Citrus Freeze Not Expected to Adversely Affect Company Earnings.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Jan. 11, 1999--Cadiz Inc. (Nasdaq: CLCI CLCI Dichlorodimethyl Ether ) Monday announced that the company's earnings from operations should not be adversely affected by the recent California freeze, citing a geographically diverse portfolio of properties that seeks to reduce risk from inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather patterns. Approximately 40% of the company's citrus operations are located in the southern desert regions, which were not affected by the freeze. In late December 1998, record temperatures caused substantial damage to the California citrus industry, primarily in the San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes growing regions A growing region is an area suited by climate and soil conditions to the cultivation of a certain type of crop. Most crops are cultivated not in one place only, but in several distinct regions in diverse parts of the world. . While the industry is still assessing actual damage to the crop, current losses have caused increased prices on the remaining unaffected citrus. "When you consider the higher prices obtained for unaffected citrus, we are confident that the company's earnings will not be affected by this unfortunate event," said Keith Brackpool, president and chief executive officer of Cadiz. Founded in 1983, Cadiz is a publicly held agricultural and water development firm. With its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Sun World International Inc., Cadiz is one of the largest vertically integrated agricultural companies in California. The Company owns significant landholdings throughout California with substantial water resources. Further information on the companies can be obtained by visiting their corporate web sites at www.cadizinc.com and www.sunworldinternational.com. |
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