þ | ||||||||||
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||||
For the Quarterly Period Ended December 31, | ||||||||||
or | ||||||||||
o | |||||||||||
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||
(Exact name of registrant as specified in its charter) |
Florida | ||||||||||||||
59-0906081 | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
10070 Daniels Interstate Court | ||||||||||||||
Suite | Fort Myers | FL | 33913 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code) |
Not Applicable | ||
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | ALCO | Nasdaq Global Select Market |
Large Accelerated Filer | o | Accelerated Filer | þ | ||||||||
Non-accelerated filer | Smaller Reporting Company | ||||||||||
Emerging Growth Company |
December 31, | September 30, | ||||||
2017 | 2017 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 948 | $ | 3,395 | |||
Accounts receivable, net | 11,875 | 4,286 | |||||
Inventories | 33,180 | 36,204 | |||||
Assets held for sale | 18,295 | 20,983 | |||||
Prepaid expenses and other current assets | 1,985 | 1,621 | |||||
Total current assets | 66,283 | 66,489 | |||||
Property and equipment, net | 348,509 | 349,337 | |||||
Goodwill | 2,246 | 2,246 | |||||
Deferred financing costs, net of accumulated amortization | 200 | 262 | |||||
Other non-current assets | 724 | 848 | |||||
Total assets | $ | 417,962 | $ | 419,182 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,097 | $ | 3,192 | |||
Accrued liabilities | 4,551 | 6,781 | |||||
Long-term debt, current portion | 4,575 | 4,550 | |||||
Other current liabilities | 1,069 | 1,460 | |||||
Total current liabilities | 12,292 | 15,983 | |||||
Long-term debt: | |||||||
Principal amount, net of current portion | 180,783 | 181,926 | |||||
Less: deferred financing costs, net | (1,715 | ) | (1,767 | ) | |||
Long-term debt less current portion and deferred financing costs, net | 179,068 | 180,159 | |||||
Lines of credit | 7,123 | — | |||||
Deferred income tax liabilities | 14,691 | 27,108 | |||||
Deferred gain on sale | 26,643 | 26,440 | |||||
Deferred retirement obligations | 4,109 | 4,123 | |||||
Total liabilities | 243,926 | 253,813 | |||||
Commitments and Contingencies (Note 11) | |||||||
Stockholders' equity: | |||||||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | — | — | |||||
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 and 8,416,145 shares issued and 8,249,357 and 8,238,830 shares outstanding at December 31, 2017 and September 30, 2017, respectively | 8,416 | 8,416 | |||||
Additional paid in capital | 18,890 | 18,694 | |||||
Treasury stock, at cost, 166,788 and 177,315 shares held at December 31, 2017 and September 30, 2017, respectively | (6,275 | ) | (6,502 | ) | |||
Retained earnings | 148,285 | 140,033 | |||||
Total Alico stockholders' equity | 169,316 | 160,641 | |||||
Noncontrolling interest | 4,720 | 4,728 | |||||
Total stockholders' equity | 174,036 | 165,369 | |||||
Total liabilities and stockholders' equity | $ | 417,962 | $ | 419,182 |
December 31, 2023 | September 30, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | 18,632 | $ | 1,062 | |||||||
Accounts receivable, net | 7,886 | 712 | |||||||||
Inventories | 41,804 | 52,481 | |||||||||
Income tax receivable | — | 1,200 | |||||||||
Assets held for sale | 69 | 1,632 | |||||||||
Prepaid expenses and other current assets | 3,426 | 1,718 | |||||||||
Total current assets | 71,817 | 58,805 | |||||||||
Restricted cash | 2,630 | 2,630 | |||||||||
Property and equipment, net | 361,603 | 361,849 | |||||||||
Goodwill | 2,246 | 2,246 | |||||||||
Other non-current assets | 2,913 | 2,823 | |||||||||
Total assets | $ | 441,209 | $ | 428,353 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 7,041 | $ | 6,311 | |||||||
Accrued liabilities | 3,633 | 5,363 | |||||||||
Current portion of long-term debt | 1,410 | 2,566 | |||||||||
Income tax payable | 15,552 | — | |||||||||
Other current liabilities | 904 | 825 | |||||||||
Total current liabilities | 28,540 | 15,065 | |||||||||
Long-term debt, net | 83,299 | 101,410 | |||||||||
Lines of credit | — | 24,722 | |||||||||
Deferred income tax liabilities, net | 36,410 | 36,410 | |||||||||
Other liabilities | 334 | 369 | |||||||||
Total liabilities | 148,583 | 177,976 | |||||||||
Commitments and Contingencies (Note 12) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | — | — | |||||||||
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,616,081 and 7,610,551 shares outstanding at December 31, 2023 and September 30, 2023, respectively | 8,416 | 8,416 | |||||||||
Additional paid in capital | 20,064 | 20,045 | |||||||||
Treasury stock, at cost, 800,064 and 806,341 shares held at December 31, 2023 and September 30, 2023, respectively | (27,099) | (27,274) | |||||||||
