Limoneira Posts Strong FY2006 Performance in Company's Agribusiness and Real Estate Divisions

SANTA PAULA, CA -- (MARKET WIRE) -- October 18, 2006 -- Limoneira Company, an agribusiness, community development and land stewardship company based in Santa Paula, Calif., announced to its shareholders that its Fiscal Year 2006 experienced record earnings.

In an October 6, 2006 letter to shareholders, Limoneira (PINKSHEETS: LMNR) president and CEO Harold Edwards noted the company enjoyed a 78 percent operating profit growth through 11 months in its agribusiness division over FY2005. With partner Calavo (NASDAQ: CVGW), the company produced and marketed over 17 million pounds of avocados (its biggest production year in Limoneira's 113-year history) while also experiencing growth in its citrus division. Crops, including specialty citrus (Cara Caras, Satsumas, Blood Oranges and Minneolas) outperformed operational and financial expectations Edwards reported. Also contributing to operating profit growth was Limoneira's green waste recycling business partnership with Agromin in which green waste is processed into nutrient-rich soil and distributed throughout Limoneira's farmland. The process cuts down on water usage, reduces soil erosion and greatly diminishes the need for non-organic fertilizers, pesticides and herbicides.

On the real estate side, operating profits from housing and commercial real estate grew 5 percent over FY2005 while profits from agricultural leased land operations grew by 37 percent. The Limoneira Mercantile, a 125,000 square foot shopping center in Santa Paula, introduced new operators to run the center's 76 gasoline station, Circle K, Bob's Big Boy and self-service car wash. "The shift in operational strategy allows Limoneira to enjoy high returns from our retail assets by using expert operators to manage the properties," says Edwards.

Edwards cited progress in other real estate projects, particularly a 500-acre planned community development east of Santa Paula known as East Area 1. Specific plans for the proposed development were submitted to the City of Santa Paula for review and environmental impact reviews and mitigation plans are currently in full swing. The development requires annexation of the property by the city and will go before the City of Santa Paula voters most likely in summer 2007. Edwards encouraged shareholders to view information about the project at www.eastarea1.com. "The East Area 1 project is vital to Santa Paula's future," says Edwards. "It is consistent with Limoneira's historical leadership in building the Santa Paula community."

Other highlights from FY2006, according to the shareholder letter, include increases in Limoneira tourism, filming-location business and Limoneira's gift packs division. "We're entering our busiest time of the year for our gift and holiday gift packs," says Edwards. "Since their introduction in 2004, orders have increased each year as news spreads about the freshness and quality of our products." Holiday gift packs and baskets are available by going to www.orchardfreshgiftbaskets.com.

"I'm extremely proud of the Limoneira Team for all that has been accomplished in FY2006," Edwards concludes in the letter. "There is new energy at Limoneira that is exciting and enthusiasm that is infectious. We are finding new ways to unlock value for our shareholders every day and are having fun doing it." For more information about Limoneira Company, go to www.Limoneira.com.

Contact Information: CONTACT: Harold S. Edwards President & CEO Limoneira Company 805-525-5541, ext. 235 Email Contact John Chamberlain Director of Marketing Limoneira Company 805-525-5541, ext. 256 Email Contact Diane Rumbaugh Rumbaugh Public Relations 805-493-2877 Email Contact