UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
|
||||||||||||||
Washington,
D.C. 20549
|
||||||||||||||
Form
10-Q
|
||||||||||||||
X
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
|
|||||||||||||
EXCHANGE
ACT OF 1934
|
||||||||||||||
For
the quarter ended May 31, 2005
|
||||||||||||||
Or
|
||||||||||||||
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
|
|||||||||||||
EXCHANGE
ACT OF 1934
|
||||||||||||||
For
the transition period from
|
|
to
|
|
|||||||||||
Commission
file number 0-261
|
||||||||||||||
ALICO,
INC.
|
||||||||||||||
(Exact
name of registrant as specified in its charter)
|
||||||||||||||
Florida
|
59-0906081
|
|||||||||||||
(State
or other jurisdiction of
|
IRS
Employer
|
|||||||||||||
incorporation
or organization)
|
identification
number
|
|||||||||||||
P.O.
Box 338, La Belle, Florida
|
33975
|
|||||||||||||
(Address
of principal executive offices)
|
Zip
code
|
|||||||||||||
Registrant's
telephone number including area code
|
(863)
675-2966
|
|||||||||||||
Indicate
by check mark whether the registrant (1) has filed all reports required
to
be filed
|
||||||||||||||
by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the
preceding 12
|
||||||||||||||
months
(or for such shorter period that such registrant was required to
file such
reports),
|
||||||||||||||
and
(2) has been subject to such filing requirements for the past 90
days.
|
||||||||||||||
Yes
|
X
|
No
|
|
|||||||||||
Indicate
by check mark whether the registrant is an accelerated filer (as
defined
in Rule
|
||||||||||||||
12b-2
of the Exchange Act).
|
||||||||||||||
Yes
|
X
|
No
|
|
|||||||||||
There
were 7,368,612 shares of common stock, par value $1.00 per share,
outstanding
|
||||||||||||||
at
May 31, 2005.
|
PART
I. FINANCIAL INFORMATION
|
|||||||||||||
ITEM
1. FINANCIAL STATEMENTS
|
|||||||||||||
ALICO,
INC. AND SUBSIDIARIES
|
|||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||
(unaudited)
|
|||||||||||||
(in
thousands except per share data)
|
|||||||||||||
Three months ended
|
Nine
months ended
|
||||||||||||
May 31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Revenue:
|
|||||||||||||
Citrus
|
$
|
10,246
|
$
|
9,686
|
$
|
20,711
|
$
|
19,579
|
|||||
Sugarcane
|
1,902
|
3,459
|
9,641
|
11,665
|
|||||||||
Ranch
|
4,660
|
4,650
|
8,979
|
9,074
|
|||||||||
Rock
& sand royalties
|
869
|
1,036
|
2,596
|
2,600
|
|||||||||
Oil
lease & land rentals
|
345
|
259
|
1,253
|
952
|
|||||||||
Plants
and trees
|
832
|
168
|
2,413
|
342
|
|||||||||
Retail
land sales
|
458
|
90
|
755
|
285
|
|||||||||
Operating
revenue
|
19,312
|
19,348
|
46,348
|
44,497
|
|||||||||
Cost
of sales:
|
|||||||||||||
Citrus
production, harvesting & marketing
|
6,622
|
8,081
|
15,839
|
18,368
|
|||||||||
Sugarcane
production, harvesting and hauling
|
1,763
|
2,932
|
9,100
|
9,475
|
|||||||||
Ranch
|
3,558
|
4,045
|
7,169
|
7,656
|
|||||||||
Plants
and trees
|
551
|
-
|
1,950
|
-
|
|||||||||
Retail
land sales
|
165
|
61
|
306
|
191
|
|||||||||
Total
costs of sales
|
12,659
|
15,119
|
34,364
|
35,690
|
|||||||||
