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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to ______________________

Commission File Number: 000-33385

CALAVO GROWERS, INC.

(Exact name of registrant as specified in its charter)

California

33-0945304

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

1141-A Cummings Road, Santa Paula, California   

93060

(Address of principal executive offices)

(Zip Code)

(805) 525-1245

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

   

Trading Symbol(s)

   

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

CVGW

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes  No

Registrant's number of shares of common stock outstanding as of April 30, 2022 was 17,742,140

Table of Contents

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2, contains statements relating to future events and results of Calavo Growers, Inc. and its consolidated subsidiaries (referred to in this report as “Calavo,” the “Company,” “we,” “us” or “our”), including certain projections and business trends, that are "forward-looking statements," as defined in the Private Securities Litigation and 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. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including, but not limited to, any projections of revenue, gross profit, expenses, gain/(loss) on Limoneira shares, income/(loss) from unconsolidated entities, earnings, earnings per share, tax provisions, cash flows and currency exchange rates; the impact of COVID-19 on our business, results of operations and financial condition; the impact of acquisitions or debt or equity investments or other financial items; any statements of the plans, strategies and objectives of management for future operations, including execution of restructuring and integration (including information technology systems integration) plans; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on Calavo and its financial performance, whether attributable to Calavo or any of its unconsolidated entities; any statements regarding pending investigations, legal claims or tax disputes; any statements of expectation or belief; any risks associated with doing business internationally (including possible restrictive U.S. and foreign governmental actions, such as restrictions on transfers of funds and COVID-19 and trade protection measures such as import/export/customs duties, tariffs and/or quotas); any risks associated with receivables from and/or equity investments in unconsolidated entities; system security risk and cyber-attacks and any statements of assumptions underlying any of the foregoing.

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 future management team to work together successfully; the impact of Project Uno initiatives on our business, results of operations, and financial condition, including uncertainty as to whether the desired effects will be achieved; the impact of the COVID-19 pandemic on our business, results of operations, and financial condition, including, but not limited to, disruptions in the manufacturing of our products and the operations of the related supply chains supporting our ability to deliver our products to consumers, impacts on our employees and uncertainty regarding our ability to implement health and safety measures for our employees, uncertainties regarding consumer demand for our products, impact on our food service customers, increased costs, the impact of governmental trade restrictions imposed as a result of COVID-19 and the possible adverse impact of COVID-19 on our goodwill and other intangible assets; our ability to raise prices, particularly in our RFG and Foods segments, to offset increases in costs of goods sold, and the impact of such price increases on future net sales; 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, including personnel that have not yet been hired, and the ability of our future management team to work together successfully; 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 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 for the fiscal year ended October 31, 2021 filed with the Securities and Exchange Commission and any subsequent updates that may be contained in our Quarterly Reports on Form 10-Q (including this Quarterly Report on Form 10-Q) and other filings with the Securities and Exchange Commission. Forward-looking statements contained in this Quarterly Report on Form 10-Q are made only as of the date of this report, and we

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undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CALAVO GROWERS, INC.

INDEX

PAGE

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (unaudited):

Consolidated Condensed Balance Sheets – April 30, 2022 and October 31, 2021

4

Consolidated Condensed Statements of Operations – Three and Six Months Ended April 30, 2022 and 2021

5

Consolidated Condensed Statements of Cash Flows –Six Months Ended April 30, 2022 and 2021

6

Consolidated Condensed Statements of Shareholders’ Equity – Three and Six Months Ended April 30, 2022 and 2021

7

Notes to Consolidated Condensed Financial Statements

8

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

35

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 5.

Other Information

36

Item 6.

Exhibits

37

Signatures

38

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PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CALAVO GROWERS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(UNAUDITED, in thousands)

April 30, 

October 31, 

2022

2021

Assets

    

    

    

    

Current assets:

Cash and cash equivalents

$

2,317

$

1,885

Restricted cash

949

970

Accounts receivable, net of allowances of $4,569 (2022) and $4,816 (2021)

 

103,153

 

78,866

Inventories

 

53,617

 

40,757

Prepaid expenses and other current assets

 

9,333

 

11,946

Advances to suppliers

 

7,904

 

6,693

Income taxes receivable

 

8,664

 

11,524

Total current assets

 

185,937

 

152,641

Property, plant, and equipment, net

 

114,778

 

118,280

Operating lease right-of-use assets

 

57,042

 

59,842

Investment in Limoneira Company

 

