Alico, Inc. Announces Financial Results for the First Quarter Ended December 31, 2024
Alico Inc. (NASDAQ: ALCO) reported financial results for Q1 2024, showing a net loss of $9.2 million compared to a net income of $42.9 million in Q1 2023. Revenue increased 20.8% to $16.9 million, while earnings per share decreased to -$1.20 from $5.64 year-over-year.
The company is executing a strategic transformation to become a diversified land company and will conclude capital investment in citrus operations after the 2025 harvest. Citrus production decreased to 4.0 million pound solids from 4.7 million in the prior year due to Hurricane Milton impacts and ongoing challenges with citrus greening disease.
Alico expects to realize approximately $20 million in land sales in fiscal year 2025 and maintains strong liquidity with $73.5 million in available credit facilities. The company has no significant debt maturities until 2029 and ended the quarter with $4.4 million in cash and $104.9 million in total debt.
Alico Inc. (NASDAQ: ALCO) ha riportato i risultati finanziari per il primo trimestre del 2024, mostrando una perdita netta di 9,2 milioni di dollari rispetto a un utile netto di 42,9 milioni di dollari nel primo trimestre del 2023. I ricavi sono aumentati del 20,8% a 16,9 milioni di dollari, mentre l'utile per azione è diminuito a -1,20 dollari rispetto a 5,64 dollari dell'anno precedente.
L'azienda sta attuando una trasformazione strategica per diventare una società diversificata nel settore agricolo e concluderà gli investimenti di capitale nelle operazioni citriche dopo il raccolto del 2025. La produzione di agrumi è diminuita a 4,0 milioni di libbre solide rispetto a 4,7 milioni dell'anno precedente a causa degli impatti dell'uragano Milton e delle continue sfide legate alla malattia del greening degli agrumi.
Alico prevede di realizzare circa 20 milioni di dollari dalla vendita di terreni nell'esercizio fiscale 2025 e mantiene una forte liquidità con 73,5 milioni di dollari in linee di credito disponibili. L'azienda non ha scadenze significative di debito fino al 2029 e ha chiuso il trimestre con 4,4 milioni di dollari in contante e 104,9 milioni di dollari in debito totale.
Alico Inc. (NASDAQ: ALCO) informó los resultados financieros del primer trimestre de 2024, mostrando una pérdida neta de 9,2 millones de dólares en comparación con una ganancia neta de 42,9 millones de dólares en el primer trimestre de 2023. Los ingresos aumentaron un 20,8% a 16,9 millones de dólares, mientras que las ganancias por acción disminuyeron a -1,20 dólares desde 5,64 dólares en el año anterior.
La compañía está llevando a cabo una transformación estratégica para convertirse en una empresa diversificada en el sector de la tierra y concluirá la inversión de capital en operaciones de cítricos después de la cosecha de 2025. La producción de cítricos disminuyó a 4,0 millones de libras sólidas desde 4,7 millones en el año anterior debido a los impactos del huracán Milton y los desafíos continuos con la enfermedad del greening de los cítricos.
Alico espera realizar aproximadamente 20 millones de dólares en ventas de tierras en el año fiscal 2025 y mantiene una fuerte liquidez con 73,5 millones de dólares en líneas de crédito disponibles. La empresa no tiene vencimientos significativos de deuda hasta 2029 y terminó el trimestre con 4,4 millones de dólares en efectivo y 104,9 millones de dólares en deuda total.
Alico Inc. (NASDAQ: ALCO)는 2024년 1분기 재무 결과를 보고하며, 2023년 1분기에 비해 920만 달러의 순손실을 기록했습니다. 수익은 20.8% 증가하여 1690만 달러에 달했으며, 주당 순이익은 전년 대비 5.64달러에서 -1.20달러로 감소했습니다.
회사는 다각화된 토지 회사로 변모하기 위한 전략적 변화를 실행하고 있으며, 2025년 수확 이후 감귤 운영에 대한 자본 투자를 종료할 예정입니다. 감귤 생산량은 허리케인 밀턴의 영향과 감귤 그리닝 질병으로 인한 지속적인 문제로 인해 전년의 470만 파운드에서 400만 파운드 고형물로 감소했습니다.