Gross
profit
|
6,653
|
4,229
|
11,984
|
8,807
|
|||||||||
General
& administrative expenses
|
2,454
|
1,243
|
7,905
|
5,337
|
|||||||||
Income
(loss) from operations
|
4,199
|
2,986
|
4,079
|
3,470
|
|||||||||
Other
income (expenses):
|
|||||||||||||
Profit
on sales of real estate, net
|
31
|
824
|
31
|
20,296
|
|||||||||
Interest
& investment income
|
169
|
748
|
2,738
|
2,002
|
|||||||||
Interest
expense
|
(694
|
)
|
(406
|
)
|
(1,762
|
)
|
(1,385
|
)
|
|||||
Other
|
519
|
(173
|
)
|
531
|
81
|
||||||||
Total
other income, net
|
25
|
993
|
1,538
|
20,994
|
|||||||||
Income
(loss) before income taxes
|
4,224
|
3,979
|
5,617
|
24,464
|
|||||||||
Provision
for income taxes
|
1,609
|
1,639
|
2,048
|
9,331
|
|||||||||
Net
income (loss)
|
$
|
2,615
|
$
|
2,340
|
$
|
3,569
|
$
|
15,133
|
|||||
Weighted-average
number of shares outstanding
|
7,327
|
7,263
|
7,318
|
7,195
|
|||||||||
Per
share amounts:
|
|||||||||||||
Basic
|
$
|
0.36
|
$
|
0.32
|
$
|
0.49
|
$
|
2.10
|
|||||
Fully
diluted
|
$
|
0.36
|
$
|
0.32
|
$
|
0.49
|
$
|
2.07
|
|||||
Dividends
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
0.60
|
|||||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
ALICO,
INC. AND SUBSIDIARIES
|
||||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||||
(in
thousands)
|
||||||||||
May
31,
|
||||||||||
2005
|
August
31,
|
|
||||||||
|
|
|
|
(unaudited)
|
|
2004
|
||||
ASSETS | ||||||||||
Current
assets:
|
||||||||||
Cash
and cash investments
|
$12,579
|
$24,299
|
||||||||
Marketable
securities
|
76,961
|
55,570
|
||||||||
Accounts
receivable
|
11,386
|
9,118
|
||||||||
Mortgages
and notes receivable
|
52
|
9,983
|
||||||||
Inventories
|
18,082
|
20,772
|
||||||||
Land
held for development and sale
|
6,344
|
5,501
|
||||||||
Prepaid
expenses
|
1,970
|
682
|
||||||||
Total
current assets
|
127,374
|
125,925
|
||||||||
Other
assets:
|
||||||||||
Mortgages
and note receivable
|
961
|
662
|
||||||||
Cash
surrender value of life insurance
|
5,062
|
4,900
|
||||||||
Investments
|
888
|
1,069
|
||||||||
Total
other assets
|
6,911
|
6,631
|
||||||||
Property,
buildings and equipment
|
155,008
|
147,756
|
||||||||
Less:
accumulated depreciation
|
(44,112
|
)
|
(42,070
|
)
|
||||||
Net
property, buildings and equipment
|
110,896
|
105,686
|
||||||||
Total
assets
|
$
|
245,181
|
$
|
238,242
|
||||||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
ALICO,
INC. AND SUBSIDIARIES
|
||||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||||
(in
thousands)
|
||||||||||
May
31,
|
||||||||||
2005
|
August
31,
|
|
||||||||
|
|
|
|
(unaudited)
|
|
2004
|
||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||
Current
liabilities:
|
||||||||||
Accounts
payable
|
$
|
2,267
|
$
|
1,743
|
||||||
Accrued
ad valorem taxes
|
1,107
|
1,678
|
||||||||
Current
portion of notes payable
|
3,309
|
3,319
|
||||||||
Accrued
expenses
|
2,231
|
1,068
|
||||||||
Income
taxes payable
|
-
|
753
|
||||||||
Deferred
income taxes
|
1,352
|
376
|
||||||||
Due
to profit sharing
|
-
|
434
|
||||||||
Current
