calavo growers, inc. nasdaq: cvgw investor meetings...
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CALAVO GROWERS INCNASDAQ CVGW
INVESTOR MEETINGS
Fall 2009
Ca
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rs In
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09
Inve
sto
r Me
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gs
Except for the historical information contained
herein this presentation contains forward-looking
statements that involve known and unknown risks
uncertainties and other factors that could cause the
actual results of the Company to be materially
different from the historical results or from any
future results expressed or implied by such forward-
looking statements2
Safe Harbor Statement
Ca
lavo
Gro
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rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
3CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
4
85-Year History
Founded in 1924 as a California avocado co-operative
Non-traditional path to the public market in 2001
Double-Digit US Avocado Consumption Growth
A focus on healthier eating and Hispanic diet influence
Growing Business with Flexible Infrastructure
Proven strategy of increasing and diversifying business
with minimal incremental expense
Company Overview
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
5
Business Overview
Grower Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
6
Calavo has Focused on Three Areas to Drive Success
1 Diversifying Sourcing
2 Diversifying Products
3 Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
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we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
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we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
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we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
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Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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rs In
c -
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09
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13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
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rs In
c -
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ll 20
09
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sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
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Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
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ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
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rs In
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09
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19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
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rs In
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Fa
ll 20
09
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gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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Gro
we
rs In
c -
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09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
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ll 20
09
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sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
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Gro
we
rs In
c -
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ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
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Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Except for the historical information contained
herein this presentation contains forward-looking
statements that involve known and unknown risks
uncertainties and other factors that could cause the
actual results of the Company to be materially
different from the historical results or from any
future results expressed or implied by such forward-
looking statements2
Safe Harbor Statement
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
3CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
4
85-Year History
Founded in 1924 as a California avocado co-operative
Non-traditional path to the public market in 2001
Double-Digit US Avocado Consumption Growth
A focus on healthier eating and Hispanic diet influence
Growing Business with Flexible Infrastructure
Proven strategy of increasing and diversifying business
with minimal incremental expense
Company Overview
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
5
Business Overview
Grower Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
6
Calavo has Focused on Three Areas to Drive Success
1 Diversifying Sourcing
2 Diversifying Products
3 Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
3CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
4
85-Year History
Founded in 1924 as a California avocado co-operative
Non-traditional path to the public market in 2001
Double-Digit US Avocado Consumption Growth
A focus on healthier eating and Hispanic diet influence
Growing Business with Flexible Infrastructure
Proven strategy of increasing and diversifying business
with minimal incremental expense
Company Overview
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
5
Business Overview
Grower Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
6
Calavo has Focused on Three Areas to Drive Success
1 Diversifying Sourcing
2 Diversifying Products
3 Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
4
85-Year History
Founded in 1924 as a California avocado co-operative
Non-traditional path to the public market in 2001
Double-Digit US Avocado Consumption Growth
A focus on healthier eating and Hispanic diet influence
Growing Business with Flexible Infrastructure
Proven strategy of increasing and diversifying business
with minimal incremental expense
Company Overview
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
5
Business Overview
Grower Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
6
Calavo has Focused on Three Areas to Drive Success
1 Diversifying Sourcing
2 Diversifying Products
3 Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
5
Business Overview
Grower Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
6
Calavo has Focused on Three Areas to Drive Success
1 Diversifying Sourcing
2 Diversifying Products
3 Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
6
Calavo has Focused on Three Areas to Drive Success
1 Diversifying Sourcing
2 Diversifying Products
3 Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
7
Diversifying Sourcing
Grocer
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
8
Diversifying Sourcing (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Sources
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
9
Diversifying Products
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
in 2003
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
10
Diversifying Products (cont)
