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Calavo Growers , Inc. Announces First Quarter 2021 Financial Results March 10 , 2021 SANTA PAULA , Calif . , March 10 , 2021 ( GLOBE NEWSWIRE ) -- Calavo Growers , Inc. ( Nasdaq - GS : CVGW ) , a global avocado - industry leader and provider of value - added fresh food , today reported its financial results for the first quarter ended January 31 , 2021 . First Quarter Highlights • Total revenue of $ 220.6 million , a 19 % decrease year over year , reflecting 2 % growth in avocado volume offset by lower avocado prices and lower revenue in the Renaissance Food Group ( " RFG " ) and Foods segments . • Gross profit of $ 17.8 million , or 8.1 % of revenue , compared to $ 15.8 million , or 5.8 % of revenue , for the comparable period last year . The increase in gross profit margin percentage was attributable to improvements in the Fresh segment . • Net income of $ 5.3 million , or $ 0.30 per diluted share , compared to net loss of $ 0.9 million , or ( $ 0.05 ) per diluted share for the comparable period last year . Adjusted net income was $ 3.0 million , or $ 0.17 per diluted share , compared to $ 0.8 million , or $ 0.04 per share last year . • Adjusted EBITDA of $ 9.4 million , compared to $ 4.5 million for the same period last year . • Renewed credit agreement adding $ 20 million of availability and five years to its term . The facility is now a $ 100 million , syndicated senior unsecured revolving credit facility ( with a total facility size of $ 150 million when including the exercise of its $ 50 million accordion feature ) . • Paid $ 1.15 per share dividend ( $ 20.3 million in total ) , which is an increase of 4.5 % over prior year and is the 9th consecutive year of increasing dividends , and representing an approximate 1.5 % yield to Calavo's shareholders . Adjusted net income and adjusted EBITDA are non - GAAP financial measures . See " Non - GAAP Financial Measures " below . Management Commentary " Our first quarter results reflect a continuation of trends that we experienced in the fourth quarter of last year , " said James E. Gibson , CEO of Calavo Growers . " Market demand for avocados is increasing , albeit at a slower pace due to the pandemic , and supply remains plentiful , given the strong crop out of Mexico . These dynamics weighed on prices , which on average , were down 14 % year - over - year . However , we delivered higher avocado gross margins in the quarter , as we did a good job of managing our pricing spread and sales mix . " Our RFG segment was impacted by a number of factors , including industry - wide delivery delays at most U.S. ports due to the implementation of additional safety measures related to the pandemic , which caused increased spoilage of fresh fruit and vegetables . In addition , we continued to be impacted comparatively by the closure in April 2020 of our Midwest co - packing partner . Our Foods segment continued to be adversely affected by lower foodservice demand resulting from the pandemic , offset slightly by favorable input commodity prices . " We are optimistic about the remainder of 2021 , particularly the second half . While the pandemic is still having a substantial impact on many of our foodservice customers , we believe that they will be able to bridge from this challenging environment to what we anticipate will be a strong economic rebound once we as a country achieve widespread vaccination and herd immunity . In the meantime , we are moving ahead with the implementation of our strategic initiatives designed to enhance our long - term growth prospects , capitalizing on opportunities to increase operating leverage , further our sustainability initiatives , and realize synergies across our entire organization , with the goal of improving profitability , sustainability , and shareholder value , " concluded Gibson . First Quarter 2021 Consolidated Financial Review Total revenue for the first quarter of 2021 was $ 220.6 million compared to $ 273.3 million for the first quarter of 2020 , representing a 19 % decrease . While avocado volumes were higher , increasing 2 % over the prior - year period , total revenue was impacted by the lower average selling price of avocados in the Company's Fresh segment , reflecting increased supply from Mexico , and lower sales volumes in the RFG and Foods segments as a result of the closure of RFG's Midwest co - packing partner in April 2020 and the prolonged COVID - 19 pandemic . Gross profit for the first quarter was $ 17.8 million , or 8.1 % of revenue , compared to $ 15.8 million , or 5.8 % of revenue , for the same period last year . The increase in gross profit margin percentage was attributable to improvements in the Fresh segment , partially offset by lower gross profit margin percentages in the RFG and Foods segments . Selling , general and administrative ( SG & A ) expense for the first quarter totaled $ 14.2 million , or 6.4 % of revenue , compared to $ 16.3 million , or 6.0 % of revenue , for the same period last year . The decline in SG & A expense was primarily due to a decrease in salary and benefit expense as a result of our consolidation initiatives . Net income for the first quarter of 2021 was $ 5.3 million , or $ 0.30 per diluted share . This compares to net loss of $ 0.9 million , or $ ( 0.05 ) per diluted share , for the same period last year . Adjusted net income , which is a non - GAAP measure that excludes certain items such as non - cash gains or losses from unconsolidated subsidiaries and unrealized gains / losses on Limoneira shares , was $ 3.0 million , or $ 0.17 per diluted share , for the first quarter of 2021 , compared to adjusted net income of $ 0.8 million , or $ 0.04 per diluted share , for the same period last year . Adjusted EBITDA , which is a non - GAAP financial measure , was $ 9.4 million for the first quarter of 2021 , compared to $ 4.5 million for the same period last year . Balance Sheet and Liquidity During the first quarter , the Company entered into an amendment to its existing credit facility , which , among other things , increased the size of the revolving commitment by $ 20 million to $ 100 million ( for a total facility size of $ 150 million with the accordion , which is up from a total facility size of $ 130 million ) and extended the maturity of the agreement by five years to 2026 .