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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 July 31, 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 August 31, 2022 was 17,731,661

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

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CALAVO GROWERS, INC.

INDEX

PAGE

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (unaudited):

Consolidated Condensed Balance Sheets – July 31, 2022 and October 31, 2021

4

Consolidated Condensed Statements of Operations – Three and Nine Months Ended July 31, 2022 and 2021

5

Consolidated Condensed Statements of Cash Flows –Nine Months Ended July 31, 2022 and 2021

6

Consolidated Condensed Statements of Shareholders’ Equity – Three and Nine Months Ended July 31, 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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

37

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 5.

Other Information

37

Item 6.

Exhibits

38

Signatures

39

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PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CALAVO GROWERS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(UNAUDITED, in thousands)

July 31, 

October 31, 

2022

2021

Assets

    

    

    

    

Current assets:

Cash and cash equivalents

$

2,505

$

1,885

Restricted cash

961

970

Accounts receivable, net of allowances of $4,429 (2022) and $4,816 (2021)

 

78,490

 

78,866

Inventories

 

36,073

 

40,757

Prepaid expenses and other current assets

 

9,216

 

11,946

Advances to suppliers

 

12,698

 

6,693

Income taxes receivable

 

8,502

 

11,524

Total current assets

 

148,445

 

152,641

Property, plant, and equipment, net

 

114,481

 

118,280

Operating lease right-of-use assets

 

55,838

 

59,842

Investment in Limoneira Company

 

21,251

 

27,055

Investments in unconsolidated entities

 

3,533

 

4,346

Deferred income taxes

 

5,316

 

5,316

Goodwill

 

28,653

 

28,653

Intangibles, net

7,587

8,769

Other assets

 

45,421

 

40,500

$

430,525

$

445,402

Liabilities and shareholders' equity

Current liabilities:

Payable to growers

$

35,748

$

23,033

Trade accounts payable

 

11,551

 

9,794

Accrued expenses

 

51,672

 

42,063

Dividend payable

 

 

20,330

Other current liabilities

11,000

11,000

Current portion of operating leases

 

6,966

 

6,817

Current portion of long-term obligations and finance leases

 

1,517

 

1,587

Total current liabilities

 

118,454

 

114,624

Long-term liabilities:

Borrowings pursuant to credit facilities, long-term

25,600

37,700

Long-term operating leases, less current portion

 

53,437

 

57,561

Long-term obligations and finance leases, less current portion

 

4,280

 

5,553

Other long-term liabilities

 

2,915

 

3,081

Total long-term liabilities

 

86,232

 

103,895

Commitments and contingencies

Shareholders' equity:

Common stock ($0.001 par value, 100,000 shares authorized; 17,732 and 17,686 shares issued and outstanding as of July 31, 2022 and October 31, 2021, respectively)

 

18

 

18

Additional paid-in capital

 

170,208

 

168,133

Noncontrolling interest

 

1,183

 

1,368

Retained earnings

 

54,430

 

57,364

Total shareholders' equity

 

225,839

 

226,883

$

430,525

$

445,402

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

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CALAVO GROWERS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share amounts)

Three months ended

Nine months ended

July 31, 

July 31, 

2022

2021

2022

2021

Net sales

    

$

341,991

    

$

285,008

    

$

947,501

    

$

782,407

Cost of sales

 

323,477

 

277,141

 

894,017

 

734,101

Gross profit

 

18,514

 

7,867

 

53,484

 

48,306

Selling, general and administrative

 

16,713

 

12,387

 

48,566

 

40,374

Expenses related to Mexican tax matters

303

1,342

1,148

1,342

Impairment and charges related to Florida facility closure

959

Gain on sale of Temecula packinghouse

 

(54)

 

(54)

 

(162)

 

(162)

Operating income (loss)

 

1,552

(5,808)

 

2,973

 

6,752

Recovery on reserve for FreshRealm note receivable

6,000

6,130

Interest expense

 

(485)

 

(208)

 

(1,272)

