10-Q 1 lmnr-20240430.htm 10-Q lmnr-20240430
false2024Q20001342423October 31http://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://www.limoneira.com/20240430#AgribusinessMemberhttp://fasb.org/us-gaap/2024#RevenueNotFromContractWithCustomerhttp://fasb.org/us-gaap/2024#RevenueNotFromContractWithCustomerhttp://fasb.org/us-gaap/2024#RevenueNotFromContractWithCustomerhttp://fasb.org/us-gaap/2024#RevenueNotFromContractWithCustomerP1Yhttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpensehttp://www.limoneira.com/20240430#AgribusinessMemberxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureutr:acrelmnr:projectlmnr:residential_unitlmnr:segment00013424232023-11-012024-04-3000013424232024-05-3100013424232024-04-3000013424232023-10-310001342423us-gaap:SeriesBPreferredStockMember2024-04-300001342423us-gaap:SeriesBPreferredStockMember2023-10-310001342423lmnr:SeriesB2PreferredStockMember2024-04-300001342423lmnr:SeriesB2PreferredStockMember2023-10-310001342423lmnr:SeriesAJuniorParticipatingPreferredStockMember2023-10-310001342423lmnr:SeriesAJuniorParticipatingPreferredStockMember2024-04-3000013424232024-02-012024-04-3000013424232022-11-012023-04-3000013424232023-02-012023-04-300001342423us-gaap:CommonStockMember2023-10-310001342423us-gaap:AdditionalPaidInCapitalMember2023-10-310001342423us-gaap:RetainedEarningsMember2023-10-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-310001342423us-gaap:TreasuryStockCommonMember2023-10-310001342423us-gaap:NoncontrollingInterestMember2023-10-3100013424232023-11-012024-01-310001342423us-gaap:RetainedEarningsMember2023-11-012024-01-310001342423us-gaap:SeriesBPreferredStockMember2023-11-012024-01-310001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2023-11-012024-01-310001342423lmnr:SeriesB2PreferredStockMember2023-11-012024-01-310001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2023-11-012024-01-310001342423us-gaap:CommonStockMember2023-11-012024-01-310001342423us-gaap:AdditionalPaidInCapitalMember2023-11-012024-01-310001342423us-gaap:NoncontrollingInterestMember2023-11-012024-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-11-012024-01-310001342423us-gaap:CommonStockMember2024-01-310001342423us-gaap:AdditionalPaidInCapitalMember2024-01-310001342423us-gaap:RetainedEarningsMember2024-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-310001342423us-gaap:TreasuryStockCommonMember2024-01-310001342423us-gaap:NoncontrollingInterestMember2024-01-3100013424232024-01-310001342423us-gaap:SeriesBPreferredStockMember2024-01-310001342423lmnr:SeriesB2PreferredStockMember2024-01-310001342423us-gaap:RetainedEarningsMember2024-02-012024-04-300001342423us-gaap:SeriesBPreferredStockMember2024-02-012024-04-300001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2024-02-012024-04-300001342423lmnr:SeriesB2PreferredStockMember2024-02-012024-04-300001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2024-02-012024-04-300001342423us-gaap:CommonStockMember2024-02-012024-04-300001342423us-gaap:AdditionalPaidInCapitalMember2024-02-012024-04-300001342423us-gaap:NoncontrollingInterestMember2024-02-012024-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-012024-04-300001342423us-gaap:CommonStockMember2024-04-300001342423us-gaap:AdditionalPaidInCapitalMember2024-04-300001342423us-gaap:RetainedEarningsMember2024-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-300001342423us-gaap:TreasuryStockCommonMember2024-04-300001342423us-gaap:NoncontrollingInterestMember2024-04-300001342423us-gaap:CommonStockMember2022-10-310001342423us-gaap:AdditionalPaidInCapitalMember2022-10-310001342423us-gaap:RetainedEarningsMember2022-10-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-310001342423us-gaap:TreasuryStockCommonMember2022-10-310001342423us-gaap:NoncontrollingInterestMember2022-10-3100013424232022-10-310001342423us-gaap:SeriesBPreferredStockMember2022-10-310001342423lmnr:SeriesB2PreferredStockMember2022-10-3100013424232022-11-012023-01-310001342423us-gaap:RetainedEarningsMember2022-11-012023-01-310001342423us-gaap:SeriesBPreferredStockMember2022-11-012023-01-310001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2022-11-012023-01-310001342423lmnr:SeriesB2PreferredStockMember2022-11-012023-01-310001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2022-11-012023-01-310001342423us-gaap:CommonStockMember2022-11-012023-01-310001342423us-gaap:AdditionalPaidInCapitalMember2022-11-012023-01-310001342423us-gaap:NoncontrollingInterestMember2022-11-012023-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-11-012023-01-310001342423us-gaap:CommonStockMember2023-01-310001342423us-gaap:AdditionalPaidInCapitalMember2023-01-310001342423us-gaap:RetainedEarningsMember2023-01-310001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-310001342423us-gaap:TreasuryStockCommonMember2023-01-310001342423us-gaap:NoncontrollingInterestMember2023-01-3100013424232023-01-310001342423us-gaap:SeriesBPreferredStockMember2023-01-310001342423lmnr:SeriesB2PreferredStockMember2023-01-310001342423us-gaap:RetainedEarningsMember2023-02-012023-04-300001342423us-gaap:SeriesBPreferredStockMember2023-02-012023-04-300001342423us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2023-02-012023-04-300001342423lmnr:SeriesB2PreferredStockMember2023-02-012023-04-300001342423lmnr:SeriesB2PreferredStockMemberus-gaap:RetainedEarningsMember2023-02-012023-04-300001342423us-gaap:CommonStockMember2023-02-012023-04-300001342423us-gaap:AdditionalPaidInCapitalMember2023-02-012023-04-300001342423us-gaap:NoncontrollingInterestMember2023-02-012023-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-02-012023-04-300001342423us-gaap:CommonStockMember2023-04-300001342423us-gaap:AdditionalPaidInCapitalMember2023-04-300001342423us-gaap:RetainedEarningsMember2023-04-300001342423us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-300001342423us-gaap:TreasuryStockCommonMember2023-04-300001342423us-gaap:NoncontrollingInterestMember2023-04-3000013424232023-04-300001342423us-gaap:SeriesBPreferredStockMember2023-04-300001342423lmnr:SeriesB2PreferredStockMember2023-04-300001342423us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-02-012024-04-300001342423us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-02-012023-04-300001342423us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-11-012024-04-300001342423us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-11-012023-04-300001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-11-012024-04-300001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-11-012023-04-300001342423us-gaap:AccumulatedTranslationAdjustmentMember2023-10-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-10-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2023-11-012024-04-300001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-11-012024-04-300001342423us-gaap:AccumulatedTranslationAdjustmentMember2024-04-300001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-300001342423us-gaap:AccumulatedTranslationAdjustmentMember2022-10-310001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-10-310001342423us-gaap:AccumulatedTranslationAdjustmentMember2022-11-012023-04-300001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-11-012023-04-300001342423us-gaap:AccumulatedTranslationAdjustmentMember2023-04-300001342423us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-04-300001342423us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMemberlmnr:FirstCustomerMember2023-11-012024-04-300001342423lmnr:AccountsReceivableBenchmarkMemberus-gaap:CustomerConcentrationRiskMemberlmnr:FirstCustomerMember2023-11-012024-04-300001342423lmnr:SecondCustomerMemberlmnr:AccountsReceivableBenchmarkMemberus-gaap:CustomerConcentrationRiskMember2023-11-012024-04-300001342423lmnr:AccountsPayableBenchmarkMemberus-gaap:CustomerConcentrationRiskMemberlmnr:FirstCustomerMember2023-11-012024-04-300001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberlmnr:ThirdPartyGrowersMemberus-gaap:SupplierConcentrationRiskMember2023-11-012024-04-300001342423lmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberlmnr:ThirdPartyGrowersMemberus-gaap:SupplierConcentrationRiskMember2022-11-012023-04-300001342423lmnr:ThirdPartyGrowerOneMemberlmnr:LemonMemberus-gaap:SalesRevenueProductLineMemberus-gaap:SupplierConcentrationRiskMember2023-11-012024-04-300001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberlmnr:NorthernPropertiesMember2022-10-012022-10-310001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberlmnr:NorthernPropertiesMember2022-10-310001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberlmnr:NorthernPropertiesMember2024-02-012024-04-300001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberlmnr:NorthernPropertiesMember2023-04-300001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberlmnr:NorthernPropertiesMember2023-01-312023-01-310001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberlmnr:NorthernPropertiesMember2023-01-310001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2024-04-300001342423lmnr:YumaPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-12-012023-12-310001342423lmnr:YumaPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-12-310001342423lmnr:YumaPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-11-012024-01-310001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-04-012023-04-300001342423us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-02-012023-04-300001342423lmnr:EastAreaOneAndTwoMember2005-10-310001342423lmnr:LewisGroupOfCompaniesMemberlmnr:EastAreaOneMemberlmnr:LimoneiraLewisCommunityBuildersMember2015-11-300001342423lmnr:LewisGroupOfCompaniesMemberlmnr:EastAreaOneMember2015-11-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMemberus-gaap:RelatedPartyMember2023-10-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMemberus-gaap:RelatedPartyMember2024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2018-01-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2023-02-220001342423lmnr:BloombergShortTermBankYieldIndexRateBSBYMemberlmnr:LimoneiraLewisCommunityBuildersLLCBMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2023-02-012023-02-010001342423us-gaap:SecuredOvernightFinancingRateSofrMemberlmnr:LimoneiraLewisCommunityBuildersLLCBMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2023-02-012023-02-010001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMemberlmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMember2024-04-300001342423lmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMember2018-02-280001342423lmnr:LewisGroupOfCompaniesMemberlmnr:EastAreaOneMemberlmnr:LimoneiraLewisCommunityBuildersMember2022-10-310001342423lmnr:LewisGroupOfCompaniesMemberlmnr:LimoneiraLewisCommunityBuildersLLCBIIMemberlmnr:EastAreaOneMember2022-10-012022-10-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBIIMemberlmnr:EastAreaOneMember2022-10-012022-10-310001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2023-11-012024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2022-11-012023-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMember2022-10-012024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMember2024-02-012024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBMemberus-gaap:SubsequentEventMember2024-06-012024-06-060001342423us-gaap:DisposalGroupNotDiscontinuedOperationsMemberlmnr:SevillaMember2020-10-310001342423us-gaap:DisposalGroupNotDiscontinuedOperationsMemberlmnr:SevillaMember2022-11-012023-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2023-10-310001342423lmnr:LimoneiraLewisCommunityBuildersLLCBIIMember2024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLLCBIIMember2023-10-310001342423lmnr:LimcoDelMarLimitedMember2024-04-300001342423lmnr:LimcoDelMarLimitedMember2023-10-310001342423lmnr:RosalesMember2024-04-300001342423lmnr:RosalesMember2023-10-310001342423lmnr:RomneyPropertyPartnershipMember2024-04-300001342423lmnr:RomneyPropertyPartnershipMember2023-10-310001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2023-11-012024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2022-11-012023-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2024-04-300001342423lmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2023-10-310001342423lmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMemberlmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2024-04-300001342423lmnr:UnsecuredLineOfCreditLoanAgreementAndPromissoryNoteMemberlmnr:LimoneiraLewisCommunityBuildersLlcAgreementMember2023-10-310001342423us-gaap:TrademarksAndTradeNamesMember2024-04-300001342423us-gaap:TrademarksAndTradeNamesMember2023-10-310001342423us-gaap:CustomerRelationshipsMember2024-04-300001342423us-gaap:CustomerRelationshipsMember2023-10-310001342423us-gaap:NoncompeteAgreementsMember2024-04-300001342423us-gaap:NoncompeteAgreementsMember2023-10-310001342423us-gaap:UseRightsMember