Alico는 2025 회계연도에 약 2000만 달러의 토지 판매를 실현할 것으로 예상하며, 7350만 달러의 신용 한도로 강력한 유동성을 유지하고 있습니다. 이 회사는 2029년까지 중요한 부채 만기가 없으며, 분기를 440만 달러의 현금과 1억 490만 달러의 총 부채로 마감했습니다.
Alico Inc. (NASDAQ: ALCO) a publié ses résultats financiers pour le premier trimestre 2024, affichant une perte nette de 9,2 millions de dollars par rapport à un bénéfice net de 42,9 millions de dollars au premier trimestre 2023. Les revenus ont augmenté de 20,8% pour atteindre 16,9 millions de dollars, tandis que le bénéfice par action a chuté à -1,20 dollar contre 5,64 dollars l'année précédente.
L'entreprise met en œuvre une transformation stratégique pour devenir une société foncière diversifiée et mettra fin aux investissements en capital dans les opérations d'agrumes après la récolte de 2025. La production d'agrumes a diminué à 4,0 millions de livres solides contre 4,7 millions l'année précédente en raison des impacts de l'ouragan Milton et des défis persistants liés à la maladie du greening des agrumes.
Alico s'attend à réaliser environ 20 millions de dollars de ventes de terres au cours de l'exercice fiscal 2025 et maintient une forte liquidité avec 73,5 millions de dollars de lignes de crédit disponibles. L'entreprise n'a pas de maturités de dette significatives avant 2029 et a terminé le trimestre avec 4,4 millions de dollars en espèces et 104,9 millions de dollars de dette totale.
Alico Inc. (NASDAQ: ALCO) hat die finanziellen Ergebnisse für das erste Quartal 2024 veröffentlicht und dabei einen Nettoverlust von 9,2 Millionen Dollar im Vergleich zu einem Nettogewinn von 42,9 Millionen Dollar im ersten Quartal 2023 ausgewiesen. Der Umsatz stieg um 20,8% auf 16,9 Millionen Dollar, während der Gewinn pro Aktie von 5,64 Dollar auf -1,20 Dollar im Jahresvergleich sank.
Das Unternehmen führt eine strategische Transformation durch, um ein diversifiziertes Agrarunternehmen zu werden, und wird die Kapitalinvestitionen in Zitrusoperationen nach der Ernte 2025 abschließen. Die Zitrusproduktion ging aufgrund der Auswirkungen des Hurrikans Milton und anhaltender Herausforderungen durch die Zitrusgrünkrankheit von 4,7 Millionen Pfund auf 4,0 Millionen Pfund feste Stoffe zurück.
Alico erwartet, im Geschäftsjahr 2025 etwa 20 Millionen Dollar aus dem Verkauf von Land zu realisieren, und hält mit 73,5 Millionen Dollar an verfügbaren Kreditlinien eine starke Liquidität aufrecht. Das Unternehmen hat bis 2029 keine wesentlichen Schuldenfälligkeiten und schloss das Quartal mit 4,4 Millionen Dollar in bar und 104,9 Millionen Dollar an Gesamtschulden ab.
- Revenue increased 20.8% to $16.9 million
- Land Management revenue increased 45% year-over-year
- Average price per pound solids increased $1.03 due to favorable Tropicana contract
- Strong liquidity position with $73.5M in available credit facilities
- Expected $20M in land sales proceeds in fiscal 2025
- Net loss of $9.2M compared to $42.9M profit in prior year
- Citrus production decreased 13.3% to 4.0M pound solids
- EPS declined to -$1.20 from $5.64 year-over-year
- Total debt increased to $104.9M from $92.1M quarter-over-quarter
- Harvest volumes expected to be lower in 2025 compared to 2024
Insights
Alico's Q1 FY2025 results mark a pivotal transformation in its business model, with several key financial implications for investors. The company's strategic shift from capital-intensive citrus operations to a diversified land company is supported by robust liquidity metrics. The current ratio of 4.84:1 demonstrates exceptional short-term solvency, while the conservative debt-to-assets ratio of 0.26 provides significant financial flexibility.
The anticipated
While the
The decision to exit citrus operations after the 2025 harvest represents a strategic pivot from a capital-intensive, weather-dependent business to a more stable land management model. This transformation should lead to more predictable cash flows and potentially higher margins, as evidenced by the reduction in operating expenses in the Land Management segment.
