Calavo Growers, Inc. (Nasdaq-GS:
CVGW), a global avocado-industry leader and provider of
convenient, ready-to-eat fresh food, today reported its financial
results for the fiscal first quarter ended January 31, 2023.
First Quarter Financial Overview
- Total revenue of $226.2 million, an 18% decline from prior year
- Grown segment revenue decreased 27% year-over-year to $117.7
million
- Prepared segment revenue decreased 3% year-over-year to $108.5
million
- Gross profit of $14.4 million, compared to $13.2 million for
the year-ago quarter
- Grown segment gross profit decreased $2.2 million from prior
year to $9.5 million
- Prepared segment gross profit increased $3.4 million from prior
year to $5.0 million
- Net loss of $(3.1) million, or $(0.17) per diluted share,
compared to net loss of $(4.0) million, or $(0.23) per diluted
share, for the same period last year
- Adjusted net loss of $(1.4) million, or $(0.08) per diluted
share, compared to adjusted net loss of $(0.4) million, or $(0.02)
per diluted share for the year-ago quarter
- Adjusted EBITDA of $3.6 million compared to $4.7 million for
the same period last year
Adjusted net income (loss), adjusted net income (loss) per
diluted share, and adjusted EBITDA are non-GAAP financial measures.
See “Non-GAAP Financial Measures” below.
First Quarter Highlights
- Achieved year over year improvement in Prepared segment results
despite weather challenges
- Implemented first phase of new transportation management system
that enables RFPs on most outsourced freight; will be fully
implemented in second quarter
- Finalized latest initiatives to streamline operations and
improve performance
Management Commentary“Our first quarter results
were impacted by challenging market conditions in both the Grown
and Prepared segments. Grown segment performance was challenged by
low avocado prices and margins, driven by increased volumes of
Mexican avocados. Prepared segment performance was affected by
volume softness and winter weather that led to higher operating
costs including from temporary facility closures,” said Brian W.
Kocher, President and Chief Executive Officer of Calavo Growers,
Inc.
“Grown segment market conditions started to recover in February,
and we have realized avocado margins within our targeted range of
$3 to $4 per case for most of the second quarter. Supply pressure,
however, may lead to ongoing volatility in avocado margins. In
addition, volume softness in Prepared may persist in the near term
as data indicates volume sales have been down broadly across retail
food categories. The operating environment, coupled with our first
quarter results, has caused us to lower our fiscal year margin
expectations for both segments. For 2023, we estimate adjusted
EBITDA in the range of $40 to $45 million. While we’re not setting
the precedent of giving annual EBITDA guidance, we believe it is
important to provide an indication of our expectations for this
year given first quarter results.”
A reconciliation of estimated adjusted EBITDA for fiscal 2023 to
the most directly comparable GAAP measure is not available at this
time because of the uncertainty of various components that are
excluded from adjusted EBITDA. These components may be material to
the Company’s results in accordance with GAAP for the full year
2023.
“Our top capital allocation priority is to invest to grow the
business to generate long-term shareholder value,” Kocher
continued. “We also are committed to paying a dividend with
competitive yield and payout metrics relative to benchmarks.
However, the metrics associated with our current dividend rate have
been elevated since fiscal 2020 and remain elevated under the
current operating environment. We plan to reset the dividend to a
level that provides more market competitive metrics. We anticipate
the Board of Directors will declare a dividend of $0.10 per share
for the second quarter.
“Although we remain committed to growing the business, we also
plan to reduce our fiscal 2023 capital expenditures while we
navigate near-term challenges. We now expect capital expenditures
for fiscal 2023 of approximately $13 million. These adjustments
reflect deliberate fiscal discipline that will allow us to continue
prioritizing investment for growth while maintaining competitive
dividend metrics.
“I want to emphasize that we have a strong balance sheet and
sufficient liquidity to manage through these operational challenges
while also funding capital projects and growth initiatives to
strengthen future earnings.”
