Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Apr. 30, 2019 | May 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Limoneira CO | |
Entity Central Index Key | 0001342423 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | LMNR | |
Entity Common Stock, Shares Outstanding | 17,772,753 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Current assets: | ||
Cash | $ 1,491 | $ 609 |
Accounts receivable, net | 19,960 | 14,116 |
Cultural costs | 2,821 | 5,413 |
Prepaid expenses and other current assets | 11,808 | 10,528 |
Income taxes receivable | 0 | 378 |
Total current assets | 36,080 | 31,044 |
Property, plant and equipment, net | 230,592 | 225,681 |
Real estate development | 16,156 | 107,162 |
Equity in investments | 57,470 | 18,698 |
Investment in Calavo Growers, Inc. | 23,953 | 24,250 |
Other assets | 19,034 | 14,504 |
Total assets | 383,285 | 421,339 |
Current liabilities: | ||
Accounts payable | 10,002 | 6,134 |
Growers payable | 17,029 | 10,089 |
Accrued liabilities | 4,828 | 7,724 |
Current portion of long-term debt | 2,915 | 3,127 |
Total current liabilities | 34,774 | 27,074 |
Long-term liabilities: | ||
Long-term debt, less current portion | 93,744 | 76,966 |
Deferred income taxes | 24,751 | 25,372 |
Other long-term liabilities | 3,347 | 3,647 |
Sale-leaseback deferral | 0 | 58,330 |
Total liabilities | 156,616 | 191,389 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common Stock – $0.01 par value (39,000,000 shares authorized: 17,772,753 and 17,647,135 shares issued and outstanding at April 30, 2019 and October 31, 2018, respectively) | 178 | 176 |
Additional paid-in capital | 159,992 | 159,071 |
Retained earnings | 59,757 | 50,354 |
Accumulated other comprehensive (loss) income | (4,643) | 8,965 |
Noncontrolling interest | 575 | 574 |
Total stockholders’ equity | 215,859 | 219,140 |
Total liabilities and stockholders’ equity | 383,285 | 421,339 |
Series B Convertible Preferred Stock [Member] | ||
Long-term liabilities: | ||
Convertible Preferred Stock | 1,479 | 1,479 |
Series B-2 Convertible Preferred Stock [Member] | ||
Long-term liabilities: | ||
Convertible Preferred Stock | 9,331 | 9,331 |
Series A Junior Participating Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2019 and October 31, 2018) | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Oct. 31, 2018 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 39,000,000 | 39,000,000 |
Common stock, shares issued (in shares) | 17,772,753 | 17,647,135 |
Common Stock, outstanding (in shares) | 17,772,753 | 17,647,135 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 14,790 | 14,790 |
Preferred stock, shares outstanding (in shares) | 14,790 | 14,790 |
Coupon rate | 8.75% | 8.75% |
Series B-2 Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 9,300 | 9,300 |
Preferred stock, shares outstanding (in shares) | 9,300 | 9,300 |
Coupon rate | 4.00% | 4.00% |
Liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 |
Series A Junior Participating Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Net revenues: | ||||
Revenues | $ 42,035,000 | $ 43,135,000 | $ 84,053,000 | $ 74,728,000 |
Rental operations | 1,212,000 | 1,270,000 | 2,430,000 | 2,530,000 |
Total net revenues | 42,035,000 | 43,135,000 | 84,053,000 | 74,728,000 |
Costs and expenses: | ||||
Rental operations | 1,095,000 | 976,000 | 2,174,000 | 2,041,000 |
Selling, general and administrative | 4,843,000 | 3,942,000 | 9,858,000 | 8,016,000 |
Total costs and expenses | 43,040,000 | 33,755,000 | 88,078,000 | 67,086,000 |
Operating (loss) income | (1,005,000) | 9,380,000 | (4,025,000) | 7,642,000 |
Other income (expense): | ||||
Interest expense | (686,000) | (284,000) | (539,000) | (794,000) |
Equity in earnings of investments | 1,927,000 | (126,000) | 1,969,000 | (83,000) |
Unrealized gain (loss) on stock in Calavo Growers, Inc. | 3,612,000 | 0 | (298,000) | 0 |
Other income, net | 56,000 | 16,000 | 360,000 | 257,000 |
Total other income (expense) | 4,909,000 | (394,000) | 1,492,000 | (620,000) |
Income (loss) before income tax (provision) benefit | 3,904,000 | 8,986,000 | (2,533,000) | 7,022,000 |
Income tax (provision) benefit | (1,084,000) | (2,380,000) | 677,000 | 8,207,000 |
Net income (loss) | 2,820,000 | 6,606,000 | (1,856,000) | 15,229,000 |
Net income attributable to noncontrolling interest | (5,000) | (7,000) | (22,000) | (5,000) |
Net income (loss) attributable to Limoneira Company | 2,815,000 | 6,599,000 | (1,878,000) | 15,224,000 |
Preferred dividends | (126,000) | (126,000) | (251,000) | (251,000) |
Net income (loss) attributable to common stock | $ 2,689,000 | $ 6,473,000 | $ (2,129,000) | $ 14,973,000 |
Basic net income (loss) per common share (in dollars per share) | $ 0.15 | $ 0.45 | $ (0.12) | $ 1.04 |
Diluted net income (loss) per common share (in dollars per share) | $ 0.15 | $ 0.44 | $ (0.12) | $ 1.02 |
Weighted-average common shares outstanding-basic (in shares) | 17,554,000 | 14,379,000 | 17,516,000 | 14,341,000 |
Weighted-average common shares outstanding-diluted (in shares) | 18,225,000 | 15,023,000 | 17,516,000 | 14,986,000 |
Agribusiness [Member] | ||||
Net revenues: | ||||
Revenues | $ 40,823,000 | $ 41,865,000 | $ 81,623,000 | $ 72,198,000 |
Costs and expenses: | ||||
Costs and expenses | 37,078,000 | 28,798,000 | 75,994,000 | 56,960,000 |
Real estate development [Member] | ||||
Net revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Costs and expenses | $ 24,000 | $ 39,000 | $ 52,000 | $ 69,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,820 | $ 6,606 | $ (1,856) | $ 15,229 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (452) | 50 | 443 | 293 |
Minimum pension liability adjustment, net of tax of $28, $52, $55 and $103 for the three and six months ended April 30, 2019 and 2018, respectively. | 72 | 123 | 146 | 247 |
Unrealized holding gains on security available-for-sale, net of tax of $0, $589, $0 and $1,758 for the three and six months ended April 30, 2019 and 2018, respectively. | 0 | 1,421 | 0 | 4,242 |
Unrealized gains from derivative instrument, net of tax of $0, $25, $0 and $67 for the three and six months ended April 30, 2019 and 2018, respectively. | 0 | 58 | 0 | 161 |
Total other comprehensive (loss) income, net of tax | (380) | 1,652 | 589 | 4,943 |
Comprehensive income (loss) | 2,440 | 8,258 | (1,267) | 20,172 |
Comprehensive (income) loss attributable to noncontrolling interest | 13 | 13 | 1 | 36 |
Comprehensive income (loss) attributable to Limoneira Company | $ 2,453 | $ 8,271 | $ (1,266) | $ 20,208 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Pension liability adjustment, tax | $ 28 | $ 52 | $ 55 | $ 103 |
Unrealized holding gain (loss) on security available-for-sale, tax | 0 | 589 | 0 | 1,758 |
Unrealized gain (loss) from derivative instrument, tax | $ 0 | $ 25 | $ 0 | $ 67 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member]Retained Earnings [Member] | Series B2 Preferred Stock [Member] | Series B2 Preferred Stock [Member]Retained Earnings [Member] |
Beginning balance (in shares) at Oct. 31, 2017 | 14,405,031 | |||||||||
Beginning balance at Oct. 31, 2017 | $ 136,793 | $ 144 | $ 94,294 | $ 34,692 | $ 7,076 | $ 587 | ||||
Beginning balance, temporary equity at Oct. 31, 2017 | $ 1,479 | $ 9,331 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends Common | (908) | (908) | ||||||||
Dividends | (32) | $ (32) | (93) | $ (93) | ||||||
Stock compensation (in shares) | 145,441 | |||||||||
Stock compensation | 709 | $ 1 | 708 | |||||||
Exchange of common stock (in shares) | (17,520) | |||||||||
Exchange of common stock | (401) | (401) | ||||||||
Net (loss) income | 8,623 | 8,625 | (2) | |||||||
Other comprehensive income, net of tax | 3,316 | 3,291 | 25 | |||||||
Ending balance (in shares) at Jan. 31, 2018 | 14,532,952 | |||||||||
Ending balance at Jan. 31, 2018 | 148,007 | $ 145 | 94,601 | 42,284 | 10,367 | 610 | ||||
Ending balance, temporary equity at Jan. 31, 2018 | 1,479 | 9,331 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends Common | (908) | (908) | ||||||||
Dividends | (33) | (33) | (93) | (93) | ||||||
Stock compensation (in shares) | 0 | |||||||||
Stock compensation | 230 | $ 0 | 230 | |||||||
Net (loss) income | 6,606 | 6,599 | 7 | |||||||
Other comprehensive income, net of tax | 1,658 | 1,652 | 6 | |||||||
Ending balance (in shares) at Apr. 30, 2018 | 14,532,952 | |||||||||
Ending balance at Apr. 30, 2018 | 155,467 | $ 145 | 94,831 | 47,849 | 12,019 | 623 | ||||
Ending balance, temporary equity at Apr. 30, 2018 | 1,479 | 9,331 | ||||||||
Beginning balance (in shares) at Oct. 31, 2018 | 17,647,135 | |||||||||
Beginning balance at Oct. 31, 2018 | 219,140 | $ 176 | 159,071 | 50,354 | 8,965 | 574 | ||||
Beginning balance, temporary equity at Oct. 31, 2018 | 1,479 | 9,331 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends Common | (1,332) | (1,332) | ||||||||
Dividends | (32) | (32) | (93) | (93) | ||||||
Stock compensation (in shares) | 145,737 | |||||||||
Stock compensation | 791 | $ 2 | 789 | |||||||
Exchange of common stock (in shares) | (20,119) | |||||||||
Exchange of common stock | (305) | (305) | ||||||||
Net (loss) income | (4,676) | (4,693) | 17 | |||||||
Other comprehensive income, net of tax | 957 | 969 | (12) | |||||||
Ending balance (in shares) at Jan. 31, 2019 | 17,772,753 | |||||||||
Ending balance at Jan. 31, 2019 | 214,450 | $ 178 | 159,555 | 58,401 | (4,263) | 579 | ||||
Ending balance, temporary equity at Jan. 31, 2019 | 1,479 | 9,331 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends Common | (1,333) | (1,333) | ||||||||
Dividends | (33) | $ (33) | (93) | $ (93) | ||||||
Stock compensation (in shares) | 0 | |||||||||
Stock compensation | 437 | $ 0 | 437 | |||||||
Net (loss) income | 2,820 | 2,815 | 5 | |||||||
Other comprehensive income, net of tax | (389) | (380) | (9) | |||||||
Ending balance (in shares) at Apr. 30, 2019 | 17,772,753 | |||||||||
Ending balance at Apr. 30, 2019 | $ 215,859 | $ 178 | $ 159,992 | $ 59,757 | $ (4,643) | $ 575 | ||||
Ending balance, temporary equity at Apr. 30, 2019 | $ 1,479 | $ 9,331 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | |
Dividends common stock (in dollars per share) | $ 0.075 | $ 0.075 | $ 0.0625 | $ 0.0625 |
Series B Preferred Stock [Member] | ||||
Dividends preferred stock (in dollars per share) | 2.19 | 2.19 | 2.19 | 2.19 |
Series B2 Preferred Stock [Member] | ||||
Dividends preferred stock (in dollars per share) | $ 10 | $ 10 | $ 10 | $ 10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Operating activities | ||
Net (loss) income | $ (1,856,000) | $ 15,229,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,247,000 | 3,434,000 |
(Gain) loss on disposals of assets | (11,000) | 193,000 |
Gain on sales of real estate development assets | 0 | (25,000) |
Stock compensation expense | 1,228,000 | 939,000 |
Equity in earnings of investments | (1,969,000) | 83,000 |
Cash distributions from equity investments | 282,000 | 0 |
Deferred income taxes | (642,000) | (10,781,000) |
Accrued interest on notes receivable | (92,000) | (83,000) |
Unrealized loss on stock in Calavo Growers, Inc. | 298,000 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,838,000) | (6,284,000) |
Cultural costs | 2,608,000 | 2,112,000 |
Prepaid expenses and other current assets | (1,409,000) | (1,052,000) |
Income taxes receivable | 378,000 | 0 |
Other assets | (130,000) | 25,000 |
Accounts payable and growers payable | 9,947,000 | 2,244,000 |
Accrued liabilities | (2,927,000) | 1,000,000 |
Other long-term liabilities | (96,000) | 49,000 |
Net cash provided by operating activities | 4,018,000 | 7,083,000 |
Investing activities | ||
Capital expenditures | (8,151,000) | (5,420,000) |
Purchase of real estate development parcel | 0 | (1,444,000) |
Net proceeds from sales of real estate development assets | 0 | 1,543,000 |
Agriculture property acquisition | (397,000) | 0 |
Payments to FGF Trapani (See Note 19) | (4,000,000) | 0 |
Collections of installments on note receivable | 150,000 | 0 |
Equity investment contributions | (4,000,000) | (3,500,000) |
Investments in mutual water companies | (16,000) | (16,000) |
Net cash used in investing activities | (16,414,000) | (8,837,000) |
Financing activities | ||
Borrowings of long-term debt | 58,340,000 | 41,801,000 |
Repayments of long-term debt | (41,844,000) | (37,564,000) |
Dividends paid – common | (2,665,000) | (1,816,000) |
Dividends paid – preferred | (251,000) | (251,000) |
Exchange of common stock | (305,000) | (401,000) |
Net cash provided by financing activities | 13,275,000 | 1,769,000 |
Effect of exchange rate changes on cash | 3,000 | (14,000) |
Net increase in cash | 882,000 | 1,000 |
Cash at beginning of period | 609,000 | 492,000 |
Cash at end of period | 1,491,000 | 493,000 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for interest (net of amounts capitalized) | 1,327,000 | 1,150,000 |
Cash paid during the period for income taxes, net of (refunds) | 130,000 | 100,000 |
Non-cash investing and financing activities: | ||
Unrealized holding gain on Calavo investment | 0 | (6,000,000) |
(Decrease) increase in real estate development and sale-leaseback deferral | (58,330,000) | 8,425,000 |
Reclassification from real estate development to equity in investments | (33,353,000) | 0 |
Increase in equity in investments and other long-term liabilities | 0 | 750,000 |
Non-cash issuance of note receivable | 0 | 3,000,000 |
Non-cash reduction of note receivable | 0 | 68,000 |
Capital expenditures accrued but not paid at period-end | 400,000 | 299,000 |
Accrued contribution obligation of investment in water company | 450,000 | 315,000 |
Accrued Series B-2 Convertible Preferred Stock dividends | 31,000 | 31,000 |
Non-cash issuance of note payable | $ 0 | $ 1,435,000 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) $ in Thousands | 1 Months Ended | |||
Feb. 28, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($) | Feb. 28, 2013a | |
East Areas II [Member] | ||||
Conversion of Stock [Line Items] | ||||
Area of real estate property | a | 7 | |||
Real estate investment property, net | $ 3,145 | |||
Payments to acquire and develop real estate | 1,444 | |||
Notes payable | $ 1,435 | |||
Centennial Property [Member] | ||||
Conversion of Stock [Line Items] | ||||
Real estate development held for sale | $ 3,250 | |||
Proceeds from sale of real estate held-for-investment | $ 179 | |||