2024-04-300001342423us-gaap:UseRightsMember2023-10-310001342423lmnr:FarmCreditWestMasterLoanMemberus-gaap:RevolvingCreditFacilityMember2024-04-300001342423lmnr:FarmCreditWestMasterLoanMemberus-gaap:RevolvingCreditFacilityMember2023-11-012024-04-300001342423lmnr:FarmCreditWestMasterLoanMember2024-04-300001342423lmnr:FarmCreditWestMasterLoanMember2023-10-310001342423lmnr:BancoDeChileTermLoanMember2024-04-300001342423lmnr:BancoDeChileTermLoanMember2023-10-310001342423lmnr:BancoDeChileCOVID19LoanOneMember2024-04-300001342423lmnr:BancoDeChileCOVID19LoanOneMember2023-10-310001342423lmnr:BancoDeChileCOVID19LoanTwoMember2024-04-300001342423lmnr:BancoDeChileCOVID19LoanTwoMember2023-10-310001342423lmnr:FarmCreditWestMasterLoanMemberlmnr:RevolvingEquityLineofCreditMember2020-03-310001342423lmnr:FarmCreditWestLoanAgreementSecuredByWindfallInvestorsLLCPropertyMemberlmnr:RevolvingEquityLineofCreditMember2020-03-012020-03-310001342423lmnr:FarmCreditWestMasterLoanMember2021-06-010001342423lmnr:FarmCreditWestMasterLoanMemberus-gaap:RevolvingCreditFacilityMember2021-06-010001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2021-06-010001342423lmnr:FarmCreditWestMasterLoanMemberlmnr:RevolvingEquityLineofCreditMember2024-04-300001342423srt:MinimumMemberlmnr:FarmCreditWestMasterLoanMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-01-010001342423lmnr:FarmCreditWestMasterLoanMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-01-010001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2023-01-010001342423lmnr:NonrevolvingCreditFacilityMemberlmnr:FarmCreditWestMasterLoanMember2023-11-012024-04-300001342423lmnr:AgWestFarmCreditMember2023-12-310001342423lmnr:AgWestFarmCreditMember2024-02-012024-04-300001342423lmnr:AgWestFarmCreditMember2023-02-280001342423lmnr:AgWestFarmCreditMember2023-02-012023-04-300001342423srt:MinimumMember2024-04-300001342423srt:MaximumMember2024-04-300001342423lmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2024-04-300001342423lmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2023-10-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2024-04-300001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2023-10-310001342423us-gaap:RelatedPartyMemberlmnr:YMIDDMember2024-04-300001342423us-gaap:RelatedPartyMemberlmnr:YMIDDMember2023-10-310001342423lmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2024-04-300001342423lmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2023-10-310001342423lmnr:RosalesMemberus-gaap:RelatedPartyMember2024-04-300001342423lmnr:RosalesMemberus-gaap:RelatedPartyMember2023-10-310001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:EmployeeMember2024-02-012024-04-300001342423us-gaap:RelatedPartyMemberlmnr:EmployeeMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:EmployeeMember2023-02-012023-04-300001342423us-gaap:RelatedPartyMemberlmnr:EmployeeMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2024-02-012024-04-300001342423us-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2023-02-012023-04-300001342423us-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:YMIDDMember2024-02-012024-04-300001342423us-gaap:RelatedPartyMemberlmnr:YMIDDMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:YMIDDMember2023-02-012023-04-300001342423us-gaap:RelatedPartyMemberlmnr:YMIDDMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberlmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberlmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberlmnr:RosalesMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:RosalesMemberus-gaap:RelatedPartyMember2024-02-012024-04-300001342423lmnr:AgribusinessMemberlmnr:RosalesMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:RosalesMemberus-gaap:RelatedPartyMember2023-02-012023-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:EmployeeMember2023-11-012024-04-300001342423us-gaap:RelatedPartyMemberlmnr:EmployeeMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:EmployeeMember2022-11-012023-04-300001342423us-gaap:RelatedPartyMemberlmnr:EmployeeMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberlmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:MutualWaterCompaniesMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2023-11-012024-04-300001342423us-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2022-11-012023-04-300001342423us-gaap:RelatedPartyMemberlmnr:CooperativeAssociationMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberlmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:YMIDDMember2023-11-012024-04-300001342423us-gaap:RelatedPartyMemberlmnr:YMIDDMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberus-gaap:RelatedPartyMemberlmnr:YMIDDMember2022-11-012023-04-300001342423us-gaap:RelatedPartyMemberlmnr:YMIDDMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberlmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:FGFTrapaniMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberlmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberlmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:PrincipalOwner1Memberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:AgribusinessMemberlmnr:RosalesMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:RosalesMemberus-gaap:RelatedPartyMember2023-11-012024-04-300001342423lmnr:AgribusinessMemberlmnr:RosalesMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:RosalesMemberus-gaap:RelatedPartyMember2022-11-012023-04-300001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2013-10-310001342423lmnr:AffiliateOfWaterAssetManagementLLCMemberlmnr:LimoneiraCompanySeriesB2ConvertiblePreferredStockMember2024-01-310001342423lmnr:CadizRealEstateFennerValleyFarmsAndWaterAssetManagementMemberus-gaap:RelatedPartyMember2012-11-012013-10-310001342423lmnr:SouthernCaliforniaEdisonMember2023-04-182023-04-180001342423lmnr:SouthernCaliforniaEdisonMember2023-05-192023-05-190001342423lmnr:SouthernCaliforniaEdisonMember2023-04-302023-04-300001342423us-gaap:PerformanceSharesMember2023-11-012024-04-300001342423us-gaap:PerformanceSharesMemberlmnr:StockBasedCompensationPlanMember2023-12-012023-12-310001342423us-gaap:PerformanceSharesMemberlmnr:StockBasedCompensationPlanMember2022-11-012023-10-310001342423us-gaap:PerformanceSharesMember2023-12-012023-12-310001342423us-gaap:PerformanceSharesMemberlmnr:StockBasedCompensationPlanMember2024-04-012024-04-300001342423srt:ExecutiveOfficerMemberus-gaap:CommonStockMember2023-11-012024-04-300001342423srt:ExecutiveOfficerMemberus-gaap:CommonStockMember2023-11-012023-11-300001342423lmnr:RetentionBonusAgreementsMemberus-gaap:RestrictedStockMember2023-12-012023-12-310001342423lmnr:RetentionBonusAgreementsMemberus-gaap:RestrictedStockMember2022-11-012023-10-310001342423lmnr:RetentionBonusAgreementsMember2022-11-012023-10-310001342423us-gaap:RestrictedStockMemberlmnr:NonemployeeDirectorsMember2023-11-012024-04-300001342423us-gaap:RestrictedStockMemberlmnr:NonemployeeDirectorsMember2024-01-012024-01-310001342423us-gaap:RestrictedStockMemberlmnr:NonemployeeDirectorsMember2024-03-012024-03-310001342423srt:ManagementMember2023-11-012024-04-300001342423srt:ManagementMember2022-11-012023-04-300001342423lmnr:FreshLemonsMember2024-02-012024-04-300001342423lmnr:LemonPackingMember2024-02-012024-04-300001342423lmnr:AvocadosMember2024-02-012024-04-300001342423lmnr:OtherAgribusinessMember2024-02-012024-04-300001342423us-gaap:OperatingSegmentsMember2024-02-012024-04-300001342423us-gaap:CorporateNonSegmentMember2024-02-012024-04-300001342423lmnr:FreshLemonsMemberus-gaap:IntersegmentEliminationMember2024-02-012024-04-300001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2024-02-012024-04-300001342423us-gaap:IntersegmentEliminationMember2024-02-012024-04-300001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2024-02-012024-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:LemonPackingMember2024-02-012024-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:AvocadosMember2024-02-012024-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2024-02-012024-04-300001342423lmnr:FreshLemonsMember2023-02-012023-04-300001342423lmnr:LemonPackingMember2023-02-012023-04-300001342423lmnr:AvocadosMember2023-02-012023-04-300001342423lmnr:OtherAgribusinessMember2023-02-012023-04-300001342423us-gaap:OperatingSegmentsMember2023-02-012023-04-300001342423us-gaap:CorporateNonSegmentMember2023-02-012023-04-300001342423lmnr:FreshLemonsMemberus-gaap:IntersegmentEliminationMember2023-02-012023-04-300001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2023-02-012023-04-300001342423us-gaap:IntersegmentEliminationMember2023-02-012023-04-300001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2023-02-012023-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:LemonPackingMember2023-02-012023-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:AvocadosMember2023-02-012023-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2023-02-012023-04-300001342423lmnr:FreshLemonsMember2023-11-012024-04-300001342423lmnr:LemonPackingMember2023-11-012024-04-300001342423lmnr:AvocadosMember2023-11-012024-04-300001342423lmnr:OtherAgribusinessMember2023-11-012024-04-300001342423us-gaap:OperatingSegmentsMember2023-11-012024-04-300001342423us-gaap:CorporateNonSegmentMember2023-11-012024-04-300001342423lmnr:FreshLemonsMemberus-gaap:IntersegmentEliminationMember2023-11-012024-04-300001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2023-11-012024-04-300001342423us-gaap:IntersegmentEliminationMember2023-11-012024-04-300001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2023-11-012024-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:LemonPackingMember2023-11-012024-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:AvocadosMember2023-11-012024-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2023-11-012024-04-300001342423lmnr:FreshLemonsMember2022-11-012023-04-300001342423lmnr:LemonPackingMember2022-11-012023-04-300001342423lmnr:AvocadosMember2022-11-012023-04-300001342423lmnr:OtherAgribusinessMember2022-11-012023-04-300001342423us-gaap:OperatingSegmentsMember2022-11-012023-04-300001342423us-gaap:CorporateNonSegmentMember2022-11-012023-04-300001342423lmnr:FreshLemonsMemberus-gaap:IntersegmentEliminationMember2022-11-012023-04-300001342423us-gaap:IntersegmentEliminationMemberlmnr:LemonPackingMember2022-11-012023-04-300001342423us-gaap:IntersegmentEliminationMember2022-11-012023-04-300001342423lmnr:FreshLemonsMemberus-gaap:OperatingSegmentsMember2022-11-012023-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:LemonPackingMember2022-11-012023-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:AvocadosMember2022-11-012023-04-300001342423us-gaap:OperatingSegmentsMemberlmnr:OtherAgribusinessMember2022-11-012023-04-300001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2024-02-012024-04-300001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2023-02-012023-04-300001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2023-11-012024-04-300001342423lmnr:OrangesMemberlmnr:OtherAgribusinessMember2022-11-012023-04-300001342423lmnr:OtherAgribusinessMemberlmnr:SpecialtyCitrusandOtherCropsMember2024-02-012024-04-300001342423lmnr:OtherAgribusinessMemberlmnr:SpecialtyCitrusandOtherCropsMember2023-02-012023-04-300001342423lmnr:OtherAgribusinessMemberlmnr:SpecialtyCitrusandOtherCropsMember2023-11-012024-04-300001342423lmnr:OtherAgribusinessMemberlmnr:SpecialtyCitrusandOtherCropsMember2022-11-012023-04-300001342423lmnr:FarmManagementMemberlmnr:OtherAgribusinessMember2024-02-012024-04-300001342423lmnr:FarmManagementMemberlmnr:OtherAgribusinessMember2023-02-012023-04-300001342423lmnr:FarmManagementMemberlmnr:OtherAgribusinessMember2023-11-012024-04-300001342423lmnr:FarmManagementMemberlmnr:OtherAgribusinessMember2022-11-012023-04-300001342423lmnr:OtherMemberlmnr:OtherAgribusinessMember2024-02-012024-04-300001342423lmnr:OtherMemberlmnr:OtherAgribusinessMember2023-02-012023-04-300001342423lmnr:OtherMemberlmnr:OtherAgribusinessMember2023-11-012024-04-300001342423lmnr:OtherMemberlmnr:OtherAgribusinessMember2022-11-012023-04-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended April 30, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Transition Period From              To             
Commission File Number: 001-34755
LIMONEIRA COMPANY
(Exact name of registrant as specified in its charter)
Delaware77-0260692
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1141 Cummings Road
Santa Paula, CA 93060
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (805) 525-5541
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, par value $0.01LMNR
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer ☐
Accelerated filer
Non-accelerated filer ☐Smaller reporting
company ☐
Emerging growth
company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of May 31, 2024, there were 18,010,975 shares outstanding of the registrant’s common stock.