portion of donation payable
|
761
|
765
|
||||||||
Total
current liabilities
|
11,027
|
10,136
|
||||||||
Deferred
revenue
|
-
|
266
|
||||||||
Notes
payable
|
48,281
|
48,266
|
||||||||
Deferred
income taxes
|
12,489
|
11,445
|
||||||||
Deferred
retirement benefits
|
4,578
|
4,464
|
||||||||
Other
non-current liability
|
16,954
|
16,954
|
||||||||
Donation
payable
|
771
|
1,513
|
||||||||
Total
liabilities
|
93,547
|
93,044
|
||||||||
Stockholders'
equity:
|
||||||||||
Common
stock
|
7,369
|
7,309
|
||||||||
Additional
paid in capital
|
9,079
|
7,800
|
||||||||
Accumulated
other comprehensive income
|
2,504
|
1,529
|
||||||||
Retained
earnings
|
132,129
|
128,560
|
||||||||
Total
stockholders' equity
|
151,081
|
145,198
|
||||||||
Total
liabilities and stockholders' equity
|
$
|
245,181
|
$
|
238,242
|
||||||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
ALICO,
INC. AND SUBSIDIARIES
|
|||||||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(unaudited)
|
|||||||
(in
thousands)
|
|||||||
Nine months ended
|
|||||||
May 31,
|
|||||||
2005
|
|
|
2004
|
||||
Cash
flows from operating activities:
|
|||||||
Net
cash provided by operating activities
|
$
|
6,602
|
$
|
12,447
|
|||
Cash
flows from investing activities:
|
|||||||
Purchases
of property and equipment
|
(11,633
|
)
|
(5,829
|
)
|
|||
Proceeds
from sale of real estate
|
31
|
20,327
|
|||||
Proceeds
from sales of property and equipment
|
858
|
1,650
|
|||||
Purchases
of marketable securities
|
(24,815
|
)
|
(17,964
|
)
|
|||
Proceeds
from sales of marketable securities
|
5,996
|
4,170
|
|||||
Note
receivable collections
|
10,212
|
299
|
|||||
Net
cash (used for) provided by investing activities
|
(19,351
|
)
|
2,653
|
||||
Cash
flows from financing activities:
|
|||||||
Repayment
of bank loan
|
(14,829
|
)
|
(26,062
|
)
|
|||
Proceeds
from bank loan
|
14,834
|
17,450
|
|||||
Proceeds
from exercising stock options
|
1,024
|
2,473
|
|||||
Dividends
paid
|
-
|
(4,285
|
)
|
||||
|
|||||||
Net
cash provided by (used for) financing activities
|
1,029
|
(10,424
|
)
|
||||
Net
(decrease) increase in cash and cash investments
|
$
|
(11,720
|
)
|
$
|
4,676
|
||
Cash
and cash investments:
|
|||||||
At
beginning of year
|
$
|
24,299
|
$
|
16,352
|
|||
At
end of period
|
$
|
12,579
|
$
|
21,028
|
|||
Non
cash investing activities:
|
|||||||
Issuance
of mortgage notes
|
$
|
580
|
$
|
10,491
|
|||
Fair
value adjustments to securities available for sale
|
|||||||
net
of tax effects
|
$
|
1,528
|
$
|
1,013
|
|||
Reclassification
of breeding herd to property and equipment
|
$
|
562
|
$
|
599
|
|||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
The
cost and estimated fair values of marketable securities available
for sale
at May 31, 2005 and August 31, 2004
|
|||||||||||||||||||||||||
(in
thousands) were as follows:
|
|||||||||||||||||||||||||
May 31, 2005
|
August
31, 2004
|
||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||
Gross
|
Estimated
|
Gross
|
Estimated
|
||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
||||||||||||||||||||||
