Limoneira pauses regular cash dividends on outstanding common stock

Limoneira (LMNR) Company announced that its Board of Directors paused its regular cash dividends on its outstanding common stock to support the company’s capital strategic investments including transitioning a portion of its agriculture lands to higher value avocado production and providing much needed new housing in one of the nation’s most unaffordable markets. “Our Board and management team are committed to deploying capital in ways that generate the highest returns for shareholders,” said Harold Edwards, President and Chief Executive Officer of the Company. “The goal of this updated dividend policy is to provide Limoneira with enhanced financial flexibility to reduce debt and pursue the highest return-generating opportunities as it pursues its strategic investments in enhanced avocado production, expanded organic recycling and new housing. The Board will monitor the incremental increases in cash flow to the Company attributable to these strategic investments and it expects to resume dividends aligned with historical practice as soon as it is prudent to do so.”