20,027

 

27,055

Investments in unconsolidated entities

 

3,802

 

4,346

Deferred income taxes

 

5,316

 

5,316

Goodwill

 

28,653

 

28,653

Intangibles, net

7,992

8,769

Other assets

 

44,745

 

40,500

$

468,292

$

445,402

Liabilities and shareholders' equity

Current liabilities:

Payable to growers

$

52,105

$

23,033

Trade accounts payable

 

18,639

 

9,794

Accrued expenses

 

50,086

 

42,063

Dividend payable

 

 

20,330

Other current liabilities

11,000

11,000

Current portion of operating leases

 

6,879

 

6,817

Current portion of long-term obligations and finance leases

 

1,539

 

1,587

Total current liabilities

 

140,248

 

114,624

Long-term liabilities:

Borrowings pursuant to credit facilities, long-term

41,900

37,700

Long-term operating leases, less current portion

 

54,760

 

57,561

Long-term obligations and finance leases, less current portion

 

4,647

 

5,553

Other long-term liabilities

 

2,970

 

3,081

Total long-term liabilities

 

104,277

 

103,895

Commitments and contingencies

Shareholders' equity:

Common stock ($0.001 par value, 100,000 shares authorized; 17,742 and 17,686 shares issued and outstanding as of April 30, 2022 and October 31, 2021, respectively)

 

18

 

18

Additional paid-in capital

 

169,453

 

168,133

Noncontrolling interest

 

1,166

 

1,368

Retained earnings

 

53,130

 

57,364

Total shareholders' equity

 

223,767

 

226,883

$

468,292

$

445,402

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The accompanying notes are an integral part of these consolidated condensed financial statements.

CALAVO GROWERS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share amounts)

Three months ended

Six months ended

April 30, 

April 30, 

2022

2021

2022

2021

Net sales

    

$

331,418

    

$

276,821

    

$

605,510

    

$

497,399

Cost of sales

 

309,677

 

254,221

 

570,541

 

456,960

Gross profit

 

21,741

 

22,600

 

34,969

 

40,439

Selling, general and administrative

 

16,605

 

13,683

 

31,853

 

27,857

Expenses related to Mexican tax matters

478

845

Impairment and charges related to RFG Florida facility closure

305

959

Gain on sale of Temecula packinghouse

 

(54)

 

(54)

 

(108)

 

(108)

Operating income

 

4,407

8,971

 

1,420

 

12,690

Interest expense

 

(460)

 

(191)

 

(787)

 

(365)

Other income, net

 

496

 

411

 

1,155

 

612

Unrealized net gain (loss) on Limoneira shares

 

(4,898)

 

3,506

 

(7,028)

 

7,095

Income (loss) before income taxes and loss from unconsolidated entities

 

(455)

 

12,697

 

(5,240)

 

20,032

Income tax (provision) benefit

 

187

 

(2,772)

 

1,347

 

(4,715)

Net loss from unconsolidated entities

 

(8)

 

(1,131)

 

(543)

 

(1,286)

Net income (loss)  

 

(276)

 

8,794

 

(4,436)

 

14,031

Add: Net loss attributable to noncontrolling interest

 

85

 

47

 

202

 

87

Net income (loss) attributable to Calavo Growers, Inc.

$

(191)

$

8,841

$

(4,234)

$

14,118

Calavo Growers, Inc.’s net income (loss) per share:

Basic

$

(0.01)

$

0.50

$

(0.24)

$

0.80

Diluted

$

(0.01)

$

0.50

$

(0.24)

$

0.80

Number of shares used in per share computation:

Basic

 

17,664

 

17,619

 

17,659

 

17,609

Diluted

 

17,664

 

17,679

 

17,659

 

17,668

The accompanying notes are an integral part of these consolidated condensed financial statements.