First Quarter 2023 Consolidated Financial
Review Total revenue for the first quarter 2023 was $226.2
million, compared to $274.1 million for the first quarter 2022, a
decline of 18%. Grown segment sales decreased 27% and Prepared
segment sales decreased 3%. The average selling price of avocados
in the Company’s Grown segment decreased by 35% to approximately
$28 per case while volumes were up 3.4% versus the prior-year
period.
Gross profit for the first quarter was $14.4 million compared to
$13.2 million for the same period last year.
Selling, general and administrative (SG&A) expenses for the
first quarter totaled $16.4 million, compared to $15.3 million for
the same period last year. The increase primarily was due to higher
costs associated with employee compensation including stock-based
compensation.
Net loss for the first quarter was $(3.1) million, or $(0.17)
per share. This compares with a net loss of $(4.0) million, or
$(0.23) per diluted share, for the same period last year.
Adjusted net loss was $(1.4) million, or $(0.08) per diluted
share, compared to adjusted net loss of $(0.4) million, or $(0.02)
per diluted share last year.
Adjusted EBITDA was $3.6 million compared to $4.7 million for
the same period last year.
Balance Sheet and Liquidity The Company ended
the quarter with $24.0 million of total debt, which included $16.4
million of borrowings under its line of credit and $7.6 million of
other long-term obligations and finance leases. Cash and cash
equivalents totaled $1.8 million, and the Company had $26 million
of available liquidity as of January 31, 2022.
Segment PerformanceGrownGrown segment sales in
the first quarter were $117.7 million, down 27% from $162.0 million
for the same period last year. Avocado prices were 35% lower
year-over-year, and avocado volume was 3.4% higher. Segment gross
profit was $9.5 million compared to $11.7 million for the same
period last year. Results were pressured by low avocado prices and
compressed margins, particularly for small fruit, driven by high
volumes of Mexican avocados. Prices at retail did not decline in
proportion to the average wholesale case price decline, which may
have dampened demand in the quarter. Performance was also
negatively affected by the strengthening peso relative to the U.S.
dollar, which increased operating costs in Mexico in dollar terms.
Industry volume of avocados from Mexico was up over 8% over our
fiscal first quarter.
Prepared Prepared segment sales in the first quarter were $108.5
million, down from $112.1 million in the same period last year.
Segment gross profit was $5.0 million, increasing $3.4 million from
the same period last year. The Prepared segment generated a gross
margin of 4.6%, which consisted of a gross margin of over 1% in the
fresh-cut division and approximately 26% in the guacamole division.
Results in the fresh-cut division were affected by seasonal
slowness but also by isolated winter weather impacts and slower
than anticipated consumer purchase rates. Winter storm events drove
approximately $1.0 million of unfavorable impacts in the quarter
primarily due to manufacturing facility closures. Volume in
Prepared was down 13% compared to the year ago quarter as retail
customers experienced higher dollar sales year-over-year but lower
volume movement.
OutlookGrown SegmentFiscal 2023 avocado gross
margins per case are expected to be at or near the low end of our
$3 to $4 target range. The outlook reflects first quarter results
and the expectation that margins may remain under pressure as the
California and Peru seasons get underway.
Prepared SegmentFiscal 2023 gross margins in the fresh cut
division will be at or near the low end of the 10%-12% gross margin
range exiting fiscal 2023 as volume softness is expected to persist
in the near term. However, new customer distribution points and
volume are still scheduled to launch in the second half. Gross
margins in the guacamole division are expected to approximate 20%
for fiscal 2023.
“Despite a challenging start to fiscal 2023, we remain focused
on making changes to the business that will deliver ongoing value,”
Kocher said. “We recently finalized plans to restructure some of
our operations.”
The plans include the following:
- Restructuring certain corporate and administrative functions to
upgrade capabilities and to reduce costs,
- Consolidating activities in our Grown distribution network to
streamline operations and generate savings, and
- Exiting the non-core salsa business in our Prepared
Segment.
