Calavo Q3 Net Income Declines

NEW YORK - Sep 6/05 - SNS -- Calavo Growers, Inc. said their avocado processing and packing business generated a net income of U.S. $2.92 million on sales of $88.7 million during the third quarter ending July 31, compared to a net of $3.06 million on sales of $83.3 million during the same three-month period of the previous fiscal year.

This lifted net income for the first nine months of the current fiscal year to $3.8 million on sales of $196.6 million, compared to a net of $5.1 million on sales of $208.8 million during the same nine-month period the previous fiscal year.

Calavo's operating results were helped by strong demand and sharply higher pricing for California avocados, which rose by $2.52 per carton when compared to the corresponding period in the prior year, drove returns to the growers, despite a cyclically smaller domestic harvest.

The removal of import restrictions on Mexican avocados drove sales of the company's international unit up 122% during the third-quarter.

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