Retained earnings | 286,368 | 243,804 | |||||||||
Total Alico stockholders' equity | 287,749 | 244,991 | |||||||||
Noncontrolling interest | 4,877 | 5,386 | |||||||||
Total stockholders' equity | 292,626 | 250,377 | |||||||||
Total liabilities and stockholders' equity | $ | 441,209 | $ | 428,353 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Alico Citrus | $ | 13,592 | $ | 10,268 | |||||||||||||||||||
Land Management and Other Operations | 393 | 320 | |||||||||||||||||||||
Total operating revenues | 13,985 | 10,588 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Alico Citrus | 28,107 | 14,295 | |||||||||||||||||||||
Land Management and Other Operations | 133 | 94 | |||||||||||||||||||||
Total operating expenses | 28,240 | 14,389 | |||||||||||||||||||||
Gross profit | (14,255) | (3,801) | |||||||||||||||||||||
General and administrative expenses | 3,272 | 2,509 | |||||||||||||||||||||
Loss from operations | (17,527) | (6,310) | |||||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | 95 | — | |||||||||||||||||||||
Interest expense | (1,605) | (1,148) | |||||||||||||||||||||
Gain on sale of real estate, property and equipment and assets held for sale | 77,025 | 3,189 | |||||||||||||||||||||
Total other income (expense), net | 75,515 | 2,041 | |||||||||||||||||||||
Income (loss) before income taxes | 57,988 | (4,269) | |||||||||||||||||||||
Income tax provision (benefit) | 15,552 | (1,083) | |||||||||||||||||||||
Net income (loss) | 42,436 | (3,186) | |||||||||||||||||||||
Net loss attributable to noncontrolling interests | 509 | 36 | |||||||||||||||||||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | 42,945 | $ | (3,150) | |||||||||||||||||||
Per share information attributable to Alico, Inc. common stockholders: | |||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 5.64 | $ | (0.41) | |||||||||||||||||||
Diluted | $ | 5.64 | $ | (0.41) | |||||||||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 7,616 | 7,593 | |||||||||||||||||||||
Diluted | 7,616 | 7,593 | |||||||||||||||||||||
Cash dividends declared per common share | $ | 0.05 | $ | 0.05 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Operating revenues: | |||||||
Alico Citrus | $ | 17,079 | $ | 16,877 | |||
Conservation and Environmental Resources | 363 | 301 | |||||
Other Operations | 91 | 267 | |||||
Total operating revenues | 17,533 | 17,445 | |||||
Operating expenses: | |||||||
Alico Citrus | 16,295 | 14,085 | |||||
Conservation and Environmental Resources | 597 | 514 | |||||
Other Operations | 59 | 93 | |||||
Total operating expenses | 16,951 | 14,692 | |||||
Gross profit | 582 | 2,753 | |||||
General and administrative expenses | 3,886 | 3,788 | |||||
Loss from operations | (3,304 | ) | (1,035 | ) | |||
Other (expense) income: | |||||||
Interest expense | (2,255 | ) | (2,327 | ) | |||
Gain on sale of real estate and property and equipment | 1,736 | 436 | |||||
Other income (expense), net | 144 | (90 | ) | ||||
Total other expense, net | (375 | ) | (1,981 | ) | |||
Loss before income taxes | (3,679 | ) | (3,016 | ) | |||
Income tax benefit | (12,417 | ) | (1,273 | ) | |||
Net income (loss) | 8,738 | (1,743 | ) | ||||
Net loss attributable to noncontrolling interests | 8 | 8 | |||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | 8,746 | $ | (1,735 | ) | ||
Per share information attributable to Alico, Inc. common stockholders: | |||||||
Earnings (loss) per common share: | |||||||
Basic | $ | 1.06 | $ | (0.21 | ) | ||
Diluted | $ | 1.05 | $ | (0.21 | ) | ||
Weighted-average number of common shares outstanding: | |||||||
Basic | 8,245 | 8,324 | |||||
Diluted | 8,364 | 8,324 | |||||
Cash dividends declared per common share | $ | 0.06 | $ | 0.06 |
For the Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | 8,416 | $ | 8,416 | $ | 20,045 | 806 | $ | (27,274) | $ | 243,804 | $ | 244,991 | $ | 5,386 | $ | 250,377 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 42,945 | 42,945 | (509) | 42,436 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.05/share) | — | — | — | — | — | (381) | (381) | — | (381) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 19 | (6) | 175 | — | 194 | — | 194 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | 8,416 | $ | 8,416 | $ | 20,064 | 800 | $ | (27,099) | $ | 286,368 | $ | 287,749 | $ | 4,877 | $ | 292,626 |
For the Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 8,416 | $ | 8,416 | $ | 19,784 | 829 | $ | (27,948) | $ | 243,490 | $ | 243,742 | $ | 5,123 | $ | 248,865 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (3,150) | (3,150) | (36) | (3,186) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.05/share) | — | — | — | — | — | (380) | (380) | — | (380) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 159 | (6) | 146 | — | 305 | — | 305 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 8,416 | $ | 8,416 | $ | 19,943 | 823 | $ | (27,802) | $ | 239,960 | $ | 240,517 | $ | 5,087 | $ | 245,604 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net cash used in operating activities: | |||||||