Equity
securities:
|
Cost
|
Gains
|
Losses
|
Value
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||||||
Preferred
stocks
|
$
|
1,364
|
$
|
77
|
$
|
(20
|
)
|
$
|
1,421
|
$
|
1,513
|
$
|
82
|
$
|
(3
|
)
|
$
|
1,592
|
|||||||
Common
stocks
|
6,504
|
895
|
(432
|
)
|
6,967
|
6,307
|
494
|
(535
|
)
|
6,266
|
|||||||||||||||
Mutual
funds
|
22,876
|
3,634
|
(126
|
)
|
26,384
|
22,418
|
2,579
|
(434
|
)
|
24,563
|
|||||||||||||||
Total
equity securities
|
30,744
|
4,606
|
(578
|
)
|
34,772
|
30,238
|
3,155
|
(972
|
)
|
32,421
|
|||||||||||||||
Debt
securities
|
|||||||||||||||||||||||||
Municipal
bonds
|
20,681
|
56
|
(14
|
)
|
20,723
|
3,225
|
74
|
(10
|
)
|
3,289
|
|||||||||||||||
Mutual
funds
|
4,324
|
93
|
(72
|
)
|
4,345
|
3,628
|
81
|
(78
|
)
|
3,631
|
|||||||||||||||
Fixed
maturity funds
|
2,505
|
-
|
(34
|
)
|
2,471
|
2,581
|
-
|
(29
|
)
|
2,552
|
|||||||||||||||
Corporate
bonds
|
15,093
|
32
|
(475
|
)
|
14,650
|
13,726
|
30
|
(79
|
)
|
13,677
|
|||||||||||||||
Total
debt securities
|
42,603
|
181
|
(595
|
)
|
42,189
|
23,160
|
185
|
(196
|
)
|
23,149
|
|||||||||||||||
Marketable
securities
|
|||||||||||||||||||||||||
available
for sale
|
$
|
73,347
|
$
|
4,787
|
$
|
(1,173
|
)
|
$
|
76,961
|
$
|
53,398
|
$
|
3,340
|
$
|
(1,168
|
)
|
$
|
55,570
|
May
31, 2005 (unaudited)
|
||||||||||||||||||||||
Less than 12 months
|
12 months or
greater
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||
Preferred
stocks
|
$
|
281
|
$
|
19
|
$
|
50
|
$
|
1
|
$
|
331
|
$
|
20
|
||||||||||
Common
stocks
|
1,251
|
197
|
1,208
|
235
|
2,459
|
432
|
||||||||||||||||
Equity
mutual funds
|
797
|
27
|
2,350
|
99
|
3,147
|
126
|
||||||||||||||||
Municipal
bonds
|
793
|
7
|
257
|
7
|
1,050
|
14
|
||||||||||||||||
Debt
mutual funds
|
1,176
|
19
|
1,263
|
53
|
2,439
|
72
|
||||||||||||||||
Fixed
maturity funds
|
96
|
1
|
1,135
|
33
|
1,231
|
34
|
||||||||||||||||
Corporate
bonds
|
11,552
|
408
|
1,878
|
67
|
13,430
|
475
|
||||||||||||||||
Total
|
$
|
15,946
|
$
|
678
|
$
|
8,141
|
$
|
495
|
$
|
24,087
|
$
|
1,173
|
|
|||||||
Mortgage
and notes receivable arose primarily from real estate sales. The
balances
(in thousands) are
|
|||||||
as
follows:
|
|||||||
May 31,
|
|||||||
2005
|
August
31,
|
||||||
(unaudited)
|
2004
|
||||||
Mortgage
notes receivable on retail land sales
|
$
|
619
|
$
|
265
|
|||
Mortgage
notes receivable on bulk land sales
|
366
|
10,290
|
|||||
Other
notes receivable
|
28
|
90
|
|||||
Total
mortgage and notes receivable
|
1,013
|
10,645
|
|||||
Lee
current portion
|
52
|
9,983
|
|||||
Non-current
portion
|
$
|
961
|
$
|
662
|
A
summary of the Company's inventories is shown below:
|
|||||||
May 31,
|
|||||||
2005
|
August
31,
|
||||||
(unaudited)
|
2004
|
||||||
Unharvested
fruit crop on trees
|
$
|
7,556
|
$
|
7,712
|
|||
Unharvested
sugarcane
|
3,483
|
5,124
|
|||||
Beef
cattle
|
5,554
|
7,172
|
|||||
Sod
|
915
|
764
|
|||||
Plants
|
574
|
-
|
|||||
Total
inventories
|
$
|
18,082
|
$
|
20,772
|
|||
The
Company's unharvested sugarcane and cattle are partially
uninsured.