LIMONEIRA COMPANY
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets – April 30, 2024 and October 31, 2023
Consolidated Statements of Operations – three and six months ended April 30, 2024 and 2023
Consolidated Statements of Comprehensive Income (Loss) – three and six months ended April 30, 2024 and 2023
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and six months ended April 30, 2024 and 2023
Consolidated Statements of Cash Flows – six months ended April 30, 2024 and 2023
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
2


FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains both historical and forward-looking statements. Forward-looking statements in this Quarterly Report are subject to a number of risks and uncertainties, some of which are beyond the Company’s control. The potential risks and uncertainties that could cause our actual financial condition, results of operations and future performance to differ materially from those expressed or implied in this Quarterly Report include:
success in executing the Company's business plans and strategies and managing the risks involved in the foregoing;
changes in laws, regulations, rules, quotas, tariffs and import laws;
adverse weather conditions, natural disasters and other adverse natural conditions, including freezes, rains, fires, winds and droughts that affect the production, transportation, storage, import and export of fresh produce;
market responses to industry volume pressures;
increased pressure from disease, insects and other pests;
disruption of water supplies or changes in water allocations;
disruption in the global supply chain;
negative impacts related to the COVID-19 pandemic and our Company's responses to the pandemic;
product and raw materials supplies and pricing;
energy supply and pricing;
changes in interest rates and the impact of inflation;
availability of financing for development activities;
general economic conditions for residential and commercial real estate development;
political changes and economic crises;
international conflict;
acts of terrorism;
labor disruptions, strikes, shortages or work stoppages;
the impact of foreign exchange rate movements;
ability to maintain compliance with covenants under our loan agreements;
loss of important intellectual property rights; and
other factors disclosed in our public filings with the Securities and Exchange Commission (the “SEC”).
These forward-looking statements involve risks and uncertainties that we have identified as having the potential to cause actual results to differ materially from those contemplated herein. We have described in Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023 additional factors that could cause our actual results to differ from our projections or estimates.
The Company’s actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which the Company is not currently aware or which the Company currently deems immaterial could also cause the Company’s actual results to differ, including those discussed in the section entitled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. Except as required by law, we undertake no obligation to update these forward-looking statements, even if our situation changes in the future.
All references to “we,” “us,” “our,” “our Company,” “the Company” or “Limoneira” in this Quarterly Report mean Limoneira Company, a Delaware corporation, and its consolidated subsidiaries.
3


