Business
Alico, Inc. Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2024
FORT MYERS, Fla., May 06, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, or “our”) (Nasdaq: ALCO) today announces financial results for
About this update from Alico, Inc.
[{"type":"text","content":"FORT MYERS, Fla., May 06, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, or “our”) (Nasdaq: ALCO) today announces financial results for the second quarter of fiscal year 2024 and the six months ended March 31, 2024, the highlights of which are as follows: Revenues of $32.1 million for the six months ended March 31, 2024 were relatively flat as compared to $31.9 million in the six months ended March 31, 2023.Net income attributable to Alico, Inc. common stockholders of $27.1 million and EBITDA of $47.3 million for the six months ended March 31, 2024. After adjusting for certain items, the Company reports Adjusted EBITDA of $(1.0) million for the six months ended March 31, 2024.Lower than anticipated box production for the Valencia Harvest, as the Company continues to recover from the effects of Hurricane Ian, resulted in an inventory write-down of $17.7 million for the quarter ended March 31, 2024.Trees treated with Oxytetracycline (“OTC”) demonstrate an increase in yield, as compared to trees untreated in the prior fiscal year.We are in the process of negotiating new Citrus supply agreements, which we believe will provide for prices per pound solid over the next several years that will be significantly greater than the current year’s prices per pound solid.The Company entered into an agreement to sell approximately 780 acres of underperforming citrus land for approximately $7.0 million ($9,000 per acre) in gross proceeds, that includes an option to purchase an additional 680 acres within ten months of the closing date of the sale, at the same price per acre. The transaction is expected to close at the end of July 2024.The Company maintains a strong balance sheet, with approximately $95.0 million available under lines of credit, a working capital ratio of 2.55 to 1.00 and a debt to equity ratio of 0.20 to 1.00 at March 31, 2024, with no significant maturities until 2029. Results of Operations (in thousands, except for per share amounts and percentages) Three Months Ended March 31, Six Months Ended March 31, 2024 2023 % Change 2024 2023 % ChangeRevenue$18,113 $21,294 (14.9)% $32,098 $31,882 0.7%Net (loss) income attributable to Alico, Inc. common stockholders$(15,804) $(7,787) (103.0)% $27,141 $(10,937) 348.2%Earnings (loss) per diluted common share$(2.07) $(1.02) (102.9)% $3.56 $(1.44) 347.2%EBITDA (1)$(16,46...