Last $6.35 USD
Change Today 0.00 / 0.00%
Volume 10.0K
CDZI On Other Exchanges
Symbol
Exchange
NASDAQ GM
As of 12:42 PM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

cadiz inc (CDZI) Snapshot

Open
$6.40
Previous Close
$6.35
Day High
$6.44
Day Low
$6.33
52 Week High
01/21/14 - $8.79
52 Week Low
08/20/13 - $4.26
Market Cap
102.7M
Average Volume 10 Days
18.4K
EPS TTM
$-1.42
Shares Outstanding
16.2M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for CADIZ INC (CDZI)

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cadiz inc (CDZI) Details

Cadiz Inc. operates as a land and water resource development company in the United States. The company is involved in the water resource, and land and agricultural development activities in San Bernardino County properties. It owns approximately 34,000 acres of land and the subsurface strata, including unsaturated soils and appurtenant water rights in the Cadiz and Fenner valleys of eastern San Bernardino County; and approximately 11,000 additional acres in the eastern Mojave Desert in eastern San Bernardino County. The company is also involved in the cultivation of lemons and grapes/raisins, and spring and fall plantings of vegetables on the Cadiz Valley properties. Cadiz Inc. was founded in 1983 and is based in Los Angeles, California.

10 Employees
Last Reported Date: 03/10/14
Founded in 1983

cadiz inc (CDZI) Top Compensated Officers

Chief Executive Officer, President, General C...
Total Annual Compensation: --
Founder and Chairman
Total Annual Compensation: $700.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $525.7K
Compensation as of Fiscal Year 2012.

cadiz inc (CDZI) Key Developments

Cadiz Inc. Enters into an Agreement with its Lender MSD Credit Opportunity Master Fund, L.P. for $10 Million in New Working Capital

Cadiz Inc. announce that it has entered into an agreement with its new lender, MSD Credit Opportunity Master Fund, L.P., to increase the Company's existing $30 million senior secured mortgage loan by $10 million to fund additional working capital. MSD Credit previously acquired the majority interest of the $30 million portion of the debt in a private transaction. The new $10 million, together with existing cash resources, places the Company in a strong position to complete the defense of existing permits for the Cadiz Valley Water Conservation, Recovery and Storage Project and move toward project construction. The new $10 million tranche accrues interest at 8% and requires no principal or interest payments prior to maturity at June 30, 2017. The new $10 million and the original $30 million (‘Senior Secured Debt’) are both secured by the underlying assets of the Company, including all landholdings and infrastructure. The Credit Agreement also now provides that in the case of certain asset sales unrelated to the Water Project, the company would retain for working capital purposes up to 50% of the first $10 million of sales, with the remainder requiring mandatory prepayment of the Senior Secured Debt. In addition, as part of this transaction, the company issued 700,000 shares of Cadiz Inc. common stock to MSD Credit, subject to certain restrictions on resale.

Cadiz Inc., Annual General Meeting, Nov 14, 2013

Cadiz Inc., Annual General Meeting, Nov 14, 2013., at 11:00 Pacific Standard Time. Location: law offices of Theodora Oringher PC. Agenda: To consider the election of nine members of the Board, each to serve until the next AGM or until their respective successors shall have been elected and qualified; to consider the ratification of the selection by the Audit Committee of Board of Directors of PricewaterhouseCoopers LLP as the company's independent certified public accountants for fiscal year 2013; to consider the approval of the Cadiz Inc. 2013 Equity Incentive Plan; to consider the approval, for purposes of complying with Nasdaq Listing Rule 5635(b), of the issuance of the company's common stock upon conversion of outstanding Convertible Notes in excess of 19.99% of the total number of shares of the company's common stock outstanding as of the date the Convertible Notes were issued; to consider the approval of a non-binding advisory resolution regarding the compensation of named executive officers; and to consider transaction of such other business as may properly come before the meeting and any adjournments thereof.

Cadiz Inc. and Limoneira Company Announce New Agricultural Development Agreement

Cadiz Inc. and Limoneira Company announced that they have entered into a long-term lease agreement to develop new lemon orchards on Cadiz's agricultural property in eastern San Bernardino County, California. Under the terms of the Agreement, Limoneira has secured the right to plant up to 1,280 acres of lemons over the next five years at the Cadiz Ranch operations in the Cadiz Valley. The arrangement provides a new growing, packing, and marketing opportunity that is complementary to Limoneira's existing production and furthers Cadiz's commitment to the sustainable development of its Cadiz Valley property. The Agreement provides that Limoneira will initially plant 320 acres of lemons at the Cadiz Ranch and will also hold options to plant up to 960 additional acres by 2018. Cadiz will provide Limoneira access to water at the property to irrigate its farmed acreage according to sustainable agricultural practices. All leased property will be located in the Cadiz Valley on land that offers farming and water supply infrastructure, but is currently unplanted. As a result of the Agreement, the vast majority of previously cultivated land at the Cadiz Ranch could return to active farming. In consideration for the lease arrangement, Limoneira will provide Cadiz an annual rental payment and water supply payment. The rental payment will include a base rent of $200 per planted acre and a lease payment equal to 20% of net cash flow from the harvested crops grown on Cadiz property. The annual rental payment will not exceed a total of $1,200 per acre. The Agreement also provides a tag right for Limoneira to redirect water that would otherwise be used for lemons on its leased acreage to a 500 acre-foot participation right in the Cadiz Valley Water Conservation, Recovery and Storage Project, which was approved last year.

 

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Price/Sales 336.0x
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