Calavo Growers announces dividend of US$0.70/common share, payable Dec. 12 to shareholders as of Nov. 29

SANTA PAULA, California , October 29, 2013 (press release) – Payment Increase of Eight Percent from Last Year and 250 Percent Since 2002 Reflects Continued Operating Performance Strength, Reaffirms Company Commitment to Shareholder Returns

Calavo Growers, Inc. (Nasdaq-GS:CVGW), a global avocado-industry leader and provider of “just-in-time,” value-added fresh foods, today announced that its board of directors declared a $0.70 per share annual cash dividend on its common stock. The board set Dec. 12, 2013 as the payment date to all stockholders of record as of Nov. 29, 2013.

The annual payout is an eight percent increase from $0.65 per share issued last year. Since becoming a publicly traded company in 2002, Calavo’s annual cash dividend on its common stock has risen 250 percent from $0.20 per share.

Chairman, President and Chief Executive Officer Lee E. Cole stated: “Calavo’s consistently upward dividend payouts over the past decade underscore the company’s commitment to delivering the highest possible returns to shareholders. Our board of directors remains steadfast to this end. More significantly, the increasing dividend yield reflects the success of strategic initiatives in Calavo’s various business segments to build a larger, more diversified and broad-based company. As Calavo approaches its 90th anniversary in 2014, this sustained profitability provides us ample earnings to satisfy dual objectives of reinvestment in our businesses and rewarding shareholders for their confidence in the company.”

About Calavo Growers, Inc.

Calavo Growers, Inc. is a global avocado-industry leader. The company also procures and markets diversified fresh produce items, ranging from tomatoes to tropical produce. An expanding provider of value-added fresh food, the company’s Calavo Foods business segment manufactures and distributes guacamole, guacamole hummus, salsa and tortilla chips under the respected Calavo brand name. Calavo Foods’ wholly owned subsidiary, Renaissance Food Group, LLC, creates, markets and distributes a portfolio of healthy, high-quality lifestyle products for consumers through fast-growing brands that include Garden Highway and Chef Essentials. Founded in 1924, Calavo serves food distributors, produce wholesalers, supermarket retailers and restaurant chains worldwide.

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