Business
Alico, Inc. Announces Financial Results for the Fiscal Quarter Ended December 31, 2021
FORT MYERS, Fla., Feb. 03, 2022 (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. 03, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fiscal quarter ended December 31, 2021, the highlights which are as follows: Not-from-concentrate orange juice consumption continues to be stronger than pre-pandemic levels.Market prices per pound solids increase in fiscal year 2022.Average pound solids per box this quarter are down from the previous year, expected to be lower this season.Box production this quarter is slightly higher from the previous year due to timing, but expected to be lower this season. Momentum of opportunistic ranch land sales continued with another transaction with the State of Florida.Balance sheet remains strong with a working capital ratio of 3.69 to 1.00.In light of expected lower fruit yield and uncertainties regarding the extent of damage to the Valencia crop caused by the recent freeze, the Company is withdrawing its prior guidance for net income, EBITDA, adjusted net income and adjusted EBITDA for fiscal year 2022, and expects to update that guidance once it can secure more information about the impact of the freeze. Results of Operations For the fiscal quarter ended December 31, 2021, the Company recorded net income attributable to Alico common stockholders of approximately $10.1 million and earnings of $1.34 per diluted common share, compared to net income attributable to Alico common stockholders of approximately $3.8 million and earnings of $0.51 per diluted common share in the first fiscal quarter ended December 31, 2020. The increase in net income attributable to Alico common stockholders is due to (i) an increased amount of gain on the sale of real estate, property and equipment and assets held for sale being recorded in the quarter ended December 31, 2021, compared to the quarter ended December 31, 2020, primarily due to the sale of certain parcels of land from the Alico Ranch and (ii) the Company’s recognition in the quarter ended December 31, 2021 of a charitable deduction associated with the sale of certain acres to the State of Florida, which resulted in the Company recording a tax benefit for the quarter. Partially offsetting this increase in net income attributable to Alico common stockholders was the receipt by the Company of a lower amount of proceeds under the Florida Citrus Recovery...