Net income (loss) | $ | 8,738 | $ | (1,743 | ) | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
Deferred gain on sale of sugarcane land | (141 | ) | (300 | ) | |||
Depreciation, depletion and amortization | 3,490 | 3,916 | |||||
Deferred income tax benefit | (12,417 | ) | (1,273 | ) | |||
Gain on sale of property and equipment | (1,596 | ) | (205 | ) | |||
Non-cash interest expense on deferred gain on sugarcane land | 344 | 356 | |||||
Stock-based compensation expense | 423 | 440 | |||||
Other | (44 | ) | 125 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (7,589 | ) | (7,177 | ) | |||
Inventories | 3,024 | (4,053 | ) | ||||
Prepaid expenses and other assets | (240 | ) | (1,579 | ) | |||
Accounts payable and accrued expenses | (3,298 | ) | (4,823 | ) | |||
Other liabilities | (383 | ) | (1,121 | ) | |||
Net cash used in operating activities | (9,689 | ) | (17,437 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (3,561 | ) | (2,357 | ) | |||
Proceeds from sale of property and equipment | 5,300 | — | |||||
Other | — | 547 | |||||
Net cash provided by (used in) investing activities | 1,739 | (1,810 | ) | ||||
Cash flows from financing activities: | |||||||
Repayments on revolving lines of credit | (10,608 | ) | (5,000 | ) | |||
Borrowings on revolving lines of credit | 17,731 | 21,945 | |||||
Principal payments on term loans | (1,118 | ) | (2,699 | ) | |||
Dividends paid | (494 | ) | (498 | ) | |||
Capital lease obligation payments | (8 | ) | — | ||||
Net cash provided by financing activities | 5,503 | 13,748 | |||||
Net decrease in cash and cash equivalents | (2,447 | ) | (5,499 | ) | |||
Cash and cash equivalents at beginning of the period | 3,395 | 6,625 | |||||
Cash and cash equivalents at end of the period | $ | 948 | $ | 1,126 |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash used in operating activities: | |||||||||||
Net income (loss) | $ | 42,436 | $ | (3,186) | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Depreciation, depletion and amortization | 3,804 | 3,950 | |||||||||
Amortization of debt issue costs | 120 | 36 | |||||||||
Gain on sale of real estate, property and equipment and assets held for sale | (77,025) | (3,189) | |||||||||
Loss on disposal of long-lived assets | 225 | 1,915 | |||||||||
Inventory net realizable value adjustment | 10,846 | — | |||||||||
Stock-based compensation expense | 194 | 305 | |||||||||
Other | 36 | 8 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (7,174) | (4,045) | |||||||||
Inventories | (169) | (1,316) | |||||||||
Prepaid expenses | (1,708) | (122) | |||||||||
Income tax receivable | 1,200 | (1,083) | |||||||||
Other assets | 2 | 108 | |||||||||
Accounts payable and accrued liabilities | (1,320) | (2,822) | |||||||||
Income taxes payable | 15,552 | — | |||||||||
Other liabilities | (188) | (224) | |||||||||
Net cash used in operating activities | (13,169) | (9,665) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (3,490) | (3,453) | |||||||||
Acquisition of citrus groves | — | (29) | |||||||||
Net proceeds from sale of real estate, property and equipment and assets held for sale | 79,090 | 3,287 | |||||||||
Change in deposits on purchase of citrus trees | (375) | (301) | |||||||||
Net cash provided by (used in) investing activities | 75,225 | (496) | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments on revolving lines of credit | (44,032) | (8,902) | |||||||||
Borrowings on revolving lines of credit | 19,310 | 23,019 | |||||||||
Principal payments on term loans | (19,383) | (759) | |||||||||
Dividends paid | (381) | (3,793) | |||||||||
Net cash (used in) provided by financing activities | (44,486) | 9,565 | |||||||||
Net increase (decrease) in cash and restricted cash | 17,570 | (596) | |||||||||
Cash and restricted cash at beginning of the period | 3,692 | 865 | |||||||||
Cash and restricted cash at end of the period | $ | 21,262 | $ | 269 | |||||||
Non-cash investing activities: | |||||||||||
Assets received in exchange for services | $ | 298 | $ | — | |||||||
Trees delivered in exchange for prior services | $ | 176 | $ | — |
(in thousands) | Three Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Alico Citrus | |||||||||||||||||||||||
Early and Mid-Season | $ | 12,395 | $ | 9,586 | |||||||||||||||||||
Fresh Fruit and Other | 506 | 493 | |||||||||||||||||||||
Grove Management Services | 691 | 189 | |||||||||||||||||||||
Total | $ | 13,592 | $ | 10,268 | |||||||||||||||||||