CONFIDENTIAL copy2009 Calavo Growers Inc
Main Products
Today
Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
11
Leveraging Infrastructure
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
12
The Business Today
Divisional Breakdown
Fresh Products
Processed Products Fresh872 Processed
128
Fresh679
Processed321
CONFIDENTIAL copy2009 Calavo Growers Inc
Key Balance Sheet Items
$139 million in long-term debt
$259 million position in LMNR
TTM Net Sales
TTM Gross Profit
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
13
Fresh Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
14
Unit Driven Business Model
CONFIDENTIAL copy2009 Calavo Growers Inc
More Avocado Units Means More Avocado Gross Profit
Grower Grocer
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
15
US Avocado Consumption
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
1999 ndash 2006
13 CAGR
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
16
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s
2006 ndash Today
Growth Restricted by Lack of Supply
US Avocado Consumption
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
17
Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc
0
200
400
600
800
1000
1200
1400
1600
Mill
ion
s FY 2010
Calavo Estimates Available Supply
to Increase by at least 50
US Avocado Consumption
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
18
More Value-Added Means More Gross Profit Per Unit
CONFIDENTIAL copy2009 Calavo Growers Inc
Value-Added
Ca
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Gro
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rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
19
RipeningProRipeVIPreg = 207 of avocado cartons
Pre-condition = 69 of avocado cartons
Bagging
Bags = 126 of avocado cartons
Period ended 07312009
CONFIDENTIAL copy2009 Calavo Growers Inc
More Value-Added Means More Gross Profit Per Unit
Value-Added
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
20
Processed Division
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
21CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
22CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
Infrastructure and Customer List Creates Expansion Opportunity
23
Calavo SKUCalavo SKU
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
24
2005 2006 2007 2008 2009
First 3Qs $027 $031 $043 $026 $078
Total $024 $040 $051 $053
$000
$010
$020
$030
$040
$050
$060
$070
$080
Diversification Key to 2009 EPS Growth
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
TTM
EPS =
$106
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
25
Success in Leveraging SGampA
400
500
600
700
800
900
$0
$10
$20
$30
$40
2005 2006 2007 2008 First 3Qs 2009
Mil
lio
ns
Total Gross Profit SGampA as a of Gross Profit
CONFIDENTIAL copy2009 Calavo Growers Inc
Period ending 07312009
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
26
How Will Calavo Continueto Grow
Continue diversifying sourcing
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
27
Continue diversifying products
CONFIDENTIAL copy2009 Calavo Growers Inc
How Will Calavo Continueto Grow
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
28
How Will Calavo Continue to Grow
CONFIDENTIAL copy2009 Calavo Growers Inc
Continue leveraging infrastructure
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
29
Portfolio of Assets
CONFIDENTIAL copy2009 Calavo Growers Inc
Calavorsquos owned facilities
ndash 53K sq ft Santa Paula packinghouse
ndash 60K sq ft Temecula packinghouse
ndash 70K sq ft 5 acre Santa Paula VAD
ndash 90K sq ft Uruapan processing facility
ndash 50K sq ft Uruapan packinghouse
ndash 725 acres and facility in Hawaii
Investment in the Limoneira Company (LMNR)
ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW
ndash Largest California avocado grower citrus
ndash Over 7000 acres of land water assets
ndash June of 2008 City of Santa Paula approved key East Area 1 project
ndash Long-term investment by Calavo
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
30CONFIDENTIAL copy2009 Calavo Growers Inc
Summary
Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence
bull Consumption to grow with 50 more fruit available
Unit Driven Business Modelbull More units mean more gross profit
bull More value-add business means more gross profit per unit
Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus
bull Non-avocado fresh business tomatoes pineapples etc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
APPENDIX
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
32
Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
200
400
600
800
1000
1200
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
33
An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
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Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
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Historical USA Avocado Consumption and Supply Data
Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09
CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645
CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926
MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462
DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241
NEW ZEALAND 75 81 38 12 04 00 01 23 30 00
FL 494 513 600 483 487 412 211 546 594 400
OTHERS 03 05 05 08 05 01 02 00 00 00
TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674
0
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An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
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An International CompanyCalavo Source and Supply Locations
Avocadosndash Sourcing from USA
Mexico Chile Peru
ndash Supplying to USA Canada Asia Europe
Tomatoesndash Sourcing from Mexico
ndash Supplying to USA Canada
Papayasndash Sourcing from Hawaii
ndash Supplying to USA Canada
Processed guacamolendash Sourcing from Mexico
ndash Supplying to USA Canada Asia Europe Australia New Zealand
Pineapplesndash Sourcing from Hawaii
ndash Supplying to USA Canada
Mushroomsndash Sourcing from Canada
ndash Supplying to USA Canada
CONFIDENTIAL copy2009 Calavo Growers Inc
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
Ca
lavo
Gro
we
rs In
c -
Fa
ll 20
09
Inve
sto
r Me
etin
gs
34
Fresh Division
Revenue StructureDifferent method of payment in each category
bull California avocados ndash marketing and packing fee
bull Mexican avocados ndash buy and sell
bull Chilean avocados ndash commission on sale price
bull Tomatoes ndash commission on sale price
bull Pineapples ndash set fee per box sold
bull Mushrooms ndash commission on sale price
bull Papayas ndash marketing and packing fee
Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning
bull Bagging
bull Special packing
Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price
bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)
bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)
CONFIDENTIAL copy2009 Calavo Growers Inc
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom
CONFIDENTIAL copy2009
Calavo Growers Inc
NASDAQ CVGW
FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom