Limoneira Releases Fiscal Year 2017 Business Update and Initial Fiscal Year 2018 Financial Guidance
Limoneira Company reported business and guidance update for its fiscal year ending October 31, and provided initial earnings per diluted share guidance for fiscal year ending October 31, 2018.
In a release on December 12, the Company noted fiscal year 2017 business update and initial fiscal year 2018 guidance
Excessive heat in the Arizona desert slowed fruit sizing during the Company's fourth quarter of fiscal year 2017 which delayed timing of the lemon harvest for its desert crop near Yuma, Arizona until the first quarter of fiscal year 2018. In addition, fresh lemon prices were lower in October 2017 than previously anticipated, however lemon prices for fiscal year 2017 are expected to be similar to previous estimates and prices have rebounded. Based on this information, the Company is updating its fiscal year 2017 guidance and providing initial fiscal year 2018 earnings per diluted share guidance.
For fiscal year 2017, the Company expects revenue of approximately $120 million, earnings per diluted share to be in the range of $0.40 to $0.44 per share, operating income to be in the range of $11.5 million to $12.0 million and EBITDA to be in the range of $18.6 million to $19.1 million.
For fiscal year 2018, the Company expects earnings per diluted share to be in the range of $0.55 to $0.65. In addition, the residential development, Harvest at Limoneira, broke ground on November 8, and the Company anticipates the lot sales process will begin in the spring of 2018, with the first closings estimated to begin in the first quarter of fiscal year 2019. The Company currently estimates approximately 632 units will be included in Phase 1 of the project.
December 2017 Southern California Wildfires
The Company is assessing potential property and crop damage caused by the December 2017 Southern California wildfires and related high winds. Initial indications are that the Company's orchards did not suffer significant damage. Fourteen of the Company's 265 farm-worker housing units were destroyed by the fire and a brief power outage occurred at the Company's packinghouse. The Company currently does not expect the fire and wind damage to have a material impact on its results of operations, however, the farm-worker housing units are estimated to cost approximately $60,000 per unit to replace.
Alex Teague, Chief Operating Officer commented, "We are very thankful for the hundreds of firefighters that braved the fires to protect our properties as well as the properties of our friends and neighbors. We will know in the coming months if the fires affected our avocado or citrus crops for fiscal 2018. In addition, we do not believe the wildfires caused any long-term damage to our orchards."
Harold Edwards, President and Chief Executive Officer, stated, "We believe we will achieve record revenue and operating profit in fiscal 2017 despite the delayed timing of our desert lemon harvest. Our recent acquisitions, our expanded lemon planting efforts, our affiliated grower recruiting efforts, our new lemon packinghouse, our sales/marketing alliance with Suntreat for our oranges and specialty citrus and our focus on improving operating efficiencies have us very well positioned for continued growth in our operating results in fiscal year 2018."
Edwards continued, "As we enter fiscal 2018, we are very excited about the overall strength of our agriculture business as well as our real estate venture, Harvest at Limoneira. This project involved years of thoughtful planning with our joint venture partner, the Lewis Group, and the commitment of city, county and state-wide officials. As we embark on this tremendous opportunity, we believe it will deliver strong cash flow and long-term value for our shareholders and the county of Ventura, CA."
The Company will report its fourth quarter and fiscal year 2017 results on January 8.
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THE DAILY VIEW
Gilt and Sarah Jessica Parker Unveil SJP by Sarah Jessica Parker Bridal Collection for Spring
Sarah Jessica Parker, in partnership with Gilt, kicked off the exclusive launch of SJP by Sarah Jessica Parker Bridal, Gilt’s first foray into bridal ready-to-wear that would have Carrie Bradshaw swooning.
The collection includes dresses, skirts, bodysuits and other pieces, ranging in price from $295 to $2,395 and from sizes 0 to 14.
"Collaborating with Gilt on my first bridal ready-to-wear collection was an opportunity I couldn't pass up," said Sarah Jessica Parker. "The team there is brilliant and allowed me to be imaginative and take risks as I was designing for the non-traditional bride. It has been quite fun to play around with colors, fabrics and details to create unique pieces for all kinds of brides." The collection, comprised of ten styles, is inspired by Parker's vision of a modern, non-traditional bride, and is designed to dress a woman for a variety of wedding milestone moments; from her bridal shower through her wedding reception. Styles offered are a unique mix of classic dresses and gowns, modern bodysuits, full skirts, and a jumpsuit. The color palette includes traditional bridal white, sleek black, plus pops of blush, poppy, light gray and blue.
Designed in collaboration with Gilt, the collection was produced in New York City utilizing fabrics like cashmere and stretch crepe sourced from Spain, Italy and France.
The pieces all feature carefully curated details like elegant bows, sophisticated cutouts, feathers, intricate embroidery and beautiful hand-stitched beading.
The actress and style icon is no stranger to chic bridal wear. Carrie Badshaw, famously played by Parker, took part in an elaborate bridal photo shoot in Sex and the City: The Movie. The shoot featured gowns from designers like Christian Lacroix and Lanvin. Parker famously wore a black wedding gown for her own wedding to Matthew Broderick in 1997.
"Not only is Sarah Jessica Parker's style known around the world, her point of view is one-of-a-kind," says Tom Ott, Chief Merchant of Gilt. "Sarah Jessica brings her impeccable taste and fashion sensibility to life in this collection. We think our customers will be delighted with the offering which is stylish and well-priced in the bridal category."
As part of the bridal launch, Gilt will also offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear line, each of which are complementary to the bridal collection.
To correspond with the bridal collection launch, Gilt City will present offers from some of Sarah Jessica Parker's favorite places in New York City.
The offers were each chosen as a way to help brides plan for and celebrate the big day with highlights including, Leather Spa, Lars Nord Studio Tailoring, Mah-Ze-Dahr Bakery, among others.
Tea Forté Introduces ‘Matcha’ Collection
Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
- The average hotel stay was two nights
- Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
- Popular tourist destinations included Orlando, Cancun and Las Vegas