Proceeds from issuance of debt | $ 3,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Business Limoneira Company (together with its consolidated subsidiaries, the “Company”) engages primarily in growing citrus and avocados, picking and hauling citrus, and packing, marketing and selling lemons. The Company is also engaged in residential rentals and other rental operations and real estate development activities. The Company markets and sells lemons directly to food service, wholesale and retail customers throughout the United States, Canada, Asia and other international markets. The Company is a member of Sunkist Growers, Inc. (“Sunkist”), an agricultural marketing cooperative, and sells its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses. The Company sells all of its avocado production to Calavo Growers, Inc. (“Calavo”), a packing and marketing company listed on the NASDAQ Global Select Market under the symbol CVGW. Calavo’s customers include many of the largest retail and food service companies in the United States and Canada. The Company’s avocados are packed by Calavo, which are then sold and distributed under Calavo brands to its customers. Basis of Presentation and Preparation The accompanying unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which a controlling interest is held by the Company. Intercompany accounts and transactions have been eliminated. In the opinion of the Company, the unaudited interim consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these unaudited interim consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Because the consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition On November 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) – Accounting Standards Update (“ASU”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606), that amends the guidance for the recognition of revenue from contracts with customers. The results for the reporting period beginning after November 1, 2018 are presented in accordance with the new standard which was adopted using the modified-retrospective method and applied to those contracts that were not completed as of November 1, 2018. There was no net effect of applying the standard and therefore no cumulative adjustment to retained earnings was necessary at the date of initial application. As a result comparative information has not been restated and the results for the reporting periods before November 1, 2018 continue to be reported under the accounting standards and policies in effect for those periods. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: • Identify the contract(s) with a customer. • Identify the performance obligations in the contract. • Determine the transaction price. • Allocate the transaction price to the performance obligations in the contract. • Recognize revenue when (or as) the entity satisfies a performance obligation. The Company determined the appropriate method by which it recognizes revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with its customers. The Company accounts 2. Summary of Significant Accounting Policies (continued) Revenue Recognition (continued) for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract's transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract and each performance obligation is valued based on its estimated relative standalone selling price. The Company recognizes the majority of its revenue at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer. The amount of revenue that is recognized is based on the transaction price, which represents the invoiced amount and includes estimates of variable consideration such as allowances for estimated customer discounts or concessions, where applicable. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Upon adoption, the Company changed the accounting of certain brokered fruit sales. Under previous guidance, the Company was considered an agent and recorded revenues for certain brokered fruit sales and the costs of such fruit on a net basis in its consolidated statement of operations. Under the new revenue recognition standard, the Company is considered a principal in the transaction and revenues are recorded on a gross basis in the Company’s consolidated statement of operations with the related cost of such fruit included in agribusiness costs and expenses. This change resulted in the recognition of additional agribusiness revenue and agribusiness costs and expenses of $162,000 and $168,000 , respectively, during the three months ended April 30, 2019 and $456,000 and $420,000 , respectively, during the six months ended April 30, 2019 . Had it used the previous revenue recognition guidance, the Company would have recorded insignificant net agribusiness revenue for the three and six months ended April 30, 2019 . No cumulative adjustment to retained earnings was necessary as there is no net effect of applying the standard. Agribusiness revenue - Revenue from lemon sales is generally recognized at a point in time when the customer takes control of the fruit from the Company’s packinghouse, which aligns with the transfer of title to the customer. The Company has elected to treat any shipping and handling costs incurred after control of the goods has been transferred to the customer as agribusiness costs. The Company’s avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. The Company delivers all of its avocado production from its orchards to Calavo. These avocados are then packed by Calavo at its packinghouse and sold and distributed under Calavo brands to its customers primarily in the United States and Canada. The Company’s arrangements with other third-party packinghouses related to its oranges, specialty citrus and other specialty crops are similar to its arrangement with Calavo. The Company’s arrangements with its third-party packinghouses are such that the Company is the producer and supplier of the product and the third-party packinghouses are the Company’s customers. The revenues the Company recognizes related to the fruits sold to the third-party packinghouses are based on the volume and quality of the fruits delivered, the market price for such fruit, less the packinghouses’ charges to pack and market the fruit. Such packinghouse charges include the grading, sizing, packing, cooling, ripening and marketing of the related fruit. The Company controls the product until it is delivered to the third-party packinghouses at which time control of the product is transferred to the third-party packinghouses and revenue is recognized. Such third-party packinghouse charges are recorded as a reduction of revenue as they are not for distinct services. The identifiable benefit the Company receives from the third-party packinghouses for packaging and marketing services cannot be sufficiently separated from the third-party packinghouses’ purchase of the Company’s products. In addition, the Company is not able to reasonably estimate the fair value of the benefit received from the third-party packinghouses for such services and as such, these costs are characterized as a reduction of revenue in the Company’s consolidated statements of operations. Revenue from the sales of certain of the Company’s agricultural products is recorded based on estimated proceeds provided by certain of the Company’s sales and marketing partners (Calavo and other third-party packinghouses) due to the time between when the product is delivered by the Company and the closing of the pools for such fruits at the end of each month or harvest period. Calavo and other third-party packinghouses are agricultural cooperatives or function in a similar manner as an agricultural cooperative. The Company estimates the variable consideration using the most likely amount method, with the most likely amount being the quantities actually shipped extended by the prices reported by Calavo and other third-party packinghouses. Revenue is recognized at time of delivery to the packinghouses relating to fruits that are in pools that have not yet closed at month end if: (a) the related fruits have been delivered 2. Summary of Significant Accounting Policies (continued) Revenue Recognition (continued) to and accepted by Calavo and other third-party packinghouses (i.e., Calavo and other third-party packinghouses obtain control) and (b) sales price information has been provided by Calavo and other third-party packinghouses (based on the marketplace activity for the related fruit) to estimate with reasonable certainty the final selling price for the fruit upon the closing of the pools. In such instances the Company has the present right to payment and Calavo and other third-party packinghouses have the present right to direct the use of, and obtain substantially all of the remaining benefits from, the delivered fruit. The Company does not expect that there is a high likelihood that a significant reversal in the amount of cumulative revenue recognized in the early periods of the pool will occur once the final pool prices have been reported by the packinghouses. Historically, the revenue that is recorded based on the sales price information provided to the Company by Calavo and other third-party packinghouses at the time of delivery, have not materially differed from the actual amounts that are paid after the monthly or harvest period pools are closed. The Company has entered into brokerage arrangements with third-party international packinghouses. In certain of these arrangements, the Company has the exclusive ability to direct the use of and obtains substantially all of the remaining benefits from the fruit, and is therefore acting as a principal. As such, the Company records the related revenue and costs of the fruit gross in the consolidated statement of operations. Revenue from crop insurance proceeds is recorded when the amount can be reasonably determined and upon establishment of the present right to payment. Rental Revenue - Minimum rental revenues are generally recognized on a straight-line basis over the respective initial lease term. Contingent rental revenues are contractually defined as to the percentage of rent received by the Company and are based on fees collected by the lessee. Such revenues are recognized when actual results, based on collected fees reported by the tenant, are received. The Company's rental arrangements generally require payment on a monthly or quarterly basis. Real Estate Development Revenue - The Company recognizes revenue on real estate development projects with customers at a point in time (i.e., the closing) when the Company satisfies the single performance obligation and transfers control of such real estate to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed real estate to the buyer, is allocated to this single obligation and is received at closing. Real estate development projects with non-customers are accounted for in accordance with Accounting Standards Code (“ASC”) 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets . Recent Accounting Pronouncements FASB ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (i.e., securities or loans and receivables). Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company’s adoption of this ASU on November 1, 2018 resulted in a cumulative-effect adjustment to the statement of financial position, with the Company reclassifying unrealized holding gains of $15,921,000, net of taxes, in Calavo common stock to retained earnings from accumulated other comprehensive income ("AOCI") at the date of adoption. In addition, the change in the fair value of Calavo common stock has been disclosed as a separate line item in the statement of operations subsequent to the adoption of ASU 2016-01. FASB ASU 2016-02, Leases (Topic 842) Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continued) • A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and • A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The ASU will be effective for the Company beginning in the first quarter of its fiscal year ending October 31, 2020. The Company is evaluating the effect this ASU may have on its consolidated financial statements, however it expects to apply the practical expedients provided in the ASU. Note 20 – Commitments and Contingencies of the notes to consolidated financial statements included in the Company's 2018 Annual Report on Form 10-K describes its operating lease arrangements as of October 31, 2018 . FASB ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The amendment requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendment is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company’s adoption of this ASU during the first quarter of fiscal year 2019 had no material impact on its consolidated financial statements. FASB ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This amendment provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 (the "2017 Act") (or portion thereof) is recorded. The amendment is effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendment either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the 2017 Act is recognized. The Company early adopted this ASU on November 1, 2018, and as a result recorded a cumulative-effect reclassification in the statement of financial position to retained earnings from AOCI at the date of adoption of $1,724,000 related to the investment in Calavo and pension liability. FASB ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans This amendment adds, removes and clarifies the disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continued) For public business entities, the amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements. SEC Amendments to Certain Disclosure Requirements In August 2018, the SEC adopted amendments to certain disclosure requirements for a number of SEC rules, including Rule 3-04 of Regulation S-X. Rule 3-04 requires that a public registrant’s Form 10-Q include a reconciliation of changes in stockholders’ equity for each period for which a statement of comprehensive income is required to be filed. These amendments are effective for interim periods beginning after November 5, 2018, therefore the Company has included a separate statement of stockholders’ equity and temporary equity in this Quarterly Report on Form 10-Q. |
Acquisitions
Acquisitions | 6 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Agriculture Property Acquisition In January 2019, the Company purchased land for use as a citrus orchard for a cash purchase price of $397,000 . The acquisition was for 26 acres of agricultural property adjacent to the Company’s orchards in Lindsay, California. This agriculture property acquisition is included in property, plant and equipment on the Company’s consolidated balance sheet. San Pablo On July 18, 2018, the Company completed the acquisition of San Pablo ranch and related assets in La Serena, Chile, for $13,000,000 . The San Pablo ranch consists of 3,317 acres on two parcels, including 247 acres producing lemons, 61 acres producing oranges, the opportunity to immediately plant 120 acres for lemon production, as well as the potential for approximately 500 acres of avocado production. This acquisition was accounted for as an asset purchase and is included in property, plant and equipment in the Company’s consolidated balance sheet. In addition, transaction costs of $111,000 were capitalized as part of total acquisition costs. Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands): Cultural costs $ 579 Land and land improvements 9,114 Buildings and equipment 207 Orchards 2,058 Water rights 1,153 Total assets acquired $ 13,111 The unaudited, pro forma consolidated statement of operations as if San Pablo had been included in the consolidated results of the Company for the year ended October 31, 2018 results in revenue of $130,262,000 and net income of $18,785,000 . Business Combinations Oxnard Lemon On July 24, 2018, the Company and Oxnard Lemon Associates, Ltd., a California limited partnership (“Seller”), entered into an Asset Purchase Agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, on July 26, 2018 (the “Initial Closing Date”), the Company acquired certain tangible assets of seller, including a packinghouse and related land (“Oxnard Lemon”), for a purchase price of $24,750,000 (the “Initial Acquisition”). Pursuant to the Purchase Agreement, the closing on the purchase and sale of the intangible assets of Seller, including Seller’s trade names, trademarks and copyrights, took place on October 31, 2018 (the “Final Closing Date”), at which point an additional $250,000 in purchase price was paid to Seller by the Company. The aggregate purchase price for the tangible assets and the intangible assets provided in the Purchase Agreement was $25,000,000 . Additionally, the Purchase 3. Acquisitions (continued) Business Combinations Agreement provided that Seller lease back the tangible assets from the Company until the Final Closing Date, pursuant to a lease executed on the Initial Closing Date. Transaction costs of $142,000 were included in selling, general and administrative expense. Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands): Land and land improvements $ 7,294 Buildings and equipment 14,866 Customer relationships and trade names 2,270 Goodwill 570 Total assets acquired $ 25,000 The unaudited, pro forma consolidated statement of operations as if Oxnard Lemon had been included in the consolidated results of the Company for the year ended October 31, 2018 in revenue of $142,253,000 and net income of $19,728,000 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Under the FASB ASC 820, Fair Value Measurement and Disclosures, a fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). The following table sets forth the Company’s financial assets and liabilities as of April 30, 2019 and October 31, 2018 , which are measured on a recurring basis during the period, segregated by level within the fair value hierarchy (in thousands): April 30, 2019 Level 1 Level 2 Level 3 Total Assets at fair value: Equity securities $ 23,953 $ — $ — $ 23,953 October 31, 2018 Level 1 Level 2 Level 3 Total Assets at fair value: Equity securities $ 24,250 $ — $ — $ 24,250 Equity securities consist of marketable securities in Calavo common stock. At April 30, 2019 and October 31, 2018 , the Company owned 250,000 shares, representing approximately 1.4% of Calavo’s outstanding common stock. These securities are measured at fair value by quoted market prices and changes in fair value are included in the statement of operations subsequent to the adoption of ASU 2016-01. With the adoption of FASB ASU 2016-01 on November 1, 2018, changes in the fair value of the marketable securities result in gains or losses recognized in net income. The Company recorded an unrealized gains (losses) of $3,612,000 and $(298,000) during the three and six months ended April 30, 2019 , respectively, which is included in other income (expense) in the consolidated statements of operations. The Company recorded unrealized holding gains of $2,010,000 ( $1,421,000 net of tax) and $6,000,000 ( $4,242,000 net of tax), during the three and six months ended April 30, 2018 , which were included in AOCI in the consolidated balance sheet. Calavo’s stock price at April 30, 2019 and October 31, 2018 was $95.81 and $97.00 per share, respectively. Prior to the adoption of ASU 2016-01, these equity securities were classified as available-for-sale securities and changes in fair value were recorded in AOCI net of tax. |
Concentrations
Concentrations | 6 Months Ended |
Apr. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations Lemons procured from third-party growers were 59% and 43% of lemon supply in the three months ended April 30, 2019 and 2018 , respectively. Lemons procured from third-party growers were 59% and 47% of lemon supply in the six months ended April 30, 2019 and 2018 , respectively, of which one third-party grower was 10% of lemon supply at April 30, 2019 . The Company sells all of its avocado production to Calavo and the majority of its oranges and specialty citrus to a third-party packing house. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Apr. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | repaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): April 30, October 31, 2018 Prepaid insurance $ 779 $ 647 Prepaid supplies 1,165 1,196 Lemon supplier advances 508 170 Note receivable, net 2,552 2,797 Real estate development held for sale 5,024 5,024 Water assessment fees and other 1,780 694 $ 11,808 $ 10,528 |
Real Estate Development
Real Estate Development | 6 Months Ended |
Apr. 30, 2019 | |
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): April 30, October 31, East Area I $ — $ 91,357 Retained Property - East Area I 10,613 10,408 East Area II 5,543 5,397 $ 16,156 $ 107,162 East Area I, Retained Property and East Area II In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. On November 10, 2015 (the “Transaction Date”), the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (the “LLC” or “Joint Venture”) as the development entity, contributed its East Area I property to the LLC and sold a 50% interest in the LLC to Lewis for $20,000,000 . The Company and the Joint Venture also entered into a Retained Property Development Agreement on the Transaction Date (the "Retained Property Agreement"). Under the terms of the Retained Property Agreement, the Joint Venture transferred certain contributed East Area I property, which is entitled for commercial development, back to the Company (the "Retained Property") and arranged for the design and construction of certain improvements to the Retained Property, subject to certain reimbursements by the Company. In August 2018, the Retained Property, was transferred back to the Company. The net carrying value of the Retained Property as of April 30, 2019 and October 31, 2018 was $10,613,000 and $10,408,000 , respectively, and classified as real estate development. Further, on the Transaction Date, the Joint Venture and the Company entered into a Lease Agreement (the "Lease Agreement"), pursuant to which the Joint Venture would lease certain of the contributed East Area I property back to the Company for continuation of agricultural operations, and certain other permitted uses, on the property until the Joint Venture required the property for development. In December 2018, the Company terminated the Lease Agreement pursuant to the terms therein. The Company’s sale of an interest in the LLC in which the Company’s contributed property comprises the LLC’s primary asset, combined with the Lease Agreement was considered a sale-leaseback transaction under FASB ASC 840 , Leases, because of the Company’s continuing involvement in the property in the form of its agricultural operations. Accordingly, the property was carried on 7. Real Estate Development (continued) East Area I, Retained Property and East Area II (continued) the consolidated balance sheet as real estate development, rather than being classified as an equity investment and a sale-leaseback deferral had been recorded for the $20,000,000 payment made by Lewis for the purchase of the LLC interest. Lease expense associated with the Lease Agreement was not required under sale-leaseback accounting since the Company was treated as though it continued to own the property. During the three and six months ended April 30, 2018 , the Company recorded $5,699,000 and $8,425,000 , respectively, of real estate development costs and corresponding increases in the sale-leaseback deferral to recognize real estate development costs capitalized by the LLC. There were no repayment requirements for the sale-leaseback deferral. When the Lease Agreement was terminated in December 2018 control of the property transferred to the Joint Venture and therefore, the Company reduced the sale lease-back deferral and corresponding real estate development by $58,330,000 and reclassified $33,353,000 to equity in investments upon derecognition of the real estate development. As the fair value of the Company’s ownership interest in the Joint Venture approximated the Company’s historical basis in the real estate development at the inception of the Joint Venture, no gain or loss was recorded. The Company made contributions to the Joint Venture of $4,000,000 and $3,500,000 in the six months ended April 30, 2019 and 2018 , respectively. Additionally, the Company recorded equity income, net of amortization of basis differences, of $2,270,000 for both the three and six months ended April 30, 2019 . In February and March 2019, the Company announced that its Joint Venture with Lewis closed the sales of the initial residential lots representing a total of 174 residential units. Templeton Santa Barbara, LLC The real estate development parcels within the Templeton Santa Barbara, LLC project are described as The Terraces at Pacific Crest (“Pacific Crest”), and Sevilla. The net carrying values of Pacific Crest and Sevilla were $2,481,000 and $2,543,000 , respectively, as of April 30, 2019 and October 31, 2018 . These projects were idle during the six months ended April 30, 2019 and 2018 and, as such, no costs were capitalized and expenses were insignificant. In October 2018, the Company began negotiations to sell its Pacific Crest and Sevilla properties for a combined total price of $5,200,000 . As a result, the Company recorded impairment charges on Pacific Crest and Sevilla of $769,000 and $789,000 , respectively, in October 2018. These negotiations have not resulted in a sale and the Company is actively marketing these properties. At April 30, 2019 and October 31, 2018 , the $2,481,000 carrying value of Pacific Crest and the $2,543,000 carrying value of Sevilla were classified as held for sale and included in prepaid expenses and other current assets. |
Equity in Investments
Equity in Investments | 6 Months Ended |
Apr. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity in Investments | Equity in Investments Equity in investments consist of the following (in thousands): April 30, October 31, 2018 Limoneira Lewis Community Builders, LLC $ 53,416 $ 14,060 Limco Del Mar, Ltd. 2,001 1,935 Rosales 1,543 2,191 Romney Property Partnership 510 512 $ 57,470 $ 18,698 The Rosales equity investment includes the Company’s 35% interest acquired in fiscal year 2014 and an additional 12% interest acquired with the purchase of PDA in fiscal year 2017. The Company’s investment in Rosales is accounted for using the equity method of accounting based on the sum of its direct and indirect ownership. The Limoneira Lewis Community Builders, LLC investment balance includes the value of the Company's ownership interest in the Joint Venture as described in Note 7 - Real Estate Development. 8. Equity in Investments (continued) Unconsolidated Significant Subsidiary The LLC investment balance includes the value of the Company's ownership interest in the LLC. In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies for 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. Rule 10-01(b)(1) of Regulation S-X requires summarized income statement information of an equity method investee in an interim report if either of the two tests exceed 20%. During the current quarter, this threshold was met for the LLC and thus requires summarized income statement information in this Quarterly Report on Form 10-Q. The following is unaudited summarized financial information for the LLC (in thousands): Six Months Ended April 30, 2019 2018 Revenues $ 30,354 $ — Cost of land sold 22,005 — Operating expenses 107 83 Net income (loss) $ 8,242 $ (83 ) Net income (loss) attributable to Limoneira Company $ 3,481 $ (83 ) |
Other Assets
Other Assets | 6 Months Ended |
Apr. 30, 2019 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consist of the following (in thousands): April 30, October 31, 2018 Investments in mutual water companies $ 5,486 $ 5,026 Acquired water and mineral rights 3,841 3,783 Deposit for land purchase 608 593 Deferred lease assets and other 335 396 Notes receivable 815 566 Revolving funds and memberships 244 267 Acquired trade names, trademarks and customer relationships 2,270 2,442 Goodwill 1,435 1,431 Payments to FGF Trapani 4,000 — $ 19,034 $ 14,504 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Apr. 30, 2019 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands): April 30, October 31, 2018 Compensation $ 2,258 $ 2,784 Property taxes 21 785 Interest 342 297 Deferred rental income and deposits 460 497 Lease expense 78 378 Lemon supplier payables 53 1,214 Capital expenditures and other 1,616 1,769 $ 4,828 $ 7,724 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is comprised of the following (in thousands): April 30, October 31, 2018 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 2.50% at April 30, 2019, plus 1.60%. Effective July 1, 2018, the interest rate for the $40.0 million outstanding balance of the non-revolving line of credit was fixed at 4.77%. Interest is payable monthly and the principal is due in full on July 1, 2022. $ 69,142 $ 50,888 Farm Credit West term loan: the interest rate is variable and was 4.95% at April 30, 2019. The loan is payable in quarterly installments through November 2022. 2,321 2,602 Farm Credit West term loan: the interest rate is variable and was 4.95% at April 30, 2019. The loan is payable in monthly installments through October 2035. 1,100 1,122 Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036. 9,000 9,172 Farm Credit West term loan: the interest rate is fixed at 3.62% until March 2021, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036. 6,666 6,808 Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023. 5,667 6,367 Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025. 1,470 1,857 Note Payable: the interest rate ranges from 5.00% to 7.00% and was 5.50% at April 30, 2019. The loan includes interest-only monthly payments and principal is due in February 2023. 1,435 1,435 Subtotal 96,801 80,251 Less deferred financing costs, net of accumulated amortization 142 158 Total long-term debt, net 96,659 80,093 Less current portion 2,915 3,127 Long-term debt, less current portion $ 93,744 $ 76,966 On June 20, 2017, the Company entered into a Master Loan Agreement (the “Loan Agreement”) with Farm Credit West, FLCA (“Farm Credit West”) which includes a Revolving Credit Supplement and a Non-Revolving Credit Supplement (the “Supplements”). Proceeds from the Supplements were used to pay down all the remaining outstanding indebtedness under the revolving credit facility the Company had with Rabobank, N.A. On January 29, 2018, the Company amended the Revolving Credit Supplement to increase the borrowing capacity from $60,000,000 to $75,000,000 . 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. The borrowing capacity based on collateral value was $115,000,000 at April 30, 2019 . All indebtedness under the Loan Agreements, including any indebtedness under the Supplements, is secured by a first lien on 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 Loan Agreement includes customary default provisions that provide should an event of default occur, Farm Credit West, at its option, may declare all or any portion of the indebtedness under the Loan Agreement to be immediately due and payable without demand, notice of non-payment, protest or prior recourse to collateral, and terminate or suspend the Company’s right to draw or request funds on any loan or line of credit. Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $344,000 and $372,000 during the three months ended April 30, 2019 and 2018 , respectively, and $611,000 and $949,000 during the six months ended April 30, 2019 and 2018 , respectively. Capitalized interest is included in property, plant and equipment and real estate development in the Company’s consolidated balance sheets. |
Basic and Diluted Net (Loss) In