Land Management and Other Operations | |||||||||||||||||||||||
Land and Other Leasing | $ | 314 | $ | 281 | |||||||||||||||||||
Other | 79 | 39 | |||||||||||||||||||||
Total | $ | 393 | $ | 320 | |||||||||||||||||||
Total Revenues | $ | 13,985 | $ | 10,588 |
(in thousands) | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Corporate debt | |||||||||||||||||||||||
Current long-term debt | $ | 1,410 | $ | 1,388 | $ | 2,566 | $ | 2,325 | |||||||||||||||
Long-term debt | $ | 83,805 | $ | 77,015 | $ | 126,753 | $ | 115,851 |
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Tropicana | $ | 5,048 | $ | — | $ | 10,875 | $ | 8,027 | 77.8 | % | 75.8 | % |
(in thousands) | December 31, | September 30, | (in thousands) | December 31, 2023 | September 30, 2023 | ||||||||||||||||
2017 | 2017 | ||||||||||||||||||||
Unharvested fruit crop on the trees | $ | 29,551 | $ | 32,145 | |||||||||||||||||
Beef cattle | 2,254 | 1,954 | |||||||||||||||||||
Unharvested fruit crop on the trees | |||||||||||||||||||||
Unharvested fruit crop on the trees | |||||||||||||||||||||
Other | 1,375 | 2,105 | |||||||||||||||||||
Total inventories | $ | 33,180 | $ | 36,204 |
(in thousands) | Carrying Value | ||||||||||
December 31, 2023 | September 30, 2023 | ||||||||||
Ranch | $ | 69 | $ | 1,632 | |||||||
Total assets held for sale | $ | 69 | $ | 1,632 |
(in thousands) | Carrying Value | ||||||
December 31, | September 30, | ||||||
2017 | 2017 | ||||||
Office Building | $ | — | $ | 3,214 | |||
Nursery - Gainsville | 6,500 | 6,500 | |||||
Chancey Bay | 4,179 | 4,179 | |||||
Gal Hog | 70 | 70 | |||||
Breeding Herd | 6,133 | 5,858 | |||||
Winterhaven | 251 | — | |||||
Trailers | 1,162 | 1,162 | |||||
Total Assets Held For Sale | $ | 18,295 | $ | 20.983 |
(in thousands) | December 31, 2023 | September 30, 2023 | |||||||||
Citrus trees | $ | 330,957 | $ | 328,421 | |||||||
Equipment and other facilities | 57,796 | 57,779 | |||||||||
Buildings and improvements | 7,081 | 7,081 | |||||||||
Total depreciable properties | 395,834 | 393,281 | |||||||||
Less: accumulated depreciation and depletion | (147,204) | (144,150) | |||||||||
Net depreciable properties | 248,630 | 249,131 | |||||||||
Land and land improvements | 112,973 | 112,718 | |||||||||
Property and equipment, net | $ | 361,603 | $ | 361,849 |
(in thousands) | December 31, | September 30, | |||||
2017 | 2017 | ||||||
Citrus trees | $ | 261,286 | $ | 258,949 | |||
Equipment and other facilities | 54,840 | 54,592 | |||||
Buildings and improvements | 8,279 | 8,835 | |||||
Total depreciable properties | 324,405 | 322,376 | |||||
Less: accumulated depreciation and depletion | (85,498 | ) | (82,443 | ) | |||
Net depreciable properties | 238,907 | 239,933 | |||||
Land and land improvements | 109,602 | 109,404 | |||||
Net property and equipment | $ | 348,509 | $ | 349,337 |
December 31, 2017 | September 30, 2017 | ||||||||||||||
Principal | Deferred Financing Costs, Net | Principal | Deferred Financing Costs, Net | ||||||||||||
(in thousands) | |||||||||||||||
Long-term debt, net of current portion: | |||||||||||||||
Met Fixed-Rate Term Loans | $ | 99,062 | $ | 924 | $ | 99,062 | $ | 954 | |||||||
Met Variable-Rate Term Loans | 48,876 | 425 | 49,594 | 439 | |||||||||||
Met Citree Term Loan | 5,000 | 48 | 5,000 | 49 | |||||||||||
Pru Loans A & B | 22,740 | 253 | 23,030 | 258 | |||||||||||
Pru Loan E | 4,840 | 23 | 4,895 | 25 | |||||||||||
Pru Loan F | 4,840 | 42 | 4,895 | 42 | |||||||||||
185,358 | 1,715 | 186,476 | 1,767 | ||||||||||||
Less current portion | 4,575 | — | 4,550 | — | |||||||||||
Long-term debt | $ | 180,783 | $ | 1,715 | $ | 181,926 | $ | 1,767 |
December 31, 2017 | September 30, 2017 | ||||||||||||||
Principal | Deferred Financing Costs, Net | Principal | Deferred Financing Costs, Net | ||||||||||||
(in thousands) | |||||||||||||||
Lines of Credit: | |||||||||||||||
RLOC | $ | — | $ | 96 | $ | — | $ | 109 | |||||||
WCLC | 7,123 | 104 | — | 153 | |||||||||||
Lines of Credit | $ | 7,123 | $ | 200 | $ | — | $ | 262 |
(in thousands) | |||
Due within one year | $ | 4,575 | |
Due between one and two years | 15,548 | ||
Due between two and three years | 10,975 | ||
Due between three and four years | 14,935 | ||
Due between four and five years | 10,755 | ||
Due beyond five years | 135,693 | ||
Total future maturities | $ | 192,481 |
(in thousands) | |||||||
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Interest expense | $ | 2,255 | $ | 2,327 | |||
Interest capitalized | 134 | 63 | |||||
Total | $ | 2,389 | $ | 2,390 |
(in thousands) | December 31, 2023 | September 30, 2023 | |||||||||
Accrued employee wages and benefits | $ | 1,149 | $ | 1,007 | |||||||
Accrued interest | 765 | 1,102 | |||||||||
Accrued insurance | 684 | 345 | |||||||||
