Santa Paula-based Limoneira Co. reported revenue of about $7 million for fiscal year 2014, along with a $2.8 million net income loss for the year’s fourth quarter.
The publicly traded agribusiness corporation also reported a loss of $1.1 million for the fourth quarter. Despite the fall in profits, Limoneira increased total revenue for the fourth quarter to $16.3 million, up from $14.3 million for that same period in 2013. Its annual net income for the fiscal year ending Oct. 31, 2014, climbed to $7 million, marking a 42 percent year-over-year increase from $4.9 million.
Limoneira earned a total revenue of $103.5 million in 2014, up from $84.9 million for the fiscal year 2013. According to company filings with the U.S. Securities and Exchange Commission, this 22 percent revenue increase is mostly due to higher lemon profits, which brought in $79.7 million in 2014.
“The increase in fiscal year 2014 was primarily the result of higher prices for fresh lemons sold partially offset by decreased volume,” the filings state.
While annual revenue from lemons rose about $21.6 million, marking a 37 percent increase, avocado production brought in lower revenue than usual, totaling about $7.4 million, down 37 percent from about $11.7 million last year.
The company’s SEC filings state that its $2.8 million fall in earnings for the fourth quarter can be attributed to higher costs and expenses, which increased by $4.9 million during that period year-over-year. Some of the higher costs were related to Limoneira’s acquiring of a Yuma, Arizona-based packinghouse purchased June 30, 2014.