Basic and Diluted Net (Loss) Income per Share | 6 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net (Loss) Income per Share | Basic and Diluted Net (Loss) Income per Share Basic net income (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 income (loss) per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of conversion of unvested, restricted stock and preferred stock. The computations for basic and diluted net (loss) income per common share are as follows (in thousands, except per share amounts): Three Months Ended April 30, Six Months Ended April 30, 2019 2018 2019 2018 Basic net income (loss) per common share: Net income (loss) applicable to common stock $ 2,689 $ 6,473 $ (2,129 ) $ 14,973 Effect of unvested, restricted stock (16 ) (10 ) (33 ) (19 ) Numerator: Net income (loss) for basic EPS 2,673 6,463 (2,162 ) 14,954 Denominator: Weighted average common shares-basic 17,554 14,379 17,516 14,341 Basic net income (loss) per common share $ 0.15 $ 0.45 $ (0.12 ) $ 1.04 Diluted net income (loss) per common share: Numerator: Net income (loss) for diluted EPS $ 2,815 $ 6,599 $ (2,162 ) $ 15,224 Weighted average common shares–basic 17,554 14,379 17,516 14,341 Effect of dilutive unvested, restricted stock and preferred stock 671 644 — 645 Denominator: Weighted average common shares–diluted 18,225 15,023 17,516 14,986 Diluted net income (loss) per common share $ 0.15 $ 0.44 $ (0.12 ) $ 1.02 Diluted (losses) earnings per common share are computed using the more dilutive method of either the two-class method or the treasury method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. The Company excluded 140,000 and 94,000 , unvested, restricted shares, as calculated under the treasury stock method, from its computation of diluted (losses) earnings per share for the three months ended April 30, 2019 and 2018 , respectively, and 219,000 and 93,000 for the six months ended April 30, 2019 and 2018 , respectively. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company rents certain of its residential housing assets to employees on a month-to-month basis. The Company recorded $182,000 and $178,000 of rental revenue from employees in the three months ended April 30, 2019 and 2018 , respectively, and $360,000 and $355,000 in the six months ended April 30, 2019 and 2018 , respectively. There were no rental payments due from employees at April 30, 2019 or October 31, 2018 . The Company has representation on the boards of directors of the mutual water companies in which the Company has investments. The Company recorded capital contributions and purchased water and water delivery services from such mutual water companies, in aggregate, of $81,000 and $166,000 in the three months ended April 30, 2019 and 2018 , respectively, and $858,000 and $886,000 in the six months ended April 30, 2019 and 2018 , respectively. Capital contributions are included in other assets in the Company’s consolidated balance sheets and purchases of water and water delivery services are included in agribusiness expense in the Company’s consolidated statements of operations. Water payments due to the mutual water companies were, in aggregate, $681,000 and $142,000 at April 30, 2019 and October 31, 2018 , respectively. 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 of $540,000 and $508,000 from the association in the three months ended April 30, 2019 and 2018 , respectively, and $856,000 and $815,000 in the six months ended April 30, 2019 and 2018 , respectively, which are included in agribusiness expense in the Company’s consolidated statements of operations. Payments due to the cooperative were $185,000 and $142,000 at April 30, 2019 and October 31, 2018 , respectively. 13. Related-Party Transactions (continued) The Company has an investment in and representation on the board of directors of Calavo and Calavo has an investment in and had representation on the board of directors of the Company. The Company recorded dividend income of $250,000 and $285,000 in the six months ended April 30, 2019 and 2018 , respectively, on its investment in Calavo, which is included in other income (expense), net in the Company’s consolidated statements of operations. The Company paid $255,000 and $216,000 of dividends to Calavo for the six months ended April 30, 2019 and 2018 , respectively. The Company had $540,000 and $935,000 in avocado sales to Calavo for the three months ended April 30, 2019 and 2018 , respectively, and $543,000 and $935,000 for the six months ended April 30, 2019 and 2018 , respectively. which are included in agribusiness revenues in the Company's consolidated statements of operations. There were $467,000 and zero amounts receivable by the Company from Calavo at April 30, 2019 and October 31, 2018 , respectively. The Company leases office space to Calavo and received rental income of $80,000 and $73,000 in the three months ended April 30, 2019 and 2018 , respectively, and $159,000 and $145,000 in the six months ended April 30, 2019 and 2018 , respectively, which is included in rental operations revenues in the Company’s consolidated statements of operations. The Company purchased $1,000 and $4,000 of storage services from Calavo in the six months ended April 30, 2019 and 2018 , respectively. Amounts due to Calavo at April 30, 2019 and October 31, 2018 were zero and $3,000 , respectively. Certain members of the Company’s board of directors market lemons through the Company. The aggregate amount of lemons procured from entities owned or controlled by members of the board of directors was $232,000 and $1,158,000 in the three months ended April 30, 2019 and 2018 , respectively, and $609,000 and $1,386,000 in the six months ended April 30, 2019 and 2018 , respectively, which are included in agribusiness expense in the Company’s consolidated statements of operations. Payments due to these board members were $500,000 and $487,000 at April 30, 2019 and October 31, 2018 , respectively. Additionally, the Company leases approximately 31 acres of orchards from entities affiliated with a member on the board of directors and incurred $23,000 and $11,000 of lease expense related to these leases in the six months ended April 30, 2019 and 2018 , respectively. On July 1, 2013, the Company and Cadiz Real Estate LLC (“Cadiz”), a wholly-owned subsidiary of Cadiz Inc., entered into a long-term lease agreement (the “Lease”) for a minimum of 320 acres, with options to lease up to an additional 960 acres, located within 9,600 zoned agricultural acres owned by Cadiz in eastern San Bernardino County, California. The initial term of the Lease runs for 20 years and the annual base rental rate 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. 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. Additionally, this board member is an attorney with a law firm that provided services of $12,000 and $10,000 to the Company during the three months ended April 30, 2019 and 2018 , respectively, and $14,000 and $19,000 during the six months ended April 30, 2019 and 2018 , respectively. Payments due to the law firm were zero and $67,000 at April 30, 2019 and October 31, 2018 , respectively. The Company incurred lease and farming expenses of $22,000 and $50,000 in the three months ended April 30, 2019 and 2018 , respectively, and $88,000 and $86,000 in the six months ended April 30, 2019 and 2018 , respectively, which are recorded in agribusiness expense in the Company’s consolidated statements of operations. On February 5, 2015, the Company entered into a Modification of Lease Agreement (the “Amendment”) with Cadiz. The Amendment, among other things, increased by 200 acres the amount of property leased by the Company under the lease agreement dated July 1, 2013. In connection with the Amendment, the Company paid a total of $1,212,000 to acquire existing lemon trees and irrigations systems from Cadiz and a Cadiz tenant. In February 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). An entity affiliated with WAM is the holder of 9,300 shares of Limoneira Company Series B-2 convertible preferred stock. Amounts due to Fenner were $80,000 and $100,000 at April 30, 2019 and October 31, 2018 , respectively. The Company has representation on the board of directors of Colorado River Growers, Inc. (“CRG”), a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest costs to CRG of zero in the three months ended April 30, 2019 and 2018 . The Company paid harvest costs to CRG of $3,841,000 and $2,451,000 in the six months ended April 30, 2019 and 2018 , respectively. Such amounts are included in agribusiness expense in the Company’s consolidated statements of operations. Additionally, Associated provided harvest management and administrative services to CRG in the amounts of zero during the three months ended April 30, 2019 and 2018 . Associated provided harvest management and administrative services to CRG in the amounts of $306,000 and $218,000 during the six months ended April 30, 2019 and 2018 , respectively. Such amounts are included in agribusiness revenues in the Company’s consolidated statements of operations. There was zero and $232,000 due to Associated from CRG at April 30, 2019 and October 31, 2018 , respectively, which is included in accounts receivable, net in the Company’s consolidated balance sheets. 13. Related-Party Transactions (continued) The Company has representation on the board of directors of Yuma Mesa Irrigation and Drainage District (“YMIDD”). The Company purchased water in the amounts of $53,000 and $65,000 during the three months ended April 30, 2019 and 2018 , respectively, and $85,000 and $149,000 from YMIDD during the six months ended April 30, 2019 and 2018 , respectively, which is included in agribusiness expenses in the Company’s consolidated statements of operations. There were no amounts due to YMIDD at April 30, 2019 or October 31, 2018 . The Company has a 1.3% interest in Limco Del Mar, Ltd. (“Del Mar”) as a general partner and a 26.8% interest as a limited partner. The Company provides Del Mar with farm management, orchard land development and accounting services and received expense reimbursements of $45,000 and $43,000 in the three months ended April 30, 2019 and 2018 , respectively, and $80,000 and $95,000 in the six months ended April 30, 2019 and 2018 , respectively. The Company procures lemons from Del Mar and fruit proceeds (due from) payable to Del Mar were $(2,000) and $709,000 at April 30, 2019 and October 31, 2018 , respectively, and are included in grower’s payable in the Company’s consolidated balance sheets. The Company received no cash distributions and recorded equity in (losses) earnings of this investment of $(139,000) and $(45,000) in the three months ended April 30, 2019 and 2018 , respectively, and $66,000 and $118,000 , in the six months ended April 30, 2019 and 2018 , respectively. On August 14, 2014, the Company’s wholly owned subsidiary, Limoneira Chile SpA, invested approximately $1,750,000 for a 35% interest in Rosales, a citrus packing, marketing and sales business located in La Serena, Chile. The Company purchased an additional 12% interest in Rosales with the February 2017 acquisition of PDA. The Company recognized zero and $782,000 of lemon sales to Rosales in the three months ended April 30, 2019 and 2018 , respectively, and $521,000 and $923,000 in the six months ended April 30, 2019 and 2018 , respectively. Additionally, San Pablo recognized aggregate lemon and orange sales of $720,000 and $780,000 to Rosales for the three and six months ended April 30, 2019 , respectively. PDA recognized aggregate lemon and orange sales of $685,000 and $421,000 to Rosales in the three months ended April 30, 2019 and 2018 , respectively, and $765,000 and $703,000 in the six months ended April 30, 2019 and 2018 , respectively, which are recorded in agribusiness revenues in the Company’s consolidated statements of operations. The aggregate amount of lemons and oranges procured from Rosales was zero in the three months ended April 30, 2019 and 2018 and $359,000 and zero in the six months ended April 30, 2019 and 2018 , respectively. Amounts due from (payable to) Rosales were $234,000 and $(65,000) at April 30, 2019 and October 31, 2018 , respectively. The Company recorded equity in (losses) earnings of this investment of $(119,000) and $3,000 in the three months ended April 30, 2019 and 2018 , respectively, and amortization of fair value basis differences of $85,000 in the three months ended April 30, 2019 and 2018 . The Company recorded equity in losses of this investment of $(196,000) and $(33,000) in the six months ended April 30, 2019 and 2018 , respectively, and amortization of fair value basis differences of $169,000 in the six months ended April 30, 2019 and 2018 . The Company received $283,000 and zero cash distributions from this equity investment in the six months ended April 30, 2019 and 2018 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s estimated annual effective blended tax rate for fiscal year 2019 is approximately 28.2% . A 26.7% estimated effective blended tax rate, after discrete items, was utilized by the Company in the six months ended April 30, 2019 to calculate its income tax provision. The Company has no uncertain tax positions as of April 30, 2019 . The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. The Company has not accrued any interest and penalties associated with uncertain tax positions as of April 30, 2019 . The Company applied the guidance in Staff Accounting Bulletin No. 118 (“SAB 118”) when accounting for the enactment-date effects of the 2017 Act throughout fiscal year 2018. At January 31, 2019, the Company completed its evaluation for all of the enactment-date income tax effects of the 2017 Act and no material adjustments noted to be made on the provisional amounts recorded at January 31, 2018. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Apr. 30, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Limoneira Company Retirement Plan (the “Plan”) is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees. Benefits paid by the Plan are calculated based on years of service, highest five -year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date. 15. Retirement Plans (continued) The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of $150,000 during both three months ended April 30, 2019 and 2018 , respectively, and $300,000 during both six months ended April 30, 2019 and 2018 , respectively. The components of net periodic pension cost for the Plan for the three and six months ended April 30, 2019 and 2018 were as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Administrative expenses $ 47 $ 63 $ 94 $ 126 Interest cost 207 192 414 385 Expected return on plan assets (272 ) (268 ) (544 ) (536 ) Prior service cost 11 11 22 22 Recognized actuarial loss 100 175 201 350 Net periodic benefit cost $ 93 $ 173 $ 187 $ 347 |
Contingencies
Contingencies | 6 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Commitments and Contingencies The 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
Stock-based Compensation | 6 Months Ended |
Apr. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | 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 based on achievement of certain annual financial performance and other criteria. The number of shares granted is based on a percentage of the employee’s base salary divided by the stock price on the grant date. Shares granted under the Stock Plan vest over two to five -year periods. In December 2018, 40,094 shares of common stock with a per share value of $18.74 were granted to management under the Stock Plan for fiscal year 2018 performance, resulting in total compensation expense of approximately $751,000 , with $343,000 recognized in the year ended October 31, 2018 and the balance to be recognized over the next two years as the shares vest. In addition, 90,000 shares of common stock with a per share value of $19.84 were granted to key executives under the Stock Plan, resulting in a total compensation expense of approximately $1,786,000 , to be recognized equally over the next three years as the shares vest. During January 2019 and 2018 , 15,642 and 14,033 shares, respectively, of common stock were granted to the Company’s non-employee directors under the Company’s stock-based compensation plans. The Company recognized $339,000 and $309,000 of stock-based compensation to non-employee directors during the six months ended April 30, 2019 and 2018 , respectively. |