|
Three
months ended
|
Nine
months ended
|
||||||||||||
(unaudited)
|
(unaudited)
|
||||||||||||
May 31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Current:
|
|||||||||||||
Federal
income tax
|
$
|
595
|
$
|
2,001
|
$
|
1,009
|
$
|
8,231
|
|||||
State
income tax
|
64
|
214
|
108
|
879
|
|||||||||
659
|
2,215
|
1,117
|
9,110
|
||||||||||
Deferred:
|
|||||||||||||
Federal
income tax
|
858
|
(520
|
)
|
841
|
200
|
||||||||
State
income tax
|
92
|
(56
|
)
|
90
|
21
|
||||||||
950
|
(576
|
)
|
931
|
221
|
|||||||||
Total
provision for income taxes
|
$
|
1,609
|
$
|
1,639
|
$
|
2,048
|
$
|
9,331
|
Three
months ended
|
Nine
months ended
|
||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||
May
31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Components
of net pension cost
|
|||||||||||||
Service
cost, net of participant contributions
|
$
|
36
|
$
|
35
|
$
|
108
|
$
|
148
|
|||||
Interest
cost
|
69
|
70
|
209
|
209
|
|||||||||
Expected
return on plan assets
|
(3
|
)
|
39
|
(201
|
)
|
(117
|
)
|
||||||
Prior
service cost amortization
|
0
|
1
|
0
|
2
|
|||||||||
Net
pension cost for defined benefit plan
|
$
|
102
|
$
|
145
|
$
|
116
|
$
|
242
|
A
summary of the Company's notes payable is provided in the following
tables:
|
|||||||||||||
May
31, 2005
|
|||||||||||||
Additional
|
|||||||||||||
Principal
|
Credit
|
Interest
|
|||||||||||
Balance
|
Available
|
Rate
|
Collateral
|
||||||||||
a)
Revolving credit line
|
$
|
21,214
|
$
|
4,786
|
Libor
+1
|
%
|
Unsecured
|
||||||
b)
Revolving credit line
|
15,000
|
-
|
Libor
+.8
|
%
|
Unsecured
|
||||||||
c)
Demand note
|
-
|
3,000
|
Libor
+1
|
%
|
Unsecured
|
||||||||
d)
Credit line
|
4,000
|
-
|
5.80
|
%
|
Unsecured
|
||||||||
e)
Mortgage note payable
|
11,189
|
-
|
6.68
|
%
|
Real
estate
|
||||||||
f)
Other
|
187
|
-
|
7.00
|
%
|
Real
estate
|
||||||||
Total
|
$
|
51,590
|
$
|
7,786
|
|||||||||
August
31, 2004
|
|||||||||||||
|
Additional
|
||||||||||||
Principal
|
Credit
|
Interest
|
|||||||||||
|
Balance
|
Available
|
Rate
|
Collateral
|
|||||||||
a)
Revolving credit line
|
$
|
18,248
|
$
|
7,752
|
Libor
+1
|
%
|
Unsecured
|
||||||
b)
Revolving credit line
|
15,000
|
-
|
Libor
+.8
|
%
|
Unsecured
|
||||||||
c)
Demand note
|
-
|
3,000
|
Libor
+1
|
%
|
Unsecured
|
||||||||
d)
Credit line
|
6,000
|
-
|
5.80
|
%
|
Unsecured
|
||||||||
e)
Mortgage note payable
|
12,139
|
-
|
6.68
|
%
|
Real
estate
|
||||||||
f)
Other
|
198
|
-
|
7.00
|
%
|
Real
estate
|
||||||||
Total
|
$
|
51,585
|
$
|
10,752
|
|||||||||
Management
represents that the Company has the intent and ability to refinance
its
revolving line
|
|||||||||||||
of
credit on a long-term basis. This representation is supported by
the
historical actions of
|
|||||||||||||
Management,
the Company, and its lenders. Accordingly, certain debt has been
classified as
|
|||||||||||||
long-term
in the accompanying Condensed Consolidated Balance Sheets.
