Alico, Inc. has announced its financial results for the second quarter of fiscal year 2023 and the six months ended March 31, 2023, the highlights of which are as follows:
- Company reports net loss attributable to Alico, Inc. common stockholders of $7.8 million and EBITDA of ($3.2) million for second fiscal quarter of 2023. The Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $12.3 million and Adjusted EBITDA of ($7.8) million for the second 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 $13.7 million in crop insurance proceeds through April 30, 2023, of which approximately $4.8 million was received through March 31, 2023.
- Ranch land sales continued with the Company selling approximately 279 acres of the Alico Ranch to several third parties for approximately $1.6 million in gross proceeds.
- The Company has approximately $73.6 million of undrawn credit available under its two lines of credit as of March 31, 2023.
- Balance sheet remains strong with a working capital ratio of 2.58 to 1.00.
Results of operations
For the six months ended March