Business
Alico, Inc. Announces Financial Results for the Fiscal Quarter Ended December 31, 2019
FORT MYERS, Fla., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fiscal
About this update from Alico, Inc.
[{"type":"text","content":"FORT MYERS, Fla., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fiscal quarter ended December 31, 2019, the highlights which are as follows:\n Production of fruit on track to match prior season’s harvest.Current pricing environment is challenging.Additional proceeds of $4.5 million received under the Florida Citrus Recovery Block Grant Program.Balance Sheet remains strong with a working capital ratio of 2.33 to 1.00. Results of Operations For the fiscal quarter ended December 31, 2019, the Company recorded net income attributable to Alico common stockholders of $0.8 million and earnings of $0.11 per diluted common share, compared to net loss attributable to Alico common stockholders of $2.5 million and a loss of $0.33 per diluted common share in the first fiscal quarter ended December 31, 2018. The increase in net income attributable to Alico common stockholders is primarily due to funds awarded through the federal disaster relief program, and reductions in certain general and administrative costs, partially offset by a decrease in the number of boxes harvested, and a decline in the price per pound solids applicable to the quarter ended December 31, 2019, compared to the quarter ended December 31, 2018. The current harvesting activities commenced later than in the prior year but are on schedule, and the Company is confident that its current year production remains on track to meet the pound solids delivered last fiscal year. When both quarters are adjusted for certain non-recurring items, the Company had an adjusted loss of $0.28 per diluted common share for the fiscal quarter ended December 31, 2019, compared to an adjusted loss of $0.10 per diluted common share for the fiscal quarter ended December 31, 2018. Adjusted EBITDA for the quarters ended December 31, 2019 and December 31, 2018 was $2.2 million and $4.1 million, respectively. These results reflect the seasonal nature of the Company’s business. The majority of our citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's profit and cash flows from operating activities are typically recognized in those quarters and our working capital requirements are typically greater in the first and fourth quarters of our fiscal year. The Company ...