 

(573)

Other income, net

 

278

 

180

 

1,433

 

792

Unrealized net gain (loss) on Limoneira shares

 

1,225

 

(252)

 

(5,803)

 

6,843

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

 

2,570

 

(88)

 

(2,669)

 

19,944

Income tax benefit (provision)

 

(984)

 

(12,358)

 

363

 

(17,073)

Net loss from unconsolidated entities

 

(269)

 

(469)

 

(812)

 

(1,755)

Net income (loss)

 

1,317

 

(12,915)

 

(3,118)

 

1,116

Add: Net loss (income) attributable to noncontrolling interest

 

(17)

 

(66)

 

185

 

21

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

$

1,300

$

(12,981)

$

(2,933)

$

1,137

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

Basic

$

0.07

$

(0.74)

$

(0.17)

$

0.06

Diluted

$

0.07

$

(0.74)

$

(0.17)

$

0.06

Number of shares used in per share computation:

Basic

 

17,667

 

17,630

 

17,661

 

17,616

Diluted

 

17,769

 

17,630

 

17,661

 

17,669

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)

Nine months ended July 31, 

2022

2021

Cash Flows from Operating Activities:

    

    

    

    

Net income (loss)

$

(3,118)

$

1,116

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

Depreciation and amortization

 

12,472

 

12,925

Non-cash operating lease expense

40

57

Net loss from unconsolidated entities

 

812

 

1,755

Unrealized net loss (gain) on Limoneira shares

 

5,803

 

(6,843)

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

317

Gain on reserve for FreshRealm note receivable and impairment of investment

 

 

(6,130)

Stock-based compensation expense

 

2,123

 

2,818

Gain on sale of Temecula packinghouse

 

(162)

 

(162)

Gain on disposal of property, plant, and equipment

 

 

(170)

Effect on cash of changes in operating assets and liabilities:

Accounts receivable, net

 

376

 

(16,137)

Inventories

 

4,594

 

(5,687)

Prepaid expenses and other current assets

 

(30)

 

2,291

Advances to suppliers

 

(4,945)

 

(3,642)

Income taxes receivable/payable

 

3,022

 

4,014

Other assets

 

(3,205)

 

(7,003)

Payable to growers

 

12,716

 

18,694

Trade accounts payable, accrued expenses and other liabilities

 

11,369

 

14,500

Net cash provided by operating activities

 

42,184

 

12,396

Cash Flows from Investing Activities:

Purchases of property, plant, and equipment

 

(7,738)

 

(9,639)

Loan to Agricola Belher

 

 

(3,500)

Recovery on reserve for FreshRealm note receivable

 

 

6,000

Infrastructure advance to tomato growers

(1,326)

Net cash used in investing activities

 

(7,738)

 

(8,465)

Cash Flows from Financing Activities:

Payment of dividend to shareholders

 

(20,330)

 

(20,343)

Proceeds from revolving credit facility

 

221,500

 

266,350

Payments on revolving credit facility

 

(233,600)

 

(250,900)

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

(95)

(650)

Payments on long-term obligations and finance leases

 

(1,357)

 

(1,152)

Proceeds from stock option exercises

 

47

 

47

Net cash used in financing activities

 

(33,835)

 

(6,648)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

611

 

(2,717)

Cash, cash equivalents and restricted cash, beginning of period

 

2,855

 

4,055

Cash, cash equivalents and restricted cash, end of period

$

3,466

$

1,338

Noncash Investing and Financing Activities:

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

$

$

1,222

Settlement of Agricola Belher infrastructure advance offset against payable to growers

$

1,060

$

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

$

309

$

375

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

 

 

 

 

(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

 

 

 

 

(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

Stock compensation expense

 

 

554

 

 

 

554

Restricted stock issued

(1)

 

 

 

 

 

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

 

 

(48)

 

 

 

(48)

Avocados de Jalisco noncontrolling interest

 

 

 

 

66

 

66

Net loss attributable to Calavo Growers, Inc.

