Alico, Inc. Announces Financial Results for Fiscal Year 2019

About this update from Alico, Inc.

[{"type":"text","content":"FORT MYERS, Fla., Dec. 05, 2019 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2019, the highlights which are as follows:\n Processed box production increases 68% from prior year and 9% from pre-hurricane harvest season.Company records net income attributable to common stockholders of $37.8 million and adjusted EBITDA of $48.5 million.Company increases quarterly dividend by 50% to $0.09 per share for the upcoming quarter ending December 31, 2019.Company achieves goals of Alico 2.0 Modernization Program (“Alico2.0”) and completes transition to a high-quality, low-cost producer of citrus fruit. $12 million of expense savings was targeted when Alico 2.0 was announced in 2017 and over $16 million is now being saved annually.Company generates Return on Assets of 9.0%, Return on Invested Capital of 10.1%, Return on Capital Employed of 12.6% and Return on Equity of 20.7%. Results of Operations For the fiscal year ended September 30, 2019, the Company recorded net income attributable to Alico common stockholders of $37.8 million and earnings of $5.05 per diluted common share, compared to net income attributable to Alico common stockholders of $13.1 million and earnings of $1.57 per diluted common share in the prior year. The increase in net income attributable to Alico common stockholders is primarily due to increased processed box production in the current fiscal year, as compared to the prior fiscal year, funds awarded through the federal disaster relief program and the impact of a valuation allowance resulting in tax expense for the fiscal year ended September 30, 2018. Partially offsetting this increase are higher harvesting and hauling costs directly related to the greater processed box production, and a one-time deferred tax benefit attributable to the federal corporate tax rate change enacted on December 22, 2017, that was recorded in the fiscal year ended September 30, 2018. When both years are adjusted for certain non-recurring items, the Company had adjusted earnings of $2.86 per diluted common share for the fiscal year ended September 30, 2019, compared to an adjusted loss of $0.19 per diluted common share for the fiscal year ended September 30, 2018. Adjusted EBITDA for the fiscal years ended September 30, ...

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