SANTA PAULA, Calif. (June 2, 2015)—Calavo Growers, Inc. (Nasdaq-GS: CVGW), a
global avocado-industry leader and expanding provider of value-added fresh foods,
today reported that fiscal 2015 second quarter operating results reached their highest
single-period totals in company history. Revenues, gross margin, net income and
earnings per share all rose to new record levels.
For the three months ended April 30, 2015, net income advanced to $8.5 million,
equal to $0.49 per diluted share, from $1.6 million, or $0.09 per diluted share in the
prior-year second quarter. Fiscal 2014 second quarter results include non-cash
operating expenses, primarily related to the revaluation of earn-out liability associated
with the acquisition of Renaissance Food Group, LLC (RFG), which net of income tax
approximated $5.2 million, or $0.34 per diluted share.