These activities are expected to generate annual savings of at
least $1.5 million with one-time charges of approximately $3.2
million that includes cash and non-cash costs associated with
severance, asset impairments, and implementation expenses. The
payback on cash costs is expected to be approximately 1.5 years or
less.
Non-GAAP Financial MeasuresThis press release
includes non-GAAP measures EBITDA, adjusted EBITDA, adjusted net
income (loss) and adjusted net income (loss) per diluted share,
which are not prepared in accordance with U.S. generally accepted
accounting principles, or “GAAP.”
EBITDA is defined as net income (loss) attributable to Calavo
Growers, Inc. excluding (1) interest income and expense, (2) income
tax (benefit) provision, (3) depreciation and amortization and (4)
stock-based compensation expense. Adjusted EBITDA is EBITDA with
further adjustments for (1) non-cash net losses (income) recognized
from unconsolidated entities, (2) goodwill impairment, (3)
write-off of long-lived assets, (4) acquisition-related costs, (5)
restructuring-related costs, including certain severance costs, (6)
certain litigation and other related costs, and (7) one-time items.
Adjusted EBITDA is a primary metric by which management evaluates
the operating performance of the business, on which certain
operating expenditures and internal budgets are based.
Additionally, the Company’s senior management is compensated in
part on the basis of Adjusted EBITDA. The adjustments to calculate
EBITDA and adjusted EBITDA are items recognized and recorded under
GAAP in particular periods but might be viewed as not necessarily
coinciding with the underlying business operations for the periods
in which they are so recognized and recorded.
Adjusted net income is defined as net income (loss) attributable
to Calavo Growers, Inc. excluding (1) non-cash net losses
recognized from unconsolidated entities, (2) goodwill impairment,
(3) write-off of long-lived assets, (4) acquisition-related costs,
(5) restructuring-related costs, including certain severance costs,
(6) certain litigation and other related costs, and (7) one-time
items. Adjusted net income (loss) and the related measure of
adjusted net income (loss) per diluted share exclude certain items
that are recognized and recorded under GAAP in particular periods
but might be viewed as not necessarily coinciding with the
underlying business operations for the periods in which they are so
recognized and recorded. We believe adjusted net income (loss)
affords investors a different view of the overall financial
performance of the Company than adjusted EBITDA and the GAAP
measure of net income (loss) attributable to Calavo Growers,
Inc.
Reconciliations of non-GAAP financial measures to the most
directly comparable GAAP financial measures are provided in the
financial tables below.
Items are considered one-time in nature if they are
non-recurring, infrequent or unusual and have not occurred in the
past two years or are not expected to recur in the next two years,
in accordance with SEC rules. Non-GAAP information should be
considered as supplemental in nature and not as a substitute for,
or superior to, any measure of performance prepared in accordance
with GAAP. None of these metrics are presented as measures of
liquidity. The way the Company measures EBITDA and adjusted EBITDA
may not be comparable to similarly titled measures presented by
other companies and may not be identical to corresponding measures
used in Company agreements.Conference Call and
WebcastCalavo will release full first quarter earnings
Monday, March 6 and will host a conference call the same day at
5:00 p.m. ET/2:00 p.m. PT to discuss its financial results. The
conference call may be accessed by dialing 877-407-3982 (domestic)
or 201-493-6780 (international) with conference ID: 13736277.
Participants can use the dial-in numbers to reach an operator or
click the Call me™ link
(https://callme.viavid.com/viavid/?callme=true&passcode=13713975&h=true&info=company&r=true&B=6)
for instant telephone access to the event. The Call me™ link will
be active 15 minutes before the call. A live audio webcast of the
call also will be available on the Investor Relations section of
Calavo’s website at Events & Presentations | Calavo Growers,
Inc. and will be archived for replay.
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, vegetables and prepared foods. Calavo products are sold
under the trusted Calavo brand name, proprietary sub-brands,
private label and store brands.
