Calavo Growers, Inc. Declares 50 Cent Per Share Annual Cash Dividend

43 Percent Year-Over-Year Payment Increase Reflects Continued Strong Operating Performance and Reaffirms Commitment to Shareholder Returns

SANTA PAULA, Calif.--(BUSINESS WIRE)--Calavo Growers, Inc. (Nasdaq-GS:CVGW), a global leader in avocado marketing and an expanding provider of other fresh perishable produce items, today announced that its board of directors declared a $0.50 per share annual cash dividend on its common stock. The annual payout represents a 43 percent increase from $0.35 per share issued last year.

The board set Dec. 11, 2009 as the payment date to all stockholders of record as of Dec. 1, 2009.

Chairman, President and Chief Executive Officer Lee E. Cole stated: “Calavo’s sharply higher annual cash dividend reflects both the sustained strength of our operating results and considerable confidence in the company’s prospects longer term as we successfully execute our strategic agenda. Moreover, the payment expresses in the clearest possible manner our resolve to deliver the highest possible returns to our shareholders, while still generating sufficient earnings to prudently reinvest in and drive future growth.”

About Calavo Growers, Inc.

Calavo Growers, Inc. is the worldwide leader in the procurement and marketing of fresh avocados and other perishable foods, as well as the manufacturing and distribution of processed avocado products. Founded in 1924, Calavo’s expertise in marketing and distributing avocados, processed avocados, and other perishable products enables it to serve food distributors, produce wholesalers, supermarkets and restaurants on a global basis.

Safe Harbor Statement

This news release contains statements relating to future events and results of Calavo (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: increased competition, conducting substantial amounts of business internationally, pricing pressures on agricultural products, adverse weather and growing conditions confronting avocado growers, new governmental regulations, as well as other risks and uncertainties detailed from time to time in the company’s Securities and Exchange Commission filings, including, without limitation, the company’s Annual Report on Form 10-K for the year ended October 31, 2008. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.