 

 

 

(12,981)

 

 

(12,981)

Balance, July 31, 2021

17,683

$

18

$

167,215

$

90,649

$

1,451

$

259,333

    

    

    

    

    

    

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

 

 

 

 

(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

(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

Stock compensation expense

 

 

755

 

 

 

755

Forfeitures of restricted stock issued

(10)

Avocados de Jalisco noncontrolling interest

 

 

 

 

17

 

17

Net income attributable to Calavo Growers, Inc.

 

 

 

1,300

 

 

1,300

Balance, July 31, 2022

17,732

$

18

$

170,208

$

54,430

$

1,183

 

$

225,839

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 beginning in the third quarter of fiscal 2022 we report our operations in two different business segments: Grown and Prepared.

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

On April 13, 2022, the Company issued a press release announcing its plans to reorganize the business into two reporting segments, Grown and Prepared. The management transition to operate as Grown and Prepared began at the start of the third quarter of 2022. The Grown segment consists of fresh avocados, tomatoes and papayas. The Prepared segment comprises all other products including fresh cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads and snacks, guacamole, and salsa sold at retail and food service as well as avocado pulp sold to foodservice.

As a result of the Company's operating segment realignment, the composition of its reporting units for the evaluation of goodwill impairment was changed. RFG reporting unit goodwill is now included within the Prepared reporting unit. Therefore, the goodwill of $24.7 million, which was previously recorded within the RFG reporting unit, is now within Prepared and the goodwill previously reported as part of the Fresh segment remained unchanged in the amount of $4.0 million and is part of the Grown segment. Prior to the change in its reporting unit, the Company tested goodwill for impairment at the previous reporting unit, which did not result in any impairment charge. Goodwill impairment testing requires significant judgment and management estimates, including, but not limited to, the determination of (i) the number of reporting units, (ii) the goodwill and other assets and liabilities to be allocated to the reporting units and (iii) the fair values of the reporting units which includes forecasted cash flow. The fair value of the Company’s reporting

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units is determined using a combination of valuation techniques, including a discounted cash flow methodology. To corroborate the discounted cash flow analysis, a market approach is utilized using observable market data such as comparable companies in similar lines of business that are publicly traded. 

These two 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. 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 assets, or specifically identify them, to our operating segments. Prior year information has been recast to conform with the new segment disclosures. The sales data in the following tables is presented in thousands:

Three months ended July 31, 2022

Three months ended July 31, 2021

    

    

    

    

    

    

Grown

Prepared

Total

Grown

Prepared

Total

Avocados

$

196,443

$

$

196,443

$

148,757

$

$

148,757

Tomatoes

 

8,990

 

 

8,990

 

11,344

 

 

11,344

Papayas

 

2,679

 

 

2,679

 

2,683

 

 

2,683

Other fresh income

 

54

 

 

54

 

95

 

 

95

Fresh-cut fruit

59,159

59,159

58,703

58,703

Fresh-cut vegetables

27,299

27,299

23,226

23,226

Prepared products

 

 

31,083

 

31,083

 

 

25,917

 

25,917

Guacamole

 

19,606

 

19,606

 

 

21,096

 

21,096

Salsa

 

 

524

 

524

 

 

746

 

746

Total gross sales

 

208,166

 

137,671

 

345,837

 

162,879

 

129,688

 

292,567

Less sales allowances

 

(577)

 

(2,799)

 

(3,376)

 

(1,299)

 

(5,588)

 

(6,887)

Less inter-company eliminations

(470)

(470)

(672)

(672)

Net sales

$

207,119

$

134,872

$

341,991

$

160,908

$

124,100

$

285,008

Nine months ended July 31, 2022

Nine months ended July 31, 2021

    

    

    

    

    

    

Grown

Prepared

Total

Grown

Prepared

Total

Avocados

$

538,882

$

$

538,882

$

398,887

$

$

398,887

Tomatoes

 

36,331

 

 

36,331

 

33,963

 

 

33,963