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data)
 April 30, 2024October 31, 2023
Assets  
Current assets:  
Cash$1,402 $3,631 
Accounts receivable, net22,516 14,458 
Cultural costs3,430 2,334 
Prepaid expenses and other current assets4,539 5,588 
Receivables/other from related parties2,943 4,214 
Total current assets34,830 30,225 
Property, plant and equipment, net160,683 160,631 
Real estate development9,995 9,987 
Equity in investments95,669 78,816 
Goodwill1,505 1,512 
Intangible assets, net6,210 6,657 
Other assets13,293 13,382 
Total assets$322,185 $301,210 
Liabilities, Convertible Preferred Stock and Stockholders' Equity  
Current liabilities:  
Accounts payable$9,934 $9,892 
Growers and suppliers payable10,566 9,629 
Accrued liabilities11,258 8,651 
Payables to related parties5,139 4,805 
Current portion of long-term debt626 381 
Total current liabilities37,523 33,358 
Long-term liabilities:  
Long-term debt, less current portion59,503 40,628 
Deferred income taxes21,378 22,172 
Other long-term liabilities4,019 4,555 
Total liabilities122,423 100,713 
Commitments and contingencies   
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2024 and October 31, 2023) (8.75% coupon rate)
1,479 1,479 
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at April 30, 2024 and October 31, 2023) (4% dividend rate on liquidation value of $1,000 per share)
9,331 9,331 
Stockholders' equity:  
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2024 and October 31, 2023)
  
