Limoneira Company (NASDAQ:LMNR) Q4 2019 Earnings Conference Call - Final Transcript

Jan 13, 2020 • 04:30 pm ET


Limoneira Company (NASDAQ:LMNR) Q4 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the Limoneira Fourth Quarter 2019 Earnings Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Mr. John Mills of ICR. Please go ahead, sir.

John Mills

Great. Thank you. Good afternoon, everyone, and thank you for joining us for Limoneira's fourth quarter fiscal year 2019 conference call. On the call today are Harold Edwards, President and Chief Executive Officer; and Mark Palamountain, Chief Financial Officer.

By now, everyone should have access to the fourth quarter of fiscal year 2019 earnings release, which went out today at approximately 4:00 PM Eastern Time. If you've not had a chance to view the release, it's available on the Investor Relations portion of the Company's website at This call is being webcast and a replay will be available on Limoneira's website as well.

Before we begin, we'd like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside the Company's control and could cause its future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risk details in the Company's 10-Qs and 10-Ks filed with the SEC, and those mentioned in the earnings release. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether a result of new information, future events or otherwise.

Please note that during today's call, we will be discussing non-GAAP financial measures, including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater understanding of Limoneira's ongoing results of operations, particularly when comparing underlying results from period-to-period. We've provided as much detail as possible on any items that are discussed on an adjusted basis. Also, within the Company's earnings release and in today's prepared remarks, we included adjusted EBITDA, which is the non-GAAP financial measure. A reconciliation of adjusted EBITDA to the most directly comparable GAAP financial measures is included in the Company's 10-K and press release, which has been posted to the website.

And with that, it is my pleasure to turn the call over to the Company's President and CEO, Mr. Harold Edwards.

Harold Edwards

Thanks, John, and good afternoon, everyone. On today's call, I will provide a brief overview of our operational results in fiscal 2019 and an update on our progress across all of our business areas as we enter fiscal year 2020. Mark will then review the financial results in more detail and I'll finish with our reiterated outlook for fiscal year 2020. After that, we will open up the call and take your questions.

We achieved record revenue in fiscal 2019. However, uncontrollable weather events affected lemon and orange pricing and fresh utilization throughout the year and dramatically