Limoneira Announces 20% Increase in Quarterly Dividend
On September 25, 2012, the Board of Directors of Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, declared a quarterly cash dividend of $0.03750 per common share payable on October 15, 2012, to stockholders of record on October 8, 2012. This represents a 20% increase compared to previous quarterly dividend payments.
Harold Edwards, President and Chief Executive Officer, stated, “Limoneira is well positioned for another year of improving net income and solid cash flow from operations in fiscal year 2012. We are returning a portion of our cash flow to our loyal shareholders by increasing our dividend by 20%.”
Mr. Edwards continued, “We believe the significant investments we have made in our long-term strategic growth opportunities for global agribusiness, real estate development, waste and water asset utilization and rental business has created a diversified asset portfolio that will offer shareholders a superior return on our investments. Our low cost debt and asset rich balance sheet combined with our solid cash flow from operations enables us to increase our dividend and continue to invest in our business.
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