Professional fees | 443 | 307 | |||||||||
Accrued dividends | 381 | 381 | |||||||||
Other accrued liabilities | 211 | 87 | |||||||||
Ad valorem taxes | — | 2,134 | |||||||||
Total accrued liabilities | $ | 3,633 | $ | 5,363 |
(in thousands) | December 31, | September 30, | |||||
2017 | 2017 | ||||||
Ad valorem taxes | $ | — | $ | 2,648 | |||
Accrued interest | 1,203 | 1,165 | |||||
Accrued employee wages and benefits | 1,169 | 1,320 | |||||
Accrued dividends | 494 | 494 | |||||
Current portion of deferred retirement obligations | 315 | 315 | |||||
Accrued insurance | 266 | 166 | |||||
Other accrued liabilities | 1,104 | 673 | |||||
Total accrued liabilities | $ | 4,551 | $ | 6,781 |
(in thousands except per share amounts) | |||||||
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | 8,746 | $ | (1,735 | ) | ||
Weighted average number of common shares outstanding - basic | 8,245 | 8,324 | |||||
Dilutive effect of equity-based awards | 119 | — | |||||
Weighted average number of common shares outstanding - diluted | 8,364 | 8,324 | |||||
Net income (loss) per common shares attributable to Alico, Inc. common stockholders: | |||||||
Basic | $ | 1.06 | $ | (0.21 | ) | ||
Diluted | $ | 1.05 | $ | (0.21 | ) |
(in thousands) | December 31, 2023 | September 30, 2023 | |||||||||
Long-term debt, net of current portion: | |||||||||||
Met Fixed-Rate Term Loans | $ | 70,000 | $ | 70,000 | |||||||
Met Variable-Rate Term Loans | — | 19,094 | |||||||||
Met Citree Term Loan | 3,888 | 3,888 | |||||||||
Pru Loans A & B | 11,327 | 11,615 | |||||||||
Deferred financing fees | (506) | (621) | |||||||||
84,709 | 103,976 | ||||||||||
Less current portion | 1,410 | 2,566 | |||||||||
Long-term debt | $ | 83,299 | $ | 101,410 |
(in thousands) | December 31, 2023 | September 30, 2023 | |||||||||
Lines of Credit: | |||||||||||
RLOC | $ | — | $ | — | |||||||
WCLC | — | 24,722 | |||||||||
Deferred financing fees | (91) | (95) | |||||||||
Lines of Credit | $ | (91) | $ | 24,627 |
(in thousands) | December 31, 2023 | ||||
Due within one year | $ | 1,410 | |||
Due between one and two years | 1,410 | ||||
Due between two and three years | 1,410 | ||||
Due between three and four years | 1,410 | ||||
Due between four and five years | 1,410 | ||||
Due beyond five years | 78,165 | ||||
Total future maturities | $ | 85,215 |
(in thousands) | Three Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Interest expense | $ | 1,605 | $ | 1,148 | |||||||||||||||||||
Interest capitalized | 303 | 281 | |||||||||||||||||||||
Total | $ | 1,908 | $ | 1,429 |
(in thousands) | Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | $ | 17,079 | $ | 16,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation and Environmental Resources | 363 | 301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operations | 91 | 267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Management and Other Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 17,533 | 17,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | 16,295 | 14,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation and Environmental Resources | 597 | 514 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operations | 59 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Management and Other Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 16,951 | 14,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | 784 | 2,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation and Environmental Resources | (234 | ) | (213 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operations | 32 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Management and Other Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 582 | $ | 2,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | $ | 3,398 | $ | 3,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation and Environmental Resources | 59 | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operations | 11 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Management and Other Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Depreciation, Depletion and Amortization | 22 | 199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total depreciation, depletion and amortization | $ | 3,490 | $ | 3,916 |
(in thousands) | December 31, 2023 | September 30, 2023 | |||||||||
Assets: | |||||||||||
Alico Citrus | $ | 429,466 | $ | 415,030 | |||||||
Land Management and Other Operations | 10,257 | 11,722 | |||||||||
Other Corporate Assets | 1,486 | 1,601 | |||||||||
Total Assets | $ | 441,209 | $ | 428,353 |
(in thousands) | December 31, | September 30, | |||||
2017 | 2017 | ||||||
Assets: | |||||||
Alico Citrus | $ | 389,351 | $ | 387,972 | |||
Conservation and Environmental Resources | 15,314 | 13,845 | |||||