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,223,633 and 18,192,009 shares issued and 17,972,656 and 17,941,032 shares outstanding at April 30, 2024 and October 31, 2023, respectively)
180 179 
Additional paid-in capital168,540 168,441 
Retained earnings19,050 19,017 
Accumulated other comprehensive loss(6,370)(5,666)
Treasury stock, at cost, 250,977 shares at April 30, 2024 and October 31, 2023
(3,493)(3,493)
Noncontrolling interest11,045 11,209 
Total stockholders' equity188,952 189,687 
Total liabilities, convertible preferred stock and stockholders' equity$322,185 $301,210 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
 Three Months Ended
April 30,
Six Months Ended
April 30,
 2024202320242023
Net revenues:  
Agribusiness$43,257 $46,676 $81,596 $83,204 
Other operations1,349 1,394 2,741 2,767 
Total net revenues44,606 48,070 84,337 85,971 
Costs and expenses:  
Agribusiness40,436 38,189 79,550 79,430 
Other operations1,429 1,009 2,611 2,247 
Loss (gain) on disposal of assets, net48 8,998 (117)(30,744)
Gain on legal settlement (2,269) (2,269)
Selling, general and administrative7,368 6,005 14,713 15,285 
Total costs and expenses49,281 51,932 96,757 63,949 
Operating (loss) income(4,675)(3,862)(12,420)22,022 
Other income (expense):  
Interest income 14 62 36 70 
Interest (expense), net of patronage dividends(351)996 (558)(176)
Equity in earnings of investments, net16,592 62 16,633 315 
Other income (expense), net197 200 219 (2,412)
Total other income (expense)16,452 1,320 16,330 (2,203)
Income (loss) before income tax (provision) benefit11,777 (2,542)3,910 19,819 
Income tax (provision) benefit(5,222)912 (1,032)(5,915)
Net income (loss)6,555 (1,630)2,878 13,904 
Net loss attributable to noncontrolling interest12 17 104 114 
Net income (loss) attributable to Limoneira Company6,567 (1,613)2,982 14,018 
Preferred dividends(126)(126)(251)(251)
Net income (loss) applicable to common stock$6,441 $(1,739)$2,731 $13,767 
Basic net income (loss) per common share$0.36 $(0.10)$0.15 $0.77 
Diluted net income (loss) per common share$0.35 $(0.10)$0.15 $0.75 
Weighted-average common shares outstanding-basic17,707 17,597 17,677 17,587 
Weighted-average common shares outstanding-diluted18,362 17,597 17,677 18,328 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(in thousands)
 Three Months Ended
April 30,
Six Months Ended
April 30,
 2024202320242023
Net income (loss)$6,555 $(1,630)$2,878 $13,904 
Other comprehensive (loss) income, net of tax:  
Foreign currency translation adjustments(237)(50)(704)2,173 
Minimum pension liability adjustments, net of tax of $(135) for the six months ended April 30, 2023
   (220)
Pension settlement cost, net of tax of $756 for the six months ended April 30, 2023
   1,944 
Total other comprehensive (loss) income, net of tax(237)(50)(704)3,897 
Comprehensive income (loss)6,318 (1,680)2,174 17,801 
Comprehensive loss attributable to noncontrolling interest12 17 104 114 
Comprehensive income (loss) attributable to Limoneira Company$6,330 $(1,663)$2,278 $17,915 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6


LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED)
(in thousands, except share and per share data)
 Stockholders' Equity Temporary Equity
 Common StockAdditional
Paid-In
RetainedAccumulated
Other
Comprehensive
TreasuryNon- controllingTotalSeries B
Preferred
Series B-2
Preferred
 SharesAmountCapitalEarningsLossStockInterestEquityStockStock
Balance at October 31, 202317,941,032 $179 $168,441 $19,017 $(5,666)$(3,493)$11,209 $189,687 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,350)— — — (1,350)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation99,983 1 863 — — — — 864 — — 
Exchange of common stock(36,097)— (684)— — — — (684)— — 
Noncontrolling interest adjustment— — — — — — (60)(60)— — 
Net loss — — — (3,585)— — (92)(3,677)— — 
Other comprehensive loss, net of tax— — — — (467)— — (467)— — 
Balance at January 31, 202418,004,918$180 $168,620 $13,957 $(6,133)$(3,493)$11,057 $184,188 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,348)— — — (1,348)— — 
Dividends Series B ($2.19 per share)
— — — (33)— — — (33)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation30,808 1 1,070 — — — — 1,071 — — 
Exchange of common stock(63,070)(1)(1,150)— — — — (1,151)— — 
Net income (loss)— — — 6,567 — — (12)6,555 — — 
Other comprehensive loss, net of tax— — — — (237)— — (237)— — 
Balance at April 30, 202417,972,656 $180 $168,540 $19,050 $(6,370)$(3,493)$11,045 $188,952 $1,479 $9,331 
Stockholders' Equity Temporary Equity
Common StockAdditional
Paid-In
RetainedAccumulated
Other
Comprehensive
TreasuryNon- controllingTotalSeries B
Preferred
Series B-2
Preferred
SharesAmountCapitalEarnings(Loss) IncomeStockInterestEquityStockStock
Balance at October 31, 202217,684,315 $177 $165,169 $15,500 $(7,908)$(3,493)$11,609 $181,054 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,337)— — — (1,337)— — 
Dividends Series B ($2.19 per share)
— — — (32)— — — (32)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation146,289 1 1,063 — — — — 1,064 — — 
Noncontrolling interest adjustment— — — — — — (78)(78)— — 
Net income (loss)— — — 15,631 — — (97)15,534 — — 
Other comprehensive income, net of tax— — — — 3,947 — — 3,947 — — 
Balance at January 31, 202317,830,604$178 $166,232 $29,669 $(3,961)$(3,493)$11,434 $200,059 $1,479 $9,331 
Dividends Common ($0.075 per share)
— — — (1,348)— — — (1,348)— — 
Dividends Series B ($2.19 per share)
— — — (33)— — — (33)— — 
Dividends Series B-2 ($10 per share)
— — — (93)— — — (93)— — 
Stock compensation149,900 2 963 — — — — 965 — — 
Exchange of common stock(1,594)— (26)— — — — (26)— — 
Net loss— — — (1,613)— — (17)(1,630)— — 
Other comprehensive loss, net of tax— — — — (50)— — (50)— — 
Balance at April 30, 202317,978,910$180 $167,169 $26,582 $(4,011)$(3,493)$11,417 $197,844 $1,479 $9,331 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7


LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 Six Months Ended
April 30,
 20242023
Operating activities
Net income$2,878 $13,904 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization4,158 4,491 
Gain on disposal of assets, net(117)(30,744)
Gain on legal settlement (853)
Stock compensation expense1,935 2,029 
Non-cash lease expense896 802 
Equity in earnings of investments, net(16,633)(315)
Deferred income taxes1,032 5,915 
Other, net12 162 
Changes in operating assets and liabilities:
Accounts receivable and receivables/other from related parties(7,157)(1,583)
Cultural costs(1,099)2,051 
Prepaid expenses and other current assets(325)(5,105)
Other assets(106)21 
Accounts payable and growers and suppliers payable467 (5,340)
Accrued liabilities and payables to related parties1,923 (2,708)
Income taxes payable(259)(330)
Other long-term liabilities(900)(840)
Net cash used in operating activities(13,295)(18,443)
Investing activities  
Capital expenditures(3,714)(5,417)
Net proceeds from sales of assets935 98,506 
Net proceeds from sale of real estate development assets 2,577 
Cash distribution from Trapani Fresh61 82 
Collection on notes receivable66  
Equity investment contributions and capitalized interest(221)(275)
Investments in mutual water companies and water rights(47)(51)
Net cash (used in) provided by investing activities(2,920)95,422 
Financing activities  
Borrowings of long-term debt71,529 57,940 
Repayments of long-term debt(52,367)(122,775)
Principal paid on finance leases and equipment financings(362)(215)
Dividends paid – common(2,698)(2,685)
Dividends paid – preferred(251)(251)
Exchange of common stock(1,835)(26)
Net cash provided by (used in) financing activities14,016 (68,012)
Effect of exchange rate changes on cash(30)9 
Net (decrease) increase in cash(2,229)8,976 
Cash at beginning of period3,631 857 
Cash at end of period$1,402 $9,833 
8


LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(in thousands)
 Six Months Ended
April 30,
 20242023
Supplemental disclosures of cash flow information  
Cash paid during the period for interest (net of amounts capitalized)$451 $397 
Cash paid during the period for income taxes, net$259 $330 
Non-cash investing and financing activities:  
Capital expenditures accrued but not paid at period-end$390 $325 
Accrued contribution obligation of investment in water company$450 $450 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
9

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Basis of Presentation
Business
Limoneira Company (together with its consolidated subsidiaries, the “Company”) engages primarily in growing citrus and avocados, harvesting 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, Australia and other international markets. Through fiscal year 2023, the Company was a member of Sunkist Growers, Inc., an agricultural marketing cooperative, and sold a portion of its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.
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.
2. Summary of Significant Accounting Policies
Comprehensive Income (Loss)
Comprehensive income (loss) represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss 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 (loss) income by component (in thousands):
Three Months Ended April 30,
20242023
Pre-tax AmountTax ExpenseNet AmountPre-tax AmountTax ExpenseNet Amount
Foreign currency translation adjustments$(237)$ $(237)$(50)$ $(50)
Other comprehensive loss$(237)$ $(237)$(50)$ $(50)
Six Months Ended April 30,
20242023
Pre-tax AmountTax ExpenseNet AmountPre-tax AmountTax Benefit (Expense)Net Amount
Foreign currency translation adjustments$(704)$ $(704)$2,173 $ $2,173 
Minimum pension liability adjustments:
Other comprehensive (loss) income before reclassifications   (355)135 (220)
Amounts reclassified to earnings included in “Other income (expense), net”   2,700 (756)1,944 
Other comprehensive (loss) income$(704)$ $(704)$4,518 $(621)$3,897 
10

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. Summary of Significant Accounting Policies (continued)
Comprehensive Income (Loss) (continued)
The following table summarizes the changes in accumulated other comprehensive loss by component (in thousands):
 Foreign Currency Translation LossDefined Benefit Pension PlanAccumulated Other Comprehensive Loss
Balance at October 31, 2023$(5,666)$ $(5,666)
Other comprehensive loss(704) (704)
Balance at April 30, 2024$(6,370)$ $(6,370)
 Foreign Currency Translation (Loss) GainDefined Benefit Pension PlanAccumulated Other Comprehensive Loss
Balance at October 31, 2022$(6,184)$(1,724)$(7,908)
Other comprehensive income2,173 1,724 3,897 
Balance at April 30, 2023$(4,011)$ $(4,011)
COVID-19 Pandemic
The decline in demand for the Company's products as a result of the COVID-19 pandemic negatively impacted the Company's sales and profitability beginning in the second quarter of fiscal year 2020. The export market for fresh produce continues to experience decreased demand and the COVID-19 pandemic may continue to impact the Company's 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.
Recent Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses, the chief operating decision maker (“CODM”), and how the CODM uses the reported measure(s) of segment profit or loss. This amendment also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280, Segment Reporting, in interim periods.
The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors
In March 2024, the SEC adopted final rules under SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning November 1, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of these final rules on its consolidated financial statements and disclosures.
11