Founded in 1924, Calavo has a rich culture of innovation,
sustainable practices and market growth. The company serves retail
grocery, foodservice, club stores, mass merchandisers, food
distributors and wholesalers worldwide. Calavo is headquartered in
Santa Paula, California, with processing plants and packing
facilities throughout the U.S. and Mexico. Learn more about The
Family of Fresh™ at calavo.com.
Safe Harbor Statement This press release
contains statements relating to future events and results of Calavo
(including financial projections and business trends) that are
"forward-looking statements," as defined in the Private Securities
Litigation Reform Act of 1995, that involve risks, uncertainties
and assumptions. These statements are based on our current
expectations and are not promises or guarantees. If any of the
risks or uncertainties ever materialize or the assumptions prove
incorrect, the results of Calavo may differ materially from those
expressed or implied by such forward-looking statements and
assumptions. The use of words such as "anticipates," "estimates,"
"expects," "projects," "intends," "plans" and "believes," among
others, generally identify forward-looking statements. Risks and
uncertainties that may cause our actual results to be materially
different from any future results expressed or implied by the
forward-looking statements include, but are not limited to, the
following: the ability of our new management team to work together
successfully; the impact of operational and restructuring
initiatives on our business, results of operations, and financial
condition, including uncertainty as to whether the desired effects
will be achieved and potential long-term adverse effects from
reducing capital expenditures; the impact of weather on market
prices and operational costs; seasonality of our business;
sensitivity of our business to changes in market prices of avocados
and other agricultural products and other raw materials including
fuel, packaging and paper; potential disruptions to our supply
chain; risks associated with potential future acquisitions,
including integration; potential exposure to data breaches and
other cyber-attacks on our systems or those of our suppliers or
customers; dependence on large customers; dependence on key
personnel and access to labor necessary for us to render services;
susceptibility to wage inflation; potential for labor disputes;
reliance on co-packers for a portion of our production needs;
competitive pressures, including from foreign growers; risks of
recalls and food-related injuries to our customers; changing
consumer preferences; the impact of environmental regulations,
including those related to climate change; risks associated with
the environment and climate change, especially as they may affect
our sources of supply; our ability to develop and transition new
products and services and enhance existing products and services to
meet customer needs; risks associated with doing business
internationally (including possible restrictive U.S. and foreign
governmental actions, such as restrictions on transfers of funds
and restrictions as a result of COVID-19 and trade protection
measures such as import/export/customs duties, tariffs and/or
quotas and currency fluctuations); risks associated with
receivables from, loans to and/or equity investments in
unconsolidated entities; volatility in the value of our common
stock; the impact of macroeconomic trends and events; and the
resolution of pending investigations, legal claims and tax
disputes, including an assessment imposed by the Mexican Tax
Administrative Service (the “SAT”) and our defenses against
collection activities commenced by the SAT.
