Alico, Inc. Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2023

About this update from Alico, Inc.

[{"type":"text","content":"FORT MYERS, Fla., May 04, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the second quarter of fiscal year 2023 and the six months ended March 31, 2023, the highlights of which are as follows: Company reports net loss attributable to Alico, Inc. common stockholders of $7.8 million and EBITDA of ($3.2) million for second fiscal quarter of 2023. The Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $12.3 million and Adjusted EBITDA of ($7.8) million for the second fiscal quarter of 2023.Box production is down from the previous year due to greater fruit drop from the impacts of Hurricane Ian.The Company has received approximately $13.7 million in crop insurance proceeds through April 30, 2023, of which approximately $4.8 million was received through March 31, 2023.Ranch land sales continued with the Company selling approximately 279 acres of the Alico Ranch to several third parties for approximately $1.6 million in gross proceeds.The Company has approximately $73.6 million of undrawn credit available under its two lines of credit as of March 31, 2023.Balance sheet remains strong with a working capital ratio of 2.58 to 1.00. Results of Operations For the six months ended March 31, 2023, the Company reported net loss attributable to Alico common stockholders of approximately $10.9 million, compared to net income attributable to Alico common stockholders of approximately $30.8 million for the six months ended March 31, 2022. For the six months ended March 31, 2023, the Company had loss of $1.44 per diluted common share, compared to earnings of $4.08 per diluted common share for the six months ended March 31, 2022. This was primarily due to (i) the timing of the gains on sale of real estate, property and equipment and assets held for sale; and (ii) a decrease in the gross profit primarily due to the lower revenue as a result of the reduced fruit production due to the accelerated fruit drop caused by the impacts of Hurricane Ian. In addition, the Company experienced cost increases in fertilizer, herbicide, labor, and fuel in maintaining its groves. These cost increases coupled with 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 ...

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