Revenue during the quarter plunged 55.98 percent to $5.70 million from $12.95 million in the previous year period.

Total expenses were $6.51 million for the quarter, down 33.32 percent or $3.25 million from year-ago period. Operating margin for the quarter stood at negative 14.22 percent as compared to a positive 24.60 percent for the previous year period.

Operating loss for the quarter was $0.81 million, compared with an operating income of $3.19 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $0.34 million compared with $5.01 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3265 basis points in the quarter to 6.03 percent from 38.68 percent in the last year period.

“The Company faced a series of challenges in the first quarter of 2017, mostly related to commodity prices,” said Gregory S. Bielli, President and Chief executive officer. “With prices for almonds lower than previous periods, we held back carry-forward inventory we’d normally sell in the first quarter so we’d be in a position to capitalize on potentially higher pricing later in the year. Oil prices remained relatively flat and have yet to rebound significantly from recent lows. The unprecedented winter rains also limited any potential water sale opportunities. Knowing the variability of commodity pricing and the importance of continuing to invest in our real estate developments, we’ve made strong efforts to control our operating expenses, which are down compared to previous periods. Our focus on real estate development is bearing fruit as our commercial real estate segment has shown continued growth.”