For a further discussion of these risks and uncertainties and
other risks and uncertainties that we face, please see the risk
factors described in our most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission and any
subsequent updates that may be contained in our Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission. Forward-looking statements contained in this press
release are made only as of the date of this press release, and we
undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investor Contact |
Media Contact |
Julie Kegley, Senior Vice
President |
Thomas Federl, VP Communications,
Marketing & ESG |
Financial Profiles, Inc. |
Calavo Growers, Inc. |
calavo@finprofiles.com |
Thomas.Federl@calavo.com |
310-622-8246 |
843-801-4174 |
CALAVO GROWERS,
INC.CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)(in thousands)
|
January 31, |
|
October 31, |
|
2023 |
|
2022 |
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,797 |
|
$ |
2,060 |
Restricted cash |
|
— |
|
|
1,074 |
Accounts receivable, net of allowances of $4,581 (2023) and $4,199
(2022) |
|
62,233 |
|
|
59,016 |
Inventories |
|
44,092 |
|
|
38,830 |
Prepaid expenses and other current assets |
|
10,918 |
|
|
8,868 |
Advances to suppliers |
|
9,754 |
|
|
12,430 |
Income taxes receivable |
|
4,117 |
|
|
3,396 |
Total current assets |
|
132,911 |
|
|
125,674 |
Property, plant, and equipment, net |
|
115,728 |
|
|
113,310 |
Operating lease right-of-use assets |
|
53,132 |
|
|
54,518 |
Investments in unconsolidated entities |
|
3,937 |
|
|
3,782 |
Deferred income taxes |
|
5,433 |
|
|
5,433 |
Goodwill |
|
28,653 |
|
|
28,653 |
Intangibles, net |
|
6,826 |
|
|
7,206 |
Other assets |
|
49,876 |
|
|
47,170 |
|
$ |
396,496 |
|
$ |
385,746 |
Liabilities and shareholders' equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Payable to growers |
$ |
16,119 |
|
$ |
20,223 |
Trade accounts payable |
|
17,421 |
|
|
10,436 |
Accrued expenses |
|
51,894 |
|
|
51,795 |
Dividend payable |
|
— |
|
|
— |
Other current liabilities |
|
11,000 |
|
|
11,000 |
Current portion of operating leases |
|
6,969 |
|
|
6,925 |
Current portion of long-term obligations and finance leases |
|
1,719 |
|
|
1,574 |
Total current liabilities |
|
105,122 |
|
|
101,953 |
Long-term liabilities: |
|
|
|
|
|
Borrowings pursuant to credit facilities, long-term |
|
16,400 |
|
|
1,200 |
Long-term operating leases, less current portion |
|
50,642 |
|
|
52,140 |
Long-term obligations and finance leases, less current portion |
|
4,955 |
|
|
4,447 |
Other long-term liabilities |
|
2,602 |
|
|
2,635 |
Total long-term liabilities |
|
74,599 |
|
|
60,422 |
Commitments and contingencies |
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Total shareholders' equity |
|
216,775 |
|
|
223,371 |
|
$ |
396,496 |
|
$ |
385,746 |
CALAVO GROWERS,
INC.CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS (UNAUDITED)(in thousands, except per
share amounts)
|
|
|
|
|
|
|
Three months ended |
|
January 31, |
|
2023 |
|
2022 |
|
|
|
|
|
Net sales |
$ |
226,204 |
|
|
$ |
274,092 |
|
Cost of sales |
|
211,772 |
|
|
|
260,864 |
|
Gross profit |
|
14,432 |
|
|
|
13,228 |
|
Selling, general and
administrative |
|
16,353 |
|
|
|
15,283 |
|
Expenses related to Mexican tax
matters |
|
2,048 |
|
|
|
367 |
|
Impairment and charges related to
Florida facility closure |
|
— |
|
|
|
565 |
|
Operating loss |
|
(3,969 |
) |
|
|
(2,987 |
) |
Interest expense |
|
(416 |
) |
|
|
(327 |
) |
Other income, net |
|
354 |
|
|
|
659 |
|
Unrealized net loss on Limoneira
shares |
|
— |
|
|
|
(2,130 |
) |
Loss before income taxes and loss
