Calavo Growers Q3 net income down
Calavo Growers, a marketer of avocado and provider of other fresh perishable produce items, has reported a net income of $1.4 million, or $0.10 per diluted share, for the third quarter ended July 31, 2008, compared to $2.2 million, or $0.15 per diluted share, for the same period in fiscal 2007.
Revenues for the fiscal 2008 third quarter stood at $96.9 million, compared to $91.3 million in the same quarter of fiscal 2007. For the first nine months ended July 31, 2008, revenues increased 23% to $267.9 million from $217.7 million in the corresponding period of fiscal 2007. Fiscal-year-to-date net income approximates $3.7 million, or $0.26 per diluted share, compared to $6.1 million, or $0.43 per diluted share, in the first nine months of fiscal 2007. Lee Cole, chairman, president and CEO of Calavo Growers, said: A significant factor in Calavo's fiscal third quarter performance - and a principal differentiator in year-over-year operating results - was a short supply of Mexican-grown avocados that resulted in sharply higher costs for fruit sourced from that region. Despite this challenge, our company remains consistently profitable.
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