Land Management and Other Operations Revenue Increased
Robust Liquidity Position with
Company Expects to Realize Approximately
Company Executing Strategic Transformation to Become Diversified Land Company; Concludes Capital Investment on Citrus Operations After Current Crop is Harvested in 2025
FORT MYERS, Fla., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, “us” or “our”) (Nasdaq: ALCO) today announced financial results for the first quarter ended December 31, 2024.
Management Comments
John Kiernan, President and Chief Executive Officer of the Company, stated, “During the first fiscal quarter, operational results reflected the ongoing challenges in our citrus division, with lower levels year-over-year of pounds solid being produced. Current season production trends, coupled with persistent impacts of citrus greening disease and environmental factors, indicate that our total harvest volume for fiscal 2025 will likely be lower than fiscal 2024. These continued production challenges reinforced our recent strategic decision to wind down Alico’s citrus operations because they are not economically viable. Looking ahead to the remainder of fiscal 2025, we expect to complete our final citrus harvest while positioning the Company for its next chapter.”
Mr. Kiernan continued, “As previously announced in early January, we are executing our strategic transformation to become a diversified land company, balancing alternative agricultural operations with strategic land monetization opportunities. By exiting capital-intensive citrus production, we strengthen our financial position. We are also in the process of advancing several land sales currently in negotiations which are expected to generate approximately
Results of Operations for the First Quarter 2025:
| (in thousands, except for per share amounts and percentages) | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended December 31, | |||||||||||
| 2024 | 2023 | % Change | |||||||||
| Revenue | $ | 16,894 | $ | 13,985 | 20.8 | % | |||||
| Net (loss) income attributable to Alico, Inc. common stockholders | $ | (9,167 | ) | $ | 42,945 | (121.3 | )% | ||||
| (Loss) earnings per diluted common share | $ | (1.20 | ) | $ | 5.64 | (121.3 | )% | ||||
| EBITDA (1) | $ | (6,672 | ) | $ | 63,811 | (110.5 | )% | ||||
| Adjusted EBITDA (1) | $ | 747 | $ | (2,312 | ) | 132.3 | % | ||||
| Net cash used in operating activities | $ | (7,597 | ) | $ | (13,169 | ) | 42.3 | % | |||
| December 31, 2024 | September 30, 2024 | $ Change | |||||||||
| (Unaudited) | |||||||||||
| Balance Sheet Items | |||||||||||
| Cash and cash equivalents | $ | 4,388 | $ | 3,150 | $ | 1,238 | |||||
| Current portion of long-term debt | $ | 1,410 | $ | 1,410 | $ | — | |||||
| Long-term debt, net | $ | 81,984 | $ | 82,313 | $ | (329 | ) | ||||
| Lines of credit | $ | 21,494 | $ | 8,394 | $ | 13,100 | |||||
| Total Alico stockholders’ equity | $ | 241,789 | $ | 251,159 | $ | (9,370 | ) | ||||
| Current ratio | 4.84 to 1 | 3.81 to 1 | |||||||||
| Debt to total assets ratio | 0.26 to 1 | 0.23 to 1 | |||||||||
| Net Debt (1) | $ | 100,500 | $ | 88,967 | |||||||
| (1) “EBITDA,” “Adjusted EBITDA” and “Net Debt” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures. | |||||||||||
For the three months ended December 31, 2024 and 2023, the Company reported a net (loss) income attributable to Alico common stockholders of
For the three months ended December 31, 2024 and 2023, the Company had EBITDA of
These quarterly financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is typically harvested in the second and third quarters of the fiscal year; consequently, most of the Company’s gross profit and cash flows from operating activities has been recognized in those quarters in the past. However, due to the timing of the previous year harvest, more of the citrus crop was harvested in the first and second quarters of the previous fiscal year. Furthermore, the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year; however, as the harvest cycles have moved, our working capital requirements have been greater in the third and fourth quarters of the fiscal year.
