Alico, Inc. (ALCO) News https://ir.stockpr.com/alicoinc/rss The latest news released by Alico, Inc. (ALCO) en-us Equisolve Investor Relations Suite http://content.stockpr.com/alicoinc/files/alco_logo.png Alico, Inc. (ALCO) News https://ir.stockpr.com/alicoinc/rss 88 31 Alico, Inc. to Present at the 36th Annual Roth Conference https://ir.stockpr.com/alicoinc/news/detail/1413/alico-inc-to-present-at-the-36th-annual-roth-conference Thu, 14 Mar 2024 12:00:00 -0400 https://ir.stockpr.com/alicoinc/news/detail/1413/alico-inc-to-present-at-the-36th-annual-roth-conference FORT MYERS, Fla., March 14, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO) announced today that John Kiernan, the Company’s Chief Executive Officer and President, will present and host one-on-one meetings at the 36th Annual Roth Conference taking place in Dana Point, CA March 18th and 19th of 2024.

This year’s event will consist of 1-on-1 / small group meetings, analyst-selected fireside chats, thematic and industry panels, by executive management from approximately 500 private and public companies in a variety of growth sectors including: Consumer, Technology & Media, Sustainability & Industrial Growth, AgTech, Energy, Metals & Mining, Healthcare, Services and Insurance. To learn more and submit a registration request, visit https://ibn.fm/Roth2024Registration.

ABOUT ALICO

Alico has over 125 years of experience as an agri-business, and currently manages 49,000 acres of citrus groves in 7 counties across 31 locations in Florida. Alico believes it is the largest citrus grower in the U.S. and a primary supplier to Tropicana Brands Group, a leading orange juice producer.

ABOUT ROTH MKM

ROTH MKM is a relationship-driven investment bank focused on serving growth companies and their investors. Their full-service platform provides capital raising, high impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, M&A advisory, and corporate access. Headquartered in Newport Beach, California, ROTH MKM is a privately-held, employee-owned organization and maintains offices throughout the U.S. For more information, please visit www.roth.com

LEARN MORE ABOUT ALICO INC.

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which includes land leasing and related support operations. Learn more about Alico (Nasdaq: "ALCO") at www.alicoinc.com.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our expectations related to box production and citrus pricing, the potential value of our land holdings, our long-term debt targets, our ESG initiatives, our intentions, beliefs, expectations, strategies, or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business and assets based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms, particularly because our citrus groves are geographically concentrated in Florida; damage and loss from disease including, but not limited to, citrus greening and citrus canker; any adverse event affecting our citrus business; our ability to effectively perform grove management services, or to effectively manage an expanded portfolio of groves; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties for a significant portion of our business; our ability to execute our strategic growth initiatives and whether they adequately address the challenges or opportunities we face; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; ESG issues, including those related to climate change and sustainability, biodiversity or diversity and inclusion; changes in investor or other stakeholder sentiment or demand; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting ; macroeconomic conditions, such as rising inflation, the deadly conflicts in Ukraine and Israel, and the COVID-19 pandemic; system security risks, data protection breaches, cyber-attacks and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in. our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission (the “SEC”) on December 6, 2023, and in our Quarterly Reports on Form 10-Q, which are available on the SEC’s website at http://www.sec.gov. Past performance is not necessarily indicative of future results. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement in this presentation, whether as a result of new information, future developments, or otherwise.

This presentation also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

INVESTOR RELATIONS CONTACT
Any questions can be emailed to: investorrelations@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Announces Financial Results for the First Quarter Ended December 31, 2023 https://ir.stockpr.com/alicoinc/news/detail/1412/alico-inc-announces-financial-results-for-the-first-quarter-ended-december31-2023 Wed, 07 Feb 2024 17:33:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1412/alico-inc-announces-financial-results-for-the-first-quarter-ended-december31-2023 FORT MYERS, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the first fiscal quarter ended December 31, 2023, the highlights of which are as follows:

  • The Company reports net income attributable to Alico, Inc. common stockholders of $42.9 million and EBITDA of $63.8 million for the fiscal quarter. After adjusting for certain items, the Company reports Adjusted EBITDA of $(2.3) million for the quarter ended December 31, 2023.
  • On December 21, 2023, the Company closed on the sale of 17,229 acres of the Alico Ranch to the State of Florida for $77.6 million in gross proceeds.
  • The Company repaid all outstanding borrowings on its working capital line of credit, as well as $19.1 million outstanding on its Met Life Variable-Rate Terms loans, both of which incurred interest in excess of 7.00% per annum.
  • The Company had lower than anticipated box production for the Early and Mid-Season Harvest, due to the impacts from Hurricane Ian, which resulted in an inventory write-down of $10.8 million.
  • The Company maintains a strong balance sheet with a working capital ratio of 2.52 to 1.00, and has maintained its debt ratio at 0.19 to 1.00 for the fiscal quarter, as compared to 0.30 to 1.00 for the comparable prior year fiscal quarter.

Results of Operations

For the first fiscal quarter ended December 31, 2023, the Company reported net income attributable to Alico common stockholders of $42.9 million, compared to a net loss attributable to Alico common stockholders of $3.2 million for the first fiscal quarter ended December 31, 2022, driven by the sale of the remaining 17,229 acres of the Alico Ranch on December 21, 2023, for $77.6 million in gross proceeds. For the fiscal quarter ended December 31, 2023, the Company had earnings of $5.64 per diluted common share, compared to a loss of $0.41 per diluted common share for the fiscal quarter ended December 31, 2022.

Total operating expenses were $28.2 million and $14.4 million for the fiscal first quarters ended December 31, 2023 and 2022, respectively. The increase in operating expenses primarily relates to the $10.8 million adjustment to reduce the Company's inventory to its net realizable value, as a result of significantly lower than anticipated box production from our Early and Mid-Season crop, due to the on-going effects of Hurricane Ian; as well as increased harvest and haul costs driven by the Company's increased box production and approximately $1.3 million received in the quarter ended December 31, 2022, which was the last installment of the Florida citrus block grant program for the 2017 storm, Hurricane Irma.

When both periods are adjusted for certain items, including gains on sale of real estate, federal relief proceeds from the 2017 Hurricane Irma, a net realizable value adjustment, and stock-based compensation expense, the Company had Adjusted EBITDA for the fiscal quarters ended December 31, 2023 and 2022 of $(2.3) million and $(3.4) million, respectively.

The Company reported the following financial results:

(in thousands, except for per share amounts and percentages)          
  Three Months Ended December 31,
    2023       2022     Change
Net income (loss) attributable to Alico, Inc. common stockholders $ 42,945     $ (3,150 )   NM
Earnings (loss) per diluted common share $ 5.64     $ (0.41 )   NM
EBITDA (1) $ 63,811     $ 865     NM
Adjusted EBITDA (1) $ (2,312 )   $ (3,441 )   32.8 %
Net cash used in operating activities $ (13,169 )   $ (9,665 )   (36.3)%

(1) “EBITDA” and “Adjusted EBITDA” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.
NM = Not meaningful

These quarterly financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

Alico Citrus Division Results

Citrus production for the three months ended December 31, 2023 and 2022 is summarized in the following table.

(in thousands, except per box and per pound solids data)              
  Three Months Ended December 31,   Change
    2023     2022   Unit   %
Boxes Harvested:              
Early and Mid-Season   1,047     805     242     30.1 %
Total Processed   1,047     805     242     30.1 %
Fresh Fruit   31     36     (5 )   (13.9)%
Total   1,078     841     237     28.2 %
Pound Solids Produced:              
Early and Mid-Season   4,666     3,737     929     24.9 %
Total   4,666     3,737     929     24.9 %
Pound Solids per Box:              
Early and Mid-Season   4.46     4.64     (0.18 )   (4.0)%
Price per Pound Solids:              
Early and Mid-Season $ 2.66   $ 2.57   $ 0.09     3.4 %

The increase in revenue for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was primarily due to a 24.9% increase in pound solids, driven by a 30.1% increase in processed box production, as we began to recover from the effects of Hurricane Ian. Our fruit production for the three months ended December 31, 2022 was adversely impacted by the fruit drop caused as a result of the impact of Hurricane Ian in September 2022. Although Hurricane Ian initially impacted the fiscal year 2023 harvest, we expect it may take another season, or more, for the groves to recover to pre-hurricane production levels.

In addition, there was an increase in the price per pound solid of 3.4%, for the three months ended December 31, 2023, compared to the same period in the prior year, as a result of more favorable pricing in one of our contracts with Tropicana.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties, and other miscellaneous income.

The increase in revenues from Land Management and Other Operations for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was primarily due to the signing of new farming leases.

The increase in operating expenses from Land Management and Other Operations for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, is primarily due to an increase in property taxes.

Management Comment

John Kiernan, President and Chief Executive Officer, commented:

As previously announced, on September 18, 2023, Alico signed a contract with the State of Florida to sell the remaining 17,229 acres of the Alico Ranch, and on December 21, 2023, we closed on the sale for $77.6 million in gross proceeds. A portion of the proceeds from this sale were used to repay the outstanding balance on our working capital line of credit and $19.1 million of Met Life Variable-Rate Term Loans, plus accrued interest. The remainder we retained in cash.

Results from our Early and Mid-Season harvest this season were disappointing, resulting in an inventory write-down of $10.8 million in the first quarter of fiscal year 2024. We believe that the Early and Mid-Season box production was affected by the continued impacts of Hurricane Ian. We are cautiously optimistic that our Valencia crop, which we will begin harvesting soon, will show a stronger rate of recovery. That harvest is expected to begin in another week or so.

In January 2024, the Company received funding from the Citrus Research and Field Trial Foundation to support our use of Oxytetracycline to combat the effect of “greening” in the citrus trees. Last year beginning in January 2023 over 35% of our producing trees were treated with an OTC trunk injection, with the expectation that it would improve fruit quality and decrease the rate of fruit drop. We expect that the full extent of the benefits of these prior year OTC treatments will not be measurable until the full 2023-24 harvest is completed.

Also last month, we published our 2023 Annual Sustainability Report, highlighting our approach to sustainability and progress with our environmental, social, and governance priorities.

We believe that our balance sheet remains one of our greatest strengths as we continue to operate in a challenging citrus industry. Because of the sale of the remaining acreage of Alico Ranch we have been able to reduce our total debt by $44 million and our net debt by almost $62 million, representing a decrease of 34% in our total debt and a decrease of 48% in our net debt, in each case, from September 30, 2023 to December 31, 2023. Even more importantly, we have the full $95 million available of undrawn credit, which is comprised of approximately $70 million on our working capital line of credit which matures in November 2025 as well as $25 million of undrawn credit on the revolving line of credit, which matures in November 2029. We believe that these credit facilities provide Alico with ample liquidity while the Company continues to recover from the impact of recent weather events.

Other Corporate Financial Information

General and administrative expense for the three months ended December 31, 2023 was $3.3 million, compared to $2.5 million for the three months ended December 31, 2022. The increase was primarily due to an increase in salaries and wages of $0.6 million and consulting fees principally related to real estate entitlement activities of $0.3 million.

Other income (expense), net for the three months ended December 31, 2023 and 2022, was $75.5 million and $2.0 million, respectively. The increase is primarily due to the sale of 17,229 acres of the Alico Ranch to the State of Florida.

Dividend

On January 12, 2024, the Company paid a first quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of December 29, 2023.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

  • The Company’s working capital was $43.3 million at December 31, 2023, representing a 2.52 to 1:00 ratio.
  • The Company maintains a solid debt ratio. At December 31, 2023 and 2022, the ratios were 0.19 to 1.00 and 0.30 to 1.00, respectively.
  • Total debt was $84.7 million and net debt was $66.1 million at December 31, 2023, compared to $128.7 million and $127.6 million at September 30, 2023.
  • Available borrowings under the Company’s lines of credit were $95 million at December 31, 2023.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which includes land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our expectations regarding market prices and the results of our 2023-24 harvest, the impact of Hurricane Ian on our results, expectations regarding our Valencia crop, the impact of the OTC injections, expectations regarding our liquidity, business strategy, plans and objectives of management for future operations or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms, particularly because our citrus groves are geographically concentrated in Florida; damage and loss from disease including, but not limited to, citrus greening and citrus canker; any adverse event affecting our citrus business; our ability to effectively perform grove management services, or to effectively manage an expanded portfolio of groves; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties for a significant portion of our business; our ability to execute our strategic growth initiatives and whether they adequately address the challenges or opportunities we face; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; ESG issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting ; macroeconomic conditions, such as rising inflation, the deadly conflicts in Ukraine and Israel, and the COVID-19 pandemic; system security risks, data protection breaches, cyber-attacks and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission (the “SEC”) on December 6, 2023, and in our Quarterly Reports on Form 10-Q, to be filed with the SEC. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact:

Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com 

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com 

ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

  December 31,
2023
  September 30,
2023
  (Unaudited)    
ASSETS      
Current assets:      
Cash $ 18,632     $ 1,062  
Accounts receivable, net   7,886       712  
Inventories   41,804       52,481  
Income tax receivable         1,200  
Assets held for sale   69       1,632  
Prepaid expenses and other current assets   3,426       1,718  
Total current assets   71,817       58,805  
Restricted cash   2,630       2,630  
Property and equipment, net   361,603       361,849  
Goodwill   2,246       2,246  
Other non-current assets   2,913       2,823  
Total assets $ 441,209     $ 428,353  
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
Accounts payable $ 7,041     $ 6,311  
Accrued liabilities   3,633       5,363  
Current portion of long-term debt   1,410       2,566  
Income tax payable   15,552        
Other current liabilities   904       825  
Total current liabilities   28,540       15,065  
Long-term debt, net   83,299       101,410  
Lines of credit         24,722  
Deferred income tax liabilities, net   36,410       36,410  
Other liabilities   334       369  
Total liabilities   148,583       177,976  
Stockholders' equity:      
Preferred stock, no par value, 1,000,000 shares authorized; none issued          
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,616,081 and 7,610,551 shares outstanding at December 31, 2023 and September 30, 2023, respectively   8,416       8,416  
Additional paid in capital   20,064       20,045  
Treasury stock, at cost, 800,064 and 806,341 shares held at December 31, 2023 and September 30, 2023, respectively   (27,099 )     (27,274 )
Retained earnings   286,368       243,804  
Total Alico stockholders' equity   287,749       244,991  
Noncontrolling interest   4,877       5,386  
Total stockholders' equity   292,626       250,377  
Total liabilities and stockholders' equity $ 441,209     $ 428,353  
               

ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

  Three Months Ended
December 31,
    2023       2022  
Operating revenues:      
Alico Citrus $ 13,592     $ 10,268  
Land Management and Other Operations   393       320  
Total operating revenues   13,985       10,588  
Operating expenses:      
Alico Citrus   28,107       14,295  
Land Management and Other Operations   133       94  
Total operating expenses   28,240       14,389  
Gross profit   (14,255 )     (3,801 )
General and administrative expenses   3,272       2,509  
Loss from operations   (17,527 )     (6,310 )
Other income (expense), net:      
Interest income   95        
Interest expense   (1,605 )     (1,148 )
Gain on sale of real estate, property and equipment and assets held for sale   77,025       3,189  
Total other income (expense), net   75,515       2,041  
Income (loss) before income taxes   57,988       (4,269 )
Income tax provision (benefit)   15,552       (1,083 )
Net income (loss)   42,436       (3,186 )
Net loss attributable to noncontrolling interests   509       36  
Net income (loss) attributable to Alico, Inc. common stockholders $ 42,945     $ (3,150 )
Per share information attributable to Alico, Inc. common stockholders:      
Earnings per common share:      
Basic $ 5.64     $ (0.41 )
Diluted $ 5.64     $ (0.41 )
Weighted-average number of common shares outstanding:      
Basic   7,616       7,593  
Diluted   7,616       7,593  
       
Cash dividends declared per common share $ 0.05     $ 0.05  
               

ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

  Three Months Ended
December 31,
    2023       2022  
Net cash used in operating activities:      
Net income (loss) $ 42,436     $ (3,186 )
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation, depletion and amortization   3,804       3,950  
Amortization of debt issue costs   120       36  
Gain on sale of real estate, property and equipment and assets held for sale   (77,025 )     (3,189 )
Loss on disposal of long-lived assets   225       1,915  
Inventory net realizable value adjustment   10,846        
Stock-based compensation expense   194       305  
Other   36       8  
Changes in operating assets and liabilities:      
Accounts receivable   (7,174 )     (4,045 )
Inventories   (169 )     (1,316 )
Prepaid expenses   (1,708 )     (122 )
Income tax receivable   1,200       (1,083 )
Other assets   2       108  
Accounts payable and accrued liabilities   (1,320 )     (2,822 )
Income taxes payable   15,552        
Other liabilities   (188 )     (224 )
Net cash used in operating activities   (13,169 )     (9,665 )
       
Cash flows from investing activities:      
Purchases of property and equipment   (3,490 )     (3,453 )
Acquisition of citrus groves         (29 )
Net proceeds from sale of real estate, property and equipment and assets held for sale   79,090       3,287  
Change in deposits on purchase of citrus trees   (375 )     (301 )
Net cash provided by (used in) investing activities   75,225       (496 )
       
Cash flows from financing activities:      
Repayments on revolving lines of credit   (44,032 )     (8,902 )
Borrowings on revolving lines of credit   19,310       23,019  
Principal payments on term loans   (19,383 )     (759 )
Dividends paid   (381 )     (3,793 )
Net cash (used in) provided by financing activities   (44,486 )     9,565  
       
Net increase (decrease) in cash and restricted cash   17,570       (596 )
Cash and restricted cash at beginning of period   3,692       865  
       
Cash and restricted cash at end of the period $ 21,262     $ 269  
       
Non-cash investing activities:      
Assets received in exchange for services $ 298     $  
Trees delivered in exchange for prior services $ 176     $  
               

Non-GAAP Financial Measures

In addition to the GAAP financial measures, Alico utilizes the EBITDA, Adjusted EBITDA, and Net Debt which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA, and Net Debt are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Net Debt is defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash.

EBITDA and Adjusted EBITDA

(in thousands)        
    Three Months Ended
December 31,
      2023       2022  
Net income (loss) attributable to Alico, Inc. common stockholders   $ 42,945     $ (3,150 )
Interest expense, net     1,510       1,148  
Income tax provision (benefit)     15,552       (1,083 )
Depreciation, depletion, and amortization     3,804       3,950  
EBITDA     63,811       865  
Non-GAAP Adjustments:        
Inventory net realizable value adjustment     10,846        
Employee stock compensation expense (1)     56       149  
Federal relief - Hurricane Irma           (1,266 )
Gain on sale of real estate, property and equipment and assets held for sale     (77,025 )     (3,189 )
Adjusted EBITDA   $ (2,312 )   $ (3,441 )
         
(1) Includes stock compensation expense for current executives, senior management and other employees.

Net Debt

(in thousands)        
    December 31,
2023
  September 30,
2023
Current portion of long-term debt   $ 1,410     $ 2,566  
Long-term debt, net     83,299       101,410  
Lines of credit           24,722  
Total Debt     84,709       128,698  
Less: Cash     (18,632 )     (1,062 )
Net Debt   $ 66,077     $ 127,636  

Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Announce First Quarter 2024 Financial Results on Wednesday, February 7, 2024 https://ir.stockpr.com/alicoinc/news/detail/1411/alico-inc-to-announce-first-quarter-2024-financial-results-on-wednesday-february-7-2024 Mon, 05 Feb 2024 16:01:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1411/alico-inc-to-announce-first-quarter-2024-financial-results-on-wednesday-february-7-2024 Company to Host Conference Call on Thursday, February 8, 2024, at 8:30 AM Eastern Time

FORT MYERS, Fla., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the first quarter ended December 31, 2023, on Wednesday, February 7, after the market close.

The Company will host a conference call to discuss its financial results on Thursday, February 8, 2024, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-888-886-7786 in the United States and 1-416-764-8658 from outside of the United States. The participant identification to join the conference call is 37132138.

A telephone replay will be available on February 8, 2024, approximately three hours after the call concludes, and will be available through February 22, 2024. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 37132138.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Present at Sidoti Virtual Investor Conference https://ir.stockpr.com/alicoinc/news/detail/1410/alico-inc-to-present-at-sidoti-virtual-investor-conference Fri, 12 Jan 2024 16:15:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1410/alico-inc-to-present-at-sidoti-virtual-investor-conference FORT MYERS, Fla., Jan. 12, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO) announced today that John Kiernan, the Company’s Chief Executive Officer and President, will present and host one-on-one meetings with investors at the Sidoti January Virtual Investor Conference, taking place on January 17th and 18th of 2024.