|
|||||||||||||
a)
Line of credit with commercial bank, due in full January 2006.
Interest
due quarterly.
|
|||||||||||||
b)
Line of credit with commercial lender, renews annually. Subject
to renewal
in July 2006.
|
|||||||||||||
Interest
due quarterly.
|
|||||||||||||
c)
Working capital loan with commercial bank due on demand. Interest
due
quarterly.
|
|||||||||||||
d)
5-year fixed rate term loan with commercial lender. $2 million
principal
due
|
|||||||||||||
annually.
Interest due quarterly.
|
|||||||||||||
e)
First mortgage on 7,680 acres of cane, citrus, pasture and improvements
in
Hendry
|
|||||||||||||
County,
Florida with commercial lender. Monthly principal payments of $106
thousand
|
|||||||||||||
plus
accrued interest.
|
|
|||||||||||||
Maturities
of the Company's debt is as follows:
|
|||||||||||||
Due
within 1 year
|
$
|
3,309
|
|||||||||||
Due
between 1 and 2 years
|
39,525
|
||||||||||||
Due
between 2 and 3 years
|
1,315
|
||||||||||||
Due
between 3 and 4 years
|
1,318
|
||||||||||||
Due
between 4 and 5 years
|
1,267
|
||||||||||||
Due
beyond five years
|
4,856
|
||||||||||||
Total
|
$
|
51,590
|
Three
months ended
|
Nine
months ended
|
||||||||||||
May
31,
|
May
31,
|
||||||||||||
(unaudited)
|
(unaudited)
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Interest
expense
|
694
|
406
|
1,762
|
1,385
|
|||||||||
Interest
capitalized
|
53
|
70
|
157
|
199
|
|||||||||
Total
interest cost
|
747
|
476
|
1,919
|
1,584
|
|
Three
months ended
|
Nine
months ended
|
|||||||||||
May
31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Citrus
|
|||||||||||||
Revenue
|
10,246
|
9,686
|
20,711
|
19,579
|
|||||||||
Costs
and expenses
|
6,622
|
8,081
|
15,839
|
18,368
|
|||||||||
Segment
profit
|
3,624
|
1,605
|
4,872
|
1,211
|
|||||||||
Depreciation
|
611
|
583
|
1,826
|
1,769
|
|||||||||
Segment
assets
|
55,212
|
53,358
|
|||||||||||
|
Three
months ended
|
Nine
months ended
|
|||||||||||
May
31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Sugarcane
|
|||||||||||||
Revenue
|
1,902
|
3,459
|
9,641
|
11,665
|
|||||||||
Costs
and expenses
|
1,763
|
2,932
|
9,100
|
9,475
|
|||||||||
Segment
profit
|
139
|
527
|
541
|
2,190
|
|||||||||
Depreciation
|
499
|
534
|
1,576
|
1,684
|
|||||||||
Segment
assets
|
50,191
|
50,049
|
|||||||||||
Ranching
|
|||||||||||||
Revenue
|
4,660
|
4,650
|
8,979
|
9,074
|
|||||||||
Costs
and expenses
|
3,558
|
4,045
|
7,169
|
7,656
|
|||||||||
Segment
profit
|
1,102
|
605
|
1,810
|
1,418
|
|||||||||
Depreciation
|
375
|
357
|
1,128
|
1,071
|
|||||||||
Segment
assets
|
20,885
|
20,654
|
|||||||||||
Other
|
|||||||||||||
Revenue
|
3,223
|
2,952
|
10,317
|
26,558
|
|||||||||
Costs