Business Segment Results
Alico Citrus
Citrus production for the three months ended December 31, 2024 and 2023 is summarized in the following table.
| (in thousands, except per box and per pound solids data) | ||||||||||||
| Three Months Ended December 31, | Change | |||||||||||
| 2024 | 2023 | Unit | % | |||||||||
| Boxes Harvested: | ||||||||||||
| Early and Mid-Season | 906 | 1,047 | (141 | ) | (13.5 | )% | ||||||
| Total Processed | 906 | 1,047 | (141 | ) | (13.5 | )% | ||||||
| Fresh Fruit | 37 | 31 | 6 | 19.4 | % | |||||||
| Total | 943 | 1,078 | (135 | ) | (12.5 | )% | ||||||
| Pound Solids Produced: | ||||||||||||
| Early and Mid-Season | 4,047 | 4,666 | (619 | ) | (13.3 | )% | ||||||
| Total | 4,047 | 4,666 | (619 | ) | (13.3 | )% | ||||||
| Pound Solids per Box: | ||||||||||||
| Early and Mid-Season | 4.47 | 4.46 | 0.01 | 0.2 | % | |||||||
| Price per Pound Solids: | ||||||||||||
| Early and Mid-Season | $ | 3.69 | $ | 2.66 | $ | 1.03 | 38.7 | % | ||||
For the three months ended December 31, 2024, Alico Citrus harvested approximately 4.0 million pound solids of fruit, compared to 4.7 million pound solids of fruit in the same period in the prior fiscal year. The decrease in pound solids harvested was driven by fruit drop caused by Hurricane Milton during the three months ended December 31, 2024.
Our average price per pound solids for the three months ended December 31, 2024 increased
Land Management and Other Operations
Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties, and other miscellaneous income.
Land Management and Other Operations revenue for the three months ended December 31, 2024 increased
The
Other Corporate Financial Information
General and administrative expense decreased
Other (Expense) Income, net for the three months ended December 31, 2024 was a loss of
Dividend
On December 13, 2024, the Company paid a first quarter cash dividend of
Balance Sheet and Liquidity
The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:
- The Company’s working capital was
$32.4 million at December 31, 2024, representing a 4.84 to 1.00 current ratio. - The Company maintains a solid debt to total assets ratio. At December 31, 2024 and September 30, 2024, the ratios were 0.26 to 1.00 and 0.23 to 1.00, respectively.
- Total debt was
$104.9 million and net debt was$100.5 million at December 31, 2024, compared to$92.1 million and$89.0 million , respectively, at September 30, 2024. - Available borrowings under the Company’s line of credit were approximately
$73.5 million at December 31, 2024.
2025 Guidance
Based on current assessments, the Company expects harvest volumes in 2025 to be lower compared to 2024 levels.
The Company expects that it will realize approximately
The Company expects to end fiscal year 2025 with enough cash to meet its operating expenses for fiscal years 2026 and 2027.
Conference Call Information
The Company will host a conference call to discuss its financial results on February 13, 2025, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-343-4849 in the United States and 1-203-518-9848 from outside of the United States. The participant identification to join the conference call is “ALICO”. A telephone replay will be available approximately three hours after the call concludes, and will be available through February 27, 2025. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11158103.
About Alico
Alico, Inc. currently operates two divisions: Alico Citrus, currently one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. While Alico Citrus will wind down operations after the current crop is harvested in the first half of calendar year 2025, due to environmental and financial challenges, Alico remains committed to Florida’s agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s strategic transformation, the Company’s future cash flow and cash reserves, the Company's ability to meet its operating expenses for fiscal years 2026 and 2027, the future use and estimated value of the Company’s land holdings, the Company’s expected future profitable growth, expectations regarding the 2025 harvest, expected proceeds from land sales in 2025, expectations for the Valencia harvest, plans to pursue commercial and residential development and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.
These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our implementation of our planned strategic transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives, attract and retain skilled personnel with expertise in diversified land usage and real estate development, navigate potential market fluctuations and economic conditions, maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; our ability to effectively perform grove management services, or to effectively manage our portfolio of groves; our relationship with Tropicana; if certain criteria are not met under one of our contracts with Tropicana, we could experience a significant reduction in revenues and cash flows; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation and the deadly conflicts in Ukraine and Israel; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024 that will be filed with the Securities and Exchange Commission (the “SEC”). Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.
Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com
Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com
| ALICO, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except share amounts) | |||||||
| December 31, 2024 | September 30, 2024 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 4,388 | $ | 3,150 | |||
| Accounts receivable, net | 8,602 | 771 | |||||
| Inventories | 20,814 | 30,084 | |||||
| Income tax receivable | 1,958 | 1,958 | |||||
| Assets held for sale | 3,345 | 3,106 | |||||
| Prepaid expenses and other current assets | 1,711 | 1,558 | |||||
| Total current assets | 40,818 | 40,627 | |||||
| Restricted cash | 762 | 248 | |||||
| Property and equipment, net | 350,907 | 352,733 | |||||
| Goodwill | 2,246 | 2,246 | |||||
| Other non-current assets | 2,863 | 2,865 | |||||
| Total assets | $ | 397,596 | $ | 398,719 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,236 | $ | 3,362 | |||
| Accrued liabilities | 3,293 | 5,366 | |||||
| Current portion of long-term debt | 1,410 | 1,410 | |||||
| Other current liabilities | 498 | 513 | |||||
| Total current liabilities | 8,437 | 10,651 | |||||
| Long-term debt, net | 81,984 | 82,313 | |||||
| Lines of credit | 21,494 | 8,394 | |||||
| Deferred income tax liabilities, net | 38,694 | 40,873 | |||||
| Other liabilities | 146 | 193 | |||||
| Total liabilities | 150,755 | 142,424 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, no par value, 1,000,000 shares authorized; none issued | — | — | |||||
| Common stock, | 8,416 | 8,416 | |||||
| Additional paid in capital | 20,226 | 20,184 | |||||
| Treasury stock, at cost, 783,076 and 787,506 shares held at December 31, 2024 and September 30, 2024, respectively | (26,557 | ) | (26,694 | ) | |||
| Retained earnings | 239,704 | 249,253 | |||||
| Total Alico stockholders’ equity | 241,789 | 251,159 | |||||
| Noncontrolling interest | 5,052 | 5,136 | |||||
| Total stockholders’ equity | 246,841 | 256,295 | |||||
| Total liabilities and stockholders’ equity | $ | 397,596 | $ | 398,719 | |||
| ALICO, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
| (in thousands, except per share amounts) | |||||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Operating revenues: | |||||||
| Alico Citrus | $ | 16,326 | $ | 13,592 | |||
| Land Management and Other Operations | 568 | 393 | |||||
| Total operating revenues | 16,894 | 13,985 | |||||
| Operating expenses: | |||||||
| Alico Citrus | 25,111 | 28,107 | |||||
| Land Management and Other Operations | 21 | 133 | |||||
| Total operating expenses | 25,132 | 28,240 | |||||
| Gross loss | (8,238 | ) | (14,255 | ) | |||
| General and administrative expenses | 2,586 | 3,272 | |||||
| Loss from operations | (10,824 | ) | (17,527 | ) | |||
| Other (expense) income, net: | |||||||
| Interest income | 47 | 95 | |||||
| Interest expense | (898 | ) | (1,605 | ) | |||
| Gain on sale of property and equipment | — | 77,025 | |||||
| Other income, net | 244 | — | |||||
| Total other (expense) income, net | (607 | ) | 75,515 | ||||
| (Loss) income before income taxes | (11,431 | ) | 57,988 | ||||
| Income tax (benefit) provision | (2,180 | ) | 15,552 | ||||
| Net (loss) income | (9,251 | ) | 42,436 | ||||
| Net loss attributable to noncontrolling interests | 84 | 509 | |||||
| Net (loss) income attributable to Alico, Inc. common stockholders | $ | (9,167 | ) | $ | 42,945 | ||
| Per share information attributable to Alico, Inc. common stockholders: | |||||||
| Earnings per common share: | |||||||
| Basic | $ | (1.20 | ) | $ | 5.64 | ||
| Diluted | $ | (1.20 | ) | $ | 5.64 | ||
| Weighted-average number of common shares outstanding: | |||||||
| Basic | 7,633 | 7,616 | |||||
| Diluted | 7,633 | 7,616 | |||||
| Cash dividends declared per common share | $ | 0.05 | $ | 0.05 | |||
| ALICO, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
| (in thousands) | |||||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Net cash used in operating activities | |||||||
| Net (loss) income | $ | (9,251 | ) | $ | 42,436 | ||
| Adjustments to reconcile net income to net cash used in operating | |||||||
| Depreciation, depletion and amortization | 3,824 | 3,804 | |||||
| Amortization of debt issue costs | 55 | 120 | |||||
| Gain on sale of property and equipment | — | (77,025 | ) | ||||
| Loss on disposal of long-lived assets | 780 | 225 | |||||
