Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO), today
announces financial results for the second quarter and six months
ended March 31, 2016.
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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2016 |
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2015 |
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Change |
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2016 |
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2015 |
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Change |
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Adjusted
Non-GAAP Measures |
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EBITDA |
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$ |
20,837 |
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$ |
16,676 |
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$ |
4,161 |
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25.0 |
% |
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$ |
23,220 |
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$ |
21,037 |
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$ |
2,183 |
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10.4 |
% |
Earnings per Diluted
Common Share |
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$ |
1.02 |
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$ |
1.04 |
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$ |
(0.02 |
) |
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(1.9 |
) % |
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$ |
0.72 |
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$ |
0.92 |
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$ |
(0.20 |
) |
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(21.7 |
) % |
Free Cash Flow |
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$ |
24,226 |
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$ |
9,846 |
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$ |
14,380 |
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146.0 |
% |
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$ |
7,558 |
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$ |
(4,829 |
) |
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$ |
12,387 |
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NM |
Free Cash Flow per
Diluted Common Share |
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$ |
2.92 |
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$ |
1.19 |
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$ |
1.73 |
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145.4 |
% |
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$ |
0.91 |
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$ |
(0.62 |
) |
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$ |
1.53 |
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NM |
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GAAP
Measures |
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Net income attributable
to common stockholders |
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$ |
8,734 |
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|
$ |
4,226 |
|
|
$ |
4,508 |
|
|
106.7 |
% |
|
$ |
5,722 |
|
|
$ |
9,433 |
|
|
$ |
(3,711 |
) |
|
(39.3 |
) % |
Earnings Per Diluted
Common Share |
|
$ |
1.05 |
|
|
$ |
0.51 |
|
|
$ |
0.54 |
|
|
105.9 |
% |
|
$ |
0.69 |
|
|
$ |
1.21 |
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|
$ |
(0.52 |
) |
|
(43.0 |
) % |
Net cash provided by
(used in) operating activities |
|
$ |
26,919 |
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|
$ |
12,499 |
|
|
$ |
14,420 |
|
|
115.4 |
% |
|
$ |
12,138 |
|
|
$ |
(3,947 |
) |
|
$ |
16,085 |
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|
NM |
NM = Not
Meaningful |
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Orange Co. Division Results
Orange Co.’s 2016 crop production is projected
to be lower than its previous harvest season. Total pound
solids are projected to decline by approximately 15-17% and box
production by 11-13%. Orange Co.’s early and mid-season box
production finished lower by approximately 17% compared to the
prior year, but its late season production is expected to be more
stable with a projected box production decrease of approximately
4-6% compared to last year. The USDA estimates the entire
Florida orange crop will decrease by 21.5% this season, and Orange
Co. believes these declines are due to extreme weather patterns,
such as El Nino, as well as citrus greening. Orange Co.’s
late season harvesting activities were accelerated this year, and
the Orange Co. quarterly financial results have been positively
affected by this accelerated activity.
On March 4, 2016, the Florida Commissioner of
Agriculture exercised his authority under the Emergency Exemptions
provisions of the Federal Insecticide, Fungicide and Rodenticide
Act to allow use of certain foliar bactericide applications.
Florida growers can use these products until the Environmental
Protection Agency completes its review of a specific exemption
petition submitted by the Florida Department of Agriculture and
Consumer Services. These bactericides are approved and
successfully applied on other permanent crops throughout the United
States. Orange Co. began application of these bactericides to
all of its groves in April 2016. Orange Co. is encouraged by
the potential of foliar bactericide treatments to enhance the
overall health of citrus trees and thereby mitigate the impact of
citrus greening.
Citrus production for the second quarter and six
months ended March 31, 2016 and 2015 is summarized in the following
table.
