Alico, Inc. has announced financial results for the third quarter of fiscal year 2023 and the nine months ended June 30, 2023, the highlights of which are as follows:
- Company reports net income attributable to Alico, Inc. common stockholders of $11.8 million and EBITDA of $18.8 million for the third fiscal quarter of 2023. The Company reports adjusted net (loss) attributable to Alico, Inc. common stockholders of ($5.6) million and Adjusted EBITDA of ($1.3) million for the third fiscal quarter of 2023.
- Box production is down from the previous year due to greater fruit drop from the impacts of Hurricane Ian.
- The Company has received approximately $21.7 million in crop insurance proceeds through July 31, 2023, of which approximately $21.4 million were received through June 30, 2023.
- Ranch land sales continued during the third quarter, with the Company selling approximately 548 acres to a third party for approximately $2.7 million in gross proceeds.
- The Company has approximately $76.8 million of undrawn credit available under its two lines of credit as of June 30, 2023.
- Balance sheet remains strong with a working capital ratio of 3.10 to 1.00.
Results of Operations
For the nine months ended June 30, 2023, the Company reported net income attributable to Alico common stockholders of approximately $0.9 million, compared to net income attributable to Alico common stockholders of approximately $33.5 million for the nine months ended June 30, 2022. For the nine months ended June 30, 2023, there were earnings of $0.12 per diluted common share, compared to earnings of $4.44 per diluted common share for the nine months ended June 30, 2022.
This was primarily due to (i) the timing of the gains on sale of real estate, property and equipment and assets held for sale; (ii) a decrease in the gross profit primarily due to the lower revenue as a result of the reduced fruit production due to the accelerated fruit drop caused by the impacts of Hurricane Ian; and (iii) receipt of Hurricane Ian insurance proceeds. In addition, the Company experienced cost increases in fertilizer, herbicide, labor, and fuel in maintaining its groves. These cost increases, coupled with lower box production for both the Early and Mid-Season and the Valencia harvest, resulted in a higher cost of sales per box as compared to the same period in the prior year.
When both periods are adjusted for certain items, including gains on sale of real estate, federal relief proceeds from the 2017 Hurricane Irma and 2022 Hurricane Ian insurance proceeds and net realizable value adjustment, the Company had an adjusted net (loss) of ($3.19) per diluted common share for the nine months ended June 30, 2023, compared to an adjusted net (loss) of ($0.39) per diluted common share for the nine months ended June 30, 2022.
For more information: 
Alico, Inc.
10070 Daniels Interstate Court
Fort Myers, FL 33913
Tel.: +1 (239) 226-2000
[email protected]
ir.alicoinc.com