Segment Information
Segment Information | 6 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates in six reportable operating segments: fresh lemons, lemon packing, avocados, other agribusiness, rental operations and real estate development. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, farming and harvesting expenses and third-party grower costs relative to fresh lemons. The lemon packing segment includes packing revenues and shipping and handling revenues relative to lemon packing. The lemon packing segment expenses are comprised of lemon packing costs. The lemon packing segment revenues include intersegment revenues between fresh lemons and lemon packing. The intersegment revenues are included gross in the segment note and a separate line item is shown as an elimination. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment includes sales, farming and harvesting of oranges, specialty citrus and other crops. The rental operations segment includes housing and commercial rental operations, leased land and organic recycling. The real estate development segment includes real estate development operations. 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, other income, interest expense and income taxes, or specifically identify them to its operating segments. The Company earns packing revenue for packing lemons grown on its orchards and lemons procured from third-party growers. Intersegment revenues represent packing revenues related to lemons grown on the Company’s orchards. Segment information for the three months ended April 30, 2019 (in thousands): Fresh Lemons (1) Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 32,428 $ 3,954 $ — $ 540 $ 3,901 $ 40,823 $ 1,212 $ — $ — $ 42,035 Intersegment revenue — 8,157 (8,157 ) — — — — — — — Total net revenues 32,428 12,111 (8,157 ) 540 3,901 40,823 1,212 — — 42,035 Costs and expenses 27,915 10,664 (8,157 ) 921 3,875 35,218 901 24 4,776 40,919 Depreciation and amortization — — — — — 1,860 194 — 67 2,121 Operating income (loss) $ 4,513 $ 1,447 $ — $ (381 ) $ 26 $ 3,745 $ 117 $ (24 ) $ (4,843 ) $ (1,005 ) Segment information for the three months ended April 30, 2018 (in thousands): Fresh Lemons Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 30,561 $ 3,008 $ — $ 935 $ 7,361 $ 41,865 $ 1,270 $ — $ — $ 43,135 Intersegment revenue — 7,152 (7,152 ) — — — — — — — Total net revenues 30,561 10,160 (7,152 ) 935 7,361 41,865 1,270 — — 43,135 Costs and expenses 22,601 7,170 (7,152 ) 875 3,808 27,302 781 39 3,889 32,011 Depreciation and amortization — — — — — 1,496 195 — 53 1,744 Operating income (loss) $ 7,960 $ 2,990 $ — $ 60 $ 3,553 $ 13,067 $ 294 $ (39 ) $ (3,942 ) $ 9,380 Segment information for the six months ended April 30, 2019 (in thousands): Fresh Lemons (1) Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 66,921 $ 8,057 $ — $ 543 $ 6,102 $ 81,623 $ 2,430 $ — $ — $ 84,053 Intersegment revenue — 15,201 (15,201 ) — — — — — — — Total net revenues 66,921 23,258 (15,201 ) 543 6,102 81,623 2,430 — — 84,053 Costs and expenses 59,997 19,448 (15,201 ) 1,637 6,385 72,266 1,785 52 9,728 83,831 Depreciation and amortization — — — — — 3,728 389 — 130 4,247 Operating income (loss) $ 6,924 $ 3,810 $ — $ (1,094 ) $ (283 ) $ 5,629 $ 256 $ (52 ) $ (9,858 ) $ (4,025 ) 18. Segment Information (continued) Segment information for the six months ended April 30, 2018 (in thousands): Fresh Lemons Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 55,537 $ 5,841 $ — $ 935 $ 9,885 $ 72,198 $ 2,530 $ — $ — $ 74,728 Intersegment revenue — 12,076 (12,076 ) — — — — — — — Total net revenues 55,537 17,917 (12,076 ) 935 9,885 72,198 2,530 — — 74,728 Costs and expenses 45,491 12,894 (12,076 ) 1,579 6,129 54,017 1,651 69 7,915 63,652 Depreciation and amortization — — — — — 2,943 390 — 101 3,434 Operating income (loss) $ 10,046 $ 5,023 $ — $ (644 ) $ 3,756 $ 15,238 $ 489 $ (69 ) $ (8,016 ) $ 7,642 The following table sets forth revenues by category, by segment for the three and six months ended April 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Fresh lemons (1) $ 32,428 $ 30,561 $ 66,921 $ 55,537 Lemon packing 12,111 10,160 23,258 17,917 Intersegment revenue (8,157 ) (7,152 ) (15,201 ) (12,076 ) Lemon revenues 36,382 33,569 74,978 61,378 Avocados 540 935 543 935 Navel and Valencia oranges 1,991 5,223 2,937 6,566 Specialty citrus and other crops 1,910 2,138 3,165 3,319 Other agribusiness revenues 3,901 7,361 6,102 9,885 Agribusiness revenues 40,823 41,865 81,623 72,198 Residential and commercial rentals 885 878 1,762 1,728 Leased land 224 326 493 654 Organic recycling and other 103 66 175 148 Rental operations revenues 1,212 1,270 2,430 2,530 Real estate development revenues — — — — Total net revenues $ 42,035 $ 43,135 $ 84,053 $ 74,728 (1) During the first quarter of fiscal 2019, the Company adopted a comprehensive new revenue recognition standard using a modified retrospective method that does not restate prior periods to be comparable to the current period presentation. The adoption of this guidance primarily impacted the presentation of certain brokered fruit sales revenue received and the related cost of fruit incurred by the Company. The adoption of this guidance resulted in revenue within the Company’s fresh lemon segment of $162,000 and $456,000 , during the three and six months ended April 30, 2019 , respectively. See Note 2 - Summary of Significant Accounting Policies for additional information. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events subsequent to April 30, 2019 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 below or 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. Acquisition On May 30, 2019, the Company acquired a 51% interest in a joint venture formed with FGF Trapani (“FGF”), a multi-generational, family owned citrus operation in Argentina, and acquired a 51% interest in an Argentine Trust that holds a 75% interest in Finca Santa Clara (“Santa Clara”), a ranch with approximately 1,200 acres of planted lemons. The joint venture will control the trust and operate under the name Trapani Fresh to grow, pack, market and sell fresh citrus. Total consideration paid for the Company’s interest in Trapani Fresh was $15,000,000 . $7,500,000 of consideration was paid to FGF on May 30, 2019. The remaining $7,500,000 of consideration was advanced to FGF as prepayments for the 25% interest in Santa Clara retained by FGF. $4,000,000 was advanced in February 2019 and $3,500,000 was advanced in May 2019. Title to this 25% of Santa Clara will transfer to Trapani Fresh by 2024. These advances will be accounted for as an acquisition of property by the Company in May 2019. The Company is currently evaluating the accounting treatment for its 51% interest in Trapani Fresh and anticipates that it will consolidate Trapani Fresh as a business combination and reflect FGF’s 49% interest in Trapani Fresh as a non-controlling interest in its consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition On November 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) – Accounting Standards Update (“ASU”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606), that amends the guidance for the recognition of revenue from contracts with customers. The results for the reporting period beginning after November 1, 2018 are presented in accordance with the new standard which was adopted using the modified-retrospective method and applied to those contracts that were not completed as of November 1, 2018. There was no net effect of applying the standard and therefore no cumulative adjustment to retained earnings was necessary at the date of initial application. As a result comparative information has not been restated and the results for the reporting periods before November 1, 2018 continue to be reported under the accounting standards and policies in effect for those periods. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: • Identify the contract(s) with a customer. • Identify the performance obligations in the contract. • Determine the transaction price. • Allocate the transaction price to the performance obligations in the contract. • Recognize revenue when (or as) the entity satisfies a performance obligation. The Company determined the appropriate method by which it recognizes revenue by analyzing the nature of the products or services being provided as well as the terms and conditions of contracts or arrangements entered into with its customers. The Company accounts 2. Summary of Significant Accounting Policies (continued) Revenue Recognition (continued) for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A contract's transaction price is allocated to each distinct good or service (i.e., performance obligation) identified in the contract and each performance obligation is valued based on its estimated relative standalone selling price. The Company recognizes the majority of its revenue at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer. The amount of revenue that is recognized is based on the transaction price, which represents the invoiced amount and includes estimates of variable consideration such as allowances for estimated customer discounts or concessions, where applicable. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Upon adoption, the Company changed the accounting of certain brokered fruit sales. Under previous guidance, the Company was considered an agent and recorded revenues for certain brokered fruit sales and the costs of such fruit on a net basis in its consolidated statement of operations. Under the new revenue recognition standard, the Company is considered a principal in the transaction and revenues are recorded on a gross basis in the Company’s consolidated statement of operations with the related cost of such fruit included in agribusiness costs and expenses. This change resulted in the recognition of additional agribusiness revenue and agribusiness costs and expenses of $162,000 and $168,000 , respectively, during the three months ended April 30, 2019 and $456,000 and $420,000 , respectively, during the six months ended April 30, 2019 . Had it used the previous revenue recognition guidance, the Company would have recorded insignificant net agribusiness revenue for the three and six months ended April 30, 2019 . No cumulative adjustment to retained earnings was necessary as there is no net effect of applying the standard. Agribusiness revenue - Revenue from lemon sales is generally recognized at a point in time when the customer takes control of the fruit from the Company’s packinghouse, which aligns with the transfer of title to the customer. The Company has elected to treat any shipping and handling costs incurred after control of the goods has been transferred to the customer as agribusiness costs. The Company’s avocados, oranges, specialty citrus and other specialty crops are packed and sold by Calavo and other third-party packinghouses. The Company delivers all of its avocado production from its orchards to Calavo. These avocados are then packed by Calavo at its packinghouse and sold and distributed under Calavo brands to its customers primarily in the United States and Canada. The Company’s arrangements with other third-party packinghouses related to its oranges, specialty citrus and other specialty crops are similar to its arrangement with Calavo. The Company’s arrangements with its third-party packinghouses are such that the Company is the producer and supplier of the product and the third-party packinghouses are the Company’s customers. The revenues the Company recognizes related to the fruits sold to the third-party packinghouses are based on the volume and quality of the fruits delivered, the market price for such fruit, less the packinghouses’ charges to pack and market the fruit. Such packinghouse charges include the grading, sizing, packing, cooling, ripening and marketing of the related fruit. The Company controls the product until it is delivered to the third-party packinghouses at which time control of the product is transferred to the third-party packinghouses and revenue is recognized. Such third-party packinghouse charges are recorded as a reduction of revenue as they are not for distinct services. The identifiable benefit the Company receives from the third-party packinghouses for packaging and marketing services cannot be sufficiently separated from the third-party packinghouses’ purchase of the Company’s products. In addition, the Company is not able to reasonably estimate the fair value of the benefit received from the third-party packinghouses for such services and as such, these costs are characterized as a reduction of revenue in the Company’s consolidated statements of operations. Revenue from the sales of certain of the Company’s agricultural products is recorded based on estimated proceeds provided by certain of the Company’s sales and marketing partners (Calavo and other third-party packinghouses) due to the time between when the product is delivered by the Company and the closing of the pools for such fruits at the end of each month or harvest period. Calavo and other third-party packinghouses are agricultural cooperatives or function in a similar manner as an agricultural cooperative. The Company estimates the variable consideration using the most likely amount method, with the most likely amount being the quantities actually shipped extended by the prices reported by Calavo and other third-party packinghouses. Revenue is recognized at time of delivery to the packinghouses relating to fruits that are in pools that have not yet closed at month end if: (a) the related fruits have been delivered 2. Summary of Significant Accounting Policies (continued) Revenue Recognition (continued) to and accepted by Calavo and other third-party packinghouses (i.e., Calavo and other third-party packinghouses obtain control) and (b) sales price information has been provided by Calavo and other third-party packinghouses (based on the marketplace activity for the related fruit) to estimate with reasonable certainty the final selling price for the fruit upon the closing of the pools. In such instances the Company has the present right to payment and Calavo and other third-party packinghouses have the present right to direct the use of, and obtain substantially all of the remaining benefits from, the delivered fruit. The Company does not expect that there is a high likelihood that a significant reversal in the amount of cumulative revenue recognized in the early periods of the pool will occur once the final pool prices have been reported by the packinghouses. Historically, the revenue that is recorded based on the sales price information provided to the Company by Calavo and other third-party packinghouses at the time of delivery, have not materially differed from the actual amounts that are paid after the monthly or harvest period pools are closed. The Company has entered into brokerage arrangements with third-party international packinghouses. In certain of these arrangements, the Company has the exclusive ability to direct the use of and obtains substantially all of the remaining benefits from the fruit, and is therefore acting as a principal. As such, the Company records the related revenue and costs of the fruit gross in the consolidated statement of operations. Revenue from crop insurance proceeds is recorded when the amount can be reasonably determined and upon establishment of the present right to payment. Rental Revenue - Minimum rental revenues are generally recognized on a straight-line basis over the respective initial lease term. Contingent rental revenues are contractually defined as to the percentage of rent received by the Company and are based on fees collected by the lessee. Such revenues are recognized when actual results, based on collected fees reported by the tenant, are received. The Company's rental arrangements generally require payment on a monthly or quarterly basis. Real Estate Development Revenue - The Company recognizes revenue on real estate development projects with customers at a point in time (i.e., the closing) when the Company satisfies the single performance obligation and transfers control of such real estate to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed real estate to the buyer, is allocated to this single obligation and is received at closing. Real estate development projects with non-customers are accounted for in accordance with Accounting Standards Code (“ASC”) 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements FASB ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (i.e., securities or loans and receivables). Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company’s adoption of this ASU on November 1, 2018 resulted in a cumulative-effect adjustment to the statement of financial position, with the Company reclassifying unrealized holding gains of $15,921,000, net of taxes, in Calavo common stock to retained earnings from accumulated other comprehensive income ("AOCI") at the date of adoption. In addition, the change in the fair value of Calavo common stock has been disclosed as a separate line item in the statement of operations subsequent to the adoption of ASU 2016-01. FASB ASU 2016-02, Leases (Topic 842) Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continued) • A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and • A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The ASU will be effective for the Company beginning in the first quarter of its fiscal year ending October 31, 2020. The Company is evaluating the effect this ASU may have on its consolidated financial statements, however it expects to apply the practical expedients provided in the ASU. Note 20 – Commitments and Contingencies of the notes to consolidated financial statements included in the Company's 2018 Annual Report on Form 10-K describes its operating lease arrangements as of October 31, 2018 . FASB ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The amendment requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendment is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company’s adoption of this ASU during the first quarter of fiscal year 2019 had no material impact on its consolidated financial statements. FASB ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This amendment provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 (the "2017 Act") (or portion thereof) is recorded. The amendment is effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendment either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the 2017 Act is recognized. The Company early adopted this ASU on November 1, 2018, and as a result recorded a cumulative-effect reclassification in the statement of financial position to retained earnings from AOCI at the date of adoption of $1,724,000 related to the investment in Calavo and pension liability. FASB ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans This amendment adds, removes and clarifies the disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continued) For public business entities, the amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is evaluating the effect this ASU may have on its consolidated financial statements. SEC Amendments to Certain Disclosure Requirements In August 2018, the SEC adopted amendments to certain disclosure requirements for a number of SEC rules, including Rule 3-04 of Regulation S-X. Rule 3-04 requires that a public registrant’s Form 10-Q include a reconciliation of changes in stockholders’ equity for each period for which a statement of comprehensive income is required to be filed. These amendments are effective for interim periods beginning after November 5, 2018, therefore the Company has included a separate statement of stockholders’ equity and temporary equity in this Quarterly Report on Form 10-Q. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Asset Acquisition | Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands): Cultural costs $ 579 Land and land improvements 9,114 Buildings and equipment 207 Orchards 2,058 Water rights 1,153 Total assets acquired $ 13,111 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands): Land and land improvements $ 7,294 Buildings and equipment 14,866 Customer relationships and trade names 2,270 Goodwill 570 Total assets acquired $ 25,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities as of April 30, 2019 and October 31, 2018 , which are measured on a recurring basis during the period, segregated by level within the fair value hierarchy (in thousands): April 30, 2019 Level 1 Level 2 Level 3 Total Assets at fair value: Equity securities $ 23,953 $ — $ — $ 23,953 October 31, 2018 Level 1 Level 2 Level 3 Total Assets at fair value: Equity securities $ 24,250 $ — $ — $ 24,250 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
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): April 30, October 31, 2018 Prepaid insurance $ 779 $ 647 Prepaid supplies 1,165 1,196 Lemon supplier advances 508 170 Note receivable, net 2,552 2,797 Real estate development held for sale 5,024 5,024 Water assessment fees and other 1,780 694 $ 11,808 $ 10,528 |
Real Estate Development (Tables
Real Estate Development (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | Real estate development assets are comprised primarily of land and land development costs and consist of the following (in thousands): April 30, October 31, East Area I $ — $ 91,357 Retained Property - East Area I 10,613 10,408 East Area II 5,543 5,397 $ 16,156 $ 107,162 |
Equity in Investments (Tables)
Equity in Investments (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity in Investments | The following is unaudited summarized financial information for the LLC (in thousands): Six Months Ended April 30, 2019 2018 Revenues $ 30,354 $ — Cost of land sold 22,005 — Operating expenses 107 83 Net income (loss) $ 8,242 $ (83 ) Net income (loss) attributable to Limoneira Company $ 3,481 $ (83 ) Equity in investments consist of the following (in thousands): April 30, October 31, 2018 Limoneira Lewis Community Builders, LLC $ 53,416 $ 14,060 Limco Del Mar, Ltd. 2,001 1,935 Rosales 1,543 2,191 Romney Property Partnership 510 512 $ 57,470 $ 18,698 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consist of the following (in thousands): April 30, October 31, 2018 Investments in mutual water companies $ 5,486 $ 5,026 Acquired water and mineral rights 3,841 3,783 Deposit for land purchase 608 593 Deferred lease assets and other 335 396 Notes receivable 815 566 Revolving funds and memberships 244 267 Acquired trade names, trademarks and customer relationships 2,270 2,442 Goodwill 1,435 1,431 Payments to FGF Trapani 4,000 — $ 19,034 $ 14,504 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): April 30, October 31, 2018 Compensation $ 2,258 $ 2,784 Property taxes 21 785 Interest 342 297 Deferred rental income and deposits 460 497 Lease expense 78 378 Lemon supplier payables 53 1,214 Capital expenditures and other 1,616 1,769 $ 4,828 $ 7,724 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt is comprised of the following (in thousands): April 30, October 31, 2018 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 2.50% at April 30, 2019, plus 1.60%. Effective July 1, 2018, the interest rate for the $40.0 million outstanding balance of the non-revolving line of credit was fixed at 4.77%. Interest is payable monthly and the principal is due in full on July 1, 2022. $ 69,142 $ 50,888 Farm Credit West term loan: the interest rate is variable and was 4.95% at April 30, 2019. The loan is payable in quarterly installments through November 2022. 2,321 2,602 Farm Credit West term loan: the interest rate is variable and was 4.95% at April 30, 2019. The loan is payable in monthly installments through October 2035. 1,100 1,122 Farm Credit West term loan: the interest rate is fixed at 4.70%. The loan is payable in monthly installments though March 2036. 9,000 9,172 Farm Credit West term loan: the interest rate is fixed at 3.62% until March 2021, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036. 6,666 6,808 Wells Fargo term loan: the interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023. 5,667 6,367 Banco de Chile term loan: the interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025. 1,470 1,857 Note Payable: the interest rate ranges from 5.00% to 7.00% and was 5.50% at April 30, 2019. The loan includes interest-only monthly payments and principal is due in February 2023. 1,435 1,435 Subtotal 96,801 80,251 Less deferred financing costs, net of accumulated amortization 142 158 Total long-term debt, net 96,659 80,093 Less current portion 2,915 3,127 Long-term debt, less current portion $ 93,744 $ 76,966 |
Basic and Diluted Net (Loss) _2
Basic and Diluted Net (Loss) Income per Share (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and diluted net (loss) income per common share are as follows (in thousands, except per share amounts): Three Months Ended April 30, Six Months Ended April 30, 2019 2018 2019 2018 Basic net income (loss) per common share: Net income (loss) applicable to common stock $ 2,689 $ 6,473 $ (2,129 ) $ 14,973 Effect of unvested, restricted stock (16 ) (10 ) (33 ) (19 ) Numerator: Net income (loss) for basic EPS 2,673 6,463 (2,162 ) 14,954 Denominator: Weighted average common shares-basic 17,554 14,379 17,516 14,341 Basic net income (loss) per common share $ 0.15 $ 0.45 $ (0.12 ) $ 1.04 Diluted net income (loss) per common share: Numerator: Net income (loss) for diluted EPS $ 2,815 $ 6,599 $ (2,162 ) $ 15,224 Weighted average common shares–basic 17,554 14,379 17,516 14,341 Effect of dilutive unvested, restricted stock and preferred stock 671 644 — 645 Denominator: Weighted average common shares–diluted 18,225 15,023 17,516 14,986 Diluted net income (loss) per common share $ 0.15 $ 0.44 $ (0.12 ) $ 1.02 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Plan for the three and six months ended April 30, 2019 and 2018 were as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Administrative expenses $ 47 $ 63 $ 94 $ 126 Interest cost 207 192 414 385 Expected return on plan assets (272 ) (268 ) (544 ) (536 ) Prior service cost 11 11 22 22 Recognized actuarial loss 100 175 201 350 Net periodic benefit cost $ 93 $ 173 $ 187 $ 347 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information by Segment | Segment information for the three months ended April 30, 2019 (in thousands): Fresh Lemons (1) Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 32,428 $ 3,954 $ — $ 540 $ 3,901 $ 40,823 $ 1,212 $ — $ — $ 42,035 Intersegment revenue — 8,157 (8,157 ) — — — — — — — Total net revenues 32,428 12,111 (8,157 ) 540 3,901 40,823 1,212 — — 42,035 Costs and expenses 27,915 10,664 (8,157 ) 921 3,875 35,218 901 24 4,776 40,919 Depreciation and amortization — — — — — 1,860 194 — 67 2,121 Operating income (loss) $ 4,513 $ 1,447 $ — $ (381 ) $ 26 $ 3,745 $ 117 $ (24 ) $ (4,843 ) $ (1,005 ) Segment information for the three months ended April 30, 2018 (in thousands): Fresh Lemons Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 30,561 $ 3,008 $ — $ 935 $ 7,361 $ 41,865 $ 1,270 $ — $ — $ 43,135 Intersegment revenue — 7,152 (7,152 ) — — — — — — — Total net revenues 30,561 10,160 (7,152 ) 935 7,361 41,865 1,270 — — 43,135 Costs and expenses 22,601 7,170 (7,152 ) 875 3,808 27,302 781 39 3,889 32,011 Depreciation and amortization — — — — — 1,496 195 — 53 1,744 Operating income (loss) $ 7,960 $ 2,990 $ — $ 60 $ 3,553 $ 13,067 $ 294 $ (39 ) $ (3,942 ) $ 9,380 Segment information for the six months ended April 30, 2019 (in thousands): Fresh Lemons (1) Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 66,921 $ 8,057 $ — $ 543 $ 6,102 $ 81,623 $ 2,430 $ — $ — $ 84,053 Intersegment revenue — 15,201 (15,201 ) — — — — — — — Total net revenues 66,921 23,258 (15,201 ) 543 6,102 81,623 2,430 — — 84,053 Costs and expenses 59,997 19,448 (15,201 ) 1,637 6,385 72,266 1,785 52 9,728 83,831 Depreciation and amortization — — — — — 3,728 389 — 130 4,247 Operating income (loss) $ 6,924 $ 3,810 $ — $ (1,094 ) $ (283 ) $ 5,629 $ 256 $ (52 ) $ (9,858 ) $ (4,025 ) 18. Segment Information (continued) Segment information for the six months ended April 30, 2018 (in thousands): Fresh Lemons Lemon Packing Eliminations Avocados Other Agribusiness Total Agribusiness Rental Operations Real Estate Development Corporate and Other Total Revenues from external customers $ 55,537 $ 5,841 $ — $ 935 $ 9,885 $ 72,198 $ 2,530 $ — $ — $ 74,728 Intersegment revenue — 12,076 (12,076 ) — — — — — — — Total net revenues 55,537 17,917 (12,076 ) 935 9,885 72,198 2,530 — — 74,728 Costs and expenses 45,491 12,894 (12,076 ) 1,579 6,129 54,017 1,651 69 7,915 63,652 Depreciation and amortization — — — — — 2,943 390 — 101 3,434 Operating income (loss) $ 10,046 $ 5,023 $ — $ (644 ) $ 3,756 $ 15,238 $ 489 $ (69 ) $ (8,016 ) $ 7,642 The following table sets forth revenues by category, by segment for the three and six months ended April 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Fresh lemons (1) $ 32,428 $ 30,561 $ 66,921 $ 55,537 Lemon packing 12,111 10,160 23,258 17,917 Intersegment revenue (8,157 ) (7,152 ) (15,201 ) (12,076 ) Lemon revenues 36,382 33,569 74,978 61,378 Avocados 540 935 543 935 Navel and Valencia oranges 1,991 5,223 2,937 6,566 Specialty citrus and other crops 1,910 2,138 3,165 3,319 Other agribusiness revenues 3,901 7,361 6,102 9,885 Agribusiness revenues 40,823 41,865 81,623 72,198 Residential and commercial rentals 885 878 1,762 1,728 Leased land 224 326 493 654 Organic recycling and other 103 66 175 148 Rental operations revenues 1,212 1,270 2,430 2,530 Real estate development revenues — — — — Total net revenues $ 42,035 $ 43,135 $ 84,053 $ 74,728 (1) During the first quarter of fiscal 2019, the Company adopted a comprehensive new revenue recognition standard using a modified retrospective method that does not restate prior periods to be comparable to the current period presentation. The adoption of this guidance primarily impacted the presentation of certain brokered fruit sales revenue received and the related cost of fruit incurred by the Company. The adoption of this guidance resulted in revenue within the Company’s fresh lemon segment of $162,000 and $456,000 , during the three and six months ended April 30, 2019 , respectively. See Note 2 - Summary of Significant Accounting Policies for additional information. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Nov. 01, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | $ 42,035 | $ 43,135 | $ 84,053 | $ 74,728 | ||
Increase to retained earnings | 59,757 | 59,757 | $ 50,354 | |||
Decrease to AOCI | 4,643 | 4,643 | $ (8,965) | |||