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CALAVO GROWERS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Six months ended April 30, 

2022

2021

Cash Flows from Operating Activities:

    

    

    

    

Net income (loss)

$

(4,436)

$

14,031

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

 

8,405

 

8,371

Non-cash operating lease expense

61

59

Net loss from unconsolidated entities

 

543

 

1,286

Unrealized net loss (gain) on Limoneira shares

 

7,028

 

(7,095)

Impairment and non-cash charges related to closure of RFG Florida facility

317

Stock-based compensation expense

 

1,368

 

2,264

Gain on sale of Temecula packinghouse

 

(108)

 

(108)

Effect on cash of changes in operating assets and liabilities:

Accounts receivable, net

 

(24,287)

 

(26,400)

Inventories

 

(12,950)

 

(11,579)

Prepaid expenses and other current assets

 

13

 

2,700

Advances to suppliers

 

(1,211)

 

(4,460)

Income taxes receivable/payable

 

2,860

 

8,172

Other assets

 

(1,645)

 

(5,126)

Payable to growers

 

29,072

 

20,044

Trade accounts payable, accrued expenses and other liabilities

 

16,302

 

8,264

Net cash provided by operating activities

 

21,332

 

10,423

Cash Flows from Investing Activities:

Purchases of property, plant, and equipment

 

(3,787)

 

(7,659)

Infrastructure advance to tomato growers

(1,326)

Net cash used in investing activities

 

(3,787)

 

(8,985)

Cash Flows from Financing Activities:

Payment of dividend to shareholders

 

(20,330)

 

(20,343)

Proceeds from revolving credit facility

 

168,800

 

172,600

Payments on revolving credit facility

 

(164,600)

 

(150,900)

Payments of minimum withholding taxes on net share settlement of equity awards

(95)

(602)

Payments on long-term obligations and finance leases

 

(956)

 

(713)

Proceeds from stock option exercises

 

47

 

47

Net cash provided by (used in) financing activities

 

(17,134)

 

89

Net increase in cash, cash equivalents and restricted cash

 

411

 

1,527

Cash, cash equivalents and restricted cash, beginning of period

 

2,855

 

4,055

Cash, cash equivalents and restricted cash, end of period

$

3,266

$

5,582

Noncash Investing and Financing Activities:

Right of use assets obtained in exchange for new financing lease obligations

$

$

665

Property, plant, and equipment included in trade accounts payable and accrued expenses

$

878

$

522

The accompanying notes are an integral part of these consolidated condensed financial statements.

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CALAVO GROWERS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(in thousands)

    

    

    

    

    

    

Additional

Common Stock

Paid-in

Retained

Noncontrolling

Shares

Amount

Capital

Earnings

Interest

Total

Balance, October 31, 2020

17,661

 

$

18

 

$

165,000

 

$

89,512

 

$

1,472

 

$

256,002

Exercise of stock options and income tax benefit

2

 

 

47

 

 

 

47

Payment of min. withholding of taxes on net share settlement of equity awards

(467)

(467)

Stock compensation expense

 

 

907

 

 

 

907

Restricted stock issued

23

 

 

 

 

 

Avocados de Jalisco noncontrolling interest contribution

 

 

 

 

(40)

 

(40)

Net income attributable to Calavo Growers, Inc.

 

 

 

5,277

 

 

5,277

Balance, January 31, 2021

17,686

 

18

 

165,487

 

94,789

 

1,432

 

261,726

Stock compensation expense

 

 

1,357

 

 

 

1,357

Payments of minimum withholding taxes on net share settlement of equity awards

(2)

 

 

(135)

 

 

 

(135)

Avocados de Jalisco noncontrolling interest contribution

 

 

 

 

(47)

 

(47)

Net income attributable to Calavo Growers, Inc.

 

 

 

8,841

 

 

8,841

Balance, April 30, 2021

17,684

 

$

18

 

$

166,709

 

$

103,630

 

$

1,385

 

$

271,742

    

    

    

    

    

    

Additional

 

Common Stock

Paid-in

Retained

Noncontrolling

 

Shares

Amount

Capital

Earnings

Interest

Total

Balance, October 31, 2021

17,686

 

$

18

 

$

168,133

 

$

57,364

 

$

1,368

 

$

226,883

Exercise of stock options and income tax benefit

2

 

 

47

 

 

 

47

Payment of min. withholding of taxes on net share settlement of equity awards

(44)

(44)

Stock compensation expense

 

 

556

 

 

 

556

Restricted stock issued

28

 

 

 

 

 

Avocados de Jalisco noncontrolling interest contribution

 

 

 

 

(117)

 

(117)

Net loss attributable to Calavo Growers, Inc.

 

 

 

(4,043)

 

 

(4,043)

Balance, January 31, 2022

17,716

 

18

 

168,692

 

53,321

 

1,251

 

223,282

Stock compensation expense

812

812

Restricted stock issued

26

Payments of minimum withholding taxes on net share settlement of equity awards

(51)

(51)

Avocados de Jalisco noncontrolling interest contribution

(85)

(85)

Net loss attributable to Calavo Growers, Inc.