Other Operations | 10,889 | 10,974 | |||||
Other Corporate Assets | 2,408 | 6,391 | |||||
Total Assets | $ | 417,962 | $ | 419,182 |
(in thousands) | Three Months Ended December 31, | |||||||||||||||||||||||||
Operating lease components | 2023 | 2022 | ||||||||||||||||||||||||
Operating leases costs recorded in general and administrative expenses | $ | 37 | $ | 30 |
December 31, 2023 | |||||
Weighted-average remaining lease term | 1.6 years | ||||
Weighted-average discount rate | 5.44 | % |
Restricted Stock Awards | Shares | Weighted- Average Grant Date Fair Value | ||||||||||||
Outstanding at September 30, 2023 | 17,540 | $ | 37.82 | |||||||||||
Granted | — | — | ||||||||||||
Vested | — | — | ||||||||||||
Forfeited | (5) | 32.30 | ||||||||||||
Outstanding at December 31, 2023 (a) | 17,535 | $ | 37.82 |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Vested and outstanding – December 31, 2023 | 38,000 | $ | 33.75 | 3.0 | — |
(in thousands, except share amounts) | ||||||
Shares | Cost | |||||
Balance as of September 30, 2017 | 177,315 | $ | 6,502 | |||
Issued to Employees and Directors | (10,527 | ) | (227 | ) | ||
Balance as of December 31, 2017 | 166,788 | $ | 6,275 |
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | $ | 13,592 | $ | 10,268 | $ | 3,324 | 32.4 | % | |||||||||||||||||||||||||||||||||||||||
Land Management and Other Operations | 393 | 320 | 73 | 22.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 13,985 | 10,588 | 3,397 | 32.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||||||||||||||||
Alico Citrus | (14,515) | (4,027) | (10,488) | (260.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Land Management and Other Operations | 260 | 226 | 34 | 15.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Total gross profit | (14,255) | (3,801) | (10,454) | (275.0) | % | ||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 3,272 | 2,509 | 763 | 30.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Loss from operations | (17,527) | (6,310) | (11,217) | (177.8) | % | ||||||||||||||||||||||||||||||||||||||||||
Total other income, net | 75,515 | 2,041 | 73,474 | NM | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 57,988 | (4,269) | 62,257 | NM | |||||||||||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | 15,552 | (1,083) | 16,635 | NM | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 42,436 | (3,186) | 45,622 | NM | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | 509 | 36 | 473 | NM | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | 42,945 | $ | (3,150) | $ | 46,095 | NM |
(in thousands, except per box and per pound solids data) | ||||||||||||||||||||||||||
Three Months Ended December 31, | Change | |||||||||||||||||||||||||
2023 | 2022 | Unit | % | |||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||
Early and Mid-Season | $ | 12,395 | $ | 9,586 | $ | 2,809 | 29.3 | % | ||||||||||||||||||
Fresh Fruit and Other | 506 | 493 | 13 | 2.6 | % | |||||||||||||||||||||
Grove Management Services | 691 | 189 | 502 | 265.6 | % | |||||||||||||||||||||
Total | $ | 13,592 | $ | 10,268 | $ | 3,324 | 32.4 | % | ||||||||||||||||||
Boxes Harvested: | ||||||||||||||||||||||||||
Early and Mid-Season | 1,047 | 805 | 242 | 30.1 | % | |||||||||||||||||||||
Total Processed | 1,047 | 805 | 242 | 30.1 | % | |||||||||||||||||||||
Fresh Fruit | 31 | 36 | (5) | (13.9) | % | |||||||||||||||||||||
Total | 1,078 | 841 | 237 | 28.2 | % | |||||||||||||||||||||
Pound Solids Produced: | ||||||||||||||||||||||||||
Early and Mid-Season | 4,666 | 3,737 | 929 | 24.9 | % | |||||||||||||||||||||
Total | 4,666 | 3,737 | 929 | 24.9 | % | |||||||||||||||||||||
Pound Solids per Box: | ||||||||||||||||||||||||||
Early and Mid-Season | 4.46 | 4.64 | (0.18) | (4.0) | % | |||||||||||||||||||||
Price per Pound Solids: | ||||||||||||||||||||||||||
Early and Mid-Season | $ | 2.66 | $ | 2.57 | $ | 0.09 | 3.4 | % | ||||||||||||||||||
Price per Box: | ||||||||||||||||||||||||||
Fresh Fruit | $ | 16.32 | $ | 12.44 | $ | 3.88 | 31.2 | % | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Cost of Sales | $ | 23,602 | $ | 12,486 | $ | 11,116 | 89.0 | % | ||||||||||||||||||
Harvesting and Hauling | 4,076 | 2,979 | 1,097 | 36.8 | % | |||||||||||||||||||||
Fresh Fruit and Other | 61 | (1,237) | 1,298 | (104.9) | % | |||||||||||||||||||||
Grove Management Services | 368 | 67 | 301 | NM | ||||||||||||||||||||||
Total | $ | 28,107 | $ | 14,295 | $ | 13,812 | 96.6 | % |
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
Revenue From: | |||||||||||||||||||||||||||||||||||||||||||||||
Land and Other Leasing | $ | 314 | $ | 281 | $ | 33 | 11.7 | % | |||||||||||||||||||||||||||||||||||||||