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. Summary of Significant Accounting Policies (continued)
Concentrations
Concentrations of credit risk with respect to revenues and accounts receivable are limited due to a large, diverse customer base. One individual customer represented 14% of revenue for the six months ended April 30, 2024. Two individual customers represented 20% and 11% of accounts receivable, net as of April 30, 2024.
One individual vendor represented 26% of accounts payable as of April 30, 2024.
Lemons procured from third-party growers were 79% and 57% of the Company's lemon supply for the six months ended April 30, 2024 and 2023, respectively. One third-party grower was 20% of the Company's lemon supply for the six months ended April 30, 2024.
The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage.
3. Asset Sales and Disposals
Northern Properties
In October 2022, the Company entered into a Purchase and Sale Agreement, as amended, (the “Agreement”) with PGIM Real Estate Finance, LLC (“PGIM”) to sell 3,537 acres of land and citrus orchards in Tulare County, California (the “Northern Properties”) for a purchase price of approximately $100,405,000. On January 25, 2023, the Board approved the Agreement creating a binding agreement of the Company to sell the Northern Properties and the transaction closed on January 31, 2023. During the quarter ended April 30, 2023, the purchase price was decreased by $397,000 for reimbursement of certain cultural costs and prepaid expenses, resulting in a final purchase price of $100,008,000. After transaction costs the Company received net proceeds of $98,411,000.
The following is a summary of the transaction (in thousands):
Net cash proceeds received$85,494 
Debt directly repaid through the transaction12,917 
Total net proceeds received98,411 
Less: net book value of assets sold
Cultural costs3,853 
Prepaid expenses and other current assets155 
Property, plant and equipment, net53,144 
Intangible assets, net12 
Other assets1,320 
Accrued liabilities(68)
58,416 
Gain on disposal of assets$39,995 
The proceeds were used to pay down all of the Company’s domestic debt except the AgWest Farm Credit $40,000,000 non-revolving line of credit.
On January 31, 2023, the Company entered into a Farm Management Agreement (“FMA”) with an affiliate of PGIM to provide farming, management and operations services related to the Northern Properties. The FMA had an initial term expiring March 31, 2024, and thereafter continues from year to year unless earlier terminated under the terms of the FMA. Further, on January 31, 2023, the Company entered into a Grower Packing and Marketing Agreement to provide packing, marketing and selling services for lemons harvested on the Northern Properties for a minimum five-year term, subject to certain benchmarking standards.
12

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. Asset Sales and Disposals (continued)
Yuma Property
In December 2023, the Company sold 12 acres of real property located in Yuma, Arizona for a sales price of $775,000. After transaction and closing costs, the Company recorded a gain on disposal of assets of approximately $187,000 during the quarter ended January 31, 2024.
Cadiz Ranch
In April 2023, the Company determined that citrus farming operations were economically unviable on 670 acres of leased agricultural land at the Cadiz Ranch. As a result, the Company ceased farming operations at the Cadiz Ranch, disposed of the related property, plant and equipment and recorded a loss on disposal of assets of $9,012,000 during the quarter ended April 30, 2023.
4. Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
 April 30, 2024October 31, 2023
Prepaid supplies and insurance$2,660 $1,667 
Assets held for sale 535 
Sales tax receivable166 490 
Income taxes receivable 816 
Lemon supplier advances472 791 
Other1,241 1,289 
 $4,539 $5,588 
5. Real Estate Development
Real estate development assets are comprised primarily of land and land development costs for the East Area II property in the amount of $9,995,000 and $9,987,000 as of April 30, 2024 and October 31, 2023, respectively.
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 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 and East Area II, subject to certain reimbursements by the Company. The balance in East Area II includes estimated costs incurred by and reimbursable to LLCB of $3,444,000 as of April 30, 2024 and October 31, 2023, 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. Effective as of February 22, 2023, the Loan maturity date was extended to February 22, 2024, and the maximum borrowing amount was reduced to $35,000,000. As of February 1, 2023, the interest rate on the Loan transitioned from the London Interbank Offered Rate (“LIBOR”) to the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus 2.85% and is payable monthly. Effective as of February 22, 2024, the loan maturity date was extended to August 22, 2024 and the interest rate transitioned from the BSBY to the Secured Overnight Financing Rate ("SOFR") plus 2.85%. The Loan contains certain customary default provisions and LLCB may prepay any amounts outstanding under the Loan without penalty. As of April 30, 2024, the Loan had no outstanding balance and LLCB had unaudited cash and cash equivalents of $102,078,000.
13

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 guarantors are jointly and severally liable for all Loan obligations in the event of default by LLCB. The guarantee continues in effect until all of the Loan obligations are fully paid and the Loan terminates. 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 LLCB.
In October 2022, the Company entered into a joint venture with Lewis for the development of the Retained Property. The Company formed LLCB II, LLC (“LLCB II”) as the development entity, contributed the Retained Property to the joint venture and sold a 50% interest to Lewis for $7,975,000. The Company recorded a deferred gain of $465,000 on the transaction, which is included in other long-term liabilities as of April 30, 2024 and October 31, 2023. The joint venture partners will share in the capital contributions to fund project costs until loan proceeds and/or revenues are sufficient to fund the project. The Company made contributions of $200,000 and $275,000 to LLCB II during the six months ended April 30, 2024 and 2023, respectively.
Through April 30, 2024, LLCB closed on lot sales representing 1,261 residential units since inception, including 554 residential units in the second quarter of fiscal year 2024. In June 2024, the Company received a cash distribution of $15,005,000 from LLCB.
Other Real Estate Development Projects
In fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2,700,000, which closed in November 2022. After transaction and other costs, the Company received cash proceeds of approximately $2,577,000 and recorded an immaterial loss on disposal of assets during the six months ended April 30, 2023.
6. Equity in Investments
Equity in investments consist of the following (in thousands):
 April 30, 2024October 31, 2023
Limoneira Lewis Community Builders, LLC$82,953 $66,288 
LLCB II, LLC9,089 8,869 
Limco Del Mar, Ltd.1,759 1,832 
Rosales1,366 1,325 
Romney Property Partnership502 502 
 $95,669 $78,816 
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 period for the six months ended April 30, 2024, this threshold was met for LLCB and thus summarized income statement information is presented in this Quarterly Report on Form 10-Q. The full audited financial statements of LLCB for the years ended October 31, 2023, 2022 and 2021 were provided as exhibits to the Annual Report on Form 10-K for the fiscal year ended October 31, 2023.




