Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO), today
announces financial results for the third quarter and nine months
ended June 30, 2016. For the nine month period, the
Company earned $1.25 per share compared to $2.34 per share in the
prior year primarily due to lower production volume. When both
periods are adjusted for one-time items related to prior
acquisitions including transaction costs, litigation, consulting
fees, acquired inventory and real estate gains, the Company earned
$1.32 per share in the nine month period of 2016 and $2.40 per
share in 2015.
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(in thousands except
for per share amounts) |
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Three Months Ended June 30, |
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Nine Months Ended June 30, |
|
2016 |
|
2015 |
|
Change |
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2016 |
|
2015 |
|
Change |
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Net income attributable
to common stockholders |
$ |
4,681 |
|
|
$ |
9,176 |
|
|
$ |
(4,495 |
) |
|
(49.0 |
)% |
|
$ |
10,404 |
|
|
$ |
18,609 |
|
|
$ |
(8,205 |
) |
|
(44.1 |
)% |
EBITDA |
$ |
14,587 |
|
|
$ |
22,072 |
|
|
$ |
(7,485 |
) |
|
(33.9 |
)% |
|
$ |
37,359 |
|
|
$ |
46,519 |
|
|
$ |
(9,160 |
) |
|
(19.7 |
)% |
Earnings Per Diluted
Common Share |
$ |
0.56 |
|
|
$ |
1.11 |
|
|
$ |
(0.55 |
) |
|
(49.5 |
)% |
|
$ |
1.25 |
|
|
$ |
2.34 |
|
|
$ |
(1.09 |
) |
|
(46.6 |
)% |
Net cash provided by
operating activities |
$ |
22,047 |
|
|
$ |
40,296 |
|
|
$ |
(18,249 |
) |
|
(45.3 |
)% |
|
$ |
34,185 |
|
|
$ |
36,349 |
|
|
$ |
(2,164 |
) |
|
(6.0 |
)% |
|
Orange Co. Division Results
Orange Co.'s financial results declined during the
period due to lower citrus production volume and costs of sales
flat with the prior year level, resulting in higher per unit
costs.
Orange Co. 2016 crop production was lower by 17.4%
on a pound solids basis and by 11.9% on a box basis for the nine
months ended June 30, 2016. Last month, the USDA estimated
the Florida orange crop decreased by approximately 15.8% this
season as measured by total boxes produced. Orange Co.’s
early and mid-season pound solids decreased by 22.9% and boxes
decreased by 18.2%; its late season Valencia pound solids decreased
by 13.4% and boxes decreased by 6.8%. These declines were due
to various factors including extreme weather patterns, such as El
Nino and higher than normal temperatures during the early and
mid-season harvest, and citrus greening, but partially mitigated by
the acceleration of the Company’s late season harvesting activities
to address premature fruit drop.
Citrus production for the third quarter and nine
months ended June 30, 2016 and 2015 is summarized in the
following table.
