Levi & Korsinsky Announces Class Action Lawsuit Against Calavo Growers, Inc
Feb 24 15
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased Calavo Growers Inc. securities between March 5, 2012 and January 14, 2015. The complaint alleges that during the Class Period defendants concealed that: (a) the Company failed to maintain an accurately valued contingent consideration pursuant to its acquisition of Renaissance Food Group, LLC; (b) Calavo overstated its non-cash operating expenses; (c) the company lacked adequate internal controls over financial reporting; and (d) as a result, the Company's financial statements were materially false and misleading. On January 15, 2015, Calavo announced it will record a non-cash charge totaling $88.9 million before tax, which the company will treat as amortization expenses related to the misstatement in its treatment of contingent consideration.
Rigrodsky & Long, P.A. Announces Securities Fraud Class Action Lawsuit against Calavo Growers, Inc
Jan 21 15
Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Calavo Growers Inc. between March 5, 2012 and January 14, 2015, inclusive, alleging violations of the Securities Exchange Act of 1934 against the company and certain of its officers.
Calavo Growers Inc. Increases Annual Cash Dividend
Jan 15 15
Calavo Growers Inc. increasing the annual cash dividend on the company's common stock by 7% to $0.75 per share.
Calavo Growers Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2014; Provides Earnings Guidance for the Year 2015
Jan 15 15
Calavo Growers Inc. reported consolidated earnings results for the fourth quarter and full year ended October 31, 2014. For the quarter, the company reported net sales of $200,749,000 against $190,673,000 a year ago. Operating loss was $2,624,000 against $10,666,000 a year ago. Loss before provision for income taxes was $2,675,000 against $10,881,000 a year ago. Net loss attributable to the company was $208,000 against $3,646,000 a year ago. Net loss per share was $0.01 against $0.24 a year ago.
For the year, the company reported net sales of $782,510,000 against $691,451,000 a year ago. Operating loss was $16,855,000 against $7,194,000 a year ago. Loss before provision for income taxes was $4,527,000 against $7,689,000 a year ago. Net profit attributable to the company was $112,000 against net loss attributable to the company of $1,971,000 a year ago. Net profit per share was $0.01 against net loss per share of $0.13 a year ago. EBITDA was $33,647,000 against $35,483,000 a year ago.
The company expects fiscal 2015 revenues and earnings per share to reach new record highs. The company said it anticipates current-year operating results to be driven by: 20% revenue and gross-profit growth in the Renaissance Food Group, LLC (RFG) business segment; double-digit increases in revenue and gross profit in its Calavo Foods business segment; and a 20% increase in total domestic avocado consumption to more than two billion pounds.
Calavo Growers Inc. announced delayed annual 10-K filing
Jan 15 15
On 01/15/2015, Calavo Growers Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.