US-based avocado importer-marketer Calavo growers has announced a record set of fourth quarter and fiscal 2008 results, with net income for the 12 month period up 5 per cent to US$7.7m.
Revenues for the year increased 19 per cent to hit an all-time high US$361.5m, with gross margin reaching US$33.2m compared with US$31.8m in 2007.
The fourth quarter proved to be a record-breaking one for the group, with year-on-year net incoming shooting up by 235 per cent to US$4m from US$1.2m in 2007 – the best single quarter in the company's history.
Quarterly revenues rose 10 per cent to US$93.6m, with gross margin up 72 per cent to US$12.2m.
'Calavo Growers delivered a simply outstanding performance on virtually every front in both the fourth quarter and fiscal year 2008 as a whole,' said group chairman, president and CEO Lee Cole. 'We are gratified by the benefits we realised as a result of the continued, disciplined focus on our business plan, especially during these globally challenging financial times.'
Mr Cole added that the group would begin 2009 from a 'highly enviable position', with globalised sourcing and management of operating costs key to improving gross margin benefits.
'I am as confident and optimistic about the company's prospects as I have been at any time during my leadership,' he said. 'We are looking forward to another highly successful year in fiscal 2009.'
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