Calavo Growers

Calavo Growers has reported record fiscal 2010 fourth quarter operating results, with net income advancing 106 per cent on a 32 per cent increase in revenues, according to a company news statement.

The operating performance caps the fourth consecutive fiscal year in which the group – a global leader in avocado marketing and an expanding provider of other diversified fresh and prepared foods – has registered new historic highs.

For the three months ended 31 October 2010, net income at Calavo rose to a record US$4.8m, equal to US$0.32m per diluted share, up from US$2.3m or US$0.16 per diluted share during last year’s final quarter.

Revenues in the fourth quarter also advanced to US$107.2m, compared with US$80.9m in the corresponding period of fiscal 2009.

Fresh produce segment sales in the fourth quarter of 2010 equalled US$93.8m, an increase of 35 per cent against the US$69.3m recorded in the fiscal 2009 final period.

A 56 per cent increase in total units shipped drove fourth quarter sales in Calavo’s fresh produce segment, anchored by an 80 per cent rise in fresh avocado volume year-over-year.

For the year ended 31 October 2010, net income at Calavo climbed to US$17.8m – an increase of 31 per cent from last year’s US$13.6m.

Revenues grew by approximately 16 per cent to an all-time high of US$398.4m in fiscal 2010, compared with revenues of US$344.8m in the preceding fiscal year.

Full-year gross margin rose 16 per cent to US$51.5m, up from US$44.5m in fiscal 2009.

“Calavo’s fourth quarter and full-year operating results are formidable,” stated chairman, president and CEO Lee E. Cole.

“Most tellingly, Calavo’s strong results underscore the company’s continued success implementing its business agenda, focusing squarely on sourcing diversification for avocados and other diversified fresh produce items.

“Complementing our fresh avocado performance, we witnessed growth last year in tomatoes and refrigerated fresh guacamole, two categories in which the company has worked diligently to expand over the past several years.”

Mr Cole said he anticipates “another strong year” for Calavo in fiscal 2011.

“The fresh avocado pipeline is expected to be substantial – our global sourcing capabilities will ensure our ability to meet customer demand with a steady supply of fruit,” he noted.

“Diversified fresh products, which were a true bright spot last year, will continue to provide strong incremental unit growth.”