Calavo Growers, Inc. Posts Record Fiscal Third Quarter Results

Calavo Growers, Inc. CVGW today reported that fiscal 2010 third quarter net income advanced 141 percent on an eight percent increase in revenues. Eclipsing the previous all-time highs set last quarter, the record results reflect higher fresh and prepared avocado product sales, as well as growth in diversified perishable produce. For the three months ended July 31, 2010, net income rose to $5.9 million, equal to $0.41 per diluted share, from $2.5 million, or $0.17 per diluted share, in the third quarter last year. Revenues in the most recent quarter climbed to $114.6 million from $106.3 million in the corresponding period one-year earlier. Gross margin in the fiscal 2010 third quarter grew 54 percent to a record $15.3 million, which compares with $9.9 million in the same period last year. Income from operations reached $9.8 million, a new quarterly high and an increase of 139 percent from $4.1 million posted in the fiscal 2009 third quarter. Fiscal year to date, Calavo registered new historic highs for revenues, gross margin, net income, and per share results. Net income for the nine months ended July 31, 2010 climbed to $13.0 million, equal to $0.89 per diluted share, a 15 percent increase from $11.3 million, or $0.78 per diluted share in the like period of fiscal 2009. Revenues rose 10 percent to $291.1 million for the most recent nine months from $263.8 million in the initial three quarters of fiscal 2009. Gross margin advanced to $37.2 million, a five percent increase from $35.3 million in the year-earlier nine-month period.