Agribusiness [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 40,823 | 41,865 | 81,623 | 72,198 | ||
Costs and expenses | 37,078 | $ 28,798 | 75,994 | $ 56,960 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Agribusiness [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 162 | 456 | ||||
Costs and expenses | $ 168 | $ 420 | ||||
Accounting Standards Update 2018-02 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Tax Cuts and Jobs Act of 2017, reclassification from AOCI to retained earnings | $ 1,724 | |||||
Calavo Growers, Inc. [Member] | Accounting Standards Update 2016-01 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Increase to retained earnings | 15,920 | |||||
Decrease to AOCI | $ 15,921 |
Acquisitions (Textual) (Details
Acquisitions (Textual) (Details) $ in Thousands | Oct. 31, 2018USD ($) | Jul. 26, 2018USD ($) | Jul. 18, 2018USD ($)aparcel | Jan. 31, 2019USD ($)a | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Oct. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||||
Agriculture property acquisition | $ 397 | $ 0 | |||||
Oxnard Lemon Associates, Ltd. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase agreement, initial purchase price | $ 24,750 | ||||||
Purchase agreement, additional purchase price paid | $ 250 | ||||||
Acquisition price | $ 25,000 | ||||||
Acquisition related costs | 142 | ||||||
Pro forma revenue | 142,253 | ||||||
Pro forma, net income (loss) | 19,728 | ||||||
Sheldon Property [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Agriculture property acquisition | $ 397 | ||||||
Area of land | a | 26 | ||||||
Fruticola San Pablo S.A. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Area of land | a | 3,317 | ||||||
Asset acquisition, consideration transferred | $ 13,000 | ||||||
Number of parcels | parcel | 2 | ||||||
Asset acquisition, transaction costs | $ 111 | ||||||
Asset acquisition, pro forma revenue | 130,262 | ||||||
Asset acquisition, pro forma net income | $ 18,785 | ||||||
Fruticola San Pablo S.A. [Member] | Lemons [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Area of land | a | 247 | ||||||
Fruticola San Pablo S.A. [Member] | Oranges [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Area of land | a | 61 | ||||||
Fruticola San Pablo S.A. [Member] | Lemon production [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Area of land | a | 120 | ||||||
Fruticola San Pablo S.A. [Member] | Avocados [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Area of land | a | 500 |
Acquisitions (Schedule of Net A
Acquisitions (Schedule of Net Assets Acquired) (Details) - USD ($) $ in Thousands | Jul. 18, 2018 | Apr. 30, 2019 | Oct. 31, 2018 | Jul. 26, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,435 | $ 1,431 | ||
Oxnard Lemon Associates, Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Land and land improvements | $ 7,294 | |||
Buildings and equipment | 14,866 | |||
Goodwill | 570 | |||
Total assets acquired | 25,000 | |||
Customer relationships and trade names [Member] | Oxnard Lemon Associates, Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Customer relationships and trade names | $ 2,270 | |||
Fruticola San Pablo S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cultural costs | $ 579 | |||
Total assets acquired | 13,111 | |||
Fruticola San Pablo S.A. [Member] | Water rights [Member] | ||||
Business Acquisition [Line Items] | ||||
Water rights | 1,153 | |||
Land and land improvements [Member] | Fruticola San Pablo S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Asset additions | 9,114 | |||
Buildings and equipment [Member] | Fruticola San Pablo S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Asset additions | 207 | |||
Land [Member] | Fruticola San Pablo S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Asset additions | $ 2,058 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Assets at fair value: | ||
Equity securities | $ 23,953 | |
Equity securities | $ 24,250 | |
Level 1 [Member] | ||
Assets at fair value: | ||
Equity securities | 23,953 | |
Equity securities | 24,250 | |
Level 2 [Member] | ||
Assets at fair value: | ||
Equity securities | 0 | |
Equity securities | 0 | |
Level 3 [Member] | ||
Assets at fair value: | ||
Equity securities | $ 0 | |
Equity securities | $ 0 |
Fair Value Measurements (Textua
Fair Value Measurements (Textual) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 | Oct. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Ownership percentage | 35.00% | |||||
Unrealized gain (loss) on stock in Calavo Growers, Inc. | $ 3,612,000 | $ 0 | $ (298,000) | $ 0 | ||
Available-for-sale securities, change in unrealized holding gain (loss) before taxes | 2,010,000 | 6,000,000 | ||||
Available-for-sale securities, change in net unrealized holding gain, net of tax | $ 1,421,000 | $ 4,242,000 | ||||
Calavo Growers, Inc. [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment owned (in shares) | 250,000 | 250,000 | 250,000 | |||
Ownership percentage | 1.40% | 1.40% | 1.40% | |||
Equity method investment investee, price per share (in dollars per share) | $ 95.81 | $ 95.81 | $ 97 |
Concentrations (Details)
Concentrations (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Supplier Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 10.00% | |||
Lemons [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 59.00% | 43.00% | 59.00% | 47.00% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 779 | $ 647 |
Prepaid supplies | 1,165 | 1,196 |
Lemon supplier advances | 508 | 170 |
Note receivable, net | 2,552 | 2,797 |
Real estate development held for sale | 5,024 | 5,024 |
Water assessment fees and other | 1,780 | 694 |
Prepaid expenses and other current assets | $ 11,808 | $ 10,528 |
Real Estate Development (Schedu
Real Estate Development (Schedule of Real Estate Development) (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 16,156 | $ 107,162 |
East Area I [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | 0 | 91,357 |
Retained Property [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | 10,613 | 10,408 |
East Areas II [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate development assets | $ 5,543 | $ 5,397 |
Real Estate Development (Textua
Real Estate Development (Textual) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2019property | Nov. 10, 2015USD ($) | Oct. 31, 2014 | Oct. 31, 2005aproperty | |
Real Estate Properties [Line Items] | ||||||||||
Ownership percentage | 35.00% | |||||||||
Increase in real estate development and sale-leaseback deferral | $ 5,699 | $ 8,425 | ||||||||
Decrease in real estate development and sale lease-back deferral | $ 58,330 | |||||||||
Reclassification from joint venture to equity in investments | $ 33,353 | |||||||||
Income (loss) from equity method investments | $ 1,927 | $ (126) | $ 1,969 | (83) | ||||||
East Areas I and II [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 2 | |||||||||
Number of acres | a | 550 | |||||||||
Income (loss) from equity method investments | 2,270 | 2,270 | ||||||||
Retained Property [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate development | $ 10,408 | 10,613 | 10,613 | |||||||
Limoneira Lewis Community Builders, LLC Agreement [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Proceeds from sale of real estate held-for-investment | 4,000 | $ 3,500 | ||||||||
Pacific Crest [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Proceeds from sale of real estate held-for-investment | 5,200 | |||||||||
Real estate, gross | 2,481 | 2,481 | ||||||||
Impairments of real estate development assets | 769 | |||||||||
Sevilla [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate, gross | 2,543 | |||||||||
Impairments of real estate development assets | $ 789 | |||||||||
Lewis Group of Companies [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Equity method investment, aggregate cost | $ 20,000 | $ 20,000 | ||||||||
Lewis Group of Companies [Member] | East Area I [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Equity method investment, aggregate cost | $ 20,000 | |||||||||
Limoneira Lewis Community Builders [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of residential units sold | property | 174 |
Equity in Investments (Schedule
Equity in Investments (Schedule of Equity in Investments) (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | $ 57,470 | $ 18,698 |
Limoneira Lewis Community Builders, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 53,416 | 14,060 |
Limco Del Mar, Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 2,001 | 1,935 |
Rosales [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | 1,543 | 2,191 |
Romney Property Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in investments | $ 510 | $ 512 |
Equity in Investments (Textual)
Equity in Investments (Textual) (Details) | Oct. 31, 2017 | Oct. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 35.00% | |
Limoneira Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Additional ownership percentage | 12.00% |
Equity in Investments Equity in
Equity in Investments Equity in Investments (Financial Information for Equity in Investments) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Net income (loss) | $ 3,481 | $ (83) |
Limoneira Lewis Community Builders [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 30,354 | 0 |
Cost of land sold | 22,005 | 0 |
Operating expenses | 107 | 83 |
Net income (loss) | $ 8,242 | $ (83) |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Other Assets [Abstract] | ||
Investments in mutual water companies | $ 5,486 | $ 5,026 |
Acquired water and mineral rights | 3,841 | 3,783 |
Deposit for land purchase | 608 | 593 |
Deferred lease assets and other | 335 | 396 |
Notes receivable | 815 | 566 |
Revolving funds and memberships | 244 | 267 |
Acquired trade names, trademarks and customer relationships | 2,270 | 2,442 |
Goodwill | 1,435 | 1,431 |
Payments to FGF Trapani | 4,000 | 0 |
Other assets | $ 19,034 | $ 14,504 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 2,258 | $ 2,784 |
Property taxes | 21 | 785 |
Interest | 342 | 297 |
Deferred rental income and deposits | 460 | 497 |
Lease expense | 78 | 378 |
Lemon supplier payables | 53 | 1,214 |
Capital expenditures and other | 1,616 | 1,769 |
Accrued liabilities | $ 4,828 | $ 7,724 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Apr. 30, 2019 | Oct. 31, 2018 | Jul. 01, 2018 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 96,801 | $ 80,251 | |
Less deferred financing costs, net of accumulated amortization | 142 | 158 | |
Total long-term debt, net | 96,659 | 80,093 | |
Less current portion | 2,915 | 3,127 | |
Long-term debt, less current portion | 93,744 | 76,966 | |
Farm Credit West Master Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 69,142 | 50,888 | |
Debt instrument, maturity date | Jul. 1, 2022 | ||
Farm Credit West Term Loan One [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 2,321 | 2,602 | |
Debt instrument, maturity date | Nov. 30, 2022 | ||
Interest rate, stated percentage | 4.95% | ||
Farm Credit West Term Loan Two [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,100 | 1,122 | |
Debt instrument, maturity date | Oct. 31, 2035 | ||
Interest rate, stated percentage | 4.95% | ||
Farm Credit West Term Loan Three [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 9,000 | 9,172 | |
Debt instrument, maturity date | Mar. 31, 2036 | ||
Interest rate, stated percentage | 4.70% | ||
Farm Credit West Term Loan Four [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 6,666 | 6,808 | |
Debt instrument, maturity date | Mar. 31, 2036 | ||
Interest rate, stated percentage | 3.62% | ||
Wells Fargo Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 5,667 | 6,367 | |
Debt instrument, maturity date | Jan. 31, 2023 | ||
Interest rate, stated percentage | 3.58% | ||
Banco de Chile term loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,470 | 1,857 | |
Debt instrument, maturity date | Jan. 31, 2025 | ||
Interest rate, stated percentage | 6.48% | ||
Revolving Credit Facility [Member] | Farm Credit West Master Loan [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR rate | 2.50% | ||
Debt instrument, basis spread on variable rate | 1.60% | ||
Non-Revolving Credit Facility [Member] | Farm Credit West Master Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 40,000 | ||
Interest rate, stated percentage | 4.77% | ||
Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,435 | $ 1,435 | |
Interest rate, stated percentage | 5.50% | ||
Notes Payable [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.00% | ||
Notes Payable [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 7.00% |
Long-Term Debt (Textual) (Detai
Long-Term Debt (Textual) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jan. 29, 2018 | Jun. 20, 2017 | |
Debt Instrument [Line Items] | ||||||
Interest costs capitalized | $ 344,000 | $ 372,000 | $ 611,000 | $ 949,000 | ||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 75,000,000 | |||||
Farm Credit West Master Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 115,000,000 | $ 115,000,000 | ||||
Farm Credit West Master Loan [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 75,000,000 | $ 60,000,000 | ||||
Farm Credit West Master Loan [Member] | Non-Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 40,000,000 |
Basic and Diluted Net (Loss) _3
Basic and Diluted Net (Loss) Income per Share (Schedule of Net (Loss) Income per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Basic net income (loss) per common share: | ||||
Net income (loss) applicable to common stock | $ 2,689 | $ 6,473 | $ (2,129) | $ 14,973 |
Effect of unvested, restricted stock | (16) | (10) | (33) | (19) |
Numerator: Net income (loss) for basic EPS | $ 2,673 | $ 6,463 | $ (2,162) | $ 14,954 |
Denominator: Weighted average common shares–basic (in shares) | 17,554,000 | 14,379,000 | 17,516,000 | 14,341,000 |
Basic net income per common share (in dollars per share) | $ 0.15 | $ 0.45 | $ (0.12) | $ 1.04 |
Diluted net income (loss) per common share: | ||||
Numerator: Net income (loss) for diluted EPS | $ 2,815 | $ 6,599 | $ (2,162) | $ 15,224 |
Denominator: Weighted average common shares–basic (in shares) | 17,554,000 | 14,379,000 | 17,516,000 | 14,341,000 |
Effect of dilutive unvested, restricted stock and preferred stock (in shares) | 671,000 | 644,000 | 0 | 645,000 |
Weighted average common shares–diluted (in shares) | 18,225,000 | 15,023,000 | 17,516,000 | 14,986,000 |
Diluted net income per common share (in dollars per share) | $ 0.15 | $ 0.44 | $ (0.12) | $ 1.02 |
Basic and Diluted Net (Loss) _4
Basic and Diluted Net (Loss) Income per Share (Textual) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 140 | 94 | 219 | 93 |
Related-Party Transactions (Det
Related-Party Transactions (Details) | Feb. 05, 2015USD ($)a | Aug. 14, 2014USD ($) | Apr. 30, 2019USD ($)ashares | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($)ashares | Apr. 30, 2018USD ($) | Oct. 31, 2018USD ($) | Feb. 28, 2017 | Oct. 31, 2014 | Jul. 01, 2013a |
Related Party Transaction [Line Items] | ||||||||||
Ownership percentage | 35.00% | |||||||||
Cash distributions from equity investments | $ 282,000 | $ 0 | ||||||||
Income (loss) from equity method investments | $ 1,927,000 | $ (126,000) | 1,969,000 | (83,000) | ||||||
Payments to acquire equity method investments | $ 4,000,000 | 3,500,000 | ||||||||
Management [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Operating lease, area of land | a | 31 | 31 | ||||||||
Rent expense, net | $ 23,000 | 11,000 | ||||||||
