Limoneira(LMNR) - 2024 Q4 - Annual Report

Revenue Performance - Total net revenues for fiscal year 2024 were $191.5 million, a 6$179.9 million in fiscal year 2023[535]. - Agribusiness revenues increased to $185.9 million in fiscal year 2024, compared to$174.4 million in fiscal year 2023[534]. - Fresh lemon sales decreased to $84.0 million in fiscal year 2024 from$86.8 million in fiscal year 2023, with an average price per carton of $18.87[536]. - Avocado sales increased significantly, with 15.1 million pounds sold at an average price of$1.67 per pound in fiscal year 2024, compared to 3.8 million pounds at $1.06 per pound in fiscal year 2023[536]. Cost and Expenses - Total costs and expenses for fiscal year 2024 were$197.7 million, up from $169.1 million in fiscal year 2023[534]. Operating Performance - Operating loss for fiscal year 2024 was$(6.2) million, compared to an operating income of $10.8 million in fiscal year 2023[534]. - Net income attributable to Limoneira Company for fiscal year 2024 was$7.7 million, down from $9.4 million in fiscal year 2023[534]. - The company reported a gain on the disposal of assets of$0.5 million in fiscal year 2024, compared to a gain of $28.8 million in fiscal year 2023[534]. Other Income and Dividends - Total other income for fiscal year 2024 was$17.7 million, compared to $2.6 million in fiscal year 2023, primarily due to increased equity earnings[542]. - The company maintained a consistent dividend of$0.075 per share for each quarter in fiscal year 2024[548]. Debt and Interest Rates - Total debt outstanding under the AgWest Farm Credit Facility as of October 31, 2024, was $40.0 million[610]. - Borrowing interest rates are subject to variable interest rates, which may increase costs if market rates rise[610]. - The company's borrowing interest rate is based on an internal method that follows changing market interest rates[610]. - Rate changes are expected to align closely with the Federal Open Market Committee's recommendations[610].