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(boxes and
pound solids in thousands) |
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Three Months Ended June
30, |
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Nine Months Ended June
30, |
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Change |
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Change |
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2016 |
|
2015 |
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$ |
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% |
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2016 |
|
2015 |
|
$ |
|
% |
Boxes
Harvested: |
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Early and Mid-Season |
30 |
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|
$ |
(82 |
) |
|
112 |
|
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(136.6 |
)% |
|
3,634 |
|
|
$ |
4,442 |
|
|
(808 |
) |
|
(18.2 |
)% |
Valencias |
2,854 |
|
|
4,489 |
|
|
(1,635 |
) |
|
(36.5 |
)% |
|
5,195 |
|
|
5,570 |
|
|
(375 |
) |
|
(6.8 |
)% |
Total Processed |
2,884 |
|
|
4,407 |
|
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(1,523 |
) |
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(34.6 |
)% |
|
8,829 |
|
|
10,012 |
|
|
(1,183 |
) |
|
(11.9 |
)% |
Fresh Fruit |
52 |
|
|
214 |
|
|
(162 |
) |
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(75.7 |
)% |
|
401 |
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|
460 |
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(59 |
) |
|
(12.9 |
)% |
Total |
2,936 |
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|
4,621 |
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(1,685 |
) |
|
(36.5 |
)% |
|
9,230 |
|
|
10,472 |
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(1,242 |
) |
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(11.9 |
)% |
Pound Solids
Produced: |
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Early and Mid-Season |
19 |
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(374 |
) |
|
393 |
|
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(105.1 |
)% |
|
20,167 |
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|
26,139 |
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(5,972 |
) |
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(22.9 |
)% |
Valencias |
17,338 |
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|
29,269 |
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(11,931 |
) |
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(40.8 |
)% |
|
31,237 |
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|
36,044 |
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(4,807 |
) |
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(13.4 |
)% |
Fresh Fruit |
— |
|
|
(84 |
) |
|
84 |
|
|
(100.0 |
)% |
|
— |
|
|
— |
|
|
— |
|
|
— |
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Total |
17,357 |
|
|
28,811 |
|
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(11,454 |
) |
|
(39.8 |
)% |
|
51,404 |
|
|
62,183 |
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(10,779 |
) |
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(17.4 |
)% |
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Average Pound Solids
Per Box |
6.02 |
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6.54 |
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(0.52 |
) |
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(7.9 |
)% |
|
5.82 |
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6.21 |
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(0.39 |
) |
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(6.3 |
)% |
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Price per Pound
Solids: |
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Early and Mid-Season |
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NM |
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NM |
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NM |
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NM |
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$ |
2.17 |
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$ |
1.99 |
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$ |
0.18 |
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|
9.1 |
% |
Valencias |
$ |
2.39 |
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$ |
2.13 |
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$ |
0.26 |
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12.2 |
% |
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$ |
2.40 |
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$ |
2.13 |
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$ |
0.27 |
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12.7 |
% |
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NM - Not
Meaningful |
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Orange Co. focused on efficiency and cost control
in 2016 and its costs of production remained flat from the prior
year despite the challenges of unusual weather and disease with
cost of sales of $65.4 million compared to $65.5 million in 2015
(excluding a $7.2 million adjustment of the fair market value of
acquired inventory). Those costs on a per pound solids basis
increased 21.0% from $1.05 to $1.27 because of lower volumes
supporting the cost base.
Conservation and Environmental Resources
Division Results
For the nine months ended June 30, 2016,
Conservation and Environmental Resources (“CER”) revenues of $2.5
million were earned primarily from calf sales with a 731,000
increase in pounds sold generating $1.6 million of increased
revenue partially offset by a $0.4 million decrease due to the
price per pound declining from $2.16 to $1.67 year over year.
The 731,000 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 $1.5 million
for the nine months ended June 30, 2016 compared to the nine
months ended June 30, 2015 due to the timing of additional
pounds sold and a $0.5 million increase in water conservation
related expenses.
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 on a
recurring basis by $1.1 million. Corporate G&A expenses
for the nine months ended June 30, 2016 totaled $9.5 million
compared to $11.9 million for the nine months ended June 30,
2015, a decrease of $2.4 million. The decrease relates
primarily to $3.7 million in non-recurring professional and legal
fees associated with the Orange-Co and Silver Nip acquisitions and
$0.6 million in non-recurring consulting expenses 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 prior year bonuses payments.
Other expense, net for the nine months ended
June 30, 2016 was $7.2 million compared to $6.1 million of
other income for the nine months ended June 30, 2015.
The decrease of $13.3 million is primarily attributable to a $13.0
million decrease in partial gain recognition on the sale of the
sugarcane land and a $1.7 million increase in interest expense
offset by non-recurring fiscal year 2015 losses, including a $1.1
million loss on extinguishment of debt and a $0.5 million asset
impairment.