(boxes and
total pound solids in thousands) |
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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2016 |
|
2015 |
|
Change |
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2016 |
|
2015 |
|
Change |
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Boxes |
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4,787 |
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|
4,403 |
|
|
384 |
|
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8.7 |
% |
|
|
6,294 |
|
|
5,851 |
|
|
443 |
|
|
7.6 |
% |
Total Pound Solids |
|
27,116 |
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|
25,872 |
|
|
1,244 |
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|
4.8 |
% |
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|
34,047 |
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33,372 |
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|
675 |
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|
2.0 |
% |
Average Pound Solids
Per Box |
|
5.85 |
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6.10 |
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(0.25 |
) |
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(4.1 |
)% |
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5.73 |
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5.95 |
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(0.22 |
) |
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(3.7 |
)% |
Price Per Pound Solids
- Early-Mids |
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$ |
2.27 |
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$ |
1.96 |
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$ |
0.31 |
|
|
15.8 |
% |
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$ |
2.18 |
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$ |
1.95 |
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$ |
0.23 |
|
|
11.8 |
% |
Price Per Pound Solids
- Valencias |
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$ |
2.42 |
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$ |
2.15 |
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$ |
0.27 |
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12.6 |
% |
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$ |
2.42 |
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$ |
2.15 |
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$ |
0.27 |
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12.6 |
% |
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Orange Co.’s total costs of production in fiscal
year 2016 are expected to remain in line with the prior year, but
the cost per box has increased by approximately $0.12, from $7.00
to $7.12, due to expected decreased box production for the
season. To date, operating expenses increased over the prior
periods largely due to selling more boxes in the second quarter and
first six months of fiscal year 2016 compared to the same periods
in fiscal year 2015.
Conservation and Environmental Resources Division
Results
For the six months ended March 31, 2016,
Conservation and Environmental Resources (“CER”) revenues of $1.7
million were earned primarily from calf sales with a 667,000
increase in pounds sold generating $1.5 million of increased
revenue partially offset by a ($0.4) million decrease due to the
price per pound declining from $2.18 to $1.68 year over year.
The 667,000 increase in pounds sold was due to the timing of calf
sales as CER held an additional 1,000 calves in inventory at
September 30, 2015 which would have historically been sold prior to
year-end. CER operating expenses increased by $0.8 million
for the six months ended March 31, 2016 compared to the six
months ended March 31, 2015 due to the timing of additional
pounds sold.
Other Corporate Financial
Information
Alico continues to invest in information
technology, management talent and strategic acquisition activities,
which has increased its general and administrative costs. Corporate
G&A expenses for the six months ended March 31, 2016
totaled $6.8 million compared to $9.0 million for the six months
ended March 31, 2015, a decrease of ($2.2) million. The
decrease relates primarily to $3.4 million in non-recurring
professional and legal fees associated with the Orange-Co and
Silver Nip acquisitions in fiscal year 2015 offset by certain
fiscal year 2016 expenses including $0.4 million in legal fees
related to the shareholder litigation and $0.4 million in
bonuses.
Other expense, net for the six months ended
March 31, 2016 was $4.4 million compared to $8.3 million of
other income for the six months ended March 31, 2015.
The decrease of $12.7 million is primarily attributable to a $12.7
million decrease in partial gain recognition on the sale of the
sugarcane land and a $1.3 million increase in interest expense
offset by non-recurring fiscal year 2015 losses including a $1.0
million loss on extinguishment of debt and a $0.5 million asset
impairment.
The Company paid a second quarter cash dividend
of $0.06 per share on its outstanding common stock on April 15,
2016, to shareholders of record at March 31, 2016 and
repurchased 14,310 shares of common stock at an average cost of
$37.62 per share in the quarter.
The Company ended the quarter with term debt,
net of cash and cash equivalents, of $196.5 million.
About Alico
Alico is a holding company with assets and
related operations in agriculture and environmental resources,
including cattle ranching, water management, and mining. Our
mission is to create value for shareholders by managing existing
assets to their optimal current income and total returns,
opportunistically acquiring new assets and producing high quality
agricultural products while exercising responsible environmental
stewardship. Learn more about Alico (NASDAQ:ALCO) at
http://www.alicoinc.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are based on
Alico’s current expectations about future events and can be
identified by terms such as " plans," "
expect," " may," " anticipate,"
" intend," " should be," " will be,"
" is likely to," " believes," and similar
expressions referring to future periods.
