of and Earnings Fiscal for Good joining First Thank Quarter us Call. everyone, morning, for XXXX you John. you, thank Year Alico's
this already remarks we strategic land which strategic early announced going with January balancing opportunities. and operations on spend agricultural we prepared are updating about you our of new alternative transformation, I'm to monetization most in how executing strategy, my
and the exception decided calendar citrus few in of harvested after with to citri. half year harvested will current our the year be of first consolidated further our material on for grows operations investment that have capital crop XXXX, We spend in more not the is a X
on we our acting resources our production, winding focus capital-intensive our prudently our financial we citrus of strengthening for down are will shareholders. profitable We while believe new By creating on also position. growth behalf opportunities
For realities. a has be of we century, one agricultural land. Florida's steward land changing to its rights that of our and And Alico in citrus Alico across of a XX,XXX over and approximately producers must X transformation proud assets been owns acres mineral to to acres and the reluctantly of tremendous economic now creates value as environmental But opportunity adapt gas in XX,XXX these leading unlock counties in we state. shareholders. the for Florida approximately oil, as believe well our strategic a dedicated
and of current purposes. approximately related nonagricultural agricultural that Management acres XX% XX% believes can can and Alico approximately be transitioned remain for entitled
We commitment land to residential agricultural to entitle of to wind our down this also diversified parcels for certain expect maintain profitable industry development. non-citrus expect following through our and operations commercial and the Florida
includes our capital comes that the and improve with active provide will ability on The a management. with transformation company believes to land greater with optionality the a our of return that investment agricultural strategic investors conventional stability benefits
acting opportunities of production agricultural citrus new This strategic growth shareholders. creating to profitable while behalf transformation for prudently beyond will on Alico maintain also our heritage allow while
early turn positioned through March continue steps driving our strategic to January Management that should taken are now Valencia profitability, launch which efficiently, our and with transformation Board crop well smoothly the to and the and April. begins to attention believe we harvesting in went and our in
factors for transparent increasing challenges disease financial faced our from and have seasons. about citrus We greening how have operations environmental been consistently citrus many
of did multiple disease and despite this our We some industry that for Ian, and 'XX which greening approximately citrus result citrus hurricanes, potential investments form citrus for that federal trees the remain and Citrus XXXX XX for did damage XX% significant relief last the struck in -- to a years XXXX, land, to has of our treatments. the from struck over which in Florida Hurricane about the potentially citrus crops the declined the encouraged for the Milton, Hurricane production and damage XXXX, As updates Mutual crops Florida by in year.
available production citrus support We've combat greening recovery. the longer restore profitability, long-term to our our but explored no expectations citrus for operations disease cost and options to many trend needed to the
ongoing quarter, produced. our being of fiscal division During year-over-year solids citrus our lower first challenges operational these pound results with in levels reflected
months X the The solids approximately the we driven solids Milton. X compared comparable solids million pounds year. Hurricane XXXX, harvested ended X.X to million drop caused harvested fiscal December decrease by fruit pound was For pound in XX, in by prior
the increase And the a pound solid as Tropicana million to was in XX.X% that of early in new we received due loss a XXXX, a XX, our we result had the in agreement, December fiscal $XXX,XXX fiscal first a per harvest. XXXX. related However, revenue to price quarter adjusted $X.X to increase of million $X.X quarter mid-season compared ended and XX, in the EBITDA ended December first
production operations decision total lower harvest These citrus fiscal Current economically XXXX likely will longer volume Alico's our viable. than wind reinforced for as to be trends they are indicate our production down no recent season challenges continued XXXX. that fiscal strategic
of next the our expect ahead for fiscal final complete Looking XXXX, significant to positioning while remainder citrus harvest our we company to chapter. the
of closing also this been that agreements have fiscal are generate process proceeds under option are are to in soon. to and in or million year several expected based approximately expected are $XX which transactions upon negotiated close We land sales, the
credit by fund available has month, the its next XXXX. to through facilities under million harvest, Valencia needed. expected expected $XX.X in borrowings These and an fiscal will Alico cash which proceeds are generated operations if begin also additional
the track assets We certain record decade. past a proven have of over noncore monetizing
which originally Hurricane completed acres all XXXX, of payments the debt, variable for state term $XX.X strengthening balance we of sale the fiscal XX,XXX impact borrowings XXXX to repay of balance Metlife under Ian proceeds, gross million less we through our due $X.X our rate Florida used of the December sheet the and thereby to final which principal the our line our million credit, was on Ranch than of in Alico year. borrowed reducing to our required In to million outstanding $XX.X of per and of
credit XXXX, our demonstrates which increasing the line Alico extending Metlife. by support the Metlife and with we May financial In flexibility September confidence credit our maturity to until continued of X, agreement believe we our by revolving amended of XXXX, addition in in of
we liquidity, capital the ample events highest We believe line and that time to of significant our credit weather assets. best long-term need that provides real us manage well to it, the revolving use estate realize have as for and to as with should we ensure
Since and and our also announcement inquiries current of offers stock agents has possibly acquiring assets as our rolling about evaluate trucks in tractors. selling evaluating season. continuing other harvest developers, citrus principals fixed early management parcels We've been acquire from selected and are acres to to begun January, such brokers, after this
fiscal of XXXX cash operating as company expenses meet a Supported year being we enough that fiscal result years positive and by flow our positive to these reiterates with our for factors, end January, expect since XXXX. the cash the to
company's green also sugarcane, mining and discussing sod in parcels. on has the fruits many beans vegetables Details as Alico sand seasonal will with as of been lease possible operators these Florida and potentially such production, agricultural disclosed corn, growing arrangements about about as once expanding finalized. berries opportunities contracts such are be such watermelon, activities crops some
can determine our will best all create Instrumental continue use the As is highest value our evaluating to in to and all environmental simultaneously that where part create transformation, of what opportunities properties conservation outcomes. leverage strategic Alico's to for enhance we programs process shareholders. evaluate of we and
Protection will X months. applications identified explore for acres to XXX Those opportunities January total in to from acres prior submitted ranging the coming and be and XXXX evaluated as Family Lands of a Florida's XX,XXX Program. Alico studies properties under case X,XXX over were to provided the deadline to Rural the size FDACS acres
the Agriculture transformation for the with Services within a program, Florida the the all Consumer of and fit as properties Protection not framework. we to Rural forward and coordinating Florida be Lands Department our Family While look may strategic program ultimately fit as to properties analyze these well
programs years. the through Alico more a successfully returned offer, a dividend well debt In buyback as share paying as quarterly repayments, for XX has than capital common tender optional past,
established, capital specific land more rise, balances cash non-citrus plans intend becoming our activities As return whether we sales agricultural investors. or to firmly to discuss more our to through
not revenues and company land create this remainder land paid strategy, properties citrus harvesting fiscal new of current company recognize a costs expected year already severance have agricultural activities positive are cash to the for its diversified flow expects after Alico restructuring sales conclude. are are related. profitable to negotiated become and will been and The of Under most closed that that the
for value holdings those of development with acres years. acres could XX% to approximately are $XXX X and agricultural the even the that Management worth XX% million, for our valued be of estimates present current these approximately within of million next land $XXX usage entitled assuming
plans investors to schedule, Our Corescrew our for is and our Grove public proceeding have work in development on Collier with briefing applications entitlement expect Highlands been our a counties and filed. on we once provide
unlock about transformation Overall, this strategic our look the long-term we the to very our on year. updating value you I fiscal creates and throughout am opportunity forward progress excited to for
turn Brad I'll to now call And that, with the over Heine.