The Company paid a third quarter cash dividend of
$0.06 per share on its outstanding common stock on July 15, 2016,
to shareholders of record at June 30, 2016.
The Company ended the quarter with term debt, net
of cash and cash equivalents, of $186.9 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 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 diseases including citrus
greening and citrus canker, as well as 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.
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Non-GAAP
Financial Measures |
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Adjusted
EBITDA |
|
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|
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|
|
|
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(in thousands) |
|
|
|
|
|
|
|
|
|
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|
Three Months Ended June 30, |
|
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|
|
Nine Months Ended June 30, |
|
2016 |
|
2015 |
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common stockholders |
$ |
4,681 |
|
|
$ |
9,176 |
|
|
|
|
|
$ |
10,404 |
|
|
$ |
18,609 |
|
Interest expense |
2,470 |
|
|
2,104 |
|
|
|
|
|
7,448 |
|
|
5,739 |
|
Provision for income taxes |
3,392 |
|
|
6,644 |
|
|
|
|
|
7,419 |
|
|
11,534 |
|
Depreciation and amortization |
4,044 |
|
|
4,148 |
|
|
|
|
|
12,088 |
|
|
10,637 |
|
EBITDA |
14,587 |
|
|
22,072 |
|
|
|
|
|
37,359 |
|
|
46,519 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment |
— |
|
|
— |
|
|
|
|
|
— |
|
|
541 |
|
Transaction costs |
48 |
|
|
407 |
|
|
|
|
|
550 |
|
|
4,260 |
|
Acquired citrus inventory fair
value adjustments |
— |
|
|
3,023 |
|
|
|
|
|
— |
|
|
7,225 |
|
Loss on extinguishment of debt |
— |
|
|
87 |
|
|
|
|
|
— |
|
|
1,051 |
|
Payments on consulting
agreements |
109 |
|
|
704 |
|
|
|
|
|
555 |
|
|
1,204 |
|
Litigation expenses related to
shareholder lawsuit |
7 |
|
|
— |
|
|
|
|
|
410 |
|
|
— |
|
(Gains) losses on sale of real
estate |
284 |
|
|
(1 |
) |
|
|
|
|
(618 |
) |
|
(13,471 |
) |
|
|
|
|
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|
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|
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|
Adjusted EBITDA |
$ |
15,035 |
|
|
$ |
26,292 |
|
|
|
|
|
$ |
38,256 |
|
|
$ |
47,329 |
|
|
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Adjusted
Earnings Per Common Share |
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(in thousands) |
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|
|
|
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Three Months Ended June 30, |
|
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Nine Months Ended June 30, |
|
2016 |
|
2015 |
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common stockholders |
$ |
4,681 |
|
|
$ |
9,176 |
|
|
|
|
|
$ |
10,404 |
|
|
$ |
18,609 |
|
Loss on extinguishment of debt |
— |
|
|
87 |
|
|
|
|
|
— |
|
|
1,051 |
|
Asset impairment |
— |
|
|
— |
|
|
|
|
|
— |
|
|
541 |
|
Transaction costs |
48 |
|
|
407 |
|
|
|
|
|
550 |
|
|
4,260 |
|
Litigation expenses related to
shareholder lawsuit |
7 |
|
|
— |
|
|
|
|
|
410 |
|
|
— |
|
Acquired citrus inventory fair
value adjustments |
— |
|
|
3,023 |
|
|
|
|