from unconsolidated entities |
|
(4,031 |
) |
|
|
(4,785 |
) |
Income tax benefit |
|
1,080 |
|
|
|
1,160 |
|
Net income (loss) from
unconsolidated entities |
|
156 |
|
|
|
(535 |
) |
Net loss |
|
(2,795 |
) |
|
|
(4,160 |
) |
Add: Net loss (income) attributable to noncontrolling interest |
|
(273 |
) |
|
|
117 |
|
Net loss attributable to Calavo
Growers, Inc. |
$ |
(3,068 |
) |
|
$ |
(4,043 |
) |
|
|
|
|
|
|
Calavo Growers, Inc.’s net loss
per share: |
|
|
|
|
|
Basic |
$ |
(0.17 |
) |
|
$ |
(0.23 |
) |
Diluted |
$ |
(0.17 |
) |
|
$ |
(0.23 |
) |
|
|
|
|
|
|
Number of shares used in per
share computation: |
|
|
|
|
|
Basic |
|
17,673 |
|
|
|
17,653 |
|
Diluted |
|
17,673 |
|
|
|
17,653 |
|
CALAVO GROWERS, INC.NET
SALES AND GROSS PROFIT BY BUSINESS SEGMENT
(UNAUDITED)(in thousands)
|
|
|
|
|
Interco. |
|
|
|
|
Grown |
|
Prepared |
|
Elimins. |
|
Total |
|
(All amounts are presented in thousands) |
Three months ended
January 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
118,069 |
|
$ |
108,455 |
|
$ |
(320 |
) |
|
$ |
226,204 |
Cost of sales |
|
108,588 |
|
|
103,504 |
|
|
(320 |
) |
|
|
211,772 |
Gross profit |
$ |
9,481 |
|
$ |
4,951 |
|
$ |
— |
|
|
$ |
14,432 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
January 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
162,585 |
|
$ |
112,110 |
|
$ |
(603 |
) |
|
$ |
274,092 |
Cost of sales |
|
150,919 |
|
|
110,548 |
|
|
(603 |
) |
|
|
260,864 |
Gross profit |
$ |
11,666 |
|
$ |
1,562 |
|
$ |
— |
|
|
$ |
13,228 |
For the three months ended January 31, 2023 and 2022,
intercompany sales and cost of sales of $0.3 million and $0.6
million between Grown products and Prepared products were
eliminated.
CALAVO GROWERS,
INC.RECONCILIATION OF ADJUSTED NET INCOME (LOSS)
AND ADJUSTED NET INCOME (LOSS) PER DILUTED
SHARE(UNAUDITED)(in thousands, except per share
amounts)
The following table presents adjusted net income (loss) and
adjusted net income (loss) per diluted share, each a non-GAAP
measure, and reconciles them to net income (loss) attributable to
Calavo Growers, Inc., and Diluted EPS, which are the most
directly comparable GAAP measures. See “Non-GAAP Financial
Measures” earlier in this release.
|
Three months ended January
31, |
|
2023 |
|
2022 |
Net loss attributable to Calavo
Growers, Inc. |
$ |
(3,068 |
) |
|
$ |
(4,043 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
Non-cash losses (income)
recognized from unconsolidated entities (a) |
|
(156 |
) |
|
|
535 |
|
Net loss on Limoneira shares
(b) |
|
— |
|
|
|
2,130 |
|
Rent expense add back (c) |
|
108 |
|
|
|
108 |
|
Restructure costs - consulting,
management recruiting and severance (d) |
|
203 |
|
|
|
1,118 |
|
Expenses related to Mexican tax
matters (e) |
|
2,048 |
|
|
|
367 |
|
Impairment, losses and charges
related to property, plant and equipment (f) |
|
— |
|
|
|
654 |
|
Tax impact of adjustments
(g) |
|
(551 |
) |
|
|
(1,238 |
) |
Adjusted net income attributed to
Calavo Growers, Inc. |
$ |
(1,416 |
) |
|
$ |
(369 |
) |
|
|
|
|
|
|
Calavo Growers, Inc.’s net loss
per share: |
|
|
|
|
|
Diluted EPS (GAAP) |
$ |
(0.17 |
) |
|
$ |
(0.23 |
) |
Adjusted net loss per diluted
share |
$ |
(0.08 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
Number of shares used in per
share computation: |
|
|
|
|
|
Diluted |
|
17,673 |
|
|
|
17,653 |
|
______________________
(a) |
For the three months ended January 31, 2023 and 2022, we realized
income of $0.2 million and losses of $0.5 million from Agricola Don
Memo. |
|
|
(b) |
For the three months ended
January 31, 2022, we recorded $2.1 million in unrealized losses
