Alico, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended June 30, 2022

About this update from Alico, Inc.

[{"type":"text","content":"FORT MYERS, Fla., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the third quarter of fiscal year 2022 and the nine months ended June 30, 2022, the highlights of which are as follows: Box production for past harvest season was down from the previous year due to a freeze event and greater fruit drop.Average pound solids per box was down from the previous year.Market prices per pound solids increased for the second consecutive year.Company’s latest ranch land sales sold at an average price of approximately $5,000 per acre. Interest from prospective buyers remains robust.Company updates guidance for net income, EBITDA, adjusted net income and adjusted EBITDA for fiscal year 2022.Balance sheet remains strong with a working capital ratio of 2.47 to 1.00. Debt to equity ratio now below .40 to 1.00. Results of Operations For the nine months ended June 30, 2022, the Company recorded net income attributable to Alico common stockholders of approximately $33.5 million and earnings of $4.44 per diluted common share, compared to net income attributable to Alico common stockholders of approximately $35.8 million and earnings of $4.77 per diluted common share in the same period in the prior year. The decrease in net income attributable to Alico common stockholders is primarily due to (i) the reduction in revenue generated from citrus operations due largely to lower processed box production and pound solids per box mostly attributable to greater fruit drop and a freeze event that occurred in late January 2022; (ii) the receipt by the Company of a lower amount of proceeds under the Florida Citrus Recovery Block Grant (“CRBG”) program in the nine months ended June 30, 2022, compared to the nine months ended June 30, 2021, as the reimbursement under the CRBG program is now substantially complete; and (iii) an increase in cost of sales that was mainly driven by an increase in fertilizer and fuel costs in the nine months ended June 30, 2022, as compared to the same period in the prior year. Partially offsetting this decrease in net income attributable to Alico common stockholders was (i) an increased amount of gain on the sale of real estate, property and equipment and assets held for sale being recorded in the nine months ended June 30, 2022, compared to the nine months ...

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