Business
Alico, Inc. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2023
FORT MYERS, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fourth
About this update from Alico, Inc.
[{"type":"text","content":"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 yea...