| Inventory net realizable value adjustment | 7,359 | 10,846 | |||||
| Deferred income tax benefit | (2,179 | ) | — | ||||
| Stock-based compensation expense | 179 | 194 | |||||
| Other | (107 | ) | 36 | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (7,831 | ) | (7,174 | ) | |||
| Inventories | 1,911 | (169 | ) | ||||
| Prepaid expenses | (153 | ) | (1,708 | ) | |||
| Income tax receivable | — | 1,200 | |||||
| Other assets | (35 | ) | 2 | ||||
| Accounts payable and accrued liabilities | (2,199 | ) | (1,320 | ) | |||
| Income taxes payable | — | 15,552 | |||||
| Other liabilities | 50 | (188 | ) | ||||
| Net cash used in operating activities | (7,597 | ) | (13,169 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (3,017 | ) | (3,490 | ) | |||
| Net proceeds from sale of property and equipment | — | 79,090 | |||||
| Change in deposits on purchase of citrus trees | — | (375 | ) | ||||
| Net cash (used in) provided by investing activities | (3,017 | ) | 75,225 | ||||
| Cash flows from financing activities: | |||||||
| Repayments on revolving lines of credit | (6,200 | ) | (44,032 | ) | |||
| Borrowings on revolving lines of credit | 19,300 | 19,310 | |||||
| Principal payments on term loans | (352 | ) | (19,383 | ) | |||
| Dividends paid | (382 | ) | (381 | ) | |||
| Net cash provided by (used in) financing activities | 12,366 | (44,486 | ) | ||||
| Net increase in cash and cash equivalents and restricted cash | 1,752 | 17,570 | |||||
| Cash and cash equivalents and restricted cash at beginning of the period | 3,398 | 3,692 | |||||
| Cash and cash equivalents and restricted cash at end of the period | $ | 5,150 | $ | 21,262 | |||
| Supplemental disclosure of cash flow information | |||||||
| Cash paid for interest, net of amounts capitalized | $ | 655 | $ | 1,820 | |||
| Cash paid for income taxes, net of refunds | $ | — | $ | 1,200 | |||
| Non-cash investing and financing activities: | |||||||
| Dividends declared but unpaid | $ | 382 | $ | 381 | |||
| Assets received in exchange for services | $ | — | $ | 298 | |||
| Trees delivered in exchange for prior tree deposits | $ | — | $ | 176 | |||
Non-GAAP Financial Measures
In addition to the measurements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), Alico utilizes EBITDA, Adjusted EBITDA, and Net Debt, which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA, and Net Debt are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with U.S. GAAP and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization and adjustments for non-recurring transactions or transactions that are not indicative of our core operating results, such as gains or losses on sales of real estate, property and equipment and assets held for sale. Net Debt is defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash.
EBITDA and Adjusted EBITDA
| (in thousands) | (Unaudited) | ||||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Net (loss) income attributable to Alico, Inc. common stockholders | $ | (9,167 | ) | $ | 42,945 | ||
| Interest expense, net | 851 | 1,510 | |||||
| Income tax (benefit) provision | (2,180 | ) | 15,552 | ||||
| Depreciation, depletion and amortization | 3,824 | 3,804 | |||||
| EBITDA | (6,672 | ) | 63,811 | ||||
| Non-GAAP Adjustments: | |||||||
| Inventory net realizable value adjustment | 7,359 | 10,846 | |||||
| Employee stock compensation expense (1) | 60 | 56 | |||||
| Gain on sale of property and equipment | — | (77,025 | ) | ||||
| Adjusted EBITDA | $ | 747 | $ | (2,312 | ) | ||
| (1) Includes stock compensation expense for current executives, senior management and other employees. | |||||||
Net Debt
| (in thousands) | (Unaudited) | ||||||
| December 31, 2024 | September 30, 2024 | ||||||
| Current portion of long-term debt | $ | 1,410 | $ | 1,410 | |||
| Long-term debt, net | 81,984 | 82,313 | |||||
| Lines of credit | 21,494 | 8,394 | |||||
| Total Debt | 104,888 | 92,117 | |||||
| Less: Cash | (4,388 | ) | (3,150 | ) | |||
| Net Debt | $ | 100,500 | $ | 88,967 | |||
FAQ
What caused Alico's Q1 2025 revenue increase of 20.8%?
How much did ALCO's citrus production decline in Q1 2025?
What is Alico's strategic transformation plan announced in Q1 2025?
How much does ALCO expect to generate from land sales in fiscal 2025?
What is ALCO's current debt and liquidity position as of December 2024?
