ALICO, INC. ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND financial YEAR ENDED SEPTEMBER 30, 2023
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.
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.
ur copse caregiving programs for our roughly 49,000 citrus acres located across 7 counties in Florida so that Alico will be ready to gather a healthy citrus crop in 2023- 24. We continue to hope to admit civil disaster relief finances from the Consolidated Appropriations Act that was passed into law December 2022, although we can not determine the quantum of relief we may be eligible for, or the timing of any possible relief fund payments. Alico continues to support Florida Citrus Mutual, our assiduity trade group, as well as government officers and agencies, as they work to finalize civil relief programs for this 2022 storm. Although our 2023- 24 harvesting conditioning are just beginning now, we’re confident that Alico’s crop recovery this season will be significant because of our exceptional caregiving practices and the maturity of over 2 million trees planted by the Company since 2017. In addition, over 35 of our trees have now been treated with an oxytetracycline( “ OTC ”) injection since January 2023 to combat citrus greening, with the thing to ameliorate fruit quality and drop the fruit drop rate. The full extent of its benefits won’t be measurable until after the 2023- 24 crop.
On September 18, 2023, Alico inked a contract with the State of Florida to vend the remaining 17,229 acres of the Alico Ranch for roughly$77.6 million. The deal is anticipated to close by February 2024. Once closed, we will have vended a aggregate of roughly 69,000 acres of the Alico Ranch for roughly$ 226 million to further than 25 buyers since 2018. Plans for the use of the proceeds are being perfected, with reducing balances on our working capital credit line incurred during Hurricane Ian as a precedence, as well as prepayment of variable rate debt balances without penalty and for general commercial purposes. It’s possible that net operating losses over the once two times will shield a significant quantum of the anticipated gain on the pending estate trade, and it’s also possible that the if proceeds are used to repay variable debt balances, the Company ‘s net debt balances could range between$ 75 million and$ 80 million at the end of financial time 2024, which is a substantial drop from the$127.6 million net debt balance at September 30, 2023.
Alico is proud to partake that in financial time 2024 it has formerly partnered with another large citrus farmer to manage roughly 3,300 acres of their citrus groves, with all charges refunded and a operation figure paid to us for our services.
Outside of our citrus operations, Alico lately concluded its work with land- use planning professionals in Florida assessing the long- term implicit loftiest and stylish use of our real estate means. To be clear, Alico will continue to conduct our regular citrus operations at all of our groves for times to come, but the work of those land- planning professionals led to a decision by Alico to commence themulti-year annuity process for a 4,500- acre copse near Fort Myers, in Collier County. We plan on continuing citrus operations there, while considering options for the most profitable use of the property.
All Alico shareholder action related to the balance distance paraphrase last December has been freely dismissed, without prejudice, by the complainants.
Source Link:https://www.alicoinc.com/
