Calavo Growers Inc, a packer and distributor of avocados and other perishable food products worldwide, announced financial results for its fourth quarter and fiscal year ended Oct 31, 2004.
Record fourth quarter revenues totaled $65.4 million, an increase of 3% from $63.8 million in the corresponding quarter of fiscal 2003. Net income was $1.1 million, compared with $1.7 million in the fourth quarter of the prior year.
For the 12 months ended Oct 31, 2004, revenues grew 11% to a new company high of $274.2 million from $246.8 million in fiscal 2003. Net income was $6.2 million.
“Calavo substantially re-engineered the company over the past fiscal year while maintaining solid profitability,” said Lee E Cole, chairman, president, and chief executive officer.