Alico believes the expectations reflected in the
forward-looking statements are reasonable but cannot guarantee
future results, level of activity, performance or achievements.
Actual results may differ materially from those expressed or
implied in the forward-looking statements. Therefore, Alico
cautions you against relying on any of these forward-looking
statements. Factors which may cause future outcomes to differ
materially from those foreseen in forward-looking statements
include, but are not limited to: changes in laws, regulation and
rules; weather conditions that affect production, transportation,
storage, demand, import and export of fresh product and its
by-products, increased pressure from disease, insects and other
pests; disruption of water supplies or changes in water
allocations; pricing and supply of raw materials and products;
market responses to industry volume pressures; pricing and supply
of energy; changes in interest rates; availability of financing for
land development activities and other growth opportunities; onetime
events; acquisitions and divestitures, including our ability to
achieve the anticipated results of the Orange-Co acquisition and
Silver Nip merger; seasonality; labor disruptions; inability to pay
debt obligations; inability to engage in certain transactions due
to restrictive covenants in debt instruments; government
restrictions on land use; changes in agricultural land values; and
market and pricing risks due to concentrated ownership of stock.
Other risks and uncertainties include those that are described in
Alico’s SEC filings, which are available on the SEC’s website at
http://www.sec.gov. Alico undertakes no obligation to subsequently
update or revise the forward-looking statements made in this press
release, except as required by law.
Non-GAAP Financial Measures |
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Adjusted
EBITDA |
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(in thousands) |
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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2016 |
|
2015 |
|
2016 |
|
2015 |
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Net income attributable
to common stockholders |
|
$ |
8,734 |
|
|
$ |
4,226 |
|
|
$ |
5,722 |
|
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$ |
9,433 |
|
Interest expense |
|
2,475 |
|
|
2,257 |
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|
4,978 |
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|
3,636 |
|
Provision for income taxes |
|
6,102 |
|
|
1,127 |
|
|
4,027 |
|
|
4,890 |
|
Depreciation and amortization |
|
4,036 |
|
|
3,505 |
|
|
8,044 |
|
|
6,489 |
|
EBITDA |
|
21,347 |
|
|
11,115 |
|
|
22,771 |
|
|
24,448 |
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Asset impairment |
|
— |
|
|
541 |
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|
— |
|
|
541 |
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Transaction costs |
|
105 |
|
|
274 |
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|
502 |
|
|
3,853 |
|
Acquired citrus inventory fair
value adjustments |
|
— |
|
|
4,202 |
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|
— |
|
|
4,202 |
|
Loss on extinguishment of debt |
|
— |
|
|
17 |
|
|
— |
|
|
964 |
|
Payments on consulting
agreements |
|
142 |
|
|
500 |
|
|
446 |
|
|
500 |
|
Litigation expenses related to
shareholder lawsuit |
|
3 |
|
|
— |
|
|
403 |
|
|
— |
|
(Gains) losses on sale of real
estate |
|
(760 |
) |
|
27 |
|
|
(902 |
) |
|
(13,471 |
) |
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Adjusted EBITDA |
|
$ |
20,837 |
|
|
$ |
16,676 |
|
|
$ |
23,220 |
|
|
$ |
21,037 |
|
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Adjusted
Earnings Per Common Share |
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(in thousands) |
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
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Net income attributable
to common stockholders |
|
$ |
8,734 |
|
|
$ |
4,226 |
|
|
$ |
5,722 |
|
|