|
— |
|
|
7,225 |
|
Payments on consulting
agreements |
109 |
|
|
704 |
|
|
|
|
|
555 |
|
|
1,204 |
|
(Gains) losses on sale of real
estate |
284 |
|
|
(1 |
) |
|
|
|
|
(618 |
) |
|
(13,471 |
) |
Tax impact |
(188 |
) |
|
(1,772 |
) |
|
|
|
|
(374 |
) |
|
(310 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income |
$ |
4,941 |
|
|
$ |
11,624 |
|
|
|
|
|
$ |
10,927 |
|
|
$ |
19,109 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted common
shares |
8,309 |
|
|
8,284 |
|
|
|
|
|
8,309 |
|
|
7,971 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings per
Diluted Common Share |
$ |
0.59 |
|
|
$ |
1.40 |
|
|
|
|
|
$ |
1.32 |
|
|
$ |
2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free
Cash Flow |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
Nine Months Ended June 30, |
|
2016 |
|
2015 |
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
$ |
22,047 |
|
|
$ |
40,296 |
|
|
|
|
|
$ |
34,185 |
|
|
$ |
36,349 |
|
Adjustments for
non-recurring items: |
|
|
|
|
|
|
|
|
|
|
Transaction costs |
48 |
|
|
407 |
|
|
|
|
|
550 |
|
|
4,260 |
|
Payments on consulting
agreements |
109 |
|
|
704 |
|
|
|
|
|
555 |
|
|
1,204 |
|
Litigation expenses related to
shareholder lawsuit |
7 |
|
|
— |
|
|
|
|
|
410 |
|
|
— |
|
Capital
expenditures |
(3,184 |
) |
|
(4,074 |
) |
|
|
|
|
(9,115 |
) |
|
(9,309 |
) |
Adjusted Free Cash
Flow |
$ |
19,027 |
|
|
$ |
37,333 |
|
|
|
|
|
$ |
26,585 |
|
|
$ |
32,504 |
|
|
|
|
|
|
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|
Alico utilizes the non-GAAP measures Adjusted
EBITDA, Adjusted Earnings per Diluted Common Share and Adjusted
Free Cash Flow 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,
and Adjusted Free Cash Flow 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 EBITDA is defined as earnings before
interest expense, provision for income taxes, depreciation and
amortization adjusted for non-recurring transactions. Adjusted
Earnings per Diluted Common Share is defined as Net Income adjusted
for non-recurring transactions divided by diluted common
shares. Adjusted Free Cash Flow is defined as cash provided
by operations adjusted for non-recurring transactions less capital
expenditures. The Company uses Adjusted Free Cash Flow 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. The Company’s definition of Adjusted Free Cash Flow
does not represent residual cash flows available for discretionary
spending.
ALICO, INC. |
CONDENSED COMBINED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(in thousands, except share
amounts) |
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|
|
June 30, |
|
September 30, |
|
2016 |
|
2015 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
12,990 |
|
|
$ |
5,474 |
|
Accounts receivable, net |
13,965 |
|
|
3,137 |
|
Inventories |
44,126 |
|
|
58,273 |
|
Income tax receivable |
1,227 |
|
|
2,088 |
|
Prepaid expenses and other current
assets |
2,693 |
|
|
1,791 |
|
Total current
assets |
75,001 |
|
|
70,763 |
|
|
|
|
|
Property and equipment,
net |
377,967 |
|
|
381,099 |
|
Goodwill |
2,246 |
|
|
2,246 |
|
Deferred financing
costs, net of accumulated amortization |
2,511 |
|
|
2,978 |
|
Other non-current
assets |
1,756 |
|
|
3,002 |
|
Total assets |
$ |
459,481 |
|
|
$ |