Series B Two Preferred Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Temporary equity, shares issued (in shares) | shares | 9,300 | 9,300 | ||||||||
Lemons And Oranges [Member] | Fruticola San Pablo S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from related parties | $ 720,000 | $ 780,000 | ||||||||
Lemons And Oranges [Member] | Fruticola Pan de Azucar S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from related parties | 685,000 | 421,000 | 765,000 | 703,000 | ||||||
Employee [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Rental income | 182,000 | 178,000 | 360,000 | 355,000 | ||||||
Mutual Water Companies [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchases from related party | 81,000 | 166,000 | 858,000 | 886,000 | ||||||
Due to related parties | 681,000 | 681,000 | $ 142,000 | |||||||
Cooperative Association [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchases from related party | 540,000 | 508,000 | 856,000 | 815,000 | ||||||
Due to related parties | 185,000 | 185,000 | 142,000 | |||||||
Calavo Growers, Inc. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Rental income | 80,000 | 73,000 | 159,000 | 145,000 | ||||||
Purchases from related party | 1,000 | 4,000 | ||||||||
Due to related parties | 0 | 0 | 3,000 | |||||||
Investment income, dividend | 250,000 | 285,000 | ||||||||
Dividend payments | 255,000 | 216,000 | ||||||||
Due from related parties | 467,000 | 467,000 | 0 | |||||||
Calavo Growers, Inc. [Member] | Avocados [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from related parties | 540,000 | 935,000 | 543,000 | 935,000 | ||||||
Board Of Directors [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchases from related party | 232,000 | 1,158,000 | 609,000 | 1,386,000 | ||||||
Due to related parties | 500,000 | 500,000 | 487,000 | |||||||
Cadiz [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Rental income | $ 12,000 | 10,000 | $ 14,000 | 19,000 | ||||||
Purchases from related party | $ 1,212,000 | |||||||||
Operating lease, area of land | a | 9,600 | |||||||||
Term of contract | 20 years | 20 years | ||||||||
Additional lease expense gross harvest revenue percentage | 20.00% | |||||||||
Cadiz [Member] | Minimum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Operating lease, area of land | a | 320 | |||||||||
Lease expense per acre | $ 200 | |||||||||
Acres of land | a | 200 | |||||||||
Cadiz [Member] | Maximum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Operating lease, area of land | a | 960 | |||||||||
Lease expense per acre | 1,200 | |||||||||
Cadiz [Member] | Agribusiness [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Rent expense, net | $ 22,000 | 50,000 | 88,000 | 86,000 | ||||||
Law Firm [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 0 | 0 | 67,000 | |||||||
Fenner Valley Farms, LLC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 80,000 | 80,000 | 100,000 | |||||||
Colorado River Growers [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from related parties | 0 | 0 | 306,000 | 218,000 | ||||||
Due from related parties | 0 | 0 | 232,000 | |||||||
Payments for advance to affiliate | 0 | 0 | 3,841,000 | 2,451,000 | ||||||
Yuma Mesa Irrigation And Drainage District [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchases from related party | 53,000 | 65,000 | 85,000 | 149,000 | ||||||
Due to related parties | 0 | 0 | 0 | |||||||
Limco Del Mar Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | 709,000 | |||||||||
Due from related parties | 2,000 | 2,000 | ||||||||
Cash distributions from equity investments | 0 | 0 | 283,000 | 0 | ||||||
Income (loss) from equity method investments | $ (139,000) | (45,000) | $ 66,000 | 118,000 | ||||||
Limco Del Mar Limited [Member] | General Partner [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership percentage | 1.30% | 1.30% | ||||||||
Limco Del Mar Limited [Member] | Limited Partner [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership percentage | 26.80% | 26.80% | ||||||||
Limco Del Mar Limited [Member] | Management, Development, and Accounting Services [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from related parties | $ 45,000 | 43,000 | $ 80,000 | 95,000 | ||||||
Rosales [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership percentage | 35.00% | |||||||||
Income (loss) from equity method investments | (119,000) | 3,000 | (196,000) | (33,000) | ||||||
Payments to acquire equity method investments | $ 1,750,000 | |||||||||
Amortization of intangible assets | 85,000 | 85,000,000 | 169,000 | 169,000,000 | ||||||
Rosales [Member] | Limoneira Company [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Additional ownership percentage | 12.00% | |||||||||
Rosales [Member] | Lemons [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties | $ 65,000 | |||||||||
Revenue from related parties | 0 | 782,000 | 521,000 | 923,000 | ||||||
Due from related parties | 234,000 | 234,000 | ||||||||
Rosales [Member] | Lemons And Oranges [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchases from related party | $ 0 | $ 0 | $ 359,000 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Effective blended tax rate | 28.20% |
Effective income tax rate | 26.70% |
Retirement Plans (Textual) (Det
Retirement Plans (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Average earnings | 5 years | |||
Contributions | $ 150 | $ 150 | $ 300 | $ 300 |
Retirement Plans (Net Benefit C
Retirement Plans (Net Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Administrative expenses | $ 47 | $ 63 | $ 94 | $ 126 |
Interest cost | 207 | 192 | 414 | 385 |
Expected return on plan assets | (272) | (268) | (544) | (536) |
Prior service cost | 11 | 11 | 22 | 22 |
Recognized actuarial loss | 100 | 175 | 201 | 350 |
Net periodic benefit cost | $ 93 | $ 173 | $ 187 | $ 347 |
Stock-based Compensation (Textu
Stock-based Compensation (Textual) (Details) - Share-based Payment Arrangement [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 | |
Management [Member] | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 2 years | |||||
Shares granted (in shares) | 40,094 | |||||
Common stock per share (in dollars per share) | $ 18.74 | |||||
Cost from stock compensation | $ 751 | |||||
Share-based compensation expense | $ 343 | |||||
Executive Officer [Member] | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 3 years | |||||
Shares granted (in shares) | 90,000 | |||||
Common stock per share (in dollars per share) | $ 19.84 | |||||
Cost from stock compensation | $ 1,786 | |||||
Nonemployee Directors [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares granted (in shares) | 15,642 | 14,033 | ||||
Share-based compensation expense | $ 339 | $ 309 | ||||
Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 2 years | |||||
Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 5 years |
Segment Information (Textual) (
Segment Information (Textual) (Details) | 6 Months Ended |
Apr. 30, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 42,035 | $ 43,135 | $ 84,053 | $ 74,728 |
Costs and expenses | 40,919 | 32,011 | 83,831 | 63,652 |
Depreciation and amortization | 2,121 | 1,744 | 4,247 | 3,434 |
Operating income (loss) | (1,005) | 9,380 | (4,025) | 7,642 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 42,035 | 43,135 | 84,053 | 74,728 |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | (8,157) | (7,152) | (15,201) | (12,076) |
Costs and expenses | (8,157) | (7,152) | (15,201) | (12,076) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Costs and expenses | 4,776 | 3,889 | 9,728 | 7,915 |
Depreciation and amortization | 67 | 53 | 130 | 101 |
Operating income (loss) | (4,843) | (3,942) | (9,858) | (8,016) |
Total Agribusiness [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 40,823 | 41,865 | 81,623 | 72,198 |
Costs and expenses | 35,218 | 27,302 | 72,266 | 54,017 |
Depreciation and amortization | 1,860 | 1,496 | 3,728 | 2,943 |
Operating income (loss) | 3,745 | 13,067 | 5,629 | 15,238 |
Total Agribusiness [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 40,823 | 41,865 | 81,623 | 72,198 |
Total Agribusiness [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Fresh Lemons [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 32,428 | 30,561 | 66,921 | 55,537 |
Costs and expenses | 27,915 | 22,601 | 59,997 | 45,491 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Operating income (loss) | 4,513 | 7,960 | 6,924 | 10,046 |
Fresh Lemons [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 32,428 | 30,561 | 66,921 | 55,537 |
Fresh Lemons [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Lemon Packing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 3,954 | 3,008 | 8,057 | 5,841 |
Costs and expenses | 10,664 | 7,170 | 19,448 | 12,894 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Operating income (loss) | 1,447 | 2,990 | 3,810 | 5,023 |
Lemon Packing [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 12,111 | 10,160 | 23,258 | 17,917 |
Lemon Packing [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 8,157 | 7,152 | 15,201 | 12,076 |
Avocados [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 540 | 935 | 543 | 935 |
Costs and expenses | 921 | 875 | 1,637 | 1,579 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Operating income (loss) | (381) | 60 | (1,094) | (644) |
Avocados [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 540 | 935 | 543 | 935 |
Avocados [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Other agribusiness [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 3,901 | 7,361 | 6,102 | 9,885 |
Costs and expenses | 3,875 | 3,808 | 6,385 | 6,129 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Operating income (loss) | 26 | 3,553 | (283) | 3,756 |
Other agribusiness [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 3,901 | 7,361 | 6,102 | 9,885 |
Other agribusiness [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Rental Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 1,212 | 1,270 | 2,430 | 2,530 |
Costs and expenses | 901 | 781 | 1,785 | 1,651 |
Depreciation and amortization | 194 | 195 | 389 | 390 |
Operating income (loss) | 117 | 294 | 256 | 489 |
Rental Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 1,212 | 1,270 | 2,430 | 2,530 |
Rental Operations [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Real Estate Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Costs and expenses | 24 | 39 | 52 | 69 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Operating income (loss) | (24) | (39) | (52) | (69) |
Real Estate Development [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Real Estate Development [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information (Segment Re
Segment Information (Segment Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | $ 42,035 | $ 43,135 | $ 84,053 | $ 74,728 |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 42,035 | 43,135 | 84,053 | 74,728 |
Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | (8,157) | (7,152) | (15,201) | (12,076) |
Lemon revenues [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 36,382 | 33,569 | 74,978 | 61,378 |
Fresh lemons [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 32,428 | 30,561 | 66,921 | 55,537 |
Fresh lemons [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 32,428 | 30,561 | 66,921 | 55,537 |
Fresh lemons [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Lemon packing [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 3,954 | 3,008 | 8,057 | 5,841 |
Lemon packing [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 12,111 | 10,160 | 23,258 | 17,917 |
Lemon packing [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 8,157 | 7,152 | 15,201 | 12,076 |
Avocados [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 540 | 935 | 543 | 935 |
Avocados [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 540 | 935 | 543 | 935 |
Avocados [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Other agribusiness [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 3,901 | 7,361 | 6,102 | 9,885 |
Other agribusiness [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 3,901 | 7,361 | 6,102 | 9,885 |
Other agribusiness [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Agribusiness revenues [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 40,823 | 41,865 | 81,623 | 72,198 |
Agribusiness revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 40,823 | 41,865 | 81,623 | 72,198 |
Agribusiness revenues [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Rental operations revenues [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 1,212 | 1,270 | 2,430 | 2,530 |
Rental operations revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 1,212 | 1,270 | 2,430 | 2,530 |
Rental operations revenues [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Real estate development revenues [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Real estate development revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Real estate development revenues [Member] | Intersegment revenue [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Agribusiness [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 40,823 | 41,865 | 81,623 | 72,198 |
Navel and Valencia oranges [Member] | Other agribusiness [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 1,991 | 5,223 | 2,937 | 6,566 |
Specialty citrus and other crops [Member] | Other agribusiness [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 1,910 | 2,138 | 3,165 | 3,319 |
Residential And Commercial Rentals [Member] | Rental operations revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 885 | 878 | 1,762 | 1,728 |
Leased Land [Member] | Rental operations revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 224 | 326 | 493 | 654 |
Organic recycling [Member] | Rental operations revenues [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 103 | $ 66 | 175 | $ 148 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Agribusiness [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | 162 | 456 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Agribusiness [Member] | Fresh lemons [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total net revenues | $ 162 | $ 456 |
Subsequent Events (Details)
Subsequent Events (Details) | May 30, 2019USD ($)a | Jul. 31, 2019 | Feb. 28, 2019USD ($) |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Trust percentage acquired | 51.00% | ||
Purchase price | $ 15,000,000 | ||
Trapani Fresh [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Percentage of land held in trust operated by joint venture | 75.00% | ||
Trapani Fresh [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Ownership percentage | 51.00% | ||
Trapani Fresh [Member] | FGF Trapani [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Ownership percentage by noncontrolling owners | 49.00% | ||
Lemons [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Area of land | a | 1,200 | ||
FGF Trapani [Member] | |||
Subsequent Event [Line Items] | |||
Loan receivable | $ 4,000,000 | ||
FGF Trapani [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Payments to acquire business | $ 7,500,000 | ||
Loan receivable, outstanding and borrowings | $ 7,500,000 | ||
Collateral, percentage of parcels | 25.00% | ||
Loan receivable | $ 3,500,000 |
Uncategorized Items - lmnr-2019
Label | Element | Value |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (15,921,000) |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 15,921,000 |
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,724,000 |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,724,000) |