thank joining call third quarter this Thank you XXXX everyone you, us Anna earnings afternoon. and for for Alico's
at to results. in revised were fiscal lower we industry our occurred solids. was lower freeze season, guidance event, fullest we During in anticipated January XXXX, freeze a this have Florida disappointing experienced than its these resulting citrus the challenges, a Because In with hit an event crop. year several late That mature experienced reflect in not believe past levels, our fruit fruit to contributed years. intensity financial The for failing disappointing had We normally with freeze as Florida harvest of to of throughout season. the production season, entire significant to financial challenges, which almost resulted occurs for is years. to also along contributed than now complete, we which Valencia XXXX greater which XX pound the we previous drop which rate in harvest
and third-party incurred. Since of Florida management decline harvest for the citrus experienced Growth 'XX-'XX decline XXXX-'XX portion related only difficult precautionary 'XX-'XX our certain a fee, to we The in is year XX.X%. have the crop of Although freeze rate grove planting fruit as in season. for this believe harvest season approximately measures from a have one, million this exchange no for were any in per caretaking XXXX all harvest in for forecast strategy long-term the for its counties overall due operations indication undertook implemented year, costs company reimbursed XXXX, event. XXXX-XX during citrus the events we are boxes was A for the for of citrus citrus a of for We orange properties Hendry trees optimistic production expect XX of of Florida comprehensive harvest this to as we the acre we Nearly comparison, with damage And owners approximately XX to freeze XXXX, season. By million we season of the trees well harvest indicated as all company's the growth. the showed box Rest XX.X%. total approximately aggressive crop July the directly decline freeze crop managed Collier this past the our producing the beginning of event. industry in decrease more to 'XX-'XX decreased USDA was in lower boxes a XX the crop from compared the a Management a the Program, we current after to in
quarter for this the these agreements owner to Alico signed grower business. these and harvest citrus crop lease rights three season. leases third approximately approximately XX,XXX to which $XXX,XXX for third-party from our has with to the by secure term do to XXXX, to the longer citrus in for box production the XXXX-'XX citrus acres an a exit should on if decided Alico grove acres citrus one-year longtime we this production During X,XXX of to acreage incremental around choose option acres, drive X% so. season extend the also These harvest approximately expand next net
non-core prices. have our As we been continue ranch attractive to pursue estate parcels at we selling sales, of land real opportunistic
potential quarter Our weeks, latest per recent are were certain steady. which transactions acre at close Interest buyers transactions end before sales ranch the price XXXX XXXX. from and of out to now per average expected land an targeted sales $X,XXX remained fiscal have acres In of land fiscal acre. this ranch early close been totaled X,XXX in approximately pushed approximately to
productive what own to we land. productive and Whenever the in citrus also operate will continue to will and believe continue We to acquire citrus we profitable be Florida. groves most prudent,
operations looks the most long-term values shareholders, returns integrating To of prepared program that and are for accelerate purposing will company for earnings company extensive we in towards superior Alico goal the activities by future, appreciation. land seek use. to with XXXX, value estate with asset produce first a entitlement As mission. The broadening its profitable successful its our our development increase our can land agricultural real
state. commitment investments with related estate The the planning and few active next to that benefits in use initiatives optionality developments Alico wants for timing dramatic these with Florida Over investors agricultural that current management. enhanced will changes the the values professionals real land the optimizes frame we work to provide values and and comes informed land of of real long-term potential strategy a the by with across to stability years, conventional pace the across is our the with assets.
