FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SMITH STEVEN M
  2. Issuer Name and Ticker or Trading Symbol
ALICO INC [alco]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President Citrus
(Last)
(First)
(Middle)
5233 RIVER BLOSSOM LANE
3. Date of Earliest Transaction (Month/Day/Year)
03/03/2004
(Street)

ALVA, FL 33920
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 M   5,000 A $ 15.68 5,122 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   1,500 D $ 38.60 3,622 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   1,903 D $ 38.67 1,719 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   100 D $ 38.61 1,619 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   115 D $ 38.65 1,504 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   300 D $ 38.69 1,204 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   100 D $ 38.74 1,104 D  
Alico, Inc. Common Stock, Par Value $1.00 03/03/2004 03/03/2004 S   982 D $ 38.85 122 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option for Common Stock $ 15.68 03/03/2004 03/03/2004 M   5,000   02/26/2004 09/09/2013 Common Stock 5,000 $ 0 5,122 D  
Option for Common Stock $ 15.68 03/03/2004 03/03/2004 S     5,000 02/26/2004 09/09/2013 Common Stock 5,000 $ 0 122 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SMITH STEVEN M
5233 RIVER BLOSSOM LANE
ALVA, FL 33920
      Vice President Citrus  

Signatures

 Steven M. Smith   03/05/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Remarks:
The reporting person received these options under the "Stock Option Incentive Equity Plan" and did not pay any monetary value for the Derivative securities; the price is stated in Column 2.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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