Other | 79 | 39 | 40 | 102.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 393 | $ | 320 | $ | 73 | 22.8 | % | |||||||||||||||||||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Land and Other Leasing | $ | 132 | $ | 93 | $ | 39 | 41.9 | % | |||||||||||||||||||||||||||||||||||||||
Other | 1 | 1 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 133 | $ | 94 | $ | 39 | 41.5 | % |
(in thousands) | December 31, 2023 | September 30, 2023 | Change | ||||||||||||||
Cash | $ | 18,632 | $ | 1,062 | $ | 17,570 | |||||||||||
Total current assets | $ | 71,817 | $ | 58,805 | $ | 13,012 | |||||||||||
Total current liabilities | $ | 28,540 | $ | 15,065 | $ | 13,475 | |||||||||||
Working capital | $ | 43,277 | $ | 43,740 | $ | (463) | |||||||||||
Total assets | $ | 441,209 | $ | 428,353 | $ | 12,856 | |||||||||||
Principal amount of term loans and lines of credit | $ | 85,215 | $ | 129,319 | $ | (44,104) | |||||||||||
Current ratio | 2.52 to 1 | 3.90 to 1 | |||||||||||||||
Debt ratio | 0.19 to 1 | 0.30 to 1 |
(in thousands) | Three Months Ended December 31, | Change | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Net Cash used in operating activities | $ | (13,169) | $ | (9,665) | $ | (3,504) | |||||||||||
Net Cash provided by (used in) investing activities | 75,225 | (496) | 75,721 | ||||||||||||||
Net Cash (used in) provided by financing activities | (44,486) | 9,565 | (54,051) | ||||||||||||||
Net increase (decrease) in cash and restricted cash | $ | 17,570 | $ | (596) | $ | 18,166 |
(in thousands) | Three Months Ended | |||||||||||||
December 31, | Change | |||||||||||||
2017 | 2016 | $ | % | |||||||||||
Operating revenues: | ||||||||||||||
Alico Citrus | $ | 17,079 | $ | 16,877 | $ | 202 | 1.2 | % | ||||||
Conservation and Environmental Resources | 363 | 301 | 62 | 20.6 | % | |||||||||
Other Operations | 91 | 267 | (176 | ) | (65.9 | )% | ||||||||
Total operating revenues | 17,533 | 17,445 | 88 | 0.5 | % | |||||||||
Gross profit (loss): | ||||||||||||||
Alico Citrus | 784 | 2,792 | (2,008 | ) | (71.9 | )% | ||||||||
Conservation and Environmental Resources | (234 | ) | (213 | ) | (21 | ) | 9.9 | % | ||||||
Other Operations | 32 | 174 | (142 | ) | (81.6 | )% | ||||||||
Total gross profit | 582 | 2,753 | (2,171 | ) | (78.9 | )% | ||||||||
General and administrative expenses | 3,886 | 3,788 | 98 | 2.6 | % | |||||||||
Loss from operations | (3,304 | ) | (1,035 | ) | (2,269 | ) | 219.2 | % | ||||||
Total other expense, net | (375 | ) | (1,981 | ) | 1,606 | (81.1 | )% | |||||||
Loss before income taxes | (3,679 | ) | (3,016 | ) | (663 | ) | 22.0 | % | ||||||
Income tax benefit | (12,417 | ) | (1,273 | ) | (11,144 | ) | NM | |||||||
Net income (loss) | 8,738 | (1,743 | ) | 10,481 | NM | |||||||||
Net loss attributable to noncontrolling interests | 8 | 8 | — | NM | ||||||||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | 8,746 | $ | (1,735 | ) | $ | 10,481 | NM |
(in thousands, except per box and per pound solids data) | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
Change | ||||||||||||||
2017 | 2016 | Unit | % | |||||||||||
Operating Revenues: | ||||||||||||||
Early and Mid-Season | $ | 15,417 | $ | 13,669 | $ | 1,748 | 12.8 | % | ||||||
Fresh Fruit | 1,088 | 2,621 | (1,533 | ) | (58.5 | )% | ||||||||
Purchase and Resale of Fruit | 35 | 99 | (64 | ) | (64.6 | )% | ||||||||
Other | 539 | 488 | 51 | 10.5 | % | |||||||||
Total | $ | 17,079 | $ | 16,877 | $ | 202 | 1.2 | % | ||||||
Boxes Harvested: | ||||||||||||||
Early and Mid-Season | 1,214 | 1,029 | 185 | 18.0 | % | |||||||||
Total Processed | 1,214 | 1,029 | 185 | 18.0 | % | |||||||||
Fresh Fruit | 73 | 129 | (56 | ) | (43.4 | )% | ||||||||
Total | 1,287 | 1,158 | 129 | 11.1 | % | |||||||||
Pound Solids Produced: | ||||||||||||||
Early and Mid-Season | 6,069 | 5,440 | 629 | 11.6 | % | |||||||||
Total | 6,069 | 5,440 | 629 | 11.6 | % | |||||||||
Pound Solids per Box: | ||||||||||||||
Early and Mid-Season | 5.00 | 5.29 | (0.29 | ) | (5.5 | )% | ||||||||
Price per Pound Solids: | ||||||||||||||
Early and Mid-Season | $ | 2.54 | $ | 2.51 | $ | 0.03 | 1.2 | % | ||||||
Price per Box: | ||||||||||||||
Fresh Fruit | $ | 14.75 | $ | 20.32 | $ | (5.57 | ) | (27.4 | )% | |||||
Operating Expenses: | ||||||||||||||
Cost of Sales | $ | 12,245 | $ | 8,630 | $ | 3,615 | 41.9 | % | ||||||
Fresh Fruit Packaging | — | 1,182 | (1,182 | ) | NM | |||||||||
Harvesting and Hauling | 3,497 | 3,747 | (250 | ) | (6.7 | )% | ||||||||
Purchase and Resale of Fruit | 41 | 97 | (56 | ) | (57.7 | )% | ||||||||
Other | 512 | 429 | 83 | 19.3 | % | |||||||||
Total | $ | 16,295 | $ | 14,085 | $ | 2,210 | 15.7 | % |
(in thousands, except per pound data) | ||||||||||||||
Three Months Ended December 31, | Change | |||||||||||||
2017 | 2016 | $ | % | |||||||||||
Revenue From: | ||||||||||||||