$ |
9,433 |
|
Loss on extinguishment of debt |
|
— |
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|
17 |
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|
— |
|
|
964 |
|
Asset impairment |
|
— |
|
|
541 |
|
|
— |
|
|
541 |
|
Transaction costs |
|
105 |
|
|
274 |
|
|
502 |
|
|
3,853 |
|
Litigation expenses related to
shareholder lawsuit |
|
3 |
|
|
— |
|
|
403 |
|
|
— |
|
Acquired citrus inventory fair
value adjustments |
|
— |
|
|
4,202 |
|
|
— |
|
|
4,202 |
|
Payments on consulting
agreements |
|
142 |
|
|
500 |
|
|
446 |
|
|
500 |
|
Gains on sale of real estate |
|
(760 |
) |
|
27 |
|
|
(902 |
) |
|
(13,471 |
) |
Tax impact |
|
209 |
|
|
(1,171 |
) |
|
(186 |
) |
|
1,164 |
|
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Adjusted net
income |
|
$ |
8,433 |
|
|
$ |
8,616 |
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|
$ |
5,985 |
|
|
$ |
7,186 |
|
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|
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Diluted common
shares |
|
8,303 |
|
|
8,272 |
|
|
8,309 |
|
|
7,815 |
|
|
|
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Adjusted Earnings per
Diluted Common Share |
|
$ |
1.02 |
|
|
$ |
1.04 |
|
|
$ |
0.72 |
|
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$ |
0.92 |
|
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Adjusted Free
Cash Flow |
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(in thousands) |
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
|
$ |
26,919 |
|
|
$ |
12,499 |
|
|
$ |
12,138 |
|
|
$ |
(3,947 |
) |
Adjustments for
non-recurring items: |
|
|
|
|
|
|
|
|
Transaction costs |
|
105 |
|
|
274 |
|
|
502 |
|
|
3,853 |
|
Payments on consulting
agreements |
|
142 |
|
|
500 |
|
|
446 |
|
|
500 |
|
Litigation expenses related to
shareholder lawsuit |
|
3 |
|
|
— |
|
|
403 |
|
|
— |
|
Capital
expenditures |
|
(2,943 |
) |
|
(3,427 |
) |
|
(5,931 |
) |
|
(5,235 |
) |
Adjusted Free Cash
Flow |
|
$ |
24,226 |
|
|
$ |
9,846 |
|
|
$ |
7,558 |
|
|
$ |
(4,829 |
) |
|
|
|
|
|
|
|
|
|
Diluted common
shares |
|
8,303 |
|
|
8,272 |
|
|
8,309 |
|
|
7,815 |
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash Flow
per Diluted Common Share |
|
$ |
2.92 |
|
|
$ |
1.19 |
|
|
$ |
0.91 |
|
|
$ |
(0.62 |
) |
Alico utilizes Adjusted EBITDA among other
measures, to evaluate the performance of its business. Due to
significant depreciable assets associated with the nature of our
operations and, to a lesser extent, interest costs associated with
our capital structure, management believes that Adjusted EBITDA,
Adjusted Earnings per Diluted Common Share, Adjusted Free Cash Flow
and Adjusted Free Cash Flow per Diluted Common Share are important
measures to evaluate our results of operations between periods on a
more comparable basis and to help investors analyze underlying
trends in our business, evaluate the performance of our business
both on an absolute basis and relative to our peers and the broader
market, provides useful information to both management and
investors by excluding certain items that may not be indicative of
our core operating results and operational strength of our business
and helps investors evaluate our ability to service our debt.
Such measurements are not prepared in accordance with accounting
principles generally accepted in the United States (“U.S. GAAP”)
and should not be construed as an alternative to reported results
determined in accordance with U.S. GAAP. The non-GAAP information
provided is unique to Alico and may not be consistent with
methodologies used by other companies. Adjusted Free Cash Flow is
defined as cash provided by operations less capital expenditures
adjusted for non-recurring transactions. The Company uses Adjusted
Free Cash Flow and Adjusted Free Cash Flow per Diluted Common Share
to evaluate its business and this measure is considered an
important indicator of the Company's liquidity, including its
ability to reduce net debt, make strategic investments, and pay
dividends to common stockholders.