460,088 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
2,881 |
|
|
$ |
4,407 |
|
Accrued liabilities |
7,122 |
|
|
13,314 |
|
Dividend payable |
498 |
|
|
501 |
|
Long-term debt, current
portion |
4,493 |
|
|
4,511 |
|
Deferred tax liability, current
portion |
25 |
|
|
151 |
|
Obligations under capital leases,
current portion |
277 |
|
|
277 |
|
Other current liabilities |
727 |
|
|
974 |
|
Total current
liabilities |
16,023 |
|
|
24,135 |
|
|
|
|
|
Long-term debt |
195,408 |
|
|
200,970 |
|
Deferred tax
liability |
32,892 |
|
|
25,628 |
|
Deferred gain on
sale |
28,436 |
|
|
29,122 |
|
Deferred retirement
obligations |
4,188 |
|
|
4,134 |
|
Obligations under
capital leases |
588 |
|
|
588 |
|
Total
liabilities |
277,535 |
|
|
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 shares issued and 8,309,128
and 8,325,580 shares outstanding at June 30, 2016 and September 30,
2015, respectively |
8,416 |
|
|
8,416 |
|
Additional paid in capital |
18,192 |
|
|
19,795 |
|
Treasury stock, at cost, 107,017
and 90,565 shares held at June 30, 2016 and September 30, 2015,
respectively |
(4,854 |
) |
|
(3,962 |
) |
Retained earnings |
155,414 |
|
|
146,455 |
|
Total Alico stockholders'
equity |
177,168 |
|
|
170,704 |
|
Noncontrolling interest |
4,778 |
|
|
4,807 |
|
Total stockholders'
equity |
181,946 |
|
|
175,511 |
|
Total liabilities and
stockholders' equity |
$ |
459,481 |
|
|
$ |
460,088 |
|
|
|
|
|
|
|
|
|
ALICO, INC. |
CONDENSED COMBINED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
Nine Months Ended June 30, |
|
2016 |
|
2015 |
|
|
|
2016 |
|
2015 |
Operating
revenues: |
|
|
|
|
|
|
|
|
|
Orange Co. |
$ |
45,639 |
|
|
$ |
70,761 |
|
|
|
|
$ |
135,916 |
|
|
$ |
146,311 |
|
Conservation and Environmental
Resources |
877 |
|
|
296 |
|
|
|
|
2,528 |
|
|
1,441 |
|
Other Operations |
337 |
|
|
613 |
|
|
|
|
902 |
|
|
3,000 |
|
Total operating revenues |
46,853 |
|
|
71,670 |
|
|
|
|
139,346 |
|
|
150,752 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Orange Co. |
31,706 |
|
|
48,666 |
|
|
|
|
101,030 |
|
|
109,263 |
|
Conservation and Environmental
Resources |
1,399 |
|
|
624 |
|
|
|
|
3,540 |
|
|
1,992 |
|
Other Operations |
65 |
|
|
1,353 |
|
|
|
|
212 |
|
|
3,522 |
|
Total operating expenses |
33,170 |
|
|
50,643 |
|
|
|
|
104,782 |
|
|
114,777 |
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
13,683 |
|
|
21,027 |
|
|
|
|
34,564 |
|
|
35,975 |
|
General and
administrative expenses |
2,747 |
|
|
2,949 |
|
|
|
|
9,521 |
|
|
11,931 |
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
10,936 |
|
|
18,078 |
|
|
|
|
25,043 |
|
|
24,044 |
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Investment and interest income,
net |
— |
|
|
44 |
|
|
|
|
— |
|
|
44 |
|
Interest expense |
(2,470 |
) |
|
(2,104 |
) |
|
|
|
(7,448 |
) |
|
(5,739 |
) |
Gain (loss) on sale of real
estate |
(284 |
) |
|
1 |
|
|
|
|
618 |
|
|
13,471 |
|
Loss on extinguishment of debt |
— |
|
|
(87 |
) |
|
|
|
— |
|
|
(1,051 |
) |
Impairment of asset held for
sale |
— |
|
|
— |
|
|
|
|
— |
|
|
(541 |
) |
Other expense, net |
(120 |
) |
|
(112 |
) |
|
|
|
(419 |
) |
|
(85 |
) |
Total other (expense) income,
net |
(2,874 |
) |
|
(2,258 |
) |
|
|
|
(7,249 |
) |
|
6,099 |
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
