Avocado supplier Calavo Growers said it is “primed for growth” as it reported a 76% increase in net income for its 2009 fiscal year.
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For the year ended 31 October, net income reached US$13.6m from $7.7m in the same period a year ago.
Operating income advanced around 77% to reach $21.7m from a year earlier.
“On the strength of Calavo’s performance in fiscal 2009, as well as all avocado market indicators, we are confident and optimistic about prospects for the current year. The company is in an enviable position and primed for growth,” the company said.
Revenue for the period reached $344.8m versus $361.5m in fiscal 2008.
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By GlobalDataChairman, president and CEO Lee Cole said: “Calavo performed exceptionally well in fiscal 2009 against an extremely challenging environment…the company proved adept at navigating these market factors and executing our business agenda.”
For the three months ended 31 October, Calavo recorded a net income of $2.3m on revenues of $80.9m, compared with net income of $4m on $93.6m in revenues during the same quarter last year. Segment sales were impacted principally by lower unit prices.
Cole added: “On the strength of Calavo’s performance in fiscal 2009, as well as all avocado market indicators, we are confident and optimistic about prospects for the current year. The company is in an enviable position and primed for growth.”