ALICO, INC. |
CONDENSED COMBINED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(in thousands, except share and per share
amounts) |
|
|
|
|
|
March 31, |
|
September 30, |
|
2016 |
|
2015 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
3,552 |
|
|
$ |
5,474 |
|
Accounts receivable, net |
24,766 |
|
|
3,137 |
|
Inventories |
46,421 |
|
|
58,273 |
|
Income tax receivable |
2,088 |
|
|
2,088 |
|
Prepaid expenses and other current
assets |
1,312 |
|
|
1,791 |
|
Total current
assets |
78,139 |
|
|
70,763 |
|
|
|
|
|
Property and equipment,
net |
379,100 |
|
|
381,099 |
|
Goodwill |
2,246 |
|
|
2,246 |
|
Deferred financing
costs, net of accumulated amortization |
2,598 |
|
|
2,978 |
|
Other non-current
assets |
1,769 |
|
|
3,002 |
|
Total assets |
$ |
463,852 |
|
|
$ |
460,088 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
6,810 |
|
|
$ |
4,407 |
|
Accrued liabilities |
10,817 |
|
|
13,815 |
|
Long-term debt, current
portion |
4,511 |
|
|
4,511 |
|
Income taxes payable |
4,027 |
|
|
— |
|
Deferred tax liability, current
portion |
151 |
|
|
151 |
|
Obligations under capital leases,
current portion |
277 |
|
|
277 |
|
Other current liabilities |
359 |
|
|
974 |
|
Total current
liabilities |
26,952 |
|
|
24,135 |
|
|
|
|
|
Long-term debt |
195,589 |
|
|
200,970 |
|
Lines of credit |
5,000 |
|
|
— |
|
Deferred tax
liability |
25,581 |
|
|
25,628 |
|
Deferred gain on
sale |
28,432 |
|
|
29,122 |
|
Deferred retirement
obligations |
4,170 |
|
|
4,134 |
|
Obligations under
capital leases |
588 |
|
|
588 |
|
Total
liabilities |
286,312 |
|
|
284,577 |
|
|
|
|
|
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 and8,416,145 shares issued
and 8,302,063 and 8,325,580 shares outstanding at March31, 2016 and
September 30, 2015, respectively |
8,416 |
|
|
8,416 |
|
Additional paid in capital |
18,257 |
|
|
19,795 |
|
|
|
|
|
|
|
Treasury stock, at cost, 114,082
and 90,565 shares held at March 31, 2016 andSeptember 30, 2015,
respectively |
(5,151 |
) |
|
(3,962 |
) |
Retained earnings |
151,229 |
|
|
146,455 |
|
Total Alico stockholders'
equity |
172,751 |
|
|
170,704 |
|
Noncontrolling interest |
4,789 |
|
|
4,807 |
|
Total stockholders'
equity |
177,540 |
|
|
175,511 |
|
Total liabilities and
stockholders' equity |
$ |
463,852 |
|
|
$ |
460,088 |
|
ALICO, INC. |
CONDENSED COMBINED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Operating
revenues: |
|
|
|
|
|
|
|
|
Orange Co. |
|
$ |
70,982 |
|
|
$ |
58,557 |
|
|
$ |
90,277 |
|
|
$ |
75,550 |
|
Conservation and Environmental
Resources |
|
644 |
|
|
309 |
|
|
1,651 |
|
|
1,145 |
|
Other Operations |
|
263 |
|
|
1,146 |
|
|
565 |
|
|
2,387 |
|
Total operating revenues |
|
71,889 |
|
|
60,012 |
|
|
92,493 |
|
|
79,082 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Orange Co. |
|
51,716 |
|
|
46,383 |
|
|
69,324 |
|
|
60,597 |
|
Conservation and Environmental
Resources |
|
581 |
|
|
623 |
|
|
2,141 |
|
|
1,368 |
|
Other Operations |
|
77 |
|
|
1,330 |
|
|
147 |
|
|
2,169 |
|
Total operating expenses |
|
52,374 |
|
|
48,336 |
|
|
71,612 |
|
|
64,134 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
19,515 |
|
|
11,676 |
|
|
20,881 |
|
|
14,948 |
|
General and
administrative expenses |
|
2,849 |
|
|
3,499 |
|
|
6,774 |
|
|
8,982 |
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
16,666 |
|
|
8,177 |
|
|
14,107 |
|
|
5,966 |
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
