k | ||||||||

## Free Cash Flow | 3.6 m | (12.9 m) | (17.9 m) | (13.5 m) | (11.2 m) | (15.8 m) | (2.4 m) | (6.7 m) | (3.1 m) |

Y, 2017 | |
---|---|

## Financial Leverage | 2.5 x |

July 07, 2016

* During period of time from june 30, 2016 to july 6, 2016
sold 60,000 shares of calavo growers common stock on open market
at about $67/share