related to these mark-to-market adjustments. At October 27,
2022, we sold our entire investment in Limoneira. |
|
|
(c) |
For the three months ended
January 31, 2023 and 2022, we incurred $0.1 million related to rent
paid for Prepared’s former corporate office space that we have
vacated and plan to sublease. |
|
|
(d) |
For the three months ended January 31, 2023 and 2022, we
recorded $0.2 million and $1.1 million of consulting expenses
related to an enterprise-wide strategic business review conducted
for the purpose of restructuring to improve the profitability of
the organization and efficiency of our operations. |
|
|
(e) |
For the three months ended January 31, 2023 and 2022, we
incurred $0.6 million and $0.4 million of professional fees related
to the Mexican tax matters. For the three months ended January 31,
2023, we recognized a reserve of $1.4 million related to the
collectability of IVA receivables. See Note 10 on our Form 10Q for
more information. |
|
|
(f) |
On October 18, 2021, we announced the closure of RFG’s food
processing operations at our Green Cove Springs (near
Jacksonville), Florida facility, as part of our Project Uno profit
improvement program. As of November 15, 2021, the Green Cove
facility of RFG ceased operations. We incurred $0.7 million of
expenses in the first quarter of fiscal 2022, related to the
closure of this facility. |
|
|
(g) |
Tax impact of non-GAAP
adjustments are based on effective year-to-date tax rates. |
CALAVO GROWERS,
INC. RECONCILIATION OF EBITDA AND ADJUSTED
EBITDA (UNAUDITED) (in thousands, except per
share amounts)
The following table presents EBITDA and adjusted EBITDA, each a
non-GAAP measure, and reconciles them to net income (loss)
attributable to Calavo Growers, Inc., which is the most
directly comparable GAAP measure. See “Non-GAAP Financial Measures”
earlier in this release.
|
Three months ended January
31, |
|
2023 |
|
2022 |
Net loss attributable to Calavo Growers, Inc. |
$ |
(3,068 |
) |
|
$ |
(4,043 |
) |
Interest Income |
|
(273 |
) |
|
|
(133 |
) |
Interest Expense |
|
416 |
|
|
|
327 |
|
Income Tax Benefit |
|
(1,080 |
) |
|
|
(1,160 |
) |
Depreciation &
Amortization |
|
4,166 |
|
|
|
4,312 |
|
Stock-Based Compensation |
|
1,253 |
|
|
|
556 |
|
EBITDA |
$ |
1,414 |
|
|
$ |
(141 |
) |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
Non-cash losses (income)
recognized from unconsolidated entities (a) |
|
(156 |
) |
|
|
535 |
|
Net loss on Limoneira shares
(b) |
|
— |
|
|
|
2,130 |
|
Rent expense add back (c) |
|
108 |
|
|
|
108 |
|
Restructure costs - consulting
and management recruiting and severance (d) |
|
203 |
|
|
|
1,118 |
|
Expenses related to Mexican
tax matters (e) |
|
2,048 |
|
|
|
367 |
|
Impairment, losses and charges
related to property, plant and equipment (f) |
|
— |
|
|
|
618 |
|
Adjusted EBITDA |
$ |
3,617 |
|
|
$ |
4,735 |
|
______________________________
See prior page for footnote references
CALAVO
GROWERS, INC.OTHER INFORMATION
(UNAUDITED)(in thousands, except per pound
amounts)
|
Three months ended |
|
January 31, |
|
2023 |
|
2022 |
|
|
|
|
Pounds of avocados sold |
89,048 |
|
86,127 |
Pounds of guacamole products sold |
4,857 |
|
5,826 |
Average sales price per pound - avocados |
1.14 |
|
1.74 |
Gross profit per pound - avocados |
0.09 |
|
0.12 |
Average sales price per pound – guacamole products |
3.02 |
|
2.87 |
Gross profit per pound – guacamole products |
0.78 |
|
0.43 |
Calavo Growers (NASDAQ:CVGW)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Calavo Growers (NASDAQ:CVGW)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024