Investment and interest income,
net |
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
Interest expense |
|
(2,475 |
) |
|
(2,257 |
) |
|
(4,978 |
) |
|
(3,636 |
) |
Gain (loss) on sale of real
estate |
|
760 |
|
|
(27 |
) |
|
902 |
|
|
13,471 |
|
Loss on extinguishment of debt |
|
— |
|
|
(17 |
) |
|
— |
|
|
(964 |
) |
Impairment of asset held for
sale |
|
— |
|
|
(541 |
) |
|
— |
|
|
(541 |
) |
Other (expense) income, net |
|
(125 |
) |
|
18 |
|
|
(300 |
) |
|
25 |
|
Total other (expense) income,
net |
|
(1,840 |
) |
|
(2,824 |
) |
|
(4,376 |
) |
|
8,357 |
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
|
14,826 |
|
|
5,353 |
|
|
9,731 |
|
|
14,323 |
|
Provision for income
taxes |
|
6,102 |
|
|
1,127 |
|
|
4,027 |
|
|
4,890 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
8,724 |
|
|
4,226 |
|
|
5,704 |
|
|
9,433 |
|
Net loss attributable
to noncontrolling interests |
|
10 |
|
|
— |
|
|
18 |
|
|
— |
|
Net income
attributable to Alico, Inc. common stockholders |
|
8,734 |
|
|
4,226 |
|
|
5,722 |
|
|
9,433 |
|
Comprehensive income
attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive
income attributable to Alico, Inc. common
stockholders |
|
$ |
8,734 |
|
|
$ |
4,226 |
|
|
$ |
5,722 |
|
|
$ |
9,433 |
|
|
|
|
|
|
|
|
|
|
Per share
information attributable to Alico, Inc. common
stockholders: |
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.05 |
|
|
$ |
0.51 |
|
|
$ |
0.69 |
|
|
$ |
1.21 |
|
Diluted |
|
$ |
1.05 |
|
|
$ |
0.51 |
|
|
$ |
0.69 |
|
|
$ |
1.21 |
|
Weighted-average number of common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
8,286 |
|
|
8,272 |
|
|
8,294 |
|
|
7,815 |
|
Diluted |
|
8,303 |
|
|
8,272 |
|
|
8,309 |
|
|
7,815 |
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
ALICO, INC. |
CONDENSED COMBINED CONSOLIDATED STATEMENT OF
CASH FLOWS (UNAUDITED) |
(in thousands) |
|
|
|
|
|
Six Months Ended March 31, |
|
2016 |
|
2015 |
|
|
|
|
Net cash
provided by (used in) operating activities: |
$ |
12,138 |
|
|
$ |
(3,947 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Acquisition of citrus businesses,
net of cash acquired |
— |
|
|
(264,586 |
) |
Proceeds on sale of sugarcane
land |
— |
|
|
97,151 |
|
Purchases of property and
equipment |
(5,931 |
) |
|
(5,235 |
) |
Other |
141 |
|
|
1,093 |
|
Net cash used in investing
activities |
(5,790 |
) |
|
(171,577 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds from term loans |
— |
|
|
182,500 |
|
Repayments on revolving line of
credit |
(45,132 |
) |
|
(49,942 |
) |
Borrowings on revolving line of
credit |
50,132 |
|
|
63,528 |
|
Repayment of term loan |
— |
|
|
(34,000 |
) |
Principal payments on term
loans |
(5,381 |
) |
|
(12,489 |
) |
Contingent consideration paid |
(3,750 |
) |
|
— |
|
Treasury stock purchases |
(3,141 |
) |
|
(512 |
) |
Financing costs |
— |
|
|
(2,895 |
) |
Dividends paid |
(998 |
) |
|
(885 |
) |
Net cash (used in) provided by
financing activities |
(8,270 |
) |
|
145,305 |
|
|
|
|
|
Net decrease in
cash and cash equivalents |
(1,922 |
) |
|
(30,219 |
) |
Cash and cash
equivalents at beginning of the period |
5,474 |
|
|
31,130 |
|
|
|
|
|
Cash and cash equivalents
at end of the period |
$ |
3,552 |
|
|
$ |
911 |
|
Investor Contact:
John E. Kiernan
Senior Vice President and Chief Financial Officer
(239) 226-2000
JKiernan@alicoinc.com
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