The presentation will begin at 8:15AM EST on January 17th and can be accessed live here: https://sidoti.zoom.us/webinar/register/WN_0cggnfidRDSKMh74VUwgiQ
Alico will also host virtual one-on-ones with investors on Wednesday the 17th and Thursday the 18th, 2024. To register for the presentation or one-on-ones, visit www.sidoti.com/events. Registration is free and you don't need to be a Sidoti client.

ABOUT ALICO

Alico has over 125 years of experience as an agri-business, and currently manages 49,000 acres of citrus groves in 7 counties across 31 locations in Florida. Alico believes it is the largest citrus grower in the U.S. and a primary supplier to Tropicana Brands Group, a leading orange juice producer.

ABOUT SIDOTI EVENTS, LLC (“EVENTS”) AND SIDOTI & COMPANY, LLC (“SIDOTI”)

In 2023, Sidoti & Company, LLC, Sidoti & Company, LLC (www.sidoti.com) formed a sister company, Sidoti Events, LLC in order to focus exclusively on its rapidly growing conference business and to more directly serve the needs of presenters and attendees. The relationship allows Events to draw on the 25 years of experience Sidoti has as a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $200 million-$5 billion market cap range. Sidoti’s coverage universe comprises approximately 160 equities, of which 40 percent participate in the firm's rapidly growing Company Sponsored Research ("CSR") program. Events is a leading provider of corporate access through the eight investor conferences it hosts each year. By virtue of its direct ties to Sidoti, Events benefits from Sidoti’s small- and microcap-focused nationwide sales force, which has connections with approximately 1,500 institutional relationships in North America. This enables Events to provide multiple forums for meaningful interaction for small and microcap issuers and investors specifically interested in companies in the sector.

LEARN MORE ABOUT ALICO INC.

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which includes land leasing and related support operations. Learn more about Alico (Nasdaq: "ALCO") at www.alicoinc.com.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our expectations related to box production and citrus pricing, the potential value of our land holdings, our long-term debt targets, our ESG initiatives, our intentions, beliefs, expectations, strategies, or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business and assets based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms, particularly because our citrus groves are geographically concentrated in Florida; damage and loss from disease including, but not limited to, citrus greening and citrus canker; any adverse event affecting our citrus business; our ability to effectively perform grove management services, or to effectively manage an expanded portfolio of groves; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties for a significant portion of our business; our ability to execute our strategic growth initiatives and whether they adequately address the challenges or opportunities we face; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; ESG issues, including those related to climate change and sustainability, biodiversity or diversity and inclusion; changes in investor or other stakeholder sentiment or demand; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting ; macroeconomic conditions, such as rising inflation, the deadly conflicts in Ukraine and Israel, and the COVID-19 pandemic; system security risks, data protection breaches, cyber-attacks and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in. our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission (the “SEC”) on December 6, 2023, and in our Quarterly Reports on Form 10-Q, which are available on the SEC’s website at http://www.sec.gov. Past performance is not necessarily indicative of future results. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement in this presentation, whether as a result of new information, future developments, or otherwise.

This presentation also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

INVESTOR RELATIONS CONTACT
Any questions can be emailed to: investorrelations@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Attend the 2024 ICR Conference in Orlando, Florida https://ir.stockpr.com/alicoinc/news/detail/1409/alico-inc-to-attend-the-2024-icr-conference-in-orlando-florida Fri, 05 Jan 2024 21:45:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1409/alico-inc-to-attend-the-2024-icr-conference-in-orlando-florida FORT MYERS, Fla., Jan. 05, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO) announced today that John Kiernan, the Company’s Chief Executive Officer and President, will attend the 26th ICR Conference in Orlando, Florida from the 8th through 9th of January.

ABOUT ALICO
Alico Inc. has over 125 years of experience in agriculture, and currently manages 49,000 acres of citrus groves in 7 counties across 31 locations. Alico continues to be the top citrus grower in the U.S. and the primary supplier to Tropicana, a leading orange juice brand in the country. Alico is known within the citrus industry for our exceptional caretaking practices, which recently resulted in a new partnership with a large citrus grower. Alico will manage their 3,300 acres of citrus groves, with all expenses reimbursed and a management fee paid per acre for caretaking services.

Alico Inc. will present at the ICR Conference on 8 January at 3:30PM Eastern Standard Time in Palazzo D, with a breakout session immediately following at 4:00PM. An additional breakout session will be held on the morning of 8 January at 9:00AM.

ABOUT ICR
Established in 1998, ICR partners with public and private companies to execute strategic communications and advisory programs and manage complex transactions and corporate events to enhance long-term enterprise value and corporate reputation. For the last two and a half decades, the ICR Conference has brought together more than 2,500 attendees, including the management teams of more than 250 premier public and private growth companies, institutional investors, sell-side research analysts, private equity professionals, sponsoring investment banks and select media each year, to network, discuss industry trends and share their strategies. The three-day event is also filled with insightful panels on important industry topics, dynamic speakers, brand activations, evening receptions and thousands of meetings with key stakeholders.

LEARN MORE ABOUT ALICO INC.
Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which includes land leasing and related support operations. Learn more about Alico (Nasdaq: "ALCO") at www.alicoinc.com.

CAUTIONARY STATEMENT ABOUT FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our expectations related to box production and citrus pricing, the potential value of our land holdings, our long term debt targets, our ESG initiatives, our intentions, beliefs, expectations, strategies, or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business and assets based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms, particularly because our citrus groves are geographically concentrated in Florida; damage and loss from disease including, but not limited to, citrus greening and citrus canker; any adverse event affecting our citrus business; our ability to effectively perform grove management services, or to effectively manage an expanded portfolio of groves; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties for a significant portion of our business; our ability to execute our strategic growth initiatives and whether they adequately address the challenges or opportunities we face; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; ESG issues, including those related to climate change and sustainability, biodiversity or diversity and inclusion; changes in investor or other stakeholder sentiment or demand; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting ; macroeconomic conditions, such as rising inflation, the deadly conflicts in Ukraine and Israel, and the COVID-19 pandemic; system security risks, data protection breaches, cyber-attacks and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in. our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission (the “SEC”) on December 6, 2023, and in our Quarterly Reports on Form 10-Q, which are available on the SEC’s website at http://www.sec.gov. Past performance is not necessarily indicative of future results. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement in this presentation, whether as a result of new information, future developments, or otherwise.

This presentation also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

INVESTOR RELATIONS CONTACT
Any questions can be emailed to: investorrelations@alicoinc.com
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/958bddb5-88a1-4e55-9f73-6d33b00a2ca2 and on our website at ir.alicoinc.com.


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2023 https://ir.stockpr.com/alicoinc/news/detail/1408/alico-inc-announces-financial-results-for-the-fourth-quarter-and-fiscal-year-ended-september30-2023 Wed, 06 Dec 2023 16:05:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1408/alico-inc-announces-financial-results-for-the-fourth-quarter-and-fiscal-year-ended-september30-2023 FORT MYERS, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2023, the highlights of which are as follows:

  • The Company's groves have been recovering from the impact of Hurricane Ian since September 2022.
  • The Company reports net income attributable to Alico, Inc. common stockholders of $1.8 million and EBITDA of $23.0 million for the fiscal year ended September 30, 2023. After adjusting for certain non-recurring items, the Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $(24.5) million and Adjusted EBITDA $(16.1) million for the year ended September 30, 2023.
  • Land sales continued during the 2023 fiscal year, with the Company selling approximately 2,255 acres for approximately $12.0 million.
  • The Company had approximately $70.0 million of undrawn credit available under its two lines of credit as of September 30, 2023.
  • The Company maintains a strong balance sheet with a working capital ratio of 3.90 to 1.00, and has maintained its debt ratio at 0.30 to 1.00 for the 2023 fiscal year, as compared to 0.27 to 1.00 for the 2022 fiscal year.

Results of Operations

For the fiscal year ended September 30, 2023, the Company reported net income attributable to Alico common stockholders of $1.8 million, compared to net income attributable to Alico common stockholders of $12.5 million for the fiscal year ended September 30, 2022, relating to cost increases in fertilizer, herbicide, labor, and fuel used in maintaining its groves. These cost increases, combined with decreased revenue because of lower box production for both the Early and Mid-Season and the Valencia harvest, resulted in a higher cost of sales per box as compared to the same period in the prior year. For the fiscal year ended September 30, 2023, the Company had earnings of $0.24 per diluted common share, compared to earnings of $1.65 per diluted common share for the fiscal year ended September 30, 2022.

When both periods are adjusted for certain items, including gains on sale of real estate, federal relief proceeds from the 2017 Hurricane Irma and 2022 Hurricane Ian insurance proceeds and net realizable value adjustment, the Company had an adjusted net loss of $(3.23) per diluted common share for the fiscal year ended September 30, 2023, compared to an adjusted net income of $(0.21) per diluted common share for the fiscal year ended September 30, 2022. Adjusted EBITDA for the fiscal years ended September 30, 2023 and 2022 was $(16.1) million and $13.4 million, respectively.

The Company reported the following financial results:

(in thousands, except for per share amounts and percentages)                      
  Three Months Ended September 30,   Fiscal Years Ended September 30,
    2023       2022     Change     2023       2022   Change
Net income (loss) attributable to Alico, Inc. common stockholders $ 940     $ (21,080 )   104.5%   $ 1,835     $ 12,459   (85.3)%
Earnings (loss) per diluted common share $ 0.12     $ (2.78 )   104.3%   $ 0.24     $ 1.65   (85.5)%
EBITDA(1) $ 6,530     $ (19,840 )   132.9%   $ 23,034     $ 32,081   (28.2)%
Adjusted EBITDA(1) $ (3,532 )   $ 2,983     (218.4)%   $ (16,055 )   $ 13,406   (219.8)%
Net cash (used in) provided by operating activities $ (5,636 )   $ (4,269 )   (32.0)%   $ (6,254 )   $ 6,523   (195.9)%

(1) “EBITDA” and “Adjusted EBITDA” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures presented in this release to their most directly comparable GAAP measures.

These quarterly financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

Alico Citrus Division Results

Citrus production for the fiscal years ended September 30, 2023 and 2022 is summarized in the following table.

(in thousands, except per box and per pound solids data)              
  Fiscal Years Ended
September 30,
  Change
    2023     2022   Unit   %
Boxes Harvested:              
Early and Mid-Season   979     2,175     (1,196 )   (55.0)%
Valencias   1,669     3,274     (1,605 )   (49.0)%
Total Processed   2,648     5,449     (2,801 )   (51.4)%
Fresh Fruit   41     91     (50 )   (54.9)%
Total   2,689     5,540     (2,851 )   (51.5)%
Pound Solids Produced:              
Early and Mid-Season   4,586     11,034     (6,448 )   (58.4)%
Valencias   8,702     17,756     (9,054 )   (51.0)%
Total   13,288     28,790     (15,502 )   (53.8)%
Pound Solids per Box:              
Early and Mid-Season   4.68     5.07     (0.39 )   (7.7)%
Valencias   5.21     5.42     (0.21 )   (3.9)%
Price per Pound Solids:              
Early and Mid-Season $ 2.61   $ 2.56   $ 0.05     2.0%
Valencias $ 2.75   $ 2.68   $ 0.07     2.6%

For the fiscal year ended September 30, 2023, Alico Citrus harvested 2.7 million boxes of fruit, a decrease of 51.5% from the prior year. This rate of decline in harvested production was substantially better than the USDA citrus report for the industry. The USDA reported a 61.7% decline in the total orange crop for the 2022-2023 harvest season, as compared to the prior year. As anticipated, the Company saw its average realized price per pound solids rise from $2.63 per pound solids in the prior fiscal year to $2.70 per pound solids in fiscal year 2023. The Company anticipates market prices in the upcoming 2023-2024 harvest season to be consistent or slightly above this past season’s market prices largely due to continued consumption of not-from-concentrate orange juice by retail consumers, low levels of inventory stocks at the juice processors and a tighter global supply for oranges.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties, and other miscellaneous income.

Income from operations for the Land Management and Other Operations Division decreased for the fiscal year ended September 30, 2023, by $0.5 million, compared to the prior year. This decrease was primarily driven by a reduction in the leased acreage relating to grazing and hunting leases, due to land sales.

Management Comment

John Kiernan, President and Chief Executive Officer, commented:

During 2023, Alico was recovering from the aftermath of Hurricane Ian that occurred in September 2022, which damaged half of our crops intended for the 2023 harvest season, and our financial results were disappointing as we expected. The approximately $28.2 million of insurance proceeds that we received during the fiscal year were used to help maintain our grove caretaking programs for our approximately 49,000 citrus acres located across 7 counties in Florida so that Alico will be ready to harvest a healthy citrus crop in 2023-24. We continue to hope to receive federal disaster relief funds from the Consolidated Appropriations Act that was passed into law December 2022, although we cannot determine the amount of relief we may be eligible for, or the timing of any possible relief fund payments. Alico continues to support Florida Citrus Mutual, our industry trade group, as well as government officials and agencies, as they work to finalize federal relief programs for this 2022 storm. Although our 2023-24 harvesting activities are just beginning now, we are confident that Alico’s crop recovery this season will be significant because of our exceptional caretaking practices and the maturity of over 2 million trees planted by the Company since 2017. In addition, over 35% of our trees have now been treated with an oxytetracycline (“OTC”) injection since January 2023 to combat citrus greening, with the goal to improve fruit quality and decrease the fruit drop rate. The full extent of its benefits will not be measurable until after the 2023-24 harvest.

On September 18, 2023, Alico signed a contract with the State of Florida to sell the remaining 17,229 acres of the Alico Ranch for approximately $77.6 million. The deal is anticipated to close by February 2024. Once closed, we will have sold a total of approximately 69,000 acres of the Alico Ranch for approximately $226 million to more than 25 buyers since 2018. Plans for the use of the proceeds are being finalized, with reducing balances on our working capital credit line incurred during Hurricane Ian as a priority, as well as repayment of variable rate debt balances without penalty and for general corporate purposes. It is possible that net operating losses over the past two years will shield a significant amount of the expected gain on the pending ranch sale, and it is also possible that the if proceeds are used to repay variable debt balances, the Company‘s net debt balances could range between $75 million and $80 million at the end of fiscal year 2024, which is a substantial decrease from the $127.6 million net debt balance at September 30, 2023.

Alico is proud to share that in fiscal year 2024 it has already partnered with another large citrus grower to manage approximately 3,300 acres of their citrus groves, with all expenses reimbursed and a management fee paid to us for our services.

Outside of our citrus operations, Alico recently concluded its work with land-use planning professionals in Florida evaluating the long-term potential highest and best use of our real estate assets. To be clear, Alico will continue to conduct our regular citrus operations at all of our groves for years to come, but the work of those land-planning professionals led to a decision by Alico to commence the multi-year entitlement process for a 4,500-acre grove near Fort Myers, in Collier County. We plan on continuing citrus operations there, while considering options for the most profitable use of the property.

All Alico shareholder litigation related to the balance sheet restatement last December has been voluntarily dismissed, without prejudice, by the plaintiffs.

Alico has over 125 years of experience as a leader in Florida agriculture and land management. We will continue evaluating all of our properties to explore creative solutions to enhance and extract value. We seek to provide our investors with the benefits and stability of a conventional agriculture investment, with the optionality that comes with active land management.

Other Corporate Financial Information

General and administrative expense for the year ended September 30, 2023 was $10.6 million, compared to $10.1 million for the year ended September 30, 2022. The increase was principally attributable to an increase in legal and professional fees, as compared to the same period last year.

Other income, net, for the years ended September 30, 2023 and 2022 was $6.7 million and $37.8 million, respectively. The decrease in other income, net was primarily due to fewer land sales, which resulted in lower gains on sales of $11.5 million during the year ended September 30, 2023, from $41.1 million for the prior year period.

Dividend

On October 13, 2023, the Company paid a fourth quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of September 29, 2023.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

  • The Company’s working capital was $43.7 million at September 30, 2023, representing a 3.90 to 1.00 ratio.
  • The Company maintains a solid debt ratio. At September 30, 2023 and 2022, the ratios were 0.30 to 1.00 and 0.27 to 1.00, respectively.
  • Available borrowings under its lines of credit were $70.0 million, at September 30, 2023.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our anticipated sale of the Alico Ranch, expectations regarding market prices and the results of our 2023-24 harvest, business strategy, plans and objectives of management for future operations or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms, particularly because our citrus groves are geographically concentrated in Florida; damage and loss from disease including, but not limited to, citrus greening and citrus canker; any adverse event affecting our citrus business; our ability to effectively perform grove management services, or to effectively manage an expanded portfolio of groves; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties for a significant portion of our business; our ability to execute our strategic growth initiatives and whether they adequately address the challenges or opportunities we face; product contamination and product liability claims; water use regulations restricting our access to water.; changes in immigration laws; harm to our reputation; tax risks associated a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; ESG issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting ; macroeconomic conditions, such as rising inflation, the deadly conflicts in Ukraine and Israel, and the COVID-19 pandemic; system security risks, data protection breaches, cyber-attacks and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on December 13, 2022, our Annual Report on Form 10-K for the year ended September 30, 2023 to be filed with the SEC and in our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact: 
Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com 

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com 


ALICO, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
  September 30,
2023
  September 30,
2022
ASSETS      
Current assets:      
Cash and cash equivalents $ 1,062     $ 865  
Accounts receivable, net   712       324  
Inventories   52,481       27,682  
Income tax receivable   1,200       1,116  
Assets held for sale   1,632       205  
Prepaid expenses and other current assets   1,718       1,424  
Total current assets   58,805       31,616  
Restricted cash   2,630        
Property and equipment, net   361,849       372,479  
Goodwill   2,246       2,246  
Other non-current assets   2,823       2,914  
Total assets $ 428,353     $ 409,255  
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
Accounts payable $ 6,311     $ 3,366  
Accrued liabilities   5,363       9,062  
Current portion of long-term debt   2,566       3,035  
Other current liabilities   825       1,062  
Total current liabilities   15,065       16,525  
Long-term debt, net   101,410       102,913  
Lines of credit   24,722       4,928  
Deferred income tax liabilities, net   36,410       35,589  
Other liabilities   369       435  
Total liabilities   177,976       160,390  
Stockholders' equity:      
Preferred stock, no par value, 1,000,000 shares authorized; none issued          
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,610,551 and 7,586,995 shares outstanding at September 30, 2023 and September 30, 2022, respectively   8,416       8,416  
Additional paid in capital   20,045       19,784  
Treasury stock, at cost, 806,341 and 829,150 shares held at September 30, 2023 and September 30, 2022, respectively   (27,274 )     (27,948 )
Retained earnings   243,804       243,490  
Total Alico stockholders' equity   244,991       243,742  
Noncontrolling interest   5,386       5,123  
Total stockholders' equity   250,377       248,865  
Total liabilities and stockholders' equity $ 428,353     $ 409,255  


ALICO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
  Years Ended September 30,
    2023       2022       2021  
Operating revenues:          
Alico Citrus $ 38,145     $ 89,681     $ 105,796  
Land Management and Other Operations   1,701       2,266       2,768  
Total operating revenues   39,846       91,947       108,564  
Operating expenses:          
Alico Citrus   32,959       106,192       83,893  
Land Management and Other Operations   441       520       778  
Total operating expenses   33,400       106,712       84,671  
Gross profit (loss)   6,446       (14,765 )     23,893  
General and administrative expenses   10,643       10,079       9,453  
(Loss) income from operations   (4,197 )     (24,844 )     14,440  
Other income (expense), net:          
Investment and interest income, net   58       21       23  
Interest expense   (4,911 )     (3,324 )     (3,987 )
Gain on sale of property and equipment   11,509       41,102       35,898  
Other income, net               13  
Total other income, net   6,656       37,799       31,947  
Income before income taxes   2,459       12,955       46,387  
Income tax provision   801       1,069       11,567  
Net income   1,658       11,886       34,820  
Net loss attributable to noncontrolling interests   177       573       39  
Net income attributable to Alico, Inc. common stockholders $ 1,835     $ 12,459     $ 34,859  
Per share information attributable to Alico, Inc. common stockholders:          
Earnings per common share:          
Basic $ 0.24     $ 1.65     $ 4.64  
Diluted $ 0.24     $ 1.65     $ 4.64  
Weighted-average number of common shares outstanding:          
Basic   7,602       7,560       7,516  
Diluted   7,602       7,568       7,519  
           
