Limoneira Company (LMNR) has reported a 97.09 percent plunge in profit for the quarter ended Oct. 31, 2016. The company has earned $0.02 million, or $0.01 a share in the quarter, compared with $0.65 million, or $0.04 a share for the same period last year.
Revenue during the quarter surged 37.45 percent to $19.53 million from $14.21 million in the previous year period. Gross margin for the quarter period stood at positive 14.77 percent as compared to a negative 4.47 percent for the previous year period. Operating margin for the quarter stood at negative 4.54 percent as compared to a negative 34.32 percent for the previous year period.
Operating loss for the quarter was $0.89 million, compared with an operating loss of $4.88 million in the previous year period.
For financial year 2017, Limoneira Co forecasts revenue to be in the range of $3.10 million to $3.50 million. The company forecasts operating income to be in the range of $11.40 million to $11.90 million. It expects diluted earnings per share to be in the range of $0.38 to $0.42.
Working capital remains negative
Working capital of Limoneira Company was negative $5.25 million on Oct. 31, 2016 compared with negative $5.91 million on Oct. 31, 2015. Current ratio was at 0.78 as on Oct. 31, 2016, up from 0.70 on Oct. 31, 2015.
Debt moves up marginally
Limoneira Co has witnessed an increase in total debt over the last one year. It stood at $90.67 million as on Oct. 31, 2016, up 1.12 percent or $1 million from $89.67 million on Oct. 31, 2015. Total debt was 29.68 percent of total assets as on Oct. 31, 2016, compared with 33.27 percent on Oct. 31, 2015. Debt to equity ratio was at 0.72 as on Oct. 31, 2016, down from 0.74 as on Oct. 31, 2015.
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