(191)

(191)

Balance, April 30, 2022

17,742

 

$

18

 

$

169,453

 

$

53,130

 

$

1,166

 

$

223,767

See accompanying notes to consolidated condensed financial statements.

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CALAVO GROWERS, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

1. Description of the business

Business

Calavo Growers, Inc. (referred to in this report as “Calavo”, the “Company”, “we’, “us” or “our”), is a global leader in the avocado industry and a provider of value-added fresh food. Our expertise in marketing and distributing avocados, prepared avocados, and other perishable foods allows us to deliver a wide array of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. We procure avocados from California, Mexico and other growing regions around the world. Through our various operating facilities, we (i) sort, pack, and/or ripen avocados, tomatoes and/or Hawaiian grown papayas, (ii) create, process and package a portfolio of healthy fresh foods including fresh-cut fruit and vegetables, and prepared foods and (iii) process and package guacamole and salsa. We distribute our products both domestically and internationally and report our operations in three different business segments: Fresh products, Renaissance Food Group (RFG) and Calavo Foods.

The accompanying unaudited consolidated condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which amends and simplifies the accounting for income taxes by removing certain exceptions and providing new guidance to reduce complexity in certain aspects of the current guidance. This guidance was adopted by the Company during the first quarter of 2022 and did not impact the Company’s financial statements or related disclosures.

2. Information regarding our operations in different segments

We report our operations in three different business segments: (1) Fresh products, (2) RFG, and (3) Calavo Foods. These three business segments are presented based on how information is used by our Chief Executive Officer (our Chief Operating Decision Maker) to measure performance and allocate resources. The Fresh products segment includes operations that involve the distribution of avocados and other fresh produce products. The RFG segment represents operations related to the manufacturing and distribution of fresh-cut fruit, fresh-cut vegetables, and prepared foods. The Calavo Foods segment represents operations related to the purchase, manufacturing, and distribution of prepared avocado products, including guacamole, and salsa. Selling, general and administrative expenses, as well as other non-operating income/expense items, are evaluated by our Chief Executive Officer in the aggregate. We do not allocate

8

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assets, or specifically identify them, to our operating segments. The sales data in the following tables is presented in thousands:

Three months ended April 30, 2022

Three months ended April 30, 2021

    

Fresh

    

    

Calavo

    

    

Fresh

    

    

Calavo

    

products

RFG

Foods

Total

products

RFG

Foods

Total

Avocados

$

191,754

$

$

$

191,754

$

146,359

$

$

$

146,359

Tomatoes

 

17,353

 

 

 

17,353

 

13,433

 

 

 

13,433

Papayas

 

2,743

 

 

 

2,743

 

2,647

 

 

 

2,647

Other fresh income

 

8

 

 

 

8

 

126

 

 

 

126

Fresh-cut fruit

48,829

48,829

48,006

48,006

Fresh-cut vegetables

26,777

26,777

25,215

25,215

Prepared products

 

 

27,380

 

20,809

 

48,189

 

 

23,790

 

20,915

 

44,705

Salsa

 

 

 

403

 

403

 

 

 

696

 

696

Total gross sales

 

211,858

 

102,986

 

21,212

 

336,056

 

162,565

 

97,011

 

21,611

 

281,187

Less sales allowances

 

(861)

 

(827)

 

(1,397)

 

(3,085)

 

(879)

 

(722)

 

(875)

 

(2,476)

Less inter-company eliminations

(486)

(1,067)

(1,553)

(717)

(1,173)

(1,890)

Net sales

$

210,511

$

102,159

$

18,748

$

331,418

$

160,969

$

96,289

$

19,563

$

276,821

Six months ended April 30, 2022

Six months ended April 30, 2021

    

Fresh

    

    

Calavo

    

    

Fresh

    

    

Calavo

    

products

RFG

Foods

Total

products

RFG

Foods

Total

Avocados

$

342,258

$

$

$

342,258

$

250,130

$

$

$

250,130

Tomatoes

 

27,340

 

 

 

27,340

 

22,619

 

 

 

22,619

Papayas

 

5,783

 

 

 

5,783

 

5,397

 

 

 

5,397

Other fresh income

 

33

 

 

 

33

 

454

 

 

 

454

Fresh-cut fruit

92,202

92,202

90,950

90,950

Fresh-cut vegetables

 

 

54,863

 

 

54,863

 

 

54,804

 

 

54,804

Prepared products