Business
Alico, Inc. Announces Financial Results for the First Quarter Ended December 31, 2023
FORT MYERS, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the first
About this update from Alico, Inc.
[{"type":"text","content":"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 effect...