Calavo fiscal 3Q income mirrors '05 period

Sept. 7, 2006
Calavo Growers Inc has reported continued profitability in the fiscal third quarter despite a decrease in quarterly revenues.

Calavo Growers Inc, provider of fresh and processed avocados and other perishable food products, has reported continued profitability in the fiscal third quarter despite a decrease in quarterly revenues of about $9.7 million compared with the corresponding period in fiscal 2005.

For the quarter ended July 31, 2006, net income totaled $2.9 million, virtually unchanged from the corresponding period in the prior year. Net sales for the quarter were $79 million, versus a record $88.7 million in the year-earlier period.

Net income for the nine months rose to $4.5 million, compared with $2.8 million in the fiscal period a year earlier. Nine-month revenues totaled $197 million, virtually unchanged from $197 million in the similar fiscal 2005 period.

Gross profit for the nine months increased 27% to $22.3 million from $17.5 million in the previous period. Operating income grew 94% to $7.5 million from $3.9 million one year earlier.

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