SANTA PAULA, Calif., April 25, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (NASDAQ:CVGW) ("Calavo" or the "Company"), a global avocado industry leader and provider of convenient, ready-to-eat fresh food, yesterday at its Annual Meeting of Shareholders said in a business update that: The Company has made significant progress toward completing the proposed sale of the Fresh Cut business (formerly "RFG") and related real property and expects to close in May 2024As previously shared, the expected uses of sale ...

SANTA PAULA, Calif., April 22, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (NASDAQ:CVGW) ("Calavo" or the "Company"), a global avocado industry leader and provider of convenient, ready-to-eat fresh food, announced today that following the formal business of the 2024 annual shareholder meeting (the "Annual Meeting"), the Company will provide a general business update. The Annual Meeting will be held at 1:00 p.m. Pacific Time on Wednesday, April 24, 2024. Holders of record at the close of business on Februa ...

pixhook/E+ via Getty Images Calavo Growers, Inc. (NASDAQ:CVGW) is one of the largest producers of avocados, tomatoes, as well as many other produce items and fresh foods like guacamole, salsas and more. This company is based in California and was founded in 1924. It sells to food distributors, grocery stores, club stores, and wholesalers all over the world, with multiple packing and processing centers in the United States and Mexico. This stock traded for over $100 per share in 2018 and 2019, but it has ...

SANTA PAULA, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (NASDAQ:CVGW) ("Calavo" or the "Company"), a global avocado-industry leader and provider of convenient, ready-to-eat fresh food, today reminded shareholders that the Company will provide its shareholders with the capability to attend its 2024 annual shareholder meeting (the "Annual Meeting") virtually. The Annual Meeting will consist of a formal business meeting only. The Company is offering the virtual alternative as a way for sha ...

SANTA PAULA, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq: CVGW) (“Calavo” or the “Company”), a global avocado-industry leader and provider of convenient, ready-to-eat fresh food, today reminded shareholders that the Company will provide its shareholders with the capability to attend its 2024 annual shareholder meeting (the “Annual Meeting”) virtually. The Annual Meeting will consist of a formal business meeting only. The Company is offering the virtual alternative as a way for sh ...

A generation ago, we probably wouldn’t be having this conversation about the best vegan stocks to buy in April. That’s because back in the day, masculinity was tied to eating red meat. Now, circumstances have changed – and changed quite dramatically.You might not agree with the shifting social tides and that’s okay. This narrative isn’t about forcing you to integrate novel concepts into your daily life. However, you should at least know about it. Undergirding the framework for the best vegan stocks to buy i ...

Financial Performance - For the three months ended January 31, 2024, total gross sales were $129.657 million, a decrease from $136.073 million in the same period of 2023, representing a decline of approximately 4.3%[45] - Net sales for the same period were $127.606 million, down from $132.763 million year-over-year, indicating a decrease of about 3.9%[45] - The company reported a net loss attributable to Calavo Growers, Inc. of $6.267 million for the quarter ending January 31, 2024, compared to a net loss of $3.068 million for the same quarter in 2023[27] - Gross profit for the three months ended January 31, 2024, was $12,468,000, down 4.7% from $13,085,000 in the prior year[65] - For the three months ended January 31, 2024, net sales were $127,606,000, a decrease of 3.3% from $132,763,000 for the same period in 2023[65] Business Operations - The company is in non-binding negotiations for the potential sale of its Fresh Cut business for approximately $100 million, expected to close in the second quarter of fiscal 2024[44] - Avocados de Jalisco purchased approximately $2.5 million of avocados from its partners during the three months ended January 31, 2024, down from $3.7 million in the same period of 2023[29] - The company has not procured any avocados from entities owned or controlled by members of the Board of Directors for the three months ended January 31, 2024[48] Stock-Based Compensation - Stock-based compensation expense for restricted stock awards was less than $0.1 million for the three months ended January 31, 2024, compared to $0.7 million in the prior year[30] - The company recognized total stock-based compensation expense of $0.5 million for RSUs for both the three months ended January 31, 2024, and 2023[32] - As of January 31, 2024, there was $1.7 million of unrecognized stock-based compensation costs related to non-vested RSUs, expected to be recognized over a weighted-average period of 1.1 years[32] Inventory and Assets - As of January 31, 2024, total inventories amounted to $39,551,000, an increase of 25.1% from $31,571,000 on October 31, 2023[47] - The net carrying value of long-lived assets as of January 31, 2024, was $59,206,000, a decrease from $60,924,000 on October 31, 2023[67] - Advances to Don Memo totaled $6,500,000 as of January 31, 2024, down from $7,300,000 on October 31, 2023[50] Loans and Financial Obligations - The total outstanding bridge loan balance to Belher was $1,600,000 as of January 31, 2024, slightly down from $1,700,000 on October 31, 2023[53] - The total outstanding infrastructure loan balance to Don Memo was $1,600,000 as of January 31, 2024, unchanged from October 31, 2023[52] - The company incurred $4,200,000 and $5,000,000 of cost of sales to Don Memo for the three months ended January 31, 2024, and 2023, respectively[52] Foreign Operations - The company’s foreign operations in Mexico are subject to exchange rate fluctuations, with the functional currency of its foreign subsidiaries being the U.S. dollar[46] Shareholder Information - The company reported a total of 17,800 common shares outstanding as of January 31, 2024, compared to 17,743 shares a year earlier[27] - Sales to customers outside the U.S. increased to approximately $10,900,000 for the three months ended January 31, 2024, compared to $7,600,000 in 2023[66]

