Calavo Growers Q2 net income down
Calavo Growers, which is engaged in the procurement and marketing of fresh avocados, has reported a net income of $1.6 million, or $0.11 per diluted share, for the second quarter ended April 30, 2008, compared to $2.6 million, or $0.18 per diluted share in the same quarter of fiscal 2007.
Revenues surged 43% to $98.8 million from $69.1 million in the second quarter of 2007. For the first six months ended April 30, 2008, revenues stood at $171 million, a 35% increase compared to $126.4 million in the corresponding period of 2007. Net income totaled $2.3 million, or $0.16 per diluted share, versus $3.9 million, approximating $0.27 per diluted share, in the initial six months of fiscal 2007. Lee Cole, chairman, president and CEO of Calavo Growers, said: With California avocado packing not accelerating until the final month of the quarter, and the Chilean fruit harvest ebbing early in the period primarily due to the freeze that took place in July 2007, we were reliant on Mexican volumes to satisfy fresh and processed-product demand.
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