8,062 |
|
|
15,820 |
|
|
|
|
17,794 |
|
|
30,143 |
|
Provision for income
taxes |
3,392 |
|
|
6,644 |
|
|
|
|
7,419 |
|
|
11,534 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
4,670 |
|
|
9,176 |
|
|
|
|
10,375 |
|
|
18,609 |
|
Net loss attributable
to noncontrolling interests |
11 |
|
|
— |
|
|
|
|
29 |
|
|
— |
|
Net income
attributable to Alico, Inc. common stockholders |
4,681 |
|
|
9,176 |
|
|
|
|
10,404 |
|
|
18,609 |
|
Comprehensive income
attributable to noncontrolling interests |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
Comprehensive
income attributable to Alico, Inc. common
stockholders |
$ |
4,681 |
|
|
$ |
9,176 |
|
|
|
|
$ |
10,404 |
|
|
$ |
18,609 |
|
|
|
|
|
|
|
|
|
|
|
Per share
information attributable to Alico, Inc. common
stockholders: |
|
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.56 |
|
|
$ |
1.11 |
|
|
|
|
$ |
1.25 |
|
|
$ |
2.34 |
|
Diluted |
$ |
0.56 |
|
|
$ |
1.11 |
|
|
|
|
$ |
1.25 |
|
|
$ |
2.34 |
|
Weighted-average number of common shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
8,309 |
|
|
8,278 |
|
|
|
|
8,299 |
|
|
7,969 |
|
Diluted |
8,309 |
|
|
8,284 |
|
|
|
|
8,309 |
|
|
7,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share |
$ |
0.06 |
|
|
$ |
0.06 |
|
|
|
|
$ |
0.18 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALICO, INC. |
CONDENSED COMBINED CONSOLIDATED STATEMENT OF
CASH FLOWS (UNAUDITED) |
(in thousands) |
|
|
|
|
|
|
|
Nine Months Ended June 30, |
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Net cash
provided by operating activities: |
$ |
34,185 |
|
|
|
|
$ |
36,349 |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Acquisition of citrus businesses,
net of cash acquired |
— |
|
|
|
|
(265,587 |
) |
Proceeds on sale of sugarcane
land |
— |
|
|
|
|
97,151 |
|
Purchases of property and
equipment |
(9,115 |
) |
|
|
|
(9,309 |
) |
Proceeds from disposals of property
and equipment |
— |
|
|
|
|
1,016 |
|
Other |
164 |
|
|
|
|
2,424 |
|
Net cash used in investing
activities |
(8,951 |
) |
|
|
|
(174,305 |
) |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds from term loans |
2,500 |
|
|
|
|
182,500 |
|
Repayments on revolving line of
credit |
(53,882 |
) |
|
|
|
(87,031 |
) |
Borrowings on revolving line of
credit |
53,882 |
|
|
|
|
81,031 |
|
Repayment of term loan |
— |
|
|
|
|
(34,000 |
) |
Principal payments on term
loans |
(8,080 |
) |
|
|
|
(15,189 |
) |
Financing costs |
— |
|
|
|
|
(2,834 |
) |
Contingent consideration paid |
(7,500 |
) |
|
|
|
— |
|
Treasury stock purchases |
(3,141 |
) |
|
|
|
(1,029 |
) |
Dividends paid |
(1,497 |
) |
|
|
|
(1,381 |
) |
Distributions to members |
— |
|
|
|
|
(298 |
) |
Net cash (used in) provided by
financing activities |
(17,718 |
) |
|
|
|
121,769 |
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
7,516 |
|
|
|
|
(16,187 |
) |
Cash and cash
equivalents at beginning of the period |
5,474 |
|
|
|
|
31,130 |
|
|
|
|
|
|
|
Cash and cash equivalents
at end of the period |
$ |
12,990 |
|
|
|
|
$ |
14,943 |
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
John E. Kiernan
Senior Vice President and Chief Financial Officer
(239) 226-2000
JKiernan@alicoinc.com
Non-GAAP Financial Measures
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