Financial Performance - Total net sales for Q1 2024 were $127.6 million, a decline of 3.9% from $132.8 million in Q1 2023[6] - Net loss for Q1 2024 was $2.6 million, or $0.15 per diluted share, compared to a net loss of $0.7 million, or $0.04 per diluted share in the same period last year[7] - Adjusted EBITDA for Q1 2024 was $4.8 million, an increase from $4.6 million in the prior year quarter[15] - Grown segment sales decreased 4.0% to $113.0 million, while Prepared segment sales decreased 2.9% to $14.6 million[12] - Gross profit for Q1 2024 was $12.5 million, or 9.8% of net sales, compared to $13.1 million, or 9.9% of net sales in the prior year[33] - The operating loss for the three months ended January 31, 2024, was $(1.378) million compared to an operating loss of $(0.605) million in the prior year[43] - Adjusted net loss from continuing operations was $(2.574) million, compared to a net loss of $(0.445) million in the same period last year[43] - The company reported a net loss attributable to Calavo Growers, Inc. of $(6.267) million for the three months ended January 31, 2024, compared to $(3.068) million in the prior year[43] Expenses and Costs - Selling, general and administrative (SG&A) expenses for Q1 totaled $13.5 million, or 10.6% of net sales, up from $11.6 million, or 8.8% of net sales in the same period last year[14] - The company anticipates SG&A savings of $20 million or more on an annualized basis following the divestiture of the fresh cut business[13] - Depreciation and amortization expenses increased to $2.032 million in Q1 2024 from $1.954 million in Q1 2023[49] - Interest expense rose to $0.824 million in Q1 2024, compared to $0.377 million in Q1 2023[49] - Stock-based compensation decreased to $0.892 million in Q1 2024 from $1.192 million in Q1 2023[49] - Professional fees related to the FCPA Mexico investigation amounted to $2.380 million in Q1 2024[49] - Restructuring costs related to consulting and management recruiting and severance were $0.417 million in Q1 2024, up from $0.203 million in Q1 2023[49] - The company incurred $0.2 million in professional fees related to Mexican tax matters in Q1 2024, down from $0.6 million in Q1 2023[47] - A reserve of $0.2 million was recognized for the collectability of IVA receivables in Q1 2024, compared to $1.4 million in Q1 2023[47] Balance Sheet and Liquidity - The company ended the quarter with $47.0 million of net debt, including $45.7 million of borrowings under its credit facility[8] - Current assets increased significantly to $245.597 million as of January 31, 2024, from $133.370 million as of October 31, 2023[42] - Total current liabilities rose to $120.895 million from $81.746 million, indicating increased financial obligations[42] - Cash and cash equivalents increased to $5.658 million from $2.091 million, reflecting improved liquidity[42] - The company’s total shareholders' equity decreased to $202.533 million from $210.229 million, indicating a decline in net worth[42] Future Outlook - The company expects a solid rebound in earnings in Q2 2024 due to improved avocado margins and the ramp-up of the California avocado season[32] - The company is facing risks related to operational and restructuring initiatives, supply chain disruptions, and market price sensitivity for avocados and other agricultural products[39] Segment Performance - The average selling price of avocados in the Grown segment increased by 20% compared to the prior year[6] - Adjusted EBITDA from continuing operations for the three months ended January 31, 2024, was $4.791 million, an increase from $4.586 million in the same period of 2023[49]

NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Calavo Growers, Inc, ("Calavo" or the "Company") (NASDAQ:CVGW). The firm's ongoing investigation concerns whether Calavo and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here for more information about the investigation] On January 17, 2024, Calavo disclosed in a press rele ...

SANTA PAULA, Calif., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado and value-added fresh food industries, today announced that it will release financial results for the fiscal first quarter ended January 31, 2024, after the market closes on Monday, March 11. About Calavo Growers, Inc. Calavo Growers, Inc. (Nasdaq: CVGW) is a global leader in quality produce, including avocados, tomatoes and papayas, and a pioneer of healthy fresh-cut fruit, vegetabl ...