14

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
6. Equity in Investments (continued)
Unconsolidated Significant Subsidiary (continued)
The following is unaudited summarized financial information for LLCB (in thousands):
 Six Months Ended
April 30,
 20242023
Revenues$94,540 $678 
Cost of land sold54,089 19 
Operating expenses135 322 
Net income$40,316 $337 
Net income attributable to Limoneira Company$19,455 $270 
April 30, 2024October 31, 2023
Cash and cash equivalents$102,078 $12,863 
Unsecured line of credit$ $ 
7. Goodwill and Intangible Assets, Net
A summary of the change in the carrying amount of goodwill is as follows (in thousands):
Goodwill Carrying Amount
Balance at October 31, 2023$1,512 
Foreign currency translation adjustment(7)
Balance at April 30, 2024$1,505 
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 April 30, 2024.
Intangible assets consist of the following (in thousands):
April 30, 2024October 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life in YearsGross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life in Years
Trade names and trademarks$2,108 (1,207)901 8$2,108 $(1,104)$1,004 8
Customer relationships4,037 (2,337)1,700 94,037 (2,111)1,926 9
Non-competition agreement 437 (159)278 8437 (132)305 8
Acquired water and mineral rights3,331 — 3,331 Indefinite3,422 — 3,422  Indefinite
$9,913 $(3,703)$6,210 $10,004 $(3,347)$6,657 
Amortization expense totaled $177,000 and $178,000 for the three months ended April 30, 2024 and 2023, respectively. Amortization expense totaled $356,000 and $375,000 for the six months ended April 30, 2024 and 2023, respectively.




15

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
7. Goodwill and Intangible Assets, Net (continued)
Estimated future amortization expense of intangible assets as of April 30, 2024 is as follows (in thousands):
2024 (remaining six months)$355 
2025711 
2026711 
2027427 
2028427 
Thereafter248 
 $2,879 
8. 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. In January 2023, the Company sold an investment in a mutual water company with a net book value of $1,320,000 as part of the Northern Properties sale described in Note 3 - Asset Sales and Disposals. Amounts included in other assets in the consolidated balance sheets as of April 30, 2024 and October 31, 2023 were $6,200,000 and $5,703,000, respectively.
9. Accrued Liabilities
Accrued liabilities consist of the following (in thousands):
April 30, 2024October 31, 2023
Compensation$3,549 $2,858 
Property taxes38 548 
Operating expenses3,372 2,223 
Leases2,237 2,150 
Income taxes payable761  
Other1,301 872 
$11,258 $8,651 
10. Long-Term Debt
Long-term debt is comprised of the following (in thousands):
 April 30, 2024October 31, 2023
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month SOFR, which was 5.33% at April 30, 2024, plus 1.78%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.
$59,417 $40,000 
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.
439 583 
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024.
43 112 
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026.
230 314 
Total long-term debt60,129 41,009 
Less current portion626 381 
Long-term debt, less current portion$59,503 $40,628 
16

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
10. Long-Term Debt (continued)
The Company entered into a Master Loan Agreement (the “MLA”) with AgWest Farm Credit, formerly known as Farm Credit West, (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 a 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.
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 featured a 3-year draw period followed by 20 years of fully amortized loan payments. On March 31, 2023, the draw period expired and the RELOC was closed as there was no balance outstanding.
The Supplements provide aggregate borrowing capacity of $115,000,000 comprised of $75,000,000 under the Revolving Credit Supplement, and $40,000,000 under the Non-Revolving Credit Supplement. As of April 30, 2024, the Company's outstanding borrowings under the Supplements were $59,417,000 and it had $55,583,000 available to borrow.
In January 2023, the Company used the proceeds from the Northern Properties sale as described in Note 3 - Asset Sales and Disposals to reduce the Company's long-term debt.
The interest rate in effect under the Revolving Credit Supplement automatically adjusts on the first day of each month. The interest rate for any amount outstanding under the Revolving Credit Supplement was based on the one-month LIBOR plus or minus an applicable margin. As of January 1, 2023, the rate transitioned from LIBOR to SOFR. The applicable margin ranges from 1.68% to 2.28% depending on the ratio of current assets, plus the remaining available commitment divided by current liabilities. On each anniversary of July 1, the Company has the option to convert the interest rate in use under the Revolving Credit Supplement from the preceding SOFR-based calculation to a variable interest rate. The Company may prepay any amounts outstanding under the Revolving Credit Supplement without penalty.
The interest rate in effect under the Non-Revolving Credit Supplement is 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. 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.
All indebtedness under the MLA, 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, certain of the Company’s agricultural properties, 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. 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 on an annual basis. In September 2023, the Lender modified the covenant to defer measurement as of October 31, 2023 and resume a debt service coverage ratio of 1.25:1.0 measured as of October 31, 2024.
In December 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $558,000 in the second quarter of fiscal year 2024. In February 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $1,413,000 in the second quarter of fiscal year 2023.
Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $98,000 and zero during the three months ended April 30, 2024 and 2023, and $154,000 and $306,000 for the six months ended April 30, 2024 and 2023, respectively. Capitalized interest is included in property, plant and equipment, real estate development assets and equity in investments in the Company’s consolidated balance sheets.
17

LIMONEIRA COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
11. Other Long-Term Liabilities
Other long-term liabilities consist of the following (in thousands):
 April 30, 2024October 31, 2023
Loan guarantee1,080 1,080 
Leases1,658 2,316 
Other1,281 1,159 
 $4,019 $4,555 
12. 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 19 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):
Three Months Ended
April 30,
Six Months Ended
April 30,
2024202320242023
Operating lease revenue$1,274 $1,274 $2,566 $2,564 
Variable lease revenue75 120 175 203 
Total lease revenue$1,349 $1,394 $2,741 $2,767 
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, packinghouse facilities, equipment and vehicles with remaining lease terms ranging from one to four years, with various term extensions available. 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. Lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations.
Lease costs consist of the following (in thousands):
Three Months Ended
April 30,
Six Months Ended
April 30,
2024202320242023
Operating lease costs$519 $491 $1,018 $982 
Finance lease costs:
Amortization of lease assets63 33 110 66 
Interest on lease liabilities12 8 21 16 
Variable lease costs(13)(235)(32)(90)
Short-term lease costs31 175