Alico,Inc.( “ Alico ” or the “ Company ”)( Nasdaq ALCO) moment announces fiscal results for the fourth quarter and financial time ended September 30, 2023, the highlights of which are as follows
The Company’s groves have been recovering from the impact of Hurricane Ian since September 2022.
The Company reports net income attributable to Alico,Inc. common stockholders of$1.8 million and EBITDA of$23.0 million for the financial time ended September 30, 2023. After conforming for certainnon-recurring particulars, the Company reports acclimated net loss attributable to Alico,Inc. common stockholders of$(24.5) million and Acclimated EBITDA$(16.1) million for the time ended September 30, 2023.
Land deals continued during the 2023 financial time, with the Company selling roughly 2,255 acres for roughly$12.0 million.
The Company had roughly$70.0 million of undrawn credit available under its two lines of credit as of September 30, 2023.
The Company maintains a strong balance distance with a working capital rate of3.90 to1.00, and has maintained its debt rate at0.30 to1.00 for the 2023 financial time, as compared to0.27 to1.00 for the 2022 financial time.
Results of Operations
For the financial time ended September 30, 2023, the Company reported net income attributable to Alico common stockholders of$1.8 million, compared to net income attributable to Alico common stockholders of$12.5 million for the financial time ended September 30, 2022, relating to cost increases in toxin, pesticide, labor, and energy used in maintaining its groves. These cost increases, combined with dropped profit because of lower box product for both the Early andMid-Season and the Valencia crop, redounded in a advanced cost of deals per box as compared to the same period in the previous time. For the financial time ended September 30, 2023, the Company had earnings of$0.24 per adulterated common share, compared to earnings of$1.65 per adulterated common share for the financial time ended September 30, 2022.
When both ages are acclimated for certain particulars, including earnings on trade of real estate, civil relief proceeds from the 2017 Hurricane Irma and 2022 Hurricane Ian insurance proceeds and net doable value adaptation, the Company had an acclimated net loss of$(3.23) per adulterated common share for the financial time ended September 30, 2023, compared to an acclimated net income of$(0.21) per adulterated common share for the financial time ended September 30, 2022. Acclimated EBITDA for the financial times ended September 30, 2023 and 2022 was$(16.1) million and$13.4 million, independently.
The Company reported the following fiscal results
in thousands, except for per share quantities and probabilities)
Three Months Ended September 30, financial Times Ended September 30,
2023 2022 Change 2023 2022 Change
Net income( loss) attributable to Alico,Inc. common stockholders$ 940$( 21,080)104.5$ 1,835$ 12,459(85.3)
Earnings( loss) per adulterated common share$0.12$(2.78)104.3$0.24$1.65(85.5)
EBITDA( 1)$ 6,530$( 19,840)132.9$ 23,034$ 32,081(28.2)
Acclimated EBITDA( 1)$( 3,532)$ 2,983(218.4)$( 16,055)$ 13,406(219.8)
Net cash( used in) handed by operating conditioning$( 5,636)$( 4,269)(32.0)$( 6,254)$ 6,523(195.9)
1) “ EBITDA ” and “ Acclimated EBITDA ” arenon-GAAP fiscal measures. See “Non-GAAP fiscal Measures ” at the end of this earnings release for details regarding these measures, including rapprochements of theNon-GAAP Financial Measures presented in this release to their most directly similar GAAP measures.
These daily fiscal results also reflect the seasonal nature of the Company’s business. The maturity of the Company’s citrus crop is gathered in the alternate and third diggings of the financial time; accordingly, utmost of the Company’s gross profit and cash overflows from operating conditioning are generally honored in those diggings and the Company’s working capital conditions are generally lesser in the first and fourth diggings of the financial time.
Source Link:https://www.alicoinc.com/
