Limoneira Announces 20% Increase in Quarterly Dividend
SANTA PAULA, Calif.--(BUSINESS WIRE)-- On September 25, 2012, the Board of Directors of Limoneira Company (NAS: LMNR) , a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, declared a quarterly cash dividend of $0.03750 per common share payable on October 15, 2012, to stockholders of record on October 8, 2012. This represents a 20% increase compared to previous quarterly dividend payments.
Harold Edwards, President and Chief Executive Officer, stated, "Limoneira is well positioned for another year of improving net income and solid cash flow from operations in fiscal year 2012. We are returning a portion of our cash flow to our loyal shareholders by increasing our dividend by 20%."
Mr. Edwards continued, "We believe the significant investments we have made in our long-term strategic growth opportunities for global agribusiness, real estate development, waste and water asset utilization and rental business has created a diversified asset portfolio that will offer shareholders a superior return on our investments. Our low cost debt and asset rich balance sheet combined with our solid cash flow from operations enables us to increase our dividend and continue to invest in our business."
About Limoneira Company
Limoneira Company, a 119-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lē mon΄âra) is a dedicated sustainability company with approximately 8,200 acres of rich agricultural lands, real estate properties and water rights in California. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.These forward-looking statements are based on Limoneira's current expectations about future events and can be identified by terms such as "expect," "may," "anticipate," "intend," "should be," "will be," "is likely to," "strive to," and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements.Actual results may differ materially from those expressed or implied in the forward-looking statements.Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to:changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from disease, insects and other pests; disruption of water supplies or changes in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; increased costs from becoming a public company and market and pricing risks due to concentrated ownership of stock.Other risks and uncertainties include those that are described in Limoneira's SEC filings, which are available on the SEC's website athttp://www.sec.gov.Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.
Senior Managing Director
KEYWORDS: United States North America California
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