Calavo Growers Inc. (CVGW, Financial) filed Quarterly Report for the period ended 2012-04-30.
Calavo Growers has a market cap of $365.98 million; its shares were traded at around $24.79 with a P/E ratio of 26.9 and P/S ratio of 0.7. The dividend yield of Calavo Growers stocks is 2.22%. Calavo Growers had an annual average earning growth of 10.1% over the past 10 years.
Sales of tomatoes decreased $9.0 million, or 44.6%, for the six months ended April 30, 2012, when compared to the same period for fiscal 2011. The decrease in sales for tomatoes is primarily due to a decrease in the sales price per carton of 53.7%, when compared to the same prior year period. We attribute most of the decrease in the per carton selling price to the higher volume of tomatoes in the U.S. marketplace, due primarily to cold weather which reduced supplies and delayed harvests in prior year. Partially offsetting this decrease is an increase in cartons sold of 19.7%, when compared to the same prior year period. This increase of tomatoes sold is due primarily to a freeze in Mexico in the prior year that resulted in delayed tomato harvests.
Sales for Calavo Foods for the quarter ended April 30, 2012, when compared to the same period for fiscal 2011, increased $0.1 million, or 1.2%. This increase is due to an increase in sales of Calavo tortilla chips which increased approximately $0.1 million, or 121.7%, in the second quarter of fiscal year 2012, when compared to the same prior year period, as well as an increase in sales of Calavo Salsa Lisa which increased approximately $0.1 million, or 18.8%, in the second quarter of fiscal year 2012, when compared to the same prior year period. Partially offsetting these increases, is a decrease of sales of prepared guacamole products of 0.1 million or 0.8%. This decrease was primarily related to a decrease in overall pounds sold by 17.2%, partially offset by 17.4% increase in the average net selling price per pound for both our frozen guacamole products and our refrigerated guacamole products (formerly high-pressure).
Sales for Calavo Foods for the quarter ended April 30, 2012, when compared to the same period for fiscal 2011, increased $0.7 million, or 3.4%. This increase is due to an increase in sales of Calavo Salsa Lisa, which increased approximately $0.5 million, or 79.3%, an increase in sales of Calavo tortilla chips, which increased approximately $0.2 million, or 36.9%, and an increase of sales of prepared guacamole products of 0.1 million or 0.4%. This increase was primarily related to an 18.8% increase in the average net selling price per pound for our frozen and refrigerated guacamole products (formerly high-pressure), partially offset by a decrease in overall pounds sold by 15.5%.
Selling, general and administrative expenses include costs of marketing and advertising, sales expenses and other general and administrative costs. Selling, general and administrative expenses increased $2.1 million, or 37.3%, for the three months ended April 30, 2012, when compared to the same period for fiscal 2011. This increase was primarily related to the acquisition of RFG which contributed $1.9 million in selling, general and administrative expenses for the three months ended April 30, 2012. The remaining increase of $0.2 million is due to higher corporate costs, including, but not limited to, management bonuses (totaling approximately $0.3 million), stock-based compensation expense (totaling approximately $0.1 million), partially offset by decreases in legal fees (totaling approximately $0.1 million), and consulting fees (totaling approximately $0.1 million).
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Calavo Growers has a market cap of $365.98 million; its shares were traded at around $24.79 with a P/E ratio of 26.9 and P/S ratio of 0.7. The dividend yield of Calavo Growers stocks is 2.22%. Calavo Growers had an annual average earning growth of 10.1% over the past 10 years.
Highlight of Business Operations:
Sales of tomatoes decreased $4.2 million, or 32.2%, for the second quarter of fiscal 2012, when compared to the same period for fiscal 2011. The decrease in sales for tomatoes is primarily due to a decrease in the sales price per carton of 63.3%, when compared to the same prior year period. We attribute most of the decrease in the per carton selling price to the higher volume of tomatoes in the U.S. marketplace, as compared to prior year same period, due primarily to cold weather in the prior year which reduced supplies and delayed harvests. Partially offsetting this decrease is an increase in cartons sold of 84.9%, when compared to the same prior year period. This increase of tomatoes sold is due primarily to a freeze in Mexico in the prior year that resulted in delayed tomato harvests.Sales of tomatoes decreased $9.0 million, or 44.6%, for the six months ended April 30, 2012, when compared to the same period for fiscal 2011. The decrease in sales for tomatoes is primarily due to a decrease in the sales price per carton of 53.7%, when compared to the same prior year period. We attribute most of the decrease in the per carton selling price to the higher volume of tomatoes in the U.S. marketplace, due primarily to cold weather which reduced supplies and delayed harvests in prior year. Partially offsetting this decrease is an increase in cartons sold of 19.7%, when compared to the same prior year period. This increase of tomatoes sold is due primarily to a freeze in Mexico in the prior year that resulted in delayed tomato harvests.
Sales for Calavo Foods for the quarter ended April 30, 2012, when compared to the same period for fiscal 2011, increased $0.1 million, or 1.2%. This increase is due to an increase in sales of Calavo tortilla chips which increased approximately $0.1 million, or 121.7%, in the second quarter of fiscal year 2012, when compared to the same prior year period, as well as an increase in sales of Calavo Salsa Lisa which increased approximately $0.1 million, or 18.8%, in the second quarter of fiscal year 2012, when compared to the same prior year period. Partially offsetting these increases, is a decrease of sales of prepared guacamole products of 0.1 million or 0.8%. This decrease was primarily related to a decrease in overall pounds sold by 17.2%, partially offset by 17.4% increase in the average net selling price per pound for both our frozen guacamole products and our refrigerated guacamole products (formerly high-pressure).
Sales for Calavo Foods for the quarter ended April 30, 2012, when compared to the same period for fiscal 2011, increased $0.7 million, or 3.4%. This increase is due to an increase in sales of Calavo Salsa Lisa, which increased approximately $0.5 million, or 79.3%, an increase in sales of Calavo tortilla chips, which increased approximately $0.2 million, or 36.9%, and an increase of sales of prepared guacamole products of 0.1 million or 0.4%. This increase was primarily related to an 18.8% increase in the average net selling price per pound for our frozen and refrigerated guacamole products (formerly high-pressure), partially offset by a decrease in overall pounds sold by 15.5%.
Selling, general and administrative expenses include costs of marketing and advertising, sales expenses and other general and administrative costs. Selling, general and administrative expenses increased $2.1 million, or 37.3%, for the three months ended April 30, 2012, when compared to the same period for fiscal 2011. This increase was primarily related to the acquisition of RFG which contributed $1.9 million in selling, general and administrative expenses for the three months ended April 30, 2012. The remaining increase of $0.2 million is due to higher corporate costs, including, but not limited to, management bonuses (totaling approximately $0.3 million), stock-based compensation expense (totaling approximately $0.1 million), partially offset by decreases in legal fees (totaling approximately $0.1 million), and consulting fees (totaling approximately $0.1 million).
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