Sale of Calves | $ | 57 | $ | 20 | $ | 37 | NM | |||||||
Land Leasing | 247 | 230 | 17 | 7.4 | % | |||||||||
Other | 59 | 51 | 8 | 15.7 | % | |||||||||
Total | $ | 363 | $ | 301 | $ | 62 | 20.6 | % | ||||||
Pounds Sold: | ||||||||||||||
Calves | 49 | 16 | 33 | NM | ||||||||||
Price Per Pound: | ||||||||||||||
Calves | $ | 1.17 | $ | 1.22 | $ | (0.05 | ) | (4.1 | )% | |||||
Operating Expenses: | ||||||||||||||
Cost of Calves Sold | $ | 69 | $ | 24 | $ | 45 | NM | |||||||
Land Leasing Expenses | 133 | 32 | 101 | NM | ||||||||||
Water Conservation | 395 | 458 | (63 | ) | (13.7 | )% | ||||||||
Total | $ | 597 | $ | 514 | $ | 83 | 16.1 | % |
(in thousands) | December 31, | September 30, | |||||||||
2017 | 2017 | Change | |||||||||
Cash and cash equivalents | $ | 948 | $ | 3,395 | $ | (2,447 | ) | ||||
Total current assets | $ | 66,283 | $ | 66,489 | $ | (206 | ) | ||||
Total current liabilities | $ | 12,292 | $ | 15,983 | $ | (3,691 | ) | ||||
Working capital | $ | 53,991 | $ | 50,506 | $ | 3,485 | |||||
Total assets | $ | 417,962 | $ | 419,182 | $ | (1,220 | ) | ||||
Principal amount of term loans and lines of credit | $ | 192,481 | $ | 186,476 | $ | 6,005 | |||||
Current ratio | 5.39 to 1 | 4.16 to 1 |
(in thousands) | Three Months Ended December 31, | ||||||||||
2017 | 2016 | Change | |||||||||
Net income (loss) | $ | 8,738 | $ | (1,743 | ) | $ | 10,481 | ||||
Deferred gain on sale of sugarcane land | (141 | ) | (300 | ) | 159 | ||||||
Depreciation, depletion and amortization | 3,490 | 3,916 | (426 | ) | |||||||
Deferred income tax benefit | (12,417 | ) | (1,273 | ) | (11,144 | ) | |||||
Gain on sale of property and equipment | (1,596 | ) | (205 | ) | (1,391 | ) | |||||
Non-cash interest expense on deferred gain on sugarcane land | 344 | 356 | (12 | ) | |||||||
Stock-based compensation expense | 423 | 440 | (17 | ) | |||||||
Other | (44 | ) | 125 | (169 | ) | ||||||
Change in working capital | (8,486 | ) | (18,753 | ) | 10,267 | ||||||
Net cash used in operating activities | $ | (9,689 | ) | $ | (17,437 | ) | $ | 7,748 |
(in thousands) | Three Months Ended December 31, | ||||||||||
2017 | 2016 | Change | |||||||||
Capital expenditures: | |||||||||||
Citrus tree development | $ | (2,628 | ) | $ | (1,113 | ) | $ | (1,515 | ) | ||
Breeding herd purchases | (317 | ) | (91 | ) | (226 | ) | |||||
Equipment and other | (616 | ) | (1,070 | ) | 454 | ||||||
Other | — | (83 | ) | 83 | |||||||
Total | (3,561 | ) | (2,357 | ) | (1,204 | ) | |||||
Proceeds from sale of property and equipment | 5,300 | — | 5,300 | ||||||||
Proceeds from sale of assets | — | 432 | (432 | ) | |||||||
Other | — | 115 | (115 | ) | |||||||
Net cash provided by (used in) investing activities | $ | 1,739 | $ | (1,810 | ) | $ | 3,549 |
(in thousands) | Three Months Ended December 31, | ||||||||||
2017 | 2016 | Change | |||||||||
Repayments on revolving lines of credit | $ | (10,608 | ) | $ | (5,000 | ) | $ | (5,608 | ) | ||
Borrowings on revolving lines of credit | 17,731 | 21,945 | (4,214 | ) | |||||||
Principal payments on term loans | (1,118 | ) | (2,699 | ) | 1,581 | ||||||
Dividends paid | (494 | ) | (498 | ) | 4 | ||||||
Capital lease obligation payments | (8 | ) | — | (8 | ) | ||||||
Net cash provided by financing activities | $ | 5,503 | $ | 13,748 | $ | (8,245 | ) |
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed/Furnished Herewith | ||||||||||||||
3.1 | 10-K | 00-000261 | 3.1 | 12/11/2017 | ||||||||||||||||
3.2 | S-8 | 333-130575 | 4.2 | 12/21/2005 | ||||||||||||||||
3.3 | S-8 | 333-130575 | 4.3 | 12/21/2005 | ||||||||||||||||
3.4 | S-8 | 333-130575 | 4.4 | 12/21/2005 | ||||||||||||||||
3.5 | 8-K | 000-00261 | 3.6 | 1/15/2021 | ||||||||||||||||
10.1 | 10-K | 000-00261 | 10.39 | 12/11/2017 | ||||||||||||||||
10.2 | 8-K | 000-00261 | 10.1 | 4/5/2022 | ||||||||||||||||
10.3 | 8-K | 000-00261 | 10.2 | 4/5/2022 | ||||||||||||||||
10.4 | 8-K | 000-00261 | 10.1 | 12/19/2023 | ||||||||||||||||
31.1 | * | |||||||||||||||||||
31.2 | * | |||||||||||||||||||
32.1 | ** | |||||||||||||||||||
32.2 | ** | |||||||||||||||||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | * | ||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||||||||||
101.DEF | |||||||||||||||||||||
Inline XBRL Taxonomy Extension | |||||||||||||||||||||
* | |||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | * | |||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | * | |||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | * | |||||||||||||||||||
* | Filed herewith. | ||||||||||||||||||||
** |
ALICO, INC. (Registrant) | ||||||||
February 7, 2024 | By: | /s/ John E. Kiernan | ||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
February 7, 2024 | By: | /s/ Bradley Heine | ||||||
(Principal Financial and Accounting Officer) |