and expenses
|
3,864
|
1,710
|
11,923
|
6,913
|
|||||||||
Segment
profit (loss)
|
(641
|
)
|
1,242
|
(1,606
|
)
|
19,645
|
|||||||
Depreciation
|
250
|
115
|
676
|
307
|
|||||||||
Segment
assets
|
118,893
|
103,011
|
|||||||||||
Total
|
|||||||||||||
Revenue
|
20,031
|
20,747
|
49,648
|
66,876
|
|||||||||
Costs
and expenses
|
15,807
|
16,768
|
44,031
|
42,412
|
|||||||||
Profit
|
4,224
|
3,979
|
5,617
|
24,464
|
|||||||||
Depreciation
|
1,735
|
1,589
|
5,206
|
4,831
|
|||||||||
Segment
assets
|
245,181
|
227,072
|
Weighed
|
||||||||||
|
|
Weighted
|
average
|
|||||||
average
|
remaining
|
|||||||||
exercise
|
contractual
|
|||||||||
Options
|
price
|
life
(in years
|
)
|
|||||||
Balance
outstanding,
|
||||||||||
August
31, 2003
|
149,401
|
$ |
15.34
|
8
|
||||||
Granted
|
119,462
|
18.18
|
||||||||
Exercised
|
193,237
|
16.33
|
||||||||
Balance
outstanding,
|
||||||||||
August
31, 2004
|
75,626
|
17.29
|
9
|
|||||||
Granted
|
-
|
|||||||||
Exercised
|
59,255
|
16.27
|
||||||||
Balance
outstanding,
|
||||||||||
May
31, 2005
|
16,371
|
$ |
18.05
|
8
|
Three
months ended
|
Nine
months ended
|
||||||||||||
May
31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Net
income as reported
|
$
|
2,615
|
$
|
2,340
|
$
|
3,569
|
$
|
15,133
|
|||||
Add:
Total stock-based employee compensation expense
|
|||||||||||||
determined
under the intrinsic value based method for all
|
|||||||||||||
awards,
net of related tax effects
|
-
|
-
|
-
|
1,100
|
|||||||||
Deduct:
Total stock-based employee compensation expense
|
|||||||||||||
determined
under the fair value based method for all
|
|||||||||||||
awards,
net of related tax effects
|
-
|
-
|
-
|
(1,063
|
)
|
||||||||
Pro
forma net income
|
$
|
2,615
|
$
|
2,340
|
$
|
3,569
|
$
|
15,170
|
|||||
Earnings
per share:
|
|||||||||||||
Basic
- as reported
|
$
|
0.36
|
$
|
0.32
|
$
|
0.49
|
$
|
2.10
|
|||||
Basic
- pro forma
|
$
|
0.36
|
$
|
0.32
|
$
|
0.49
|
$
|
2.11
|
|||||
Diluted
- as reported
|
$
|
0.36
|
$
|
0.32
|
$
|
0.49
|
$
|
2.07
|
|||||
Diluted
- pro forma
|
$
|
0.36
|
$
|
0.32
|
$
|
0.49
|
$
|
2.08
|
ALICO,
INC.
|
|||||||||||||
Schedule
of Other Comprehensive Income
|
|||||||||||||
(unaudited)
|
|||||||||||||
(in
thousands)
|
|||||||||||||
|
For
the three months ended
|
For
the nine months ended
|
|||||||||||
May
31,
|
May
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Balance
of Other Comprehensive Income
|
|||||||||||||
at
beginning of period
|
$
|
3,252
|
$
|
2,747
|
$
|
1,529
|
$
|
961
|
|||||
Unrealized
Security gains (losses) net of tax
|
(748)
|
(773)
|
975
|
|
1,013
|
|
|||||||
Other
Comprehensive Income at end of period
|
$
|
2,504
|
$
|
1,974
|
$
|
2,504
|
$
|
1,974
|