Cash dividends declared per common share $ 0.20     $ 2.00     $ 1.36  


ALICO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Years Ended September 30,
    2023       2022       2021  
Net cash (used in) provided by operating activities:          
Net income $ 1,658     $ 11,886     $ 34,820  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
Depreciation, depletion and amortization   15,487       15,229       15,122  
Debt issue costs expense   141       255       179  
Deferred income tax provision (benefit)   821       (3,876 )     2,249  
Gain on sale of property and equipment   (11,509 )     (41,102 )     (35,898 )
Inventory net realizable value adjustment   1,616       6,676        
Casualty loss – tree and building damage         1,400        
Loss on disposal of property and equipment   9,624       3,251       2,338  
Inventory casualty loss         14,900        
Stock-based compensation expense   935       1,235       1,230  
Other, net   (2 )     160       (117 )
Changes in operating assets and liabilities:          
Accounts receivable   (388 )     5,781       (1,758 )
Inventories   (26,415 )     (5,881 )     (2,522 )
Prepaid expenses   (294 )     (271 )     (115 )
Income tax receivable   (84 )     2,117       (2,452 )
Other assets   235       (450 )     575  
Accounts payable and accrued liabilities   2,420       (5,111 )     3,429  
Other liabilities   (499 )     324       (576 )
Net cash (used in) provided by operating activities   (6,254 )     6,523       16,504  
           
Cash flows from investing activities:          
Purchases of property and equipment   (16,656 )     (20,731 )     (22,258 )
Acquisition of citrus groves   (77 )     (136 )     (18,527 )
Proceeds from sale of property and equipment   11,359       43,159       37,266  
Proceeds from property and casualty insurance   839              
Other, net   412       176       251  
Net cash (used in) provided by investing activities   (4,123 )     22,468       (3,268 )
           
Cash flows from financing activities:          
Repayments on revolving lines of credit   (59,458 )     (52,227 )     (50,735 )
Borrowings on revolving lines of credit   79,252       57,155       47,793  
Principal payments on term loans   (2,098 )     (19,598 )     (21,957 )
Capital contribution received from noncontrolling interest   441       294        
Proceeds from exercise of stock options         465        
Dividends paid   (4,933 )     (15,101 )     (7,138 )
Net cash provided by (used in) financing activities   13,204       (29,012 )     (32,037 )
           
Net increase (decrease) in cash and cash equivalents and restricted cash   2,827       (21 )     (18,801 )
Cash and cash equivalents and restricted cash at beginning of the period   865       886       19,687  
           
Cash and cash equivalents and restricted cash at end of the period $ 3,692     $ 865     $ 886  
           
Supplemental disclosure of cash flow information:          
Cash paid for interest; net of amount capitalized $ 4,433     $ 3,192     $ 3,940  
Cash paid for income taxes $     $ 3,430     $ 11,770  
           
Supplemental disclosure of non-cash investing and financing activities:          
Dividends declared but unpaid $ 381     $ 3,793     $ 3,763  

Non-GAAP Financial Measures

In addition to the GAAP financial measures, Alico utilizes the EBITDA, Adjusted EBITDA, Adjusted Net (Loss) Income per Diluted Common Share and Net Debt which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA, Adjusted Net (Loss) Income per Diluted Common Share and Net Debt are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Adjusted Net (Loss) Income per Diluted Common Share is defined as net income adjusted for non-recurring transactions divided by diluted common shares. Net Debt is defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash and cash equivalents.

Adjusted EBITDA

(in thousands)                
    Three Months Ended September 30,   Years Ended September 30,
      2023       2022       2023       2022  
                 
Net income (loss) attributable to common stockholders   $ 940     $ (21,080 )   $ 1,835     $ 12,459  
Interest expense     1,293       699       4,911       3,324  
Income tax provision (benefit)     495       (3,212 )     801       1,069  
Depreciation, depletion, and amortization     3,802       3,753       15,487       15,229  
EBITDA     6,530       (19,840 )     23,034       32,081  
Non-GAAP Adjustments:                
Inventory Casualty Loss - Hurricane Ian           14,900             14,900  
Inventory net realizable value adjustment - Hurricane Ian           6,676       1,616       6,676  
Property Casualty Loss - Hurricane Ian           1,400             1,400  
Employee stock compensation expense(1)     66       145       347       574  
Federal relief - Hurricane Irma                 (1,315 )     (1,123 )
Insurance proceeds - Hurricane Ian     (5,987 )           (28,228 )      
Gain on sale of real estate, property and equipment and assets held for sale     (4,141 )     (298 )     (11,509 )     (41,102 )
Adjusted EBITDA   $ (3,532 )   $ 2,983     $ (16,055 )   $ 13,406  
                 
(1) Includes stock compensation expense for current executives, senior management and other employees.

Adjusted Net Income (Loss) Earnings Per Diluted Common Share

(in thousands)                
    Three Months Ended September 30,   Years Ended September 30,
      2023       2022       2023       2022  
                 
Net income (loss) attributable to common stockholders   $ 940     $ (21,080 )   $ 1,835     $ 12,459  
Non-GAAP Adjustments:                
Inventory Casualty Loss - Hurricane Ian           14,900             14,900  
Inventory net realizable value adjustment - Hurricane Ian           6,676       1,616       6,676  
Property Casualty Loss - Hurricane Ian           1,400             1,400  
Employee stock compensation expense(1)     66       145       347       574  
Federal relief - Hurricane Irma                 (1,315 )     (1,123 )
Insurance proceeds - Hurricane Ian     (5,987 )           (28,228 )      
Gain on sale of real estate, property and equipment and assets held for sale     (4,141 )     (298 )     (11,509 )     (41,102 )
Tax impact(2)     8,874       (427 )     12,735       4,613  
Adjusted net (loss) income attributable to common stockholders   $ (248 )   $ 1,316     $ (24,519 )   $ (1,603 )
                 
Diluted common shares     7,610       7,587       7,602       7,568  
                 
Adjusted net (loss) income per diluted common share   $ (0.03 )   $ 0.17     $ (3.23 )   $ (0.21 )
                 
(1) Includes stock compensation expense for current executives, senior management and other employees.
(2) Benefit in the twelve-month period ended September 30, 2022 is the result of a charitable contribution related to a sales transaction with the State of Florida.

Net Debt

(in thousands)        
    Years Ended September 30,
      2023       2022  
Current portion of long-term debt   $ 2,566     $ 3,035  
Long-term debt, net     101,410       102,913  
Lines of credit     24,722       4,928  
Total Debt     128,698       110,876  
Cash and cash equivalents     (1,062 )     (865 )
Net Debt   $ 127,636     $ 110,011  

Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Announce Fourth Quarter and Full Year 2023 Financial Results on Wednesday, December 6, 2023 https://ir.stockpr.com/alicoinc/news/detail/1407/alico-inc-to-announce-fourth-quarter-and-full-year-2023-financial-results-on-wednesday-december-6-2023 Fri, 01 Dec 2023 16:15:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1407/alico-inc-to-announce-fourth-quarter-and-full-year-2023-financial-results-on-wednesday-december-6-2023 Company to Host Conference Call on Thursday, December 7, 2023, at 8:30 AM Eastern Time

FORT MYERS, Fla., Dec. 01, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the fourth quarter and full year ended September 30, 2023, on Wednesday, December 6, after the market close.

The Company will host a conference call to discuss its financial results on Thursday, December 7, 2023, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-877-407-0792 in the United States and 1-201-689-8263 from outside of the United States. The participant identification to join the conference call is 13742944.

A telephone replay will be available on December 7, 2023, approximately three hours after the call concludes, and will be available through December 21, 2023. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 13742944.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Attend Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference https://ir.stockpr.com/alicoinc/news/detail/1406/alico-inc-to-attend-noble-capital-markets-19th-annual-emerging-growth-equity-conference Fri, 01 Dec 2023 16:15:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1406/alico-inc-to-attend-noble-capital-markets-19th-annual-emerging-growth-equity-conference FORT MYERS, Fla., Dec. 01, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO) announced today that John Kiernan, the Company’s Chief Executive Officer and President, will attend NobleCon19 - Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference at Florida Atlantic University. This event is being held at the Executive Education Complex in Boca Raton, FL from the 4th through 5th of December 2023.

ABOUT ALICO
Alico Inc. has over 125 years of experience in agriculture, and currently manages approximately 49,000 acres of citrus groves in 7 counties across 31 locations. Alico continues to be the top citrus grower in the U.S. and the primary supplier to Tropicana, a leading orange juice brand in the country. Alico is known within the citrus industry for our exceptional caretaking practices, which recently resulted in a new partnership with a large citrus grower. Alico will manage their 3,300 acres of citrus groves, with all expenses reimbursed and a management fee paid per acre for caretaking services.

Alico Inc. will present at NobleCon19 on 4 December 2023 at 4:00PM Eastern Standard Time in Room Four, with a breakout session immediately following the presentation at 4:30PM. A high-definition video webcast of the presentation will be available the following day on our website at alicoinc.com and as part of a complete catalog of presentations available at Noble Capital Markets’ Conference website: www.nobleconference.com and on Channelchek www.channelchek.com the investor portal created by Noble. The webcast will be archived on the company's website, the NobleCon website, and on Channelchek.com for 90 days following the event.

ABOUT NOBLE CAPITAL MARKETS, INC.
Noble Capital Markets (“Noble”) is research driven investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade.

LEARN MORE ABOUT ALICO INC.
Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which includes land leasing and related support operations. Learn more about Alico (Nasdaq: "ALCO") at www.alicoinc.com.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our Chief Financial Officer transition, business strategy, plans and objectives of management for future operations or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change; damage and loss to our citrus groves from disease including but not limited to citrus greening and citrus canker; hurricanes and tropical storms given our geographic concentration in Florida; any adverse event affecting our citrus business; our ability to maintain our market share in a highly competitive business; future citrus production estimates; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties; heightened risks as a result of the sale of a majority of ownership of Tropicana to a French private equity firm; supply and demand pricing; development and execution of our strategic growth initiatives; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; risks associated with acquisition of additional agricultural assets and other businesses; adverse impacts from dispositions of our assets; harm to our reputation; tax risks associated with a “Section 1031 Exchange”; undertaking one or more significant corporate transactions; seasonality of our citrus business; significant competition in our agricultural operations; fluctuations in our earnings as a result of market supply and prices and demand for our products; climate change, or legal, regulatory or market measures to address climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; any weakness or instability in the real estate industry; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies, including as a result of restatement of our financial statements as of September 30, 2021, and the end of certain quarterly periods; the impact of any restatements and any resulting investigations, legal or administrative proceedings; the effect of inflation on our operations, including as a result of the conflict in Ukraine; increased costs as a result of being a public company; system security risks; the COVID-19 pandemic; any harm by natural disasters or epidemics; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and risks related with repurchases; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on December 13, 2022 and in our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

INVESTOR RELATIONS CONTACT
Any questions can be emailed to: investorrelations@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Attend 3rd Annual AGTech Answers Conference https://ir.stockpr.com/alicoinc/news/detail/1405/alico-inc-to-attend-3rd-annual-agtech-answers-conference Mon, 13 Nov 2023 08:00:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1405/alico-inc-to-attend-3rd-annual-agtech-answers-conference FORT MYERS, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO) announced today that John Kiernan, the Company’s Chief Executive Officer and President, and Bradley Heine, the Company's Chief Financial Officer, will attend the 3rd Annual AGTech Answers Conference, held in New York, NY, on November 14, 2023.

COMPANY HISTORY

  • Over 125 years of experience, currently managing approximately 50,000 acres of citrus groves in 31 locations across 7 counties.
  • Top citrus grower in the US and primary supplier to Tropicana, a leading orange juice brand in the US.
  • Recognized within the citrus industry for exceptional caretaking practices, one result being a new partnership with a large citrus grower to manage another 2,500 acres of citrus groves, with expenses reimbursed and a management fee paid per acre for its services.

CITRUS OPERATIONS

  • Alico is still recovering from the aftermath of Hurricane Ian in 2022, which damaged half of its crops intended for the 2023 harvest season. Alico hopes to receive federal disaster relief funds from the Consolidated Appropriations Act that was passed into law December 2022, but cannot determine the amount of relief for which it may be eligible. Alico continues to support Florida Citrus Mutual, its industry trade group, and government agencies as they work to finalize federal relief programs.
  • Over 35% of Alico's trees have been treated with an oxytetracycline or ‘OTC’ injection since January 2023 to combat citrus greening with the goal to improve fruit quality and decrease fruit drop rate. Full extent of its benefits will not be measurable until after the 2024 harvest.
  • Alico is confident that its crop recovery in the 2024 harvest season will be significant because of its exceptional caretaking practices, proactive OTC treatment, and the maturing of over 2 million trees planted by the Company since 2017.

REAL ESTATE

  • On September 18, 2023, Alico signed a contract with the State of Florida to sell its remaining 17,000 acres of the Alico Ranch for roughly $77.6 million. The deal is anticipated to close before February of 2024. Once closed, the pending contract will result in a total of approximately 69,000 acres of the Alico Ranch sold for $226 million to over 25 buyers since 2018. Plans for use of proceeds are being finalized, with reducing balances on revolving and working capital credit lines incurred since Hurricane Ian in September 2022 a priority. Repayment of variable rate debt balances without penalty is also a likely use of net proceeds from the sale.
  • Alico continues to evaluate all of its properties to explore creative solutions to enhance and extract value. Alico seeks to provide investors with the benefits and stability of a conventional agriculture investment with the optionality that comes with active land management.
  • Alico recently concluded its work with land-use planning professionals to evaluate the long-term potential value of our real estate assets. This led to the commencement of the multi-year entitlement process for a 4,500-acre grove near Fort Myers in Collier County. Alico plans to continue citrus operations while exploring the property's highest and best use.

FINANCIALS

  • Consistent with our past practices, all future capital allocation decisions will be evaluated to maximize returns to shareholders.
  • Alico has also been notified that all shareholder litigation related to the balance sheet restatement last December has been voluntarily dismissed without prejudice by the plaintiffs.

ABOUT ALICO
Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which includes land leasing and related support operations. Learn more about Alico (Nasdaq: "ALCO") at www.alicoinc.com.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding business strategy, plans and objectives of management for future operations, receipt of federal disaster relief funds, benefits of ‘OTC’ injection in Alico’s trees, our crop recovery in the 2024 harvest season, closing of the Alico ranch sale, or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements.
These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change; damage and loss to our citrus groves from disease including but not limited to citrus greening and citrus canker; hurricanes and tropical storms given our geographic concentration in Florida; any adverse event affecting our citrus business; our ability to maintain our market share in a highly competitive business; future citrus production estimates; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties; heightened risks as a result of the sale of a majority of ownership of Tropicana to a French private equity firm; supply and demand pricing; development and execution of our strategic growth initiatives; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; risks associated with acquisition of additional agricultural assets and other businesses; adverse impacts from dispositions of our assets; harm to our reputation; tax risks associated with a “Section 1031 Exchange”; undertaking one or more significant corporate transactions; seasonality of our citrus business; significant competition in our agricultural operations; fluctuations in our earnings as a result of market supply and prices and demand for our products; climate change, or legal, regulatory or market measures to address climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; any weakness or instability in the real estate industry; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies, including as a result of restatement of our financial statements as of September 30, 2021, and the end of certain quarterly periods; the impact of any restatements and any resulting investigations, legal or administrative proceedings; the effect of inflation on our operations, including as a result of the conflict in Ukraine; increased costs as a result of being a public company; system security risks; the COVID-19 pandemic; any harm by natural disasters or epidemics; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and risks related with repurchases; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on December 13, 2022 and in our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

INVESTOR RELATIONS CONTACT
Any questions can be emailed to: investorrelations@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Appoints Bradley Heine as Chief Financial Officer https://ir.stockpr.com/alicoinc/news/detail/1404/alico-inc-appoints-bradley-heine-as-chief-financial-officer Wed, 16 Aug 2023 16:01:00 -0400 https://ir.stockpr.com/alicoinc/news/detail/1404/alico-inc-appoints-bradley-heine-as-chief-financial-officer FORT MYERS, Fla., Aug. 16, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (NASDAQ: ALCO, "Alico" or "the Company"), an agriculture and land management company, today announced the departure of Perry G. Del Vecchio as the Company’s Chief Financial Officer, effective as of August 16, 2023, and the hiring and appointment of Bradley Heine as his replacement, effective as of today, August 16, 2023.

As the new Chief Financial Officer, principal financial officer, and principal accounting officer for Alico, Mr. Heine will be responsible for all corporate finance, treasury and accounting functions of the Company and will report directly to John Kiernan, the Company's President and Chief Executive Officer.

"We are grateful for the service Perry has given to Alico over the past year and wish him well in his next endeavors,” said Mr. Kiernan.

Mr. Kiernan continued, “Brad’s recent background as a senior accounting executive for a dynamic international company, combined with his broad financial and business experience, will help us leverage our efforts of increasing shareholder value. Our management team will rely on Brad’s leadership in providing financial analysis, modeling and decision support to help Alico maintain our competitive position within the Florida citrus industry. We believe his experience with automation and technical accounting will complement the depth of our current staff and I look forward to working closely with him as we approach the beginning of our next fiscal year."

Mr. Heine, age 52, most recently served as Senior Vice President - Corporate Controller of Wejo Group Limited, a provider of cloud and software analytics for connected, electric, and autonomous mobility. Prior to that, Mr. Heine served as Vice President - Accounting at IAC InterActive Corp, a holding company comprised of media and internet companies, and in various positions of increasing seniority at Avis Budget Group Inc., a rental car company. Mr. Heine is a Certified Public Accountant who began his career as an auditor with Deloitte & Touche. He earned a BBA in public accounting from Pace University and a MBA in Finance from Rutgers University.

About Alico
Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our Chief Financial Officer transition, business strategy, plans and objectives of management for future operations or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change; damage and loss to our citrus groves from disease including but not limited to citrus greening and citrus canker; hurricanes and tropical storms given our geographic concentration in Florida; any adverse event affecting our citrus business; our ability to maintain our market share in a highly competitive business; future citrus production estimates; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties; heightened risks as a result of the sale of a majority of ownership of Tropicana to a French private equity firm; supply and demand pricing; development and execution of our strategic growth initiatives; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; risks associated with acquisition of additional agricultural assets and other businesses; adverse impacts from dispositions of our assets; harm to our reputation; tax risks associated with a “Section 1031 Exchange”; undertaking one or more significant corporate transactions; seasonality of our citrus business; significant competition in our agricultural operations; fluctuations in our earnings as a result of market supply and prices and demand for our products; climate change, or legal, regulatory or market measures to address climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; any weakness or instability in the real estate industry; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies, including as a result of restatement of our financial statements as of September 30, 2021, and the end of certain quarterly periods; the impact of any restatements and any resulting investigations, legal or administrative proceedings; the effect of inflation on our operations, including as a result of the conflict in Ukraine; increased costs as a result of being a public company; system security risks; the COVID-19 pandemic; any harm by natural disasters or epidemics; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and risks related with repurchases; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on December 13, 2022 and in our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:
Investor Relations
InvestorRelations@alicoinc.com

Source: Alico, Inc.


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended June 30, 2023 https://ir.stockpr.com/alicoinc/news/detail/1403/alico-inc-announces-financial-results-for-the-third-quarter-and-nine-months-ended-june-30-2023 Thu, 03 Aug 2023 06:40:00 -0400 https://ir.stockpr.com/alicoinc/news/detail/1403/alico-inc-announces-financial-results-for-the-third-quarter-and-nine-months-ended-june-30-2023 FORT MYERS, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the third quarter of fiscal year 2023 and the nine months ended June 30, 2023, the highlights of which are as follows:

  • Company reports net income attributable to Alico, Inc. common stockholders of $11.8 million and EBITDA of $18.8 million for the third fiscal quarter of 2023. The Company reports adjusted net (loss) attributable to Alico, Inc. common stockholders of ($5.6) million and Adjusted EBITDA of ($1.3) million for the third fiscal quarter of 2023.
  • Box production is down from the previous year due to greater fruit drop from the impacts of Hurricane Ian.
  • The Company has received approximately $21.7 million in crop insurance proceeds through July 31, 2023, of which approximately $21.4 million were received through June 30, 2023.
  • Ranch land sales continued during the third quarter, with the Company selling approximately 548 acres to a third party for approximately $2.7 million in gross proceeds.
  • The Company has approximately $76.8 million of undrawn credit available under its two lines of credit as of June 30, 2023.
  • Balance sheet remains strong with a working capital ratio of 3.10 to 1.00.