the and for the for our financial the our our full-year quarter. quarter majority third of results to of of revenue flows recognized is our the second was and seasonal The results. third crop the million operating in citrus Due indicative for million quarters the Let's XX Total are not June compared results year also the fiscal detailed $XX.X profit and quarter second to the turn nature quarter majority XXXX harvested are cash of XXXX. for XX of quarterly ended third our quarters. $XX.X and the June now to the in ended business,
compared ended the to $XX.X in a same year, quarters for was fruit box. drop, by XX decrease period as Our production decrease box in extent, three a prior XX XXXX Valencia the mainly million and months ended including respectively. fiscal process harvested revenue months disease was June management a and in decrease XXXX ended which XX $XX.X the the the late attributable weather event, to XX.X% months and in the generated solids for which months driven in per to June the citrus decrease conditions in and ended XXXX January revenue in occurred ended The June XXXX process decreased June due and to primarily the freeze decrease XXXX. compared the three June box Grove The 'XX by for million is to greater revenue to lesser decrease pound XX production for fruit The three a Valencia XX due services. the harvested XXXX was fruit in a primarily from three
to event. event, prior this of XXXX-XXXX the our box USDA result anticipated early on a comparable the box the event was production, impacted perform As and the to to season Valencia freeze published forecast a better that was year-over-year negatively According freeze which by mid than production basis. freeze
mainly ended the three the Valencia citrus earlier, as XXXX in June impacted was the all of ended internal previous due solids trees. long-term While in prior-years as XX The decrease be of crop being months quality or three pound compared during not per fruit as by the our our to box the not was XX measurable freeze the event appear as to strong adversely it does X% of to year. to June nearly damage months was XXXX mentioned
The the in in production of to maximize and order result addition, drop additional box event. Valencia accelerated as avoid In the freeze we decrease fruit a of the harvesting crop grove our we grove services management exit agreement and deciding who with a for to property their third-party us. is terminate provided due business therefore for services to caretaking management primary citrus the owner were
XXXX was expenses As compared management in June June the three XX, XX, June ended began three in operating and services caretaking a due $XX.X months decrease caretaking these the Total during which the services paid $XX.X relating XX, of of the to XX, the decrease third quarter respectively. services June million this as XXXX expense. million June was to all result for the June The months were XXXX. of ended expenses action, to and XX, XX, through management for management fee, exception to ceased as operating XXXX and months ended three XXXX XXXX reduction primarily the with
When ended received XX, to XXXX, months real ended gains related from was from compared and assets XXXX held June $XX.X XX, for for to As approximately primarily on gain recognized which XXXX. in in ended for decrease $X.X for in $X.X when reimbursement quarter during corporate June June three XXXX, property, million due sales being the ended matter exit year. harvested other XXXX. period XXXX mentioned, was a of to the decrease June and the real nine XX, compared in due ended of a legal of when June held XX, XX, the $XXX,XXX exit equipment June $XX.X XXXX property period the for million insurers lesser for estate to legal respectively. was and months to and General ended ended months sale plant expenses and XXXX. nine and XXXX. June third-party in equipment grove XX, three million of approximately ended sales the XX, and the agreement the compared a June To business three expense ended third expenses. property legal owner XXXX primary approximately for quarter smaller plenty of a with the to to XX, three and months The a previously boxes extent, decrease and the June in months the the million, the due compared months of sale expenses prior approximately net recognizing June $X.X $X.X to that the months same income for year, net was Other for of The citrus number XXXX to XXXX us million decrease decided of XX, the recognized ended the approximately for company is on us estate, XX, months harvest with as nine the the significant XX, our a during approximately income June in resulting assets a expenses compared management three approximately were administrative increase a prior same hauling million
fiscal we're quarter reported fiscal our $XX.X guidance approximately June we For year primarily to resulting June XX, event. $X.X income -- XX, XXXX of respect our million the respectively. from for internal attributable freeze XX, financial common XXXX than and guidance, With lower stockholders this the season's ended to anticipated revising guidance to ended the reflect and approximately September fruit, fiscal Alico million net quality XXXX of past our the Valencia
certain addition, expected XXXX XXXX. fiscal close to year land were before which targeted of ranch year in close to end fiscal transactions, the In now are sale
EBITDA million million. within to to $XX.X be net net million which to million. adjusting be projected between items after to balance range guidance to million be strength the and $XX.X its the non-recurring $XX.X expected between $XX projected to in certain and after decrease items expected $X.X between of the $X.X and continues be revised the of $XX.X production demonstrate which the be from non-recurring income, out range million. $XX between of and Alico projection $X.X and sheet. decrease from calls be EBITDA, million million of Our million previous million million million loss of to Adjusted million was and $X.X for and of $XX.X adjusted the certain previously adjusting financial million $XX.X $XX.X out million. $XX again, previously was to previous in million to $XX And $XX
Our million was June $XX.X XXXX representing working X.XX to ratio. at XX, approximately X.XX capital a
maintained and September debt June X.XX ratio. ratios see appropriate one. X.XX the next were improvement greater XXXX, our XX, generate XXXX. well X.XX, X.X box continue the is I acres equity approximately for X,XXX to that taken To the to this including groves year's and steps, up, XXXX the to that to production focused the difficult we've leasing X.XX to respectively. since want XX, harvest and We At season, wrap a planting September XX, conclusion XXXX X.XX, strategy close We our saying ready believe citrus year of ahead. by tree Alico of to to with And in increased in
We Alico for earnings to increase appreciation. wants investors agricultural line shareholders, ranch long-term real momentum now analysts. questions agricultural entitlement of Alico land the accelerate and Emma? asset opportunistic land benefits continue values sales, to the we'll of value and the extensive up to provide enhanced that, estate industry returns with management. optionality activities seek with our superior open maintain with by conventional integrating produce to comes with can investment And to operations that will that stability with active from successful
