Business
Alico, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended June 30, 2024
FORT MYERS, Fla. , Aug. 05, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, “us” or “our”) (Nasdaq: ALCO) today announced financial
About this update from Alico, Inc.
[{"type":"text","content":"FORT MYERS, Fla. , Aug. 05, 2024 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, “us” or “our”) (Nasdaq: ALCO) today announced financial results for the third quarter of fiscal year 2024 and the nine months ended June 30, 2024, the highlights of which are as follows: The Company previously announced that it entered a new three-year agreement to sell oranges to Tropicana at prices that are approximately 33% to 50% higher, over the life of the contract, than the average price for all the citrus fruit sold to Tropicana last season.The Company has now treated substantially all of its producing trees with Oxytetracycline (“OTC”) and anticipates that these 4.5 million trees will support meaningful production growth in the 2024-25 harvest season.The Company previously announced that it has continued to commit to its real estate activities by hiring Mitch Hutchcraft, who joined Alico as Executive Vice President of Real Estate in May 2024.The Company's Board of Directors is announcing, as part of its succession plan, the anticipated appointment of a current Director, Adam Putnam, as the next Chairman of the Board when the current Chairman, George Brokaw, completes his term as Chairman in February 2025. Mr. Brokaw will continue to serve as a Director of Alico.The Company sold 798 acres of citrus land for approximately $7.2 million ($9,000 per acre) and the buyer has an option within the next nine months to purchase the remaining 680 acres on that grove at the same price per acre.The Company maintains a strong balance sheet, with approximately $94.8 million available under lines of credit, a Working Capital Ratio of 2.67 to 1.00 and a Debt to Total Assets ratio of 0.20 to 1.00 at June 30, 2024, with no significant maturities until 2029. Results of Operations (in thousands, except for per share amounts and percentages) (Unaudited) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 % Change 2024 2023 % ChangeRevenue$13,610 $7,284 86.8% $45,708 $39,166 16.7%Net (loss) income attributable to Alico, Inc. common stockholders$(2,044) $11,832 (117.3)% $25,097 $895 NM (Loss) earnings per diluted common share$(0.27) $1.56 (117.3)% $3.29 $0.12 NM EBITDA (1)$1,343 $18,789 (92.9)% $48,686 $16,504 195.0%Adjusted EBITDA (1)$(3,390) $(1,286) (163.6)% $(4,415) $(12,523) 64.7%Net cash provided by (used in) operating ...