Results of Operations

For the nine months ended June 30, 2023, the Company reported net income attributable to Alico common stockholders of approximately $0.9 million, compared to net income attributable to Alico common stockholders of approximately $33.5 million for the nine months ended June 30, 2022. For the nine months ended June 30, 2023, the Company had earnings of $0.12 per diluted common share, compared to earnings of $4.44 per diluted common share for the nine months ended June 30, 2022. This was primarily due to (i) the timing of the gains on sale of real estate, property and equipment and assets held for sale; (ii) a decrease in the gross profit primarily due to the lower revenue as a result of the reduced fruit production due to the accelerated fruit drop caused by the impacts of Hurricane Ian; and (iii) receipt of Hurricane Ian insurance proceeds. In addition, the Company experienced cost increases in fertilizer, herbicide, labor, and fuel in maintaining its groves. These cost increases, coupled with lower box production for both the Early and Mid-Season and the Valencia harvest, resulted in a higher cost of sales per box as compared to the same period in the prior year. When both periods are adjusted for certain items, including gains on sale of real estate, federal relief proceeds from the 2017 Hurricane Irma and 2022 Hurricane Ian insurance proceeds and net realizable value adjustment, the Company had an adjusted net (loss) of ($3.19) per diluted common share for the nine months ended June 30, 2023, compared to an adjusted net (loss) of ($0.39) per diluted common share for the nine months ended June 30, 2022.

For the nine months ended June 30, 2023, the Company earned EBITDA of $16.5 million, compared to $51.9 million for the nine months ended June 30, 2022. Adjusted EBITDA for the nine months ended June 30, 2023 and June 30, 2022 was approximately ($12.5) million and $10.4 million, respectively.
  
These financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company’s gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

The Company reported the following financial results:

(in thousands, except for per share amounts and percentages)                                    
    Three Months Ended June 30,     Nine Months Ended June 30,  
    2023     2022     Change     2023     2022     Change  
                                     
Net income attributable to Alico, Inc. common stockholders   $ 11,832     $ 2,706     $ 9,126     $ 895     $ 33,539     $ (32,644 )
Earnings per diluted common share   $ 1.56     $ 0.36     $ 1.20     $ 0.12     $ 4.44     $ (4.32 )
EBITDA(1)   $ 18,789     $ 8,370     $ 10,419     $ 16,504     $ 51,921     $ (35,417 )
Adjusted EBITDA(1)   $ (1,286 )   $ 2,762     $ (4,048 )   $ (12,523 )   $ 10,423     $ (22,946 )
Net cash provided by (used in) operating activities   $ 6,492     $ 1,994     $ 4,498     $ (618 )   $ 10,792     $ (11,410 )

(1) “EBITDA” and “Adjusted EBITDA” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures presented in this release to their most directly comparable GAAP measures.

Alico Citrus Division Results

Citrus production for the three and nine months ended June 30, 2023 and 2022 is summarized in the following table.

(in thousands, except per box and per pound solids data)                                
                                           
    Three Months Ended                 Nine Months Ended              
    June 30,     Change     June 30,     Change  
    2023     2022     Unit     %     2023     2022     Unit     %  
Boxes Harvested:                                                
Early and Mid-Season                       %     979       2,175       (1,196 )     (55.0 )%
Valencias     415       1,391       (976 )     (70.2 )%     1,669       3,274       (1,605 )     (49.0 )%
Total Processed     415       1,391       (976 )     (70.2 )%     2,648       5,449       (2,801 )     (51.4 )%
Fresh Fruit     1             1     NM       41       88       (47 )     (53.8 )%
Total     416       1,391       (975 )     (70.1 )%     2,689       5,537       (2,848 )     (51.4 )%
                                                 
Pound Solids Produced:                                                
Early and Mid-Season                       %     4,586       11,034       (6,448 )     (58.4 )%
Valencias     2,142       7,975       (5,833 )     (73.1 )%     8,702       17,756       (9,054 )     (51.0 )%
Total     2,142       7,975       (5,833 )     (73.1 )%     13,288       28,790       (15,502 )     (53.8 )%
                                                 
Pound Solids per Box                                                
Early and Mid-Season                       %     4.68       5.07       (0.39 )     (7.7 )%
Valencias     5.16       5.73       (0.57 )     (9.9 )%     5.21       5.42       (0.21 )     (3.9 )%
                                                 
Price per Pound Solids:                                                
Early and Mid-Season   $     $     $       %   $ 2.61     $ 2.56     $ 0.05       2.0 %
Valencias   $ 2.83     $ 2.71     $ 0.12       4.4 %   $ 2.76     $ 2.67     $ 0.09       3.4 %

NM = Not meaningful

For the nine months ended June 30, 2023, Alico Citrus harvested approximately 2.7 million boxes of fruit, a decrease of approximately 51% from the same period in the prior fiscal year. The decrease was primarily due to a reduction in both the Early and Mid-Season harvest and the Valencia harvest. After the completion of the harvest season the Early and Mid-Season crop was down 55% in boxes harvested, as compared to the prior year, and the Valencia crop was down 49%, as compared to the same period in the prior year. The overall decrease in the number of boxes harvested and revenues generated from the Early and Mid-Season and Valencia fruit for the 2023 harvest, as compared to the 2022 harvest, is primarily due to the increased rate of fruit drop caused by the impact of Hurricane Ian. The Company’s average realized/blended price per pound solids for the nine months ended June 30, 2023 increased by approximately 3.0%, as compared to the prior year period.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties and other miscellaneous income.

Income from operations for the Land Management and Other Operations Division decreased for the nine months ended June 30, 2023 by $0.2 million, compared to the nine months ended June 30, 2022. This decrease was primarily driven by timing of the revenues related to mining operations, as well as a reduction in the leased acreage relating to grazing and hunting leases, due to the sale of certain acres which were previously included under these lease arrangements, thus resulting in fewer acres now being leased under these grazing and hunting leases.

Management Comment

John Kiernan, President and Chief Executive Officer, commented, “The 2022-2023 citrus harvest season has been a difficult one for Alico, because of the impacts from Hurricane Ian last September, but we are looking forward to the upcoming season with guarded optimism. Historically, it has taken two or more seasons for citrus production to recover from such a devastating storm, but our consistent grove caretaking practices, combined with the new citrus greening therapy we began to apply this year, gives us confidence that Alico’s production will substantially increase for the 2023-24 citrus harvest season, as compared to the 2022-23 citrus harvest season. Of the millions of trees we planted beginning in 2017, many are now mature enough to produce meaningful quantities of fruit this season and help support a level of expectation for a better upcoming harvest for Alico.

“The overall decrease in box production for Alico was 51.4% for the 2022-2023 harvest season vs. the prior year. Although this is better than the 61.5% decrease in box production for the overall Florida orange crop forecasted by the USDA, as compared to the same period in the prior year, this lower level of production was insufficient to support our operating cash flow requirements. However, Alico had the balance sheet strength to weather this temporary impact to our business.

“We maintain crop insurance and property and casualty insurance on all of our groves, and through June 30, 2023 have received approximately $22.2 million in insurance proceeds, with the remaining $0.3 million of crop insurance proceeds received in July 2023. The Consolidated Appropriations Act, which was passed into law in December 2022, has federal funds earmarked for disaster relief. We hope that these funds eventually follow the funding mechanism previously established for the disbursement of the Hurricane Irma relief funds. We continue to support Florida Citrus Mutual, our industry trade group, and government agencies as they work to finalize federal relief programs available under the Act; however, we cannot determine the amount, if any, of federal relief the Company may be eligible for related to the damage Hurricane Ian caused us.

“We began treating our trees in January 2023 with the new application of an oxytetracycline product (“OTC”) via trunk injections as a citrus greening therapy following its approval by the Florida Department of Agriculture and Consumer Services in October 2022. This application has been utilized in citrus, apple and other crops. Through June 30, 2023, we have treated over 35% of our trees with OTC, which is expected to mitigate some of the impacts of citrus greening and is expected to decrease the rate of fruit drop, as well as improve fruit quality. The extent of any benefit of the OTC application therapy will not be measurable until the completion of the fiscal year 2024 harvest.”

Mr. Kiernan continued, “Currently, Alico expects that pricing next season will be in line with the past season. We have the majority of our fruit under contract for the 2023-2024 harvest season and have extended one of our contracts with Tropicana that recently expired. The two-year extension is through the 2024-2025 harvest season, with improved pricing. Although Alico is not making any financial projections for the next fiscal year at this time, we are observing lower market prices for some of our required fertilizer and chemicals. Labor and fuel remain critical resources for us, and although we utilize both as efficiently as possible in our daily operations, inflation over the past few years has increased the base level of those operating expenses. Our relationships with our lenders remain strong and we have $76.8 million of undrawn capacity under a revolving line of credit, which matures in November 2029, and a working capital line of credit, which matures in November 2025, to provide ample liquidity as Alico recovers from Hurricane Ian.

“Through June 30, 2023 we have sold approximately 1,436 acres of ranch land, for net proceeds of approximately $7.6 million. The Company is actively engaged with interested third parties on certain parcels of additional ranch land at prices we continue to believe are competitive. Also, in the current fiscal year we closed on two very small citrus grove purchases that are contiguous with one of our groves.”

Mr. Kiernan concluded, “Our work with land-use planning professionals to optimize the long-term potential value for our real assets is expected to conclude later this calendar year. Alico wants to provide investors with the benefits and stability of conventional agriculture investment, with the enhanced optionality that comes through active land management.”

Other Corporate Financial Information

General and administrative expense for the nine months ended June 30, 2023 was approximately $8.1 million, compared to approximately $7.7 million for the nine months ended June 30, 2022. The increase was primarily due to an increase in legal and professional fees of approximately $0.4 million, as compared to the same period in the prior year.

Other income (expense), net for the nine months ended June 30, 2023 and 2022 was approximately $3.8 million and approximately $38.2 million, respectively. The decrease in other income, net, is primarily due to gains on sale of real estate, property and equipment and assets held for sale of approximately $7.4 million relating to the sale during the nine months ended June 30, 2023 of approximately 1,436 acres, in the aggregate, from the Alico Ranch to several third parties. By comparison, gains on sale of real estate, property and equipment and assets held for sale of approximately $40.8 million arose from the sale during the nine months ended June 30, 2022 of approximately 9,418 acres, in the aggregate, from the Alico Ranch to several third parties. Additionally, an increase in interest expense of approximately $1.0 million for the nine months ended June 30, 2023, as compared to the nine months ended June 30, 2022, was the result of an increase in borrowings under the WCLC, and an increase in interest rates on its variable rate term debt and the variable rate interest on the WCLC.

Dividend

On July 14, 2023 the Company paid a third quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of June 30, 2023.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

  • The Company’s working capital was approximately $32.3 million at June 30, 2023, representing a 3.10 to 1.00 ratio.
  • The Company maintains a solid debt-to-equity ratio. At June 30, 2023, September 30, 2022, and September 30, 2021, the ratios were 0.49 to 1.00, 0.45 to 1.00, and 0.50 to 1.00, respectively.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our future results of operations and financial position, the Company’s eligibility for future federal relief, pursuit of opportunistic land sales, recovery timeline for our groves, impact of OTC on our rate of fruit drop and fruit quality, business strategy, plans and objectives of management for future operations or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change; damage and loss to our citrus groves from disease including but not limited to citrus greening and citrus canker; hurricanes and tropical storms given our geographic concentration in Florida; any adverse event affecting our citrus business; our ability to maintain our market share in a highly competitive business; future citrus production estimates; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties; heightened risks as a result of the sale of a majority of ownership of Tropicana to a French private equity firm; supply and demand pricing; development and execution of our strategic growth initiatives; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; risks associated with acquisition of additional agricultural assets and other businesses; adverse impacts from dispositions of our assets; harm to our reputation; tax risks associated with a “Section 1031 Exchange”; undertaking one or more significant corporate transactions; seasonality of our citrus business; significant competition in our agricultural operations; fluctuations in our earnings as a result of market supply and prices and demand for our products; climate change, or legal, regulatory or market measures to address climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; any weakness or instability in the real estate industry; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies, including as a result of restatement of our financial statements as of September 30, 2021, and the end of certain quarterly periods; the impact of any restatements and any resulting investigations, legal or administrative proceedings; the effect of inflation on our operations, including as a result of the conflict in Ukraine; increased costs as a result of being a public company; system security risks; the COVID-19 pandemic; any harm by natural disasters or epidemics; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and risks related with repurchases; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on December 13, 2022 (the “2022 Annual Report on Form 10-K”) and in our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact:

Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com

ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
   
    June 30,     September 30,  
    2023     2022  
    (Unaudited)        
ASSETS            
Current assets:            
Cash and cash equivalents   $ 1,592     $ 865  
Accounts receivable, net     4,363       324  
Inventories     38,833       27,682  
Income tax receivable     1,046       1,116  
Assets held for sale     130       205  
Prepaid expenses and other current assets     1,731       1,424  
Total current assets     47,695       31,616  
Property and equipment, net     368,290       372,479  
Goodwill     2,246       2,246  
Other non-current assets     2,895       2,914  
Total assets   $ 421,126     $ 409,255  
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
Accounts payable   $ 7,063     $ 3,366  
Accrued liabilities     5,428       9,062  
Long-term debt, current portion     2,098       3,035  
Other current liabilities     800       1,062  
Total current liabilities     15,389       16,525  
Long-term debt:            
Principal amount, net of current portion     102,791       103,661  
Less: deferred financing costs, net     (653 )     (748 )
Long-term debt less current portion and deferred financing costs, net     102,138       102,913  
Lines of credit     17,910       4,928  
Deferred income tax liabilities, net     35,755       35,589  
Other liabilities     282       435  
Total liabilities     171,474       160,390  
Commitments and Contingencies (Note 12)            
Stockholders' equity:            
Preferred stock, no par value, 1,000,000 shares authorized; none issued            
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,605,189 and 7,586,995 shares outstanding at June 30, 2023 and September 30, 2022, respectively     8,416       8,416  
Additional paid in capital     20,011       19,784  
Treasury stock, at cost, 810,956 and 829,150 shares held at June 30, 2023 and September 30, 2022, respectively     (27,444 )     (27,948 )
Retained earnings     243,245       243,490  
Total Alico stockholders' equity     244,228       243,742  
Noncontrolling interest     5,424       5,123  
Total stockholders' equity     249,652       248,865  
Total liabilities and stockholders' equity   $ 421,126     $ 409,255  


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
 
   
    Three Months Ended
June 30,
    Nine Months Ended
June 30,
 
    2023     2022     2023     2022  
Operating revenues:                        
Alico Citrus   $ 6,712     $ 25,533     $ 37,917     $ 89,313  
Land Management and Other Operations     572       405       1,249       1,603  
Total operating revenues     7,284       25,938       39,166       90,916  
Operating expenses:                        
Alico Citrus     (8,322 )     24,489       33,493       83,365  
Land Management and Other Operations     104       138       300       430  
Total operating expenses     (8,218 )     24,627       33,793       83,795  
Gross profit     15,502       1,311       5,373       7,121  
General and administrative expenses     2,930       2,557       8,106       7,679  
Income (loss) from operations     12,572       (1,246 )     (2,733 )     (558 )
Other income (expense), net:                        
Interest expense     (1,196 )     (854 )     (3,618 )     (2,625 )
Gain on sale of real estate, property and equipment and assets held for sale     2,605       5,755       7,368       40,804  
Other income, net     14       9       44       19  
Total other income, net     1,423       4,910       3,794       38,198  
Income before income taxes     13,995       3,664       1,061       37,640  
Income tax provision     1,923       1,002       306       4,281  
Net income     12,072       2,662       755       33,359  
Net (income) loss attributable to noncontrolling interests     (240 )     44       140       180  
Net income attributable to Alico, Inc. common stockholders   $ 11,832     $ 2,706     $ 895     $ 33,539  
Per share information attributable to Alico, Inc. common stockholders:                        
Earnings per common share:                        
Basic   $ 1.56     $ 0.36     $ 0.12     $ 4.44  
Diluted   $ 1.56     $ 0.36     $ 0.12     $ 4.44  
Weighted-average number of common shares outstanding:                        
Basic     7,605       7,570       7,599       7,551  
Diluted     7,605       7,589       7,599       7,561  
                         
Cash dividends declared per common share   $ 0.05     $ 0.50     $ 0.15     $ 1.50  


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 
   
    Nine Months Ended
June 30,
 
    2023     2022  
Net cash (used in) provided by operating activities:            
Net income   $ 755     $ 33,359  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:            
Depreciation, depletion and amortization     11,685       11,476  
Debt issue costs expense     106       214  
Gain on sale of real estate, property and equipment and assets held for sale     (7,368 )     (40,804 )
Loss on disposal of long-lived assets     5,535       2,228  
Inventory net realizable value adjustment     1,616        
Deferred income tax provision (benefit)     166       (4,758 )
Stock-based compensation expense     731       934  
Other     (4 )      
Changes in operating assets and liabilities:            
Accounts receivable     (4,039 )     1,509  
Inventories     (12,767 )     4,376  
Prepaid expenses     (307 )     (428 )
Income tax receivable     70       3,233  
Other assets     315       (556 )
Accounts payable and accrued liabilities     3,355       (3,618 )
Income taxes payable           3,138  
Other liabilities     (467 )     489  
Net cash (used in) provided by operating activities     (618 )     10,792  
             
Cash flows from investing activities:            
Purchases of property and equipment     (12,923 )     (15,112 )
Acquisition of citrus groves     (77 )     (136 )
Net proceeds from sale of real estate, property and equipment and assets held for sale     7,583       42,718  
Notes receivable     (570 )      
Change in deposits on purchase of citrus trees     269       65  
Net cash (used in) provided by investing activities     (5,718 )     27,535  
             
Cash flows from financing activities:            
Repayments on revolving lines of credit     (51,953 )     (46,470 )
Borrowings on revolving lines of credit     64,935       46,470  
Principal payments on term loans     (1,807 )     (18,839 )
Capital contribution received from noncontrolling interest     441        
Exercise of stock options           465  
Dividends paid     (4,553 )     (11,310 )
Net cash provided by (used in) financing activities     7,063       (29,684 )
             
Net increase in cash and cash equivalents and restricted cash     727       8,643  
Cash and cash equivalents and restricted cash at beginning of the period     865       886  
             
Cash and cash equivalents and restricted cash at end of the period   $ 1,592     $ 9,529  

Non-GAAP Financial Measures

Adjusted EBITDA                        
(in thousands)                        
    Three Months Ended June 30,     Nine Months Ended June 30,  
    2023     2022     2023     2022  
                         
Net income attributable to common stockholders   $ 11,832     $ 2,706     $ 895     $ 33,539  
Interest expense     1,196       854       3,618       2,625  
Income tax provision     1,923       1,002       306       4,281  
Depreciation, depletion, and amortization     3,838       3,808       11,685       11,476  
EBITDA     18,789       8,370       16,504       51,921  
Non-GAAP Adjustments:                        
Employee stock compensation expense(1)     61       147       281       429  
Inventory net realizable value adjustment                 1,616        
Federal relief proceeds - Hurricane Irma     (49 )           (1,315 )     (1,123 )
Insurance proceeds - Hurricane Ian     (17,482 )           (22,241 )      
Gain on sale of real estate, property and equipment and assets held for sale     (2,605 )     (5,755 )     (7,368 )     (40,804 )
Adjusted EBITDA   $ (1,286 )   $ 2,762     $ (12,523 )   $ 10,423  
                         
(1) Includes stock compensation expense for current executives, senior management and other employees.  


Adjusted (Loss) Income Per Diluted Common Share                        
(in thousands)                        
    Three Months Ended June 30,     Nine Months Ended June 30,  
    2023     2022     2023     2022  
                         
Net income attributable to common stockholders   $ 11,832     $ 2,706     $ 895     $ 33,539  
Non-GAAP Adjustments:                        
Employee stock compensation expense(1)     61       147       281       429  
Federal relief proceeds - Hurricane Irma     (49 )           (1,315 )     (1,123 )
Inventory net realizable value adjustment                 1,616        
Insurance proceeds - Hurricane Ian     (17,482 )           (22,241 )      
Gain on sale of real estate, property and equipment and assets held for sale     (2,605 )     (5,755 )     (7,368 )     (40,804 )
Tax impact(2)     2,670       1,340       3,861       5,040  
Adjusted net (loss) attributable to common stockholders   $ (5,573 )   $ (1,562 )   $ (24,271 )   $ (2,919 )
                         
Diluted common shares     7,605       7,589       7,599       7,561  
                         
Adjusted net (loss) per diluted common share   $ (0.73 )   $ (0.21 )   $ (3.19 )   $ (0.39 )
                         
(1) Includes stock compensation expense for current executives, senior management and other employees.  
(2) Benefit in the nine-month period ended June 30, 2022 is the result of a charitable contribution related to a sales transaction with the State of Florida.  

