calavo growers inc (CVGW) Key Developments
Calavo Growers, Inc. Appoints B. John Lindeman as Chief Financial Officer, Effective August 1, 2015
Jul 27 15
Calavo Growers Inc. and B. John Lindeman have entered into an employment agreement dated as of July 21, 2015. Pursuant to the employment agreement, which was approved by Calavo's Compensation Committee and Board of Directors, Mr. Lindeman will serve as Calavo's Chief Financial Officer effective August 1, 2015. Mr. Lindeman will report to Calavo's Chief Executive Officer, Lecil E. Cole, and to Calavo's President and Chief Operating Officer, Kenneth Catchot. Mr. Lindeman succeeds Arthur J. Bruno, who retired as Calavo's Chief Financial Officer on June 15, 2015. Since August 2009, Mr. Lindeman served as a Managing Director and Co-Head of the Consumer & Retail Investment Banking Group of Janney Montgomery Scott LLC.
Calavo Growers Leases New Refrigerated Distribution Center
Jul 24 15
Calavo Growers has leased the section of the building that houses refrigeration equipment to use in various food processing capacities. The company said that negotiations had been for a 16-year lease with three five-year options which included a commitment to create 262 jobs in the first five years.
Calavo Growers, Inc. Announces Auditor Change
Jun 30 15
On June 25, 2015, the Board of Directors of Calavo Growers Inc. dismissed Ernst & Young LLP as the company's independent registered public accounting firm. Additionally, effective June 30, 2015, the Board of Directors approved the engagement of Deloitte & Touche LLP as the company's independent registered public accounting firm.
Calavo Growers Inc. Appoints Kenneth Catchot as President and Chief Operating Officer
Jun 26 15
Effective June 25, 2015, Calavo Growers Inc. appointed Kenneth Catchot to serve as Calavo's President and Chief Operating Officer. Mr. Catchot will report to Lecil E. Cole, who continues to serve as Calavo's Chief Executive Officer and Chairman of the Board of Directors. Mr. Catchot, age 52, co-founded Renaissance Food Group, LLC in 2003 and has served as an officer of RFG from 2003 to the date of his appointment as Calavo's President and Chief Operating Officer.
Calavo Growers Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended April 30, 2015
Jun 2 15
Calavo Growers Inc. announced unaudited consolidated earnings results for the second quarter and six months ended April 30, 2015. The company reported its second quarter of 2015 net income higher than the Street consensus, while revenues fell short. Net income for the quarter was $8.5 million, or $0.49 per diluted share; up from net income of $1.6 million, or $0.09 per diluted share in second quarter of 2014. On an adjusted basis, net income was $0.49 per share, up from $0.43 per share in the prior year period. Net sales were $221.6 million, up from $194.9 million reported for the same period last year. Operating income was $12,989,000 against $2,711,000 a year ago. Income before provision for income taxes was $13,062,000 against $2,689,000 a year ago.
For the six months, the company reported net sales of $416,380,000 against $363,059,000 a year ago. Operating income was $21,284,000 against operating loss of $1,158,000 a year ago. Income before provision for income taxes was $21,251,000 against loss before benefit for income taxes of $2,689,000 a year ago. Net income attributable to the company was $13,771,000 or $0.79 per diluted share against net loss attributable to the company of $212,000 or $0.01 per diluted share a year ago.