In addition to the GAAP financial measures, Alico utilizes the EBITDA, Adjusted EBITDA, and Adjusted Net (Loss) Income per Diluted Common Share which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Adjusted Net (Loss) Income per Diluted Common Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Adjusted Net (Loss) Income per Diluted Common Share is defined as net income adjusted for non-recurring transactions divided by diluted common shares.


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Announce Third Quarter 2023 Financial Results on Thursday, August 3, 2023 https://ir.stockpr.com/alicoinc/news/detail/1402/alico-inc-to-announce-third-quarter-2023-financial-results-on-thursday-august-3-2023 Thu, 20 Jul 2023 16:15:00 -0400 https://ir.stockpr.com/alicoinc/news/detail/1402/alico-inc-to-announce-third-quarter-2023-financial-results-on-thursday-august-3-2023 Company to Host Conference Call at 8:30 AM Eastern Time

FORT MYERS, Fla., July 20, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the third quarter ended June 30, 2023, on Thursday, August 3, before the markets open.

The Company will host a conference call to discuss its financial results on August 3, 2023, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-888-886-7786 in the United States and 1-416-764-8658 from outside of the United States. The participant identification to join the conference call is 95409966. Guests may dial-in on the numbers above and be answered by an operator, or click the Call me™ link for instant telephone access to the event:

Call me™: https://emportal.ink/3NGx51R
The Call me™ link will be made active 15 minutes prior to scheduled start time.

A telephone replay will be available on August 3, 2023, approximately three hours after the call concludes, and will be available through Thursday, August 17, 2023. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 95409966.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Land Management and Other Operations, which include environmental services, land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

Investor Relations
239-226-2060
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2023 https://ir.stockpr.com/alicoinc/news/detail/1401/alico-inc-announces-financial-results-for-the-second-quarter-and-six-months-ended-march-31-2023 Thu, 04 May 2023 06:40:00 -0400 https://ir.stockpr.com/alicoinc/news/detail/1401/alico-inc-announces-financial-results-for-the-second-quarter-and-six-months-ended-march-31-2023 FORT MYERS, Fla., May 04, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the second quarter of fiscal year 2023 and the six months ended March 31, 2023, the highlights of which are as follows:

  • Company reports net loss attributable to Alico, Inc. common stockholders of $7.8 million and EBITDA of ($3.2) million for second fiscal quarter of 2023. The Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $12.3 million and Adjusted EBITDA of ($7.8) million for the second fiscal quarter of 2023.
  • Box production is down from the previous year due to greater fruit drop from the impacts of Hurricane Ian.
  • The Company has received approximately $13.7 million in crop insurance proceeds through April 30, 2023, of which approximately $4.8 million was received through March 31, 2023.
  • Ranch land sales continued with the Company selling approximately 279 acres of the Alico Ranch to several third parties for approximately $1.6 million in gross proceeds.
  • The Company has approximately $73.6 million of undrawn credit available under its two lines of credit as of March 31, 2023.
  • Balance sheet remains strong with a working capital ratio of 2.58 to 1.00.

Results of Operations

For the six months ended March 31, 2023, the Company reported net loss attributable to Alico common stockholders of approximately $10.9 million, compared to net income attributable to Alico common stockholders of approximately $30.8 million for the six months ended March 31, 2022. For the six months ended March 31, 2023, the Company had loss of $1.44 per diluted common share, compared to earnings of $4.08 per diluted common share for the six months ended March 31, 2022. This was primarily due to (i) the timing of the gains on sale of real estate, property and equipment and assets held for sale; and (ii) a decrease in the gross profit primarily due to the lower revenue as a result of the reduced fruit production due to the accelerated fruit drop caused by the impacts of Hurricane Ian. In addition, the Company experienced cost increases in fertilizer, herbicide, labor, and fuel in maintaining its groves. These cost increases coupled with lower box production for both the Early and Mid-Season and the Valencia harvest resulted in a higher cost of sales per box as compared to the same period in the prior year.

For the six months ended March 31, 2023, the Company earned EBITDA of ($2.3) million, compared to $43.6 million for the six months ended March 31, 2022. Adjusted EBITDA for the six months ended March 31, 2023 and March 31, 2022 was approximately ($11.2) million and $7.7 million, respectively.

For the six months ended March 31, 2023, the Company had a net loss per diluted share of $1.44 as compared to net earnings per share of $4.08 per diluted share for the six months ended March 31, 2022. When both periods are adjusted for certain items, including gains on sale of real estate, Federal relief proceeds from the 2017 Hurricane Irma and 2022 Hurricane Ian insurance proceeds and net realizable value adjustment, the Company had an adjusted net loss of $2.46 per diluted common share for the six months ended March 31, 2023, compared to an adjusted net loss of $0.18 per diluted common share for the six months ended March 31, 2022.

These financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

The Company reported the following financial results:

(in thousands, except for per share amounts and percentages)                                    
    Three Months Ended March 31,     Six Months Ended March 31,  
    2023     2022     Change     2023     2022     Change  
                                     
Net (loss) income attributable to Alico, Inc. common stockholders   $ (7,787 )   $ 20,702     $ (28,489 )   $ (10,937 )   $ 30,833     $ (41,770 )
Earnings per diluted common share   $ (1.02 )   $ 2.74     $ (3.76 )   $ (1.44 )   $ 4.08     $ (5.52 )
EBITDA (1)   $ (3,150 )   $ 31,983     $ (35,133 )   $ (2,285 )   $ 43,551     $ (45,836 )
Adjusted EBITDA (1)   $ (7,795 )   $ 5,290     $ (13,085 )   $ (11,237 )   $ 7,661     $ (18,898 )
Net cash provided by (used in) operating activities   $ 2,555     $ 18,406     $ (15,851 )   $ (7,110 )   $ 8,798     $ (15,908 )
                                                 

(1) See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures presented in this release to their most directly comparable GAAP measures.

Alico Citrus Division Results

Citrus production for the three and six months ended March 31, 2023 and 2022 is summarized in the following table.

(in thousands, except per box and per pound solids data)                                
                                           
    Three Months Ended                 Six Months Ended              
    March 31,     Change     March 31,     Change  
    2023     2022     Unit     %     2023     2022     Unit     %  
Boxes Harvested:                                                
Early and Mid-Season     174       1,348       (1,174 )     (87.1 )%     979       2,175       (1,196 )     (55.0 )%
Valencias     1,254       1,883       (629 )     (33.4 )%     1,254       1,883       (629 )     (33.4 )%
Total Processed     1,428       3,231       (1,803 )     (55.8 )%     2,233       4,058       (1,825 )     (45.0 )%
Fresh Fruit     4       19       (15 )     (78.9 )%     40       88       (48 )     (54.5 )%
Total     1,432       3,250       (1,818 )     (55.9 )%     2,273       4,146       (1,873 )     (45.2 )%
                                                 
Pound Solids Produced:                                                
Early and Mid-Season     849       7,013       (6,164 )     (87.9 )%     4,586       11,034       (6,448 )     (58.4 )%
Valencias     6,560       9,781       (3,221 )     (32.9 )%     6,560       9,781       (3,221 )     (32.9 )%
Total     7,409       16,794       (9,385 )     (55.9 )%     11,146       20,815       (9,669 )     (46.5 )%
                                                 
Pound Solids per Box                                                
Early and Mid-Season     4.88       5.20       (0.32 )     (6.2 )%     4.68       5.07       (0.39 )     (7.7 )%
Valencias     5.23       5.19       0.04       0.7 %     5.23       5.19       0.04       0.7 %
                                                 
Price per Pound Solids:                                                
Early and Mid-Season   $ 2.79     $ 2.55     $ 0.24       9.2 %   $ 2.61     $ 2.56     $ 0.05       2.0 %
Valencias   $ 2.73     $ 2.64     $ 0.09       3.4 %   $ 2.73     $ 2.64     $ 0.09       3.4 %

For the six months ended March 31, 2023, Alico Citrus harvested approximately 2.3 million boxes of fruit, a decrease of approximately 45% from the same period of the prior fiscal year. The decrease was primarily due to a reduction in both the Early and Mid-Season Harvest and the Valenica harvest. The Early and Mid-Season harvest, which has been completed, and was down 55% in boxes harvested as compared to the prior year. The Valencia harvest commenced in February and, as of March 31, 2023, the boxes harvested was down approximately 33% compared to the same period in the prior year. The harvest was completed by the end of April and is lower than prior year. The overall decrease in the number of boxes harvested and revenues generated from the Early and Mid-Season and Valencia fruit for the 2023 harvest, as compared to the 2022 harvest, is primarily due to the increased rate of fruit drop caused by the impact of Hurricane Ian. The Company’s average realized/blended price per pound solids for the six months ended March 31, 2023 increased by approximately 3.1%, as compared to the same period of the prior fiscal year. The Company anticipates market prices in the 2022/2023 harvest season to be consistent with the 2021/2022 season’s market prices, largely due to low levels of inventory stocks at the juice processors and a tighter global supply for oranges.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties and other miscellaneous income.

Income from operations for the Land Management and Other Operations Division decreased for the six months ended March 31, 2023 by $0.4 million, compared to the six months ended March 31, 2022. This decrease was primarily driven by timing of the revenues related to mining operations, as well as a reduction in the leased acreage relating to grazing and hunting leases, due to the sale of certain acres which were previously included under these lease arrangements, thus resulting in fewer acres now being leased under these grazing and hunting leases.

Management Comment

John Kiernan, President and Chief Executive Officer, commented, “Alico, along with the Florida Citrus industry, has experienced significant reductions in revenue due to having less fruit available for sale as a result of the impacts of Hurricane Ian. The April 11, 2023 USDA Citrus Crop Forecast estimates a 61% decline in the Florida Orange box production, as compared to the prior year. As we enter the second half of our fiscal year, with the 2022-2023 harvest season behind us, the Alico management team is focused on the caretaking of our groves and preparing them for the 2023-2024 harvest. Based upon prior experience with storms of this nature, we anticipate it may take up to two full seasons, or more, for our groves to recover to pre-hurricane production levels.

“As we have reported previously, we maintain crop insurance on all of our groves, and in addition to the approximately $4.8 million received in the quarter ended March 31, 2023, in the month of April we have received additional crop insurance proceeds of approximately $8.9 million. We have additional claims pending and have been working closely with our insurers and adjusters to determine the remaining amount of insurance recovery we may be entitled to.

“In December 2022 the federal government passed into law the Consolidated Appropriations Act, and funds were earmarked for disaster relief; however, the mechanism of the funding is still unclear, and additional legislation has been introduced to allow the funding to follow the mechanism established for Hurricane Irma relief funds. We continue working with Florida Citrus Mutual, the industry trade group, and government agencies on the federal relief programs available under the Act; however, we cannot determine the amount of any relief the Company may be eligible for.

“Alico has been able to navigate through the impacts of Hurricane Ian and unseasonably warm and dry weather over the past several months only through the investments and actions that the Company has taken over the past several years.”

Mr. Kiernan continued, “The Company continues to engage with interested third parties on certain parcels of ranch land at prices we continue to believe are competitive. Through March 31, 2023 we have sold approximately 888 acres, for net proceeds of approximately $4.9 million. The company has approximately 19,000 acres of the Alico Ranch remaining. Also, in April 2023 we closed on a very small citrus grove purchase that is contiguous with one of our groves.

“In 2022, we began testing a new application of the Citrus Greening therapy Oxytetracycline (“OTC”), which is used in citrus and other crops. After a review of the new application method by the U.S. Environmental Protection Agency, the Florida Department of Agriculture and Consumer Services granted a special local-need registration on October 28, 2022. We began treating our trees on January 16, 2023, as the product and application devices became available, and treated approximately ten percent of our trees as of March 31, 2023. The extent of any benefit of the OTC application will not be measurable until the completion of the fiscal year 2024 harvest. Although not a cure for citrus greening, this OTC application mitigates some of the impacts of citrus greening and has shown to decrease the rate of fruit drop and improve fruit quality.”

Other Corporate Financial Information

General and administrative expense for the six months ended March 31, 2023 was approximately $5.2 million, compared to approximately $5.1 million for the six months ended March 31, 2022. The increase was primarily due to an increase in legal fees, which was partially offset by lower stock compensation expenses.

Other income (expense), net for the six months ended March 31, 2023 and 2022 was approximately $2.4 million and approximately $33.3 million, respectively. The decrease in other income, net, is primarily due to gains on sale of real estate, property and equipment and assets held for sale of approximately $4.8 million relating to the sale during the six months ended March 31, 2023 of approximately 888 acres, in the aggregate, from the Alico ranch to several third parties. By comparison, for the six months ended March 31, 2022, the Company recognized gains of approximately $35.0 million relating to the sale of real estate, property and equipment and assets held for sale. Additionally, an increase in interest expense of approximately $0.7 million for the six months ended March 31, 2023, as compared to the six months ended March 31, 2022, was the result of an increase in borrowings under the working capital line of credit, and an increase in interest rates on its variable rate term debt and the variable rate interest on the line of credit.

Dividend

On April 14, 2023 the Company paid a second quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of March 31, 2023.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

  • The Company’s working capital was approximately $22.7 million at March 31, 2023, representing a 2.58 to 1.00 ratio.
  • The Company maintains a solid debt-to-equity ratio. At March 31, 2023, September 30, 2022, and September 30, 2021, the ratios were 0.53 to 1.00, 0.45 to 1.00, and 0.50 to 1.00, respectively.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change; damage and loss to our citrus groves from disease including but not limited to citrus greening and citrus canker; hurricanes and tropical storms given our geographic concentration in Florida; any adverse event affecting our citrus business; our ability to maintain our market share in a highly competitive business; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties; heightened risks as a result of the sale of a majority of ownership of Tropicana to a French private equity firm; supply and demand pricing; development and execution of our strategic growth initiatives; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; risks associated with acquisition of additional agricultural assets and other businesses; adverse impacts from dispositions of our assets; harm to our reputation; tax risks associated with a “Section 1031 Exchange”; undertaking one or more significant corporate transactions; seasonality of our citrus business; significant competition in our agricultural operations; fluctuations in our earnings as a result of market supply and prices and demand for our products; climate change, or legal, regulatory or market measures to address climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; any weakness or instability in the real estate industry; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies, including as a result of restatement of our financial statements as of September 30, 2021, and the end of certain quarterly periods; the impact of any restatements and any resulting investigations, legal or administrative proceedings; the effect of inflation on our operations, including as a result of the conflict in Ukraine; increased costs as a result of being a public company; system security risks; the COVID-19 pandemic; any harm by natural disasters or epidemics; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and risks related with repurchases. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those Risks Factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, and our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact:

Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com 

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com 


ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

    March 31,     September 30,  
    2023     2022  
    (Unaudited)        
ASSETS            
Current assets:            
Cash and cash equivalents   $ 148     $ 865  
Accounts receivable, net     8,970       324  
Inventories     23,407       27,682  
Income tax receivable     2,855       1,116  
Assets held for sale     159       205  
Prepaid expenses and other current assets     1,434       1,424  
Total current assets     36,973       31,616  
Property and equipment, net     369,101       372,479  
Goodwill     2,246       2,246  
Other non-current assets     3,241       2,914  
Total assets   $ 411,561     $ 409,255  
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
Accounts payable   $ 8,017     $ 3,366  
Accrued liabilities     3,785       9,062  
Long-term debt, current portion     1,629       3,035  
Other current liabilities     880       1,062  
Total current liabilities     14,311       16,525  
Long-term debt:            
Principal amount, net of current portion     103,550       103,661  
Less: deferred financing costs, net     (684 )     (748 )
Long-term debt less current portion and deferred financing costs, net     102,866       102,913  
Lines of credit     21,122       4,928  
Deferred income tax liabilities, net     35,641       35,589  
Other liabilities     300       435  
Total liabilities     174,240       160,390  
Commitments and Contingencies (Note 12)            
Stockholders' equity:            
Preferred stock, no par value, 1,000,000 shares authorized; none issued            
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,599,492 and 7,586,995 shares outstanding at March 31, 2023 and September 30, 2022, respectively     8,416       8,416  
Additional paid in capital     19,985       19,784  
Treasury stock, at cost, 816,653 and 829,150 shares held at March 31, 2023 and September 30, 2022, respectively     (27,616 )     (27,948 )
Retained earnings     231,793       243,490  
Total Alico stockholders' equity     232,578       243,742  
Noncontrolling interest     4,743       5,123  
Total stockholders' equity     237,321       248,865  
Total liabilities and stockholders' equity   $ 411,561     $ 409,255  


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)

    Three Months Ended
March 31,
    Six Months Ended
March 31,
 
    2023     2022     2023     2022  
Operating revenues:                        
Alico Citrus   $ 20,937     $ 49,032     $ 31,205     $ 63,780  
Land Management and Other Operations     357       609       677       1,198  
Total operating revenues     21,294       49,641       31,882       64,978  
Operating expenses:                        
Alico Citrus     27,520       45,490       41,815       58,876  
Land Management and Other Operations     102       152       196       292  
Total operating expenses     27,622       45,642       42,011       59,168  
Gross (loss) profit     (6,328 )     3,999       (10,129 )     5,810  
General and administrative expenses     2,667       2,538       5,176       5,122  
(Loss) income from operations     (8,995 )     1,461       (15,305 )     688  
Other income (expense), net:                        
Interest expense     (1,274 )     (870 )     (2,422 )     (1,771 )
Gain on sale of real estate, property and equipment and assets held for sale     1,574       26,604       4,763       35,049  
Other income, net     30       1       30       10  
Total other income, net     330       25,735       2,371       33,288  
(Loss) income before income taxes     (8,665 )     27,196       (12,934 )     33,976  
Income tax (benefit) provision     (534 )     6,579       (1,617 )     3,279  
Net (loss) income     (8,131 )     20,617       (11,317 )     30,697  
Net loss attributable to noncontrolling interests     344       85       380       136  
Net (loss) income attributable to Alico, Inc. common stockholders   $ (7,787 )   $ 20,702     $ (10,937 )   $ 30,833  
Per share information attributable to Alico, Inc. common stockholders:                        
Earnings per common share:                        
Basic   $ (1.02 )   $ 2.74     $ (1.44 )   $ 4.09  
Diluted   $ (1.02 )   $ 2.74     $ (1.44 )   $ 4.08  
Weighted-average number of common shares outstanding:                        
Basic     7,599       7,552       7,596       7,543  
Diluted     7,599       7,556       7,596       7,548  
                         
Cash dividends declared per common share   $ 0.05     $ 0.50     $ 0.10     $ 1.00  


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

    Six Months Ended
March 31,
 
    2023     2022  
Net cash (used in) provided by operating activities:            
Net (loss) income   $ (11,317 )   $ 30,697  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:            
Depreciation, depletion and amortization     7,847       7,668  
Debt issue costs expense     71       85  
Gain on sale of real estate, property and equipment and assets held for sale     (4,763 )     (35,049 )
Loss on disposal of long-lived assets     4,032       909  
Inventory net realizable value adjustment     1,616        
Deferred income tax benefit     52       (4,746 )
Stock-based compensation expense     533       630  
Other     18        
Changes in operating assets and liabilities:            
Accounts receivable     (8,646 )     (6,422 )
Inventories     2,659       10,194  
Prepaid expenses     (10 )     (74 )
Income tax receivable     (1,739 )     3,233  
Other assets     211       (653 )
Accounts payable and accrued liabilities     2,681       (2,015 )
Income taxes payable           4,072  
Other liabilities     (355 )     269  
Net cash (used in) provided by operating activities     (7,110 )     8,798  
             
Cash flows from investing activities:            
Purchases of property and equipment     (8,445 )     (10,428 )
Acquisition of citrus groves     (29 )     (136 )
Net proceeds from sale of real estate, property and equipment and assets held for sale     4,927       36,657  
Notes receivable     (570 )      
Change in deposits on purchase of citrus trees     6       (95 )
Net cash (used in) provided by investing activities     (4,111 )     25,998  
             
Cash flows from financing activities:            
Repayments on revolving lines of credit     (24,995 )     (46,470 )
Borrowings on revolving lines of credit     41,189       46,470  
Principal payments on term loans     (1,517 )     (2,143 )
Exercise of stock options           170  
Dividends paid     (4,173 )     (7,533 )
Net cash provided by (used in) financing activities     10,504       (9,506 )
             
Net (decrease) increase in cash and cash equivalents and restricted cash     (717 )     25,290  
Cash and cash equivalents and restricted cash at beginning of the period     865       886  
             
Cash and cash equivalents and restricted cash at end of the period   $ 148     $ 26,176  


Non-GAAP Financial Measures

Adjusted EBITDA                        
(in thousands)                        
    Three Months Ended March 31,     Six Months Ended March 31,  
    2023     2022     2023     2022  
                         
Net (loss) income attributable to common stockholders   $ (7,787 )   $ 20,702     $ (10,937 )   $ 30,833  
Interest expense     1,274       870       2,422       1,771  
Income tax (benefit) provision     (534 )     6,579       (1,617 )     3,279  
Depreciation, depletion, and amortization     3,897       3,832       7,847       7,668  
EBITDA     (3,150 )     31,983       (2,285 )     43,551  
Non-GAAP Adjustments:                        
Employee stock compensation expense(1)     72       86       220       282  
Inventory net realizable value adjustment     1,616             1,616        
Federal relief proceeds - Hurricane Irma           (175 )     (1,266 )     (1,123 )
Insurance proceeds - Hurricane Ian     (4,759 )           (4,759 )      
Gain on sale of real estate, property and equipment and assets held for sale     (1,574 )     (26,604 )     (4,763 )     (35,049 )
Adjusted EBITDA   $ (7,795 )   $ 5,290     $ (11,237 )   $ 7,661  
                         
(1) Includes stock compensation expense for current executives, senior management and other employees.  


Adjusted (Loss) Income Per Diluted Common Share                        
(in thousands)                        
    Three Months Ended March 31,     Six Months Ended March 31,  
    2023     2022     2023     2022  
                         
Net (loss) income attributable to common stockholders   $ (7,787 )   $ 20,702     $ (10,937 )   $ 30,833  
Non-GAAP Adjustments:                        
Employee stock compensation expense(1)     72       86       220       282  
Federal relief proceeds - Hurricane Irma           (175 )     (1,266 )     (1,123 )
Inventory net realizable value adjustment     1,616             1,616        
Insurance proceeds - Hurricane Ian     (4,759 )           (4,759 )      
Gain on sale of real estate, property and equipment and assets held for sale     (1,574 )     (26,604 )     (4,763 )     (35,049 )
Tax impact(2)     84       6,435       1,191       3,700  
Adjusted net (loss) income attributable to common stockholders   $ (12,348 )   $ 444     $ (18,698 )   $ (1,357 )
                         
Diluted common shares     7,599       7,556       7,596       7,548  
                         
Adjusted net (loss) income per diluted common share   $ (1.62 )   $ 0.06     $ (2.46 )   $ (0.18 )
                         
(1) Includes stock compensation expense for current executives, senior management and other employees.  
(2) Benefit in the six-month period ended March 31, 2022 is the result of a charitable contribution related to a sales transaction with the State of Florida.  

In addition to the GAAP financial measures, Alico utilizes the EBITDA, Adjusted EBITDA, and Adjusted Net (Loss) Income per Diluted Common Share which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Adjusted Net (Loss) Income per Diluted Common Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Adjusted Net (Loss) Income per Diluted Common Share is defined as net income adjusted for non-recurring transactions divided by diluted common shares.

 


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Announce Second Quarter 2023 Financial Results on Thursday, May 4, 2023 https://ir.stockpr.com/alicoinc/news/detail/1400/alico-inc-to-announce-second-quarter-2023-financial-results-on-thursday-may-4-2023 Thu, 20 Apr 2023 16:15:00 -0400 https://ir.stockpr.com/alicoinc/news/detail/1400/alico-inc-to-announce-second-quarter-2023-financial-results-on-thursday-may-4-2023 Company to Host Conference Call at 8:30 AM Eastern Time

FORT MYERS, Fla., April 20, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the second quarter ended March 31, 2023, on Thursday, May 4, before the market open.

The Company will host a conference call to discuss its financial results on May 4, 2023, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-888-886-7786 in the United States and 1-416-764-8658 from outside of the United States. The participant identification to join the conference call is 10649055. Guests may dial-in on the numbers above and be answered by an operator, or click the Call me™ link for instant telephone access to the event:

Call me™: https://emportal.ink/40Q92TC
The Call me™ link will be made active 15 minutes prior to scheduled start time.

A telephone replay will be available on May 4, 2023, approximately three hours after the call concludes, and will be available through Thursday, May 18, 2023. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 10649055.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Land Management and Other Operations, which include environmental services, land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

Investor Relations
239-226-2060
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Announces Financial Results for the Fiscal Quarter Ended December 31, 2022 https://ir.stockpr.com/alicoinc/news/detail/1399/alico-inc-announces-financial-results-for-the-fiscal-quarter-ended-december-31-2022 Mon, 06 Feb 2023 06:40:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1399/alico-inc-announces-financial-results-for-the-fiscal-quarter-ended-december-31-2022 FORT MYERS, Fla., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fiscal quarter ended December 31, 2022, the highlights of which are as follows:

  • Company reports net loss attributable to Alico, Inc. common stockholders of $3.2 million and EBITDA of $0.9 million for fiscal quarter. After adjusting for certain non-recurring items, Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $6.3 million and Adjusted EBITDA of ($3.4) million.

  • During the fiscal quarter ended December 31, 2022, the Company sold approximately 609 acres of the Alico Ranch to several third parties for approximately $3.3 million.

  • Overall box production for the Early and Mid-Season crop will be lower than prior year production, as we accelerated the harvest due to increased rate of fruit drop as a result of Hurricane Ian.

  • Company has continued Balance Sheet strength, with working capital of $27.3 million.

Results of Operations

For the first fiscal quarter ended December 31, 2022, the Company reported net loss attributable to Alico common stockholders of approximately $3.2 million, compared to net income attributable to Alico common stockholders of approximately $10.1 million for the fiscal quarter ended December 31, 2021. For the fiscal quarter ended December 31, 2022, the Company had earnings of ($0.41) per diluted common share, compared to earnings of $1.34 per diluted common share for the fiscal quarter ended December 31, 2021. This was primarily due to (i) an increase in the cost of sales resulting from higher fertilizer, chemical and fuel costs incurred, as well as from a larger percentage of costs being allocated to the cost of sales in the three months ended December 31, 2022 because of the decrease in the Early and Mid-Season fruit production due to the impact of Hurricane Ian; and (ii) the timing of the gains on sale of real estate, property and equipment and assets held for sale.

For the fiscal quarter ended December 31, 2022, the Company earned EBITDA of $0.9 million, compared to $11.6 million for the fiscal quarter ended December 31, 2021. Adjusted EBITDA for the quarters ended December 31, 2022 and December 31, 2021 was approximately ($3.4) million and $2.4 million, respectively.

When both periods are adjusted for certain non-recurring items, including gains on sale of real estate and Federal relief proceeds from the 2017 storm Hurricane Irma, the Company had an adjusted net loss of $0.84 per diluted common share for the fiscal quarter ended December 31, 2022, compared to an adjusted net loss of $0.24 per diluted common share for the fiscal quarter ended December 31, 2021.

These financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

The Company reported the following financial results:

(in thousands, except for per share amounts and percentages)                        
    Three Months Ended December 31,  
    2022     2021     Change  
                         
Net (loss) income attributable to Alico, Inc. common stockholders   $ (3,150 )   $ 10,131     $ (13,281 )     (131.1 )%
Earnings per diluted common share   $ (0.41 )   $ 1.34     $ (1.75 )     (130.6 )%
EBITDA (1)   $ 865     $ 11,568     $ (10,703 )     (92.5 )%
Adjusted EBITDA (1)   $ (3,441 )   $ 2,371     $ (5,812 )   NM  
Net cash used in operating activities   $ (9,665 )   $ (9,608 )   $ (57 )     0.6 %

(1) See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures presented in this release to their most directly comparable GAAP measures.
NM - Not Meaningful

Alico Citrus Division Results

Citrus production for the three months ended December 31, 2022 and 2021 is summarized in the following table.

(in thousands, except per box and per pound solids data)                      
                         
    Three Months Ended              
    December 31,     Change  
    2022     2021     Unit     %  
Boxes Harvested:                        
Early and Mid-Season     805       827       (22 )     (2.7 )%
Total Processed     805       827       (22 )     (2.7 )%
Fresh Fruit     36       69       (33 )     (47.8 )%
Total     841       896       (55 )     (6.1 )%
                         
Pound Solids Produced:                        
Early and Mid-Season     3,737       4,021       (284 )     (7.1 )%
Total     3,737       4,021       (284 )     (7.1 )%
                         
Pound Solids per Box                        
Early and Mid-Season     4.64       4.86       (0.22 )     (4.5 )%
                         
Price per Pound Solids:                        
Early and Mid-Season   $ 2.57     $ 2.58     $ (0.01 )     (0.4 )%


For the three months ended December 31, 2022, Alico Citrus harvested approximately 0.8 million boxes of fruit, a decrease of approximately 6.1% from the first quarter of the prior fiscal quarter. The decrease in revenue for the three months ended December 31, 2022, compared to the three months ended December 31, 2021, was primarily due to a decrease in grove management services and a decrease in revenue generated from the Early and Mid-Season harvest. The Company will complete the harvesting earlier in the current fiscal year, as compared to the prior fiscal year, for its Early and Mid-Season fruit and will recognize an overall decrease in the number of boxes harvested and revenues generated from the Early and Mid-Season fruit for the 2023 harvest, as compared to the 2022 harvest, due to the increased rate of fruit drop due to the impact of Hurricane Ian. The Company’s average realized/blended price per pound solids remained relatively flat, as compared to the first quarter of the prior fiscal year. The Company anticipates market prices in the 2022/2023 harvest season to be consistent with this past season’s market prices largely due to low levels of inventory stocks at the juice processors and a tighter global supply for oranges.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties and other miscellaneous income.

Income from operations for the Land Management and Other Operations Division decreased for the three months ended December 31, 2022 by $0.3 million, compared to the three months ended December 31, 2021. This decrease was primarily driven by timing of the revenues related to mining operations, as well as a reduction in the leased acreage relating to grazing and hunting leases, due to the sale of certain acres which were previously included under these lease arrangements, thus resulting in fewer acres now being leased under these grazing and hunting leases.

Management Comment

John Kiernan, President and Chief Executive Officer, commented, “As we start fiscal year 2023, the Company continues to maintain a strong balance sheet, which will enable the company to navigate through the lingering impacts of Hurricane Ian on our 2023 harvest season. As a reminder, at the end of September 2022, Hurricane Ian struck southwestern Florida with 150 mph winds. The slow-moving storm moved across the state and caused substantial fruit drop at the majority of our groves. For fiscal year 2023, we will see lower levels of revenue because we have less fruit available to sell. Based upon our prior experiences with storms of this nature, we anticipate it may take up to two full seasons, or more, for our groves to recover to pre-hurricane production levels. The Early and Mid-Season harvest ended earlier with lower production volume than in the prior year due to the increased rate of fruit drop as a result of Hurricane Ian. We will start the Valencia harvest in mid-February. We maintain crop insurance and are working closely with our insurers and adjusters to determine the amount of insurance recovery we may be entitled to, if any, which is measured at the completion of each harvest.

“Although a small number of our groves were exposed to freezing temperatures in late December 2022 and early January 2023, based upon the limited duration at those freezing temperatures, our freeze protection protocols, and our highly dedicated staff, our groves were able to avoid any meaningful impact from those freezing temperatures.

“The federal government passed into law the Consolidated Appropriations Act in December 2022. As part of that Act, there are funds earmarked for disaster relief; however, the mechanism and funding of Hurricane Ian relief remains unclear, and if available, the extent to which the Company will be eligible. The Company is currently working with Florida Citrus Mutual, the industry trade group, and government agencies on the federal relief programs available under the Act. The Company intends to take advantage of such programs if and when they become available.”

Mr. Kiernan continued, “The Company has completed several sales of ranch land during the first fiscal quarter ended December 31, 2022 and has closed on a sale of another 200 acres of ranch land in January 2023. We continue to engage with interested third parties on certain parcels of the ranch and at prices we continue to believe are competitive.”

Other Corporate Financial Information

General and administrative expense for the three months ended December 31, 2022 was approximately $2.5 million, compared to approximately $2.6 million for the three months ended December 31, 2021. The decrease was primarily due to a reduction in expenses related to the Company-sponsored incentive for employees to obtain the COVID-19 vaccine during the three months ended December 31, 2022 of approximately $0.1 million, as compared to the same period in the prior year. In addition, the Company realized a reduction in stock compensation expense based upon a reduction in restricted stock awarded to certain executives, senior managers and employees and a reduction in other administrative costs. Partially offsetting these decreases was an increase in professional fees.

Other income, net for the three months ended December 31, 2022 and 2021, was approximately $2.0 million and $7.6 million, respectively. The decrease to other income, net, is primarily due to the timing of the gains on sale of real estate, property and equipment and assets held for sale. During the quarter ended December 31, 2022, the Company sold approximately 609 acres, in the aggregate, from the Alico Ranch to several third parties and recognized gains of approximately $3.2 million. By comparison, for the three months ended December 31, 2021, the Company sold, in the aggregate, approximately 1,900 acres from the Alico Ranch to several third parties and recognized gains of approximately $8.4 million relating to the sale of real estate, property and equipment and assets held for sale. In addition, the Company recognized an increase in interest expense of approximately $0.2 million for the three months ended December 31, 2022, as compared to the three months ended December 31, 2021, as a result of an increase in the overall interest rates on its variable rate term debt and WCLC, as well as additional borrowings under the WCLC as of December 31, 2022, as compared to December 31, 2021.

Dividend

On January 13, 2023 the Company paid a first quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of December 30, 2022.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

  • The Company’s working capital was approximately $27.3 million at December 31, 2022, representing a 3.67 to 1.00 ratio.

  • The Company maintains a solid debt-to-equity ratio. At December 31, 2022, September 30, 2022, and September 30, 2021, the ratios were 0.51 to 1.00, 0.45 to 1.00, and 0.50 to 1.00, respectively.

As of December 31, 2022 and 2021, the Company had long-term debt, including lines of credit, net of cash and cash equivalents, of approximately $124.7 million and $134.5 million, respectively. The Company, as of December 31, 2022, had approximately $75.7 million of availability under its two lines of credit.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These forward-looking statements are based on Alico’s current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “plans,” “expect,” “may,” “anticipate,” “intend,” “should be,” “will,” “is likely to,” “believes,” and similar expressions referring to future periods.

Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: changes in laws, regulation and rules, including tax laws and tax rates; climate change; weather conditions that affect production, transportation, storage, demand, import and export of fresh product and their by-products, and that may result in impairment expense such as the freeze in the last week of January 2022 or Hurricane Ian in the last week of September 2022; increased pressure from diseases including citrus greening and citrus canker, as well as insects and other pests; disruption of water supplies or changes in water allocations; market pricing of citrus; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy, including, but not limited to, changes due in part to the deadly conflict in Ukraine; changes in interest rates; availability of refinancing; availability of financing for land development activities and other growth and corporate opportunities; onetime events; acquisitions and divestitures; ability to make strategic acquisitions or divestitures; our ability to maintain effective internal control over financial reporting; the impact of, and costs related to, any investigations, legal or administrative actions that may result from the restatements described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022; ability to redeploy proceeds from divestitures; ability to consummate selected land acquisitions; ability to take advantage of tax deferral options; ability to retain executive officers and to replace departed executive officers; ability to replace the Company’s primary third party grove management customer and even further expand the third party grove management program; ability to complete and implement land use planning activities, including adding to entitlements applicable to owned real estate; seasonality; labor disruptions; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; changes in land values, agricultural or otherwise; the extent to which real estate value appreciates; impact of the COVID-19 outbreak and coronavirus pandemic on our agriculture operations, including without limitation demand for product, supply chain, health and availability of our labor force, the labor force of contractors we engage, and the labor force of our competitors; other risks related to the duration and severity of the COVID-19 outbreak and coronavirus pandemic and its impact on Alico’s business; the impact of the COVID-19 outbreak and coronavirus pandemic on the U.S. and global economies and financial markets, including without limitation related legislative and regulatory initiatives; availability of and access to governmental loans and incentives; availability of and access to governmental relief programs, particularly those that can be accessed with respect to the impact of Hurricane Ian; settlement of insurance claims; any reduction in the public float resulting from repurchases of common stock by Alico; changes in equity awards to employees; whether the Company's dividend policy, including its recent decreased dividend amounts, is continued or whether the Company’s performance supports the ability to return to the previously increased level of dividends; expressed desire of certain of our stockholders to liquidate their shareholdings by virtue of past market sales of common stock, by sales of common stock or by way of future transactions designed to consummate such expressed desire; political changes and economic crises; ability to implement ESG initiatives; competitive actions by other companies; increased competition from international companies; changes in environmental regulations and their impact on farming practices; the land ownership policies of governments; changes in government farm programs and policies and international reaction to such programs; changes in pricing calculations with our customers; fluctuations in the value of the U.S. dollar, interest rates, inflation and deflation rates; length of terms of contracts with customers; impact of concentration of sales to one customer; and changes in and effects of crop insurance programs, global trade agreements, trade restrictions and tariffs; and soil conditions, harvest yields, prices for commodities, and crop production expenses. Other risks and uncertainties include those that are described in Alico’s SEC filings, including those Risk Factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as such factors may be updated from time to time in subsequent filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and Alico undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact:

Investor Relations
(239) 226-2060
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

    December 31,     September 30,  
    2022     2022  
    (Unaudited)        
ASSETS            
Current assets:            
Cash and cash equivalents   $ 269     $ 865  
Accounts receivable, net     4,369       324  
Inventories     28,998       27,682  
Income tax receivable     2,199       1,116  
Assets held for sale     174       205  
Prepaid expenses and other current assets     1,546       1,424  
Total current assets     37,555       31,616  
Property and equipment, net     370,095       372,479  
Goodwill     2,246       2,246  
Other non-current assets     3,094       2,914  
Total assets   $ 412,990     $ 409,255  
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
Accounts payable   $ 2,951     $ 3,366  
Accrued liabilities     3,306       9,062  
Long-term debt, current portion     3,035       3,035  
Other current liabilities     933       1,062  
Total current liabilities     10,225       16,525  
Long-term debt:            
Principal amount, net of current portion     102,902       103,661  
Less: deferred financing costs, net     (716 )     (748 )
Long-term debt less current portion and deferred financing costs, net     102,186       102,913  
Lines of credit     19,045       4,928  
Deferred income tax liabilities, net     35,589       35,589  
Other liabilities     341       435  
Total liabilities     167,386       160,390  
Commitments and Contingencies (Note 12)            
Stockholders' equity:            
Preferred stock, no par value, 1,000,000 shares authorized; none issued            
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,592,937 and 7,586,995 shares outstanding at December 31, 2022 and September 30, 2022, respectively     8,416       8,416  
Additional paid in capital     19,943       19,784  
Treasury stock, at cost, 823,208 and 829,150 shares held at December 31, 2022 and September 30, 2022, respectively     (27,802 )     (27,948 )
Retained earnings     239,960       243,490  
Total Alico stockholders' equity     240,517       243,742  
Noncontrolling interest     5,087       5,123  
Total stockholders' equity     245,604       248,865  
Total liabilities and stockholders' equity   $ 412,990     $ 409,255  


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)

    Three Months Ended
December 31,
 
    2022     2021  
Operating revenues:            
Alico Citrus   $ 10,268     $ 14,748  
Land Management and Other Operations     320       589  
Total operating revenues     10,588       15,337  
Operating expenses:            
Alico Citrus     14,295       13,386  
Land Management and Other Operations     94       140  
Total operating expenses     14,389       13,526  
Gross (loss) profit     (3,801 )     1,811  
General and administrative expenses     2,509       2,584  
Loss from operations     (6,310 )     (773 )
Other income (expense), net:            
Interest expense     (1,148 )     (901 )
Gain on sale of real estate, property and equipment and assets held for sale     3,189       8,445  
Other income, net           9  
Total other income, net     2,041       7,553  
(Loss) income before income taxes     (4,269 )     6,780  
Income tax benefit     (1,083 )     (3,300 )
Net (loss) income     (3,186 )     10,080  
Net loss attributable to noncontrolling interests     36       51  
Net (loss) income attributable to Alico, Inc. common stockholders   $ (3,150 )   $ 10,131  
Per share information attributable to Alico, Inc. common stockholders:            
Earnings per common share:            
Basic   $ (0.41 )   $ 1.34  
Diluted   $ (0.41 )   $ 1.34  
Weighted-average number of common shares outstanding:            
Basic     7,593       7,535  
Diluted     7,593       7,542  
             
Cash dividends declared per common share   $ 0.05     $ 0.50  


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

    Three Months Ended
December 31,
 
    2022     2021  
Net cash used in operating activities:            
Net (loss) income   $ (3,186 )   $ 10,080  
Adjustments to reconcile net (loss) income to net cash used in operating activities:            
Depreciation, depletion and amortization     3,950       3,836  
Debt issue costs expense     36       43  
Gain on sale of real estate, property and equipment and assets held for sale     (3,189 )     (8,445 )
Loss on disposal of long-lived assets     1,915       137  
Deferred income tax benefit           (4,876 )
Stock-based compensation expense     305       375  
Other     8        
Changes in operating assets and liabilities:            
Accounts receivable     (4,045 )     (2,796 )
Inventories     (1,316 )     (2,573 )
Prepaid expenses     (122 )     (418 )
Income tax receivable     (1,083 )     1,576  
Other assets     108       117  
Accounts payable and accrued liabilities     (2,822 )     (6,328 )
Other liabilities     (224 )     (336 )
Net cash used in operating activities     (9,665 )     (9,608 )
             
Cash flows from investing activities:            
Purchases of property and equipment     (3,453 )     (4,193 )
Acquisition of citrus groves     (29 )     (136 )
Net proceeds from sale of real estate, property and equipment and assets held for sale     3,287       8,604  
Change in deposits on purchase of citrus trees     (301 )     (196 )
Net cash (used in) provided by investing activities     (496 )     4,079  
             
Cash flows from financing activities:            
Repayments on revolving lines of credit     (8,902 )     (16,319 )
Borrowings on revolving lines of credit     23,019       25,696  
Principal payments on term loans     (759 )     (1,072 )
Exercise of stock options           170  
Dividends paid     (3,793 )     (3,763 )
Net cash provided by financing activities     9,565       4,712  
             
Net decrease in cash and cash equivalents and restricted cash     (596 )     (817 )
Cash and cash equivalents and restricted cash at beginning of the period     865       886  
             
Cash and cash equivalents and restricted cash at end of the period   $ 269     $ 69  


Non-GAAP Financial Measures

Adjusted EBITDA            
(in thousands)            
    Three Months Ended December 31,  
    2022     2021  
             
Net (loss) income attributable to common stockholders   $ (3,150 )   $ 10,131  
Interest expense     1,148       901  
Income tax benefit     (1,083 )     (3,300 )
Depreciation, depletion, and amortization     3,950       3,836  
EBITDA     865       11,568  
Adjustments for non-recurring items:            
Employee stock compensation expense (1)     149       196  
Federal relief proceeds - Hurricane Irma     (1,266 )     (948 )
Gain on sale of real estate, property and equipment and assets held for sale     (3,189 )     (8,445 )
Adjusted EBITDA   $ (3,441 )   $ 2,371  
             
(1) Includes stock compensation expense for current executives, senior management and other employees.  


Adjusted Loss Per Diluted Common Share            
(in thousands)            
    Three Months Ended December 31,  
    2022     2021  
             
Net (loss) income attributable to common stockholders   $ (3,150 )   $ 10,131  
Adjustments for non-recurring items:            
Employee stock compensation expense (1)     149       196  
Federal relief proceeds - Hurricane Irma     (1,266 )     (948 )
Gain on sale of real estate, property and equipment and assets held for sale     (3,189 )     (8,445 )
Tax impact (2)     1,107       (2,735 )
Adjusted net loss attributable to common stockholders   $ (6,349 )   $ (1,801 )
             
Diluted common shares     7,593       7,542  
             
Adjusted net loss per diluted common share   $ (0.84 )   $ (0.24 )
             
(1) Includes stock compensation expense for current executives, senior management and other employees.  
(2) Benefit in fiscal quarter ended December 31, 2021 is the result of a charitable contribution related to a sales transaction with the State of Florida.  


In addition to the GAAP financial measures, Alico utilizes the EBITDA, Adjusted EBITDA, and Adjusted Net (Loss) Income per Diluted Common Share which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Adjusted Net (Loss) Income per Diluted Common Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Adjusted Net (Loss) Income per Diluted Common Share is defined as net income adjusted for non-recurring transactions divided by diluted common shares.


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Announce First Quarter 2023 Financial Results on Monday, February 6, 2023 https://ir.stockpr.com/alicoinc/news/detail/1398/alico-inc-to-announce-first-quarter-2023-financial-results-on-monday-february-6-2023 Mon, 23 Jan 2023 16:10:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1398/alico-inc-to-announce-first-quarter-2023-financial-results-on-monday-february-6-2023 Company to Host Conference Call at 8:30 AM Eastern Time

FORT MYERS, Fla., Jan. 23, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the first quarter ended December 31, 2022, on Monday, February 6, before the market open.

The Company will host a conference call to discuss its financial results on February 6, 2023, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-877-407-0792 in the United States and 1-201-689-8263 from outside of the United States. The participant identification to join the conference call is 13735632.

A telephone replay will be available on February 6, 2023, approximately three hours after the call concludes, and will be available through February 20, 2023. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 13735632.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Land Management and Other Operations, which include environmental services, land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

Investor Relations
239-226-2060
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Provides Second Sustainability Report Summary and Highlights Improvements https://ir.stockpr.com/alicoinc/news/detail/1397/alico-inc-provides-second-sustainability-report-summary-and-highlights-improvements Tue, 13 Dec 2022 16:25:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1397/alico-inc-provides-second-sustainability-report-summary-and-highlights-improvements FORT MYERS, Fla., Dec. 13, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced the publication of the Company’s second Sustainability Report.

The Company released its inaugural Sustainability Report last year, which documents the actions Alico undertook prior to and during 2021. Alico publicly committed to improve transparency regarding its sustainability actions and activities, and its Director of Sustainability and her team have made improvements which positively impact the Company’s culture, industry, operations, and the environment.

John Kiernan, President and Chief Executive Officer, commented, “I’m pleased to introduce Alico’s 2022 Sustainability Report. Although enthusiasm for ESG seems to have waned within the investment community over the past year while every company struggles to compete in the difficult global economic environment, Alico continues to focus on being the best steward for our land, as we have done for approximately 124 years, and a responsible corporate citizen while maintaining our leadership role within the agriculture industry.

“2022 saw Alico continue to be challenged by weather from a freeze event in January and a hurricane in September, but our Company remains focused on delivering the highest quality citrus fruit possible to Florida orange juice processors for years to come.

“Consistent with the commitments we made in our inaugural Sustainability Report in 2021, over the past year Alico has delivered on our Environmental, Social, and Governance promises. Some of our notable accomplishments include:

  • Beginning trials for slow-release fertilizer, which have the potential to significantly reduce our carbon footprint over the long-term.
  • Providing human rights training to all employees, reinforcing our commitment to labor and human rights in our operations and across our value chain.
  • Launching the Alico Hispanic Council Committee, a business resource group dedicated to supporting our Hispanic and Latinx employees.
  • Reinstituting (after a two-year COVID-19 delay) the requirement for all harvesting crew leaders to complete a Farm Management Certification Program, which provides an extra layer of assurance on food safety and workplace safety practices.
  • Continuing our membership in the United Nations Global Compact (UNGC) and aligning our sustainability efforts with the United Nations Sustainable Development Goals (UNSDGs) for Zero Hunger, Decent Work and Economic Growth, and Life on Land.

“Our goal with this report is to make it easier for our stakeholders—investors, employees, customers, suppliers, industry groups and academic institutions—to identify where our interests align and explore opportunities for partnership and collaboration.”

Mr. Kiernan concluded, “We look forward to keeping you informed about our continued progress on these important issues.”

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Land Management and Other Operations, which include environmental services, land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

ESG Contact:

Director of Sustainability
alicoesg@alicoinc.com

Investor Contact:

Investor Relations
InvestorRelations@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2022 https://ir.stockpr.com/alicoinc/news/detail/1396/alico-inc-announces-financial-results-for-the-fourth-quarter-and-fiscal-year-ended-september-30-2022 Tue, 13 Dec 2022 16:01:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1396/alico-inc-announces-financial-results-for-the-fourth-quarter-and-fiscal-year-ended-september-30-2022 FORT MYERS, Fla., Dec. 13, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2022, the highlights of which are as follows:

  • Company reports net income attributable to Alico, Inc. common stockholders of $12.5 million and EBITDA of $32.1 million for the fiscal year 2022. After adjusting for certain non-recurring items, Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $1.6 million and Adjusted EBITDA of $13.4 million.

  • Company’s fiscal year 2022 financial results are below the most recent net income and EBITDA guidance, primarily due to the approximately $23.0 million of inventory and casualty losses incurred as a result of the impact of Hurricane Ian; however, adjusting out for the impact of Hurricane Ian, such financial results exceeded the most recent Adjusted Net Loss and Adjusted EBITDA guidance.

  • During fiscal year 2022, the Company sold approximately 9,400 acres of the Alico Ranch to several third parties for approximately $41.9 million and used portions of the net cash proceeds to return approximately $15 million to shareholders through common dividends, prepay certain debt obligations, and support operations.

  • Company maintains a strong balance sheet with a working capital ratio of 1.91 to 1.00 and has reduced its debt-to-equity ratio to 0.45 to 1.00 for the fiscal year ended 2022 from 0.50 to 1.00 for the fiscal year ended 2021.

  • Alico will not at this time be providing investors with financial guidance for the 2023 fiscal year due to uncertainty related to Hurricane Ian.

Results of Operations

For the fiscal year ended September 30, 2022, the Company reported net income attributable to Alico common stockholders of approximately $12.5 million, compared to net income attributable to Alico common stockholders of approximately $34.9 million for the fiscal year ended September 30, 2021. The fiscal year ended 2022 results were negatively impacted by approximately $23.0 million of one-time items for casualty losses and inventory adjustments related to the impact of Hurricane Ian. As a consequence of these one-time adjustments, the net income for the fiscal year ended September 30, 2022 was below the Company’s most recent net income guidance of $30.7 to $33.3 million. For the fiscal year ended September 30, 2022, the Company had earnings of $1.65 per diluted common share, compared to earnings of $4.64 per diluted common share for the fiscal year ended September 30, 2021. The 2022 fiscal year decrease in net income attributable to Alico common stockholders is primarily due to the one-time adjustments recorded as a result of the impact of Hurricane Ian and a reduction in both box production and average pound solids per box of citrus fruit for the fiscal year ended September 30, 2022, as compared to the fiscal year ended September 30, 2021. Partially offsetting this decrease was (i) higher gains on sales of real estate, property and equipment and assets held for sale recorded in the fiscal year ended September 30, 2022, as compared to the same period in fiscal year 2021 and (ii) an increase in the market price per pound solids for citrus fruit in the 2021/2022 harvest season, as compared to the 2020/2021 harvest season, because of favorable industry supply dynamics.

For the fiscal year ended September 30, 2022, the Company’s EBITDA of $32.1 million was below the Company’s most recent EBITDA guidance of $52.6 million to $56.6 million, primarily due to the approximate $23.0 million of the one-time items for casualty losses and inventory adjustments related to the impact of Hurricane Ian.

When both periods are adjusted for certain non-recurring items, including primarily the casualty losses and inventory adjustments related to the impact of Hurricane Ian and gains on sale of real estate, the Company had an adjusted net loss of $0.21 per diluted common share for the fiscal year ended September 30, 2022, compared to an adjusted net income of $0.62 per diluted common share for the fiscal year ended September 30, 2021. Adjusted EBITDA for the fiscal years ended September 30, 2022, and 2021 was $13.4 million and $25.3 million, respectively, representing a 47.0% decrease.

These financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

The Company reported the following financial results:

    Three Months Ended September 30,     Fiscal Year Ended September 30,  
    2022     2021     Change     2022     2021     Change  
                                                 
Net (loss) income attributable to Alico, Inc. common stockholders   $ (21,080 )   $ (972 )   $ (20,108 )   NM     $ 12,459     $ 34,859     $ (22,400 )     (64.3 )%
EBITDA (1)   $ (19,840 )   $ 3,487     $ (23,327 )   NM     $ 32,081     $ 65,535     $ (33,454 )     (51.0 )%
Adjusted EBITDA (1)   $ 2,983     $ 1,324     $ 1,659       125.3 %   $ 13,406     $ 25,267     $ (11,861 )     (46.9 )%
(Loss) earnings per diluted common share   $ (2.78 )   $ (0.12 )   $ (2.66 )   NM     $ 1.65     $ 4.64     $ (2.99 )     (64.4 )%
Net cash (used in) provided by operating activities   $ (4,269 )   $ (17,104 )   $ 12,835       (75.0 )%   $ 6,523     $ 16,504     $ (9,981 )     (60.5 )%

(1) See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures presented in this release to their most directly comparable GAAP measures.
NM - Not Meaningful

Alico Citrus Division Results

Citrus production for the fiscal years ended September 30, 2022 and 2021 is summarized in the following table.

(in millions, except per box and per pound solids data)  
                         
    Fiscal Year Ended              
    September 30,     Change  
    2022     2021     Unit     %  
Boxes Harvested:                        
Early and Mid-Season     2,175       2,519       (344 )     (13.7 )%
Valencias     3,274       3,779       (505 )     (13.4 )%
Total Processed     5,449       6,298       (849 )     (13.5 )%
Fresh Fruit     91       61       30       49.2 %
Total     5,540       6,359       (819 )     (12.9 )%
Pound Solids Produced:                        
Early and Mid-Season     11,034       13,598       (2,564 )     (18.9 )%
Valencias     17,756       22,042       (4,286 )     (19.4 )%
Total     28,790       35,640       (6,850 )     (19.2 )%
Pound Solids per Box:                        
Early and Mid-Season     5.07       5.40       (0.33 )     (6.1 )%
Valencias     5.42       5.83       (0.41 )     (7.0 )%
Price per Pound Solids:                        
Early and Mid-Season   $ 2.56     $ 2.32     $ 0.24       10.3 %
Valencias   $ 2.68     $ 2.54     $ 0.14       5.5 %

For the fiscal year ended September 30, 2022, Alico Citrus harvested approximately 5.5 million boxes of fruit, a decrease of 12.9% from the prior fiscal year. The decrease was principally attributable to greater fruit drop and the freeze event which occurred in January 2022. However, the Company’s decline in harvested production was substantially lower than the USDA citrus report for the industry, in which the USDA reported a 22.5% decline in the total orange crop for the 2021/2022 harvest season, as compared to the prior year. As anticipated, the Company saw its average realized/blended price per pound solids rise from $2.45 in the prior fiscal year to $2.63 in fiscal year 2022. The Company anticipates market prices in the 2022/2023 harvest season to be consistent or slightly above this past season’s market prices largely due to continued consumption of not-from-concentrate orange juice by retail consumers, low levels of inventory stocks at the juice processors and a tighter global supply for oranges.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties and other miscellaneous income.

Income from operations for the Land Management and Other Operations Division decreased for the fiscal year ended September 30, 2022 by $0.2 million, compared to the prior fiscal year. This decrease was primarily driven by a reduction in the leased acreage relating to grazing and hunting leases, due to the sale of certain acres, which were previously included under these lease arrangements, thus resulting in fewer acres now being leased under these grazing and hunting leases.

Management Comment

John Kiernan, President and Chief Executive Officer, commented, “2022 was a challenging year for Alico. Two weather events had a meaningful impact on our Company and the Florida citrus industry. As previously discussed, in January, the freeze increased fruit drop for our Valencia crop at the beginning of our harvesting season, and we made the decision to accelerate the harvest of the remaining fruit that did not have time to mature to optimal quality standards.

“At the end of September, Hurricane Ian struck southwestern Florida with 150 mph winds. The slow-moving storm moved across the state, causing substantial fruit drop at the majority of our groves. Fortunately, tree damage was largely limited to only one property. This lost fruit impacted our fiscal year 2022 financial results through an aggregate of approximately $23.0 million of one-time items for casualty losses and inventory adjustments. Fiscal year 2023 will see lower levels of revenue because we have less fruit available for sale. Based upon our prior experience with storms of this nature, we anticipate it may take up to two seasons or more for our groves to recover to pre-hurricane production levels. After Hurricane Irma struck in 2017, our groves recovered the following harvest season. We maintain crop insurance and are working closely with our insurers and adjusters to evaluate and determine the amount of insurance recovery we may be entitled to, if any.

“As it has been for approximately 124 years, Alico remains focused on carrying on its business for the long term. In fact, we believe that we are the only citrus grower in the state of Florida that closed on a small acquisition for additional citrus acres immediately after Hurricane Ian in October. Alico has planted approximately 1.9 million new trees since 2017, which has materially increased tree density in our existing and recently purchased groves. Our Florida-based workforce remains stable. Sales of parcels of the Alico Ranch continue to be negotiated and closed at prices we believe to be attractive.

“The Company believes that actions taken in recent years make our balance sheet one of our greatest strengths. Our long-term debt levels have been significantly reduced through prepayments and most of our term debt maturing in 2029 is now non-amortizing. Alico negotiated an extension of its $70 million working capital line of credit with Rabo Agrifinance, Inc. until November 1, 2025. Our $25 million revolving line of credit with MetLife extends until November 2029. We believe that these credit facilities provide Alico with ample liquidity while the Company manages through the impact of the recent weather events. Senior managers of the Company have been working closely with Florida Citrus Mutual, the industry trade group, and government agencies, to seek federal relief to aid our recovery from the effects of Hurricane Ian.

“We believe the investments that Alico has made over the past several years have created what we believe to be the most productive citrus groves in Florida. We will continue to blend a conventional agriculture investment with the ability to optimize the returns on our real assets. We are continuing to work with land-use planning professionals to develop and implement this strategy over the next several years, which we expect to help generate greater returns for our shareholders through active land management.

“Alico has paid common dividends to shareholders consistently since it became publicly held more than 6 decades ago. The rate of increased dividend payments since 2019 has been a source of pride as ranch sales proceeds and operations enabled significant amounts of capital to be returned to shareholders. However, taking into account the impact of the recent storm, Alico’s Board of Directors unanimously voted to reduce its next quarterly common dividend to $0.05 per share. As the Company recovers from the effects of the recent hurricane, future capital allocation decisions will be evaluated in an effort to maximize returns to shareholders, which may include but are not limited to pursuing opportunities to acquire additional citrus acreage at attractive prices, repurchasing common shares, making other acquisitions, or even considering special dividends as asset sales, such as additional portions of the Alico Ranch, are realized.”

Other Corporate Financial Information

General and administrative expenses for the fiscal year ended September 30, 2022 were approximately $10.1 million, compared to approximately $9.5 million for the fiscal year ended September 30, 2021. The increase was attributable in large part to increases relating to (i) an increase in legal expense in the twelve months ended September 30, 2022, when compared to the twelve months ended September 30, 2021, with the fiscal year 2021 legal expense having been lower because of a reimbursement of approximately $0.7 million from insurers for a corporate legal matter from 2018 that was received during the twelve months ended September 30, 2021, (ii) a net increase in stock compensation expense of approximately $0.2 million relating to restricted stock awarded to certain executives, senior managers and employees, and (iii) an increase of approximately $0.1 million relating to a company-sponsored incentive for employees to obtain the COVID 19 vaccine. Partially offsetting these increases were reductions relating to (i) a decrease in payroll expenses of approximately $0.3 million primarily relating to the reduction in administrative personnel made during the fiscal year ended September 30, 2021 and during the fiscal year ended September 30, 2022, and (ii) a reduction in Company’s director fees of approximately $0.2 million, relating to a modification of the compensation arrangement for the Board of Directors.

Other income, net, for the fiscal years ended September 30, 2022, and 2021 was approximately $37.8 million and approximately $32.0 million, respectively. The other income, net in both fiscal years was primarily due to the Company recognizing significant gains on sales of real estate, property and equipment and assets held for sale, with the increase being attributable to increases in the amount of such gains. For the fiscal year ended September 30, 2022, the Company recorded gains on sale of real estate, property and equipment and assets held for sale of approximately $41.1 million relating primarily to the sale of approximately 9,400 acres from the Alico Ranch to several third parties. For the fiscal year ended September 30, 2021, the Company recognized gains on sale of real estate, property and equipment and assets held for sale of approximately $35.9 million. Additionally, the increase in other income net was due in part to a decrease in interest expense of approximately $0.7 million for the fiscal year ended September 30, 2022, as compared to the fiscal year ended September 30, 2021, primarily due to the reduction of the Company’s long-term debt from the making of mandatory principal payments and certain prepayments.

Dividend

On October 14, 2022, the Company paid a fourth quarter cash dividend of $0.50 per share on its outstanding common stock to stockholders of record as of September 30, 2022. Additionally, the Company has declared a first quarter fiscal year 2023 cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of December 30, 2022.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

  • The Company’s working capital was approximately $15.1 million at September 30, 2022, representing a 1.91 to 1.00 ratio.
  • The Company maintains a solid and improving debt-to-equity ratio. At September 30, 2022, September 30, 2021, and September 30, 2020, the ratios were 0.45 to 1.00, 0.50 to 1.00, and 0.67 to 1.00, respectively.

As of September 30, 2022, the Company had long-term debt, including lines of credit, net of cash and cash equivalents, of approximately $110.8 million. On October 27, 2022, the Company extended the maturity date of its working capital line of credit with one of its lenders to November 1, 2025. The Company, as of September 30, 2022, had approximately $89.8 million of availability under its two lines of credit.

Restatement of Historical Balance Sheet Items

During the completion of our annual report on Form 10-K for the fiscal year ending September 30, 2022, the Company identified an error in the calculation of the deferred tax liabilities for the fiscal years 2015 through 2019, resulting in a restatement of balance sheet items as of September 30, 2021 and as of the end of each fiscal quarter previously reported since December 31, 2020. The error had no impact on our consolidated statements of operations or our consolidated statements of cash flows presented in the Form 10-K but resulted in a cumulative reduction in deferred tax liability, and a corresponding cumulative increase in retained earnings, of approximately $2,512,000 on our audited consolidated balance sheet as of September 30, 2021.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These forward-looking statements are based on Alico’s current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “plans,” “expect,” “may,” “anticipate,” “intend,” “should be,” “will,” “is likely to,” “believes,” and similar expressions referring to future periods.

Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance, or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: changes in laws, regulation and rules, including tax laws and tax rates; climate change; weather conditions that affect production, transportation, storage, demand, import and export of fresh product and their by-products, and that may result in impairment expense such as the freeze in the last week of January 2022, or Hurricane Ian, which occurred in the last week of September 2022; increased pressure from diseases including citrus greening and citrus canker, as well as insects and other pests; disruption of water supplies or changes in water allocations; market pricing of citrus; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy, including, but not limited to, changes due in part to the deadly conflict in Ukraine; changes in interest rates; availability of refinancing; availability of financing for land development activities and other growth and corporate opportunities; onetime events; acquisitions and divestitures; ability to make strategic acquisitions or divestitures; our ability to maintain effective internal control over financial reporting; the impact of, and costs related to, any investigations, legal or administrative actions that may result from the restatements described in our Annual Report on Form 10-K; ability to redeploy proceeds from divestitures; ability to consummate selected land acquisitions; ability to take advantage of tax deferral options; ability to retain executive officers and to replace departed executive officers; ability to replace the Company’s primary third party grove management customer and even further expand the third party grove management program; ability to complete and implement land use planning activities, including adding to entitlements applicable to owned real estate; seasonality; labor disruptions; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; changes in land values, agricultural or otherwise; the extent to which real estate value appreciates; impact of the COVID-19 outbreak and coronavirus pandemic on our agriculture operations, including without limitation demand for product, supply chain, health and availability of our labor force, the labor force of contractors we engage, and the labor force of our competitors; other risks related to the duration and severity of the COVID-19 outbreak and coronavirus pandemic and its impact on Alico’s business; the impact of the COVID-19 outbreak and coronavirus pandemic on the U.S. and global economies and financial markets, including without limitation related legislative and regulatory initiatives; access to governmental loans and incentives; access to governmental relief programs; settlement of insurance claims; any reduction in the public float resulting from repurchases of common stock by Alico; changes in equity awards to employees; whether the Company's dividend policy, including its recent increased dividend amounts, is continued; expressed desire of certain of our stockholders to liquidate their shareholdings by virtue of past market sales of common stock, by sales of common stock or by way of future transactions designed to consummate such expressed desire; political changes and economic crises; ability to implement ESG initiatives; competitive actions by other companies; increased competition from international companies; changes in environmental regulations and their impact on farming practices; the land ownership policies of governments; changes in government farm programs and policies and international reaction to such programs; changes in pricing calculations with our customers; fluctuations in the value of the U.S. dollar, interest rates, inflation and deflation rates; length of terms of contracts with customers; impact of concentration of sales to one customer; changes in and effects of crop insurance programs, global trade agreements, trade restrictions and tariffs; soil conditions, harvest yields, prices for commodities, and crop production expenses. Other risks and uncertainties include those that are described in Alico’s SEC filings, including those Risk Factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as such factors may be updated from time to time in subsequent filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and Alico undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact:

Investor Relations
(646) 277-1254
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


ALICO, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

    September 30,  
    2022     2021  
          (Restated)  
ASSETS            
Current assets:            
Cash and cash equivalents   $ 865     $ 886  
Accounts receivable, net     324       6,105  
Inventories     27,682       43,377  
Income tax receivable     1,116       3,233  
Assets held for sale     205       160  
Prepaid expenses and other current assets     1,424       1,152  
Total current assets     31,616       54,913  
Property and equipment, net     372,479       373,231  
Goodwill     2,246       2,246  
Other non-current assets     2,914       2,827  
Total assets   $ 409,255     $ 433,217  
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities:            
Accounts payable   $ 3,366     $ 7,274  
Accrued liabilities     9,062       9,872  
Long-term debt, current portion     3,035       4,285  
Other current liabilities     1,062       875  
Total current liabilities     16,525       22,306  
Long-term debt:            
Principal amount, net of current portion     103,661       122,009  
Less: deferred financing costs, net     (748 )     (986 )
Long-term debt less current portion and deferred financing costs, net     102,913       121,023  
Lines of credit     4,928        
Deferred income tax liabilities, net     35,589       39,465  
Other liabilities     435       306  
Total liabilities     160,390       183,100  
Commitments and Contingencies (Note 16)            
Stockholders’ equity:            
Preferred stock, no par value, 1,000,000 shares authorized; none issued            
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,586,995 and 7,562,004 shares outstanding at September 30, 2022 and September 30, 2021, respectively     8,416       8,416  
Additional paid in capital     19,784       19,989  
Treasury stock, at cost, 829,150 and 890,141 shares held at September 30, 2022 and September 30, 2021, respectively     (27,948 )     (29,853 )
Retained earnings     243,490       246,163  
Total Alico stockholders’ equity     243,742       244,715  
Noncontrolling interest     5,123       5,402  
Total stockholders’ equity     248,865       250,117  
Total liabilities and stockholders’ equity   $ 409,255     $ 433,217  


ALICO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

    Fiscal Year Ended September 30,  
    2022     2021     2020  
Operating revenues:                  
Alico Citrus   $ 89,681     $ 105,796     $ 89,369  
Land Management and Other Operations     2,266       2,768       3,138  
Total operating revenues     91,947       108,564       92,507  
Operating expenses:                  
Alico Citrus     106,192       83,893       72,281  
Land Management and Other Operations     520       778       2,307  
Total operating expenses     106,712       84,671       74,588  
Gross (loss) profit     (14,765 )     23,893       17,919  
General and administrative expenses     10,079       9,453       10,998  
(Loss) income from operations     (24,844 )     14,440       6,921  
Other income (expense):                  
Investment and interest income, net     21       23       98  
Interest expense     (3,324 )     (3,987 )     (5,981 )
Gains on sale of real estate, property and equipment and assets held for sale     41,102       35,898       30,424  
Other income (expense), net           13       (85 )
Total other income, net     37,799       31,947       24,456  
Income before income taxes     12,955       46,387       31,377  
Income tax provision     1,069       11,567       7,663  
Net income     11,886       34,820       23,714  
Net loss (income) attributable to noncontrolling interests     573       39       (52 )
Net income attributable to Alico, Inc. common stockholders   $ 12,459     $ 34,859     $ 23,662  
Per share information attributable to Alico, Inc. common stockholders:                  
Earnings per common share:                  
Basic   $ 1.65     $ 4.64     $ 3.16  
Diluted   $ 1.65     $ 4.64     $ 3.16  
Weighted-average number of common shares outstanding:                  
Basic     7,560       7,516       7,484  
Diluted     7,568       7,519       7,496  
Cash dividends declared per common share   $ 2.00     $ 1.36     $ 0.36  



ALICO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

    Fiscal Year Ended September 30,  
    2022     2021     2020  
Net cash provided by operating activities:                  
Net income   $ 11,886     $ 34,820     $ 23,714  
Adjustments to reconcile net income to net cash provided by operating activities:                  
Depreciation, depletion and amortization     15,229       15,122       14,282  
Debt issue costs expense     255       179       238  
Deferred income tax expense     (3,876 )     2,249       7,603  
Cash surrender value     160       (14 )     (10 )
Deferred retirement (expense) benefit                 (5,226 )
Gain on sale of real estate, property and equipment and assets held for sale     (41,102 )     (35,898 )     (30,424 )
Inventory net realizable value adjustment     6,676            
Casualty loss – tree damage     1,258              
Loss on disposal of property and equipment     3,251       2,338       1,382  
Inventory casualty loss     14,900          
Casualty loss – building     142              
Impairment of long-lived assets                 598  
Impairment of right-of-use-asset                 87  
Insurance proceeds received for damage to property and equipment           (103 )    
Stock-based compensation expense     1,235       1,230       1,306  
Changes in operating assets and liabilities:                  
Accounts receivable     5,781       (1,758 )     (3,634 )
Inventories     (5,881 )     (2,522 )     (712 )
Prepaid expenses     (271 )     (115 )     (135 )
Income tax receivable     2,117       (2,452 )     (781 )
Other assets     (450 )     575       (839 )
Accounts payable and accrued liabilities     (5,111 )     3,429       (1,530 )
Income tax payable             (5,536 )
Other liabilities     324       (576 )     666  
Net cash provided by operating activities     6,523       16,504       1,049  
Cash flows from investing activities:                  
Purchases of property and equipment     (20,731 )     (22,258 )     (18,785 )
Purchases of citrus groves     (136 )     (18,527 )     (2,920 )
Net proceeds from sale of real estate, property and equipment and assets held for sale     43,159       37,266       31,541  
Insurance proceeds received for damage to property and equipment           103      
Change in deposits on purchase of citrus trees     176       217       (458 )
Advances on notes receivables, net           371       136  
Purchases of mineral rights           (453 )      
Other           13       (25 )
Net cash provided by (used in) investing activities     22,468       (3,268 )     9,489  
Cash flows from financing activities:                  
Repayments on revolving lines of credit     (52,227 )     (50,735 )     (114,581 )
Borrowings on revolving lines of credit     57,155       47,793       117,523  
Principal payments on term loans     (19,598 )     (21,957 )     (15,198 )
Treasury stock purchases                 (238 )
Dividends paid     (15,101 )     (7,138 )     (2,466 )
Exercise of stock options     465              
Deferred financing costs                 (23 )
Capital contribution received from noncontrolling interest     294             294  
Net cash used in financing activities     (29,012 )     (32,037 )     (14,689 )
Net decrease in cash and cash equivalents and restricted cash     (21 )     (18,801 )     (4,151 )
Cash and cash equivalents and restricted cash at beginning of the period     886       19,687       23,838  
Cash and cash equivalents and restricted cash at end of the period   $ 865     $ 886     $ 19,687  
Supplemental disclosure of cash flow information:                  
Cash paid for interest, net of amount capitalized   $ 3,192     $ 3,940     $ 5,832  
Cash paid for income taxes   $ 3,430     $ 11,770     $ 6,403  
Supplemental disclosure of non-cash investing and financing activities:                  
Dividends declared but unpaid   $ 3,793     $ 3,763     $ 674  


Non-GAAP Financial Measures

Adjusted EBITDA              
(in thousands)              
  Three Months Ended September 30,     Fiscal Year Ended September 30,  
  2022     2021     2022     2021  
                       
Net (loss) income attributable to common stockholders $ (21,080 )   $ (972 )   $ 12,459     $ 34,859  
Interest expense   699       802       3,324       3,987  
Income tax (benefit) provision   (3,212 )     (115 )     1,069       11,567  
Depreciation, depletion and amortization   3,753       3,772       15,229       15,122  
EBITDA   (19,840 )     3,487       32,081       65,535  
Adjustments for non-recurring items:                      
Inventory Casualty Loss - Hurricane Ian   14,900             14,900        
Inventory net realizable value adjustment - Hurricane Ian   6,676             6,676        
Property Casualty Loss - Hurricane Ian   1,400             1,400        
Employee stock compensation expense (1)   145       100       574       386  
Corporate advisory fees                     201  
Insurance reimbursement – corporate matters                     (658 )
Federal relief and insurance proceeds - Hurricane Irma               (1,123 )     (4,299 )
Gains on sale of real estate, property and equipment and assets held for sale   (298 )     (2,263 )     (41,102 )     (35,898 )
                       
Adjusted EBITDA $ 2,983     $ 1,324     $ 13,406     $ 25,267  
                       
(1) Includes stock compensation expense for current and former executives and managers.  


Adjusted Net Income (Loss) Earnings Per Diluted Common Share              
(in thousands)              
  Three Months Ended September 30,     Fiscal Year Ended September 30,  
  2022     2021     2022     2021  
                       
Net (loss) income attributable to common stockholders $ (21,080 )   $ (972 )   $ 12,459     $ 34,859  
Adjustments for non-recurring items:                      
Inventory Casualty Loss - Hurricane Ian   14,900             14,900        
Inventory net realizable value adjustment - Hurricane Ian   6,676             6,676        
Property Casualty Loss - Hurricane Ian   1,400             1,400        
Employee stock compensation expense (1)   145       100       574       386  
Corporate advisory fees                     201  
Insurance reimbursement – corporate matters                     (658 )
Federal relief and insurance proceeds - Hurricane Irma               (1,123 )     (4,299 )
Gains on sale of real estate, property and equipment and assets held for sale   (298 )     (2,263 )     (41,102 )     (35,898 )
Tax impact   (427 )     672       4,613       10,041  
                       
Adjusted net income (loss) attributable to common stockholders $ 1,316     $ (2,463 )   $ (1,603 )   $ 4,632  
                       
Diluted common shares   7,587       7,539       7,568       7,519  
                       
Adjusted net income (loss) per diluted common share $ 0.17     $ (0.33 )   $ (0.21 )   $ 0.62  
                       
(1) Includes stock compensation expense for current and former executives and managers.  

In addition to the GAAP financial measures, Alico utilizes the EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss) per Diluted Common Share which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) per Diluted Common Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Adjusted Net Income (Loss) per Diluted Common Share is defined as net income adjusted for non-recurring transactions divided by diluted common shares.


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. to Announce Fourth Quarter and Full Year 2022 Financial Results on Tuesday, December 13, 2022 https://ir.stockpr.com/alicoinc/news/detail/1395/alico-inc-to-announce-fourth-quarter-and-full-year-2022-financial-results-on-tuesday-december-13-2022 Mon, 12 Dec 2022 10:00:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1395/alico-inc-to-announce-fourth-quarter-and-full-year-2022-financial-results-on-tuesday-december-13-2022 Company to Host Conference Call at 4:30 PM Eastern Time

FORT MYERS, Fla., Dec. 12, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the fourth quarter and full year ended September 30, 2022, on Tuesday, December 13, after the market close.

The Company will host a conference call to discuss its financial results on December 13, 2022, at 4:30 pm Eastern Time. Interested parties may join the conference call by dialing 1-877-407-0792 in the United States and 1-201-689-8263 from outside of the United States. The participant identification to join the conference call is 13734919.

A telephone replay will be available on December 13, 2022, approximately two hours after the call concludes, and will be available through December 27, 2022. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 13734919.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Land Management and Other Operations, which include environmental services, land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

Investor Relations
(646) 277-1254
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>
Alico, Inc. Provides Further Update on Challenges in Reporting Fiscal Year 2022 Results and Making Associated Filings https://ir.stockpr.com/alicoinc/news/detail/1394/alico-inc-provides-further-update-on-challenges-in-reporting-fiscal-year-2022-results-and-making-associated-filings Wed, 07 Dec 2022 07:22:00 -0500 https://ir.stockpr.com/alicoinc/news/detail/1394/alico-inc-provides-further-update-on-challenges-in-reporting-fiscal-year-2022-results-and-making-associated-filings FORT MYERS, Fla., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) announced on December 6, 2022 that although the Company had planned to be able to report its financial results for the period ended September 30, 2022 on December 6, 2022, the Company and its independent public accounting firm determined they need additional time to complete the audit of such financial results. 

The key item that is requiring such additional time involves evaluation of the proper amount of the Company’s Deferred Tax Liability, particularly certain portions of that Deferred Tax Liability arising in prior fiscal years, including those going back to fiscal year 2019 or possibly several years before fiscal year 2019.

Potential adjustments related to this portion of the Deferred Tax Liability, if required, would be a decrease in the Deferred Tax Liability and an increase in Retained Earnings for the prior period or an out of period adjustment increasing Net Income for fiscal year 2022.

Although it remains uncertain as to whether the time needed to complete the evaluation will require an extension of time to file the Company’s Form 10-K for its fiscal year 2022, the Company is optimistic that the evaluation will be completed early enough to be able to file before the applicable filing deadline.

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These forward-looking statements are based on Alico’s current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “plans,” “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,” “believes,” and similar expressions referring to future periods.

Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance, or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: analysis of and impact resulting from certain procedures related to reporting deferred tax liabilities discussed in this press release, including, but not limited to the potential of adjustments to financial results reported in prior periods; plans to remediate the impact of these matters on the outlook of the Company and any restatement on the Company’s previously issued financial statements for the affected period(s); the discovery of any additional information relevant to the financial statements; any changes in the effects of any restatements on the Company’s financial statements or financial results; higher than expected charges after completing any restatement process; delay in any filings due to the Company’s efforts to complete its audit or any restatement(s) changes in laws, regulation and rules, including tax laws and tax rates; climate change; weather conditions that affect production, transportation, storage, demand, import and export of fresh product and their by-products, and that may result in impairment expense such as the freeze in the last week of January 2022, or Hurricane Ian, which occurred in the last week of September 2022; increased pressure from diseases including citrus greening and citrus canker, as well as insects and other pests; disruption of water supplies or changes in water allocations; market pricing of citrus; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy, including, but not limited to, changes due in part to the deadly conflict in Ukraine; changes in interest rates; availability of refinancing; availability of financing for land development activities and other growth and corporate opportunities; onetime events; acquisitions and divestitures; ability to make strategic acquisitions or divestitures; ability to redeploy proceeds from divestitures; ability to consummate selected land acquisitions; ability to take advantage of tax deferral options; ability to retain executive officers and to replace departed executive officers; ability to replace the Company’s primary third party grove management customer and even further expand the third party grove management program; ability to complete and implement land use planning activities, including adding to entitlements applicable to owned real estate; seasonality; labor disruptions; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; changes in land values, agricultural or otherwise; the extent to which real estate value appreciates; impact of the COVID-19 outbreak and coronavirus pandemic on our agriculture operations, including without limitation demand for product, supply chain, health and availability of our labor force, the labor force of contractors we engage, and the labor force of our competitors; other risks related to the duration and severity of the COVID-19 outbreak and coronavirus pandemic and its impact on Alico’s business; the impact of the COVID-19 outbreak and coronavirus pandemic on the U.S. and global economies and financial markets, including without limitation related legislative and regulatory initiatives; access to governmental loans and incentives; access to governmental relief programs; settlement of insurance claims; any reduction in the public float resulting from repurchases of common stock by Alico; changes in equity awards to employees; whether the Company's dividend policy, including its recent increased dividend amounts, is continued; expressed desire of certain of our stockholders to liquidate their shareholdings by virtue of past market sales of common stock, by sales of common stock or by way of future transactions designed to consummate such expressed desire; political changes and economic crises; ability to implement ESG initiatives; competitive actions by other companies; increased competition from international companies; changes in environmental regulations and their impact on farming practices; the land ownership policies of governments; changes in government farm programs and policies and international reaction to such programs; changes in pricing calculations with our customers; fluctuations in the value of the U.S. dollar, interest rates, inflation and deflation rates; length of terms of contracts with customers; impact of concentration of sales to one customer; changes in and effects of crop insurance programs, global trade agreements, trade restrictions and tariffs; soil conditions, harvest yields, prices for commodities, and crop production expenses. Other risks and uncertainties include those that are described in Alico’s SEC filings, including those Risk Factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, and our Quarterly Reports on Form 10-Q, which are available on the SEC’s website at http://www.sec.gov. Alico undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

Investor Contact:

Investor Relations
(646) 277-1254
InvestorRelations@alicoinc.com

Perry Del Vecchio
Chief Financial Officer
(239) 226-2000
pdelvecchio@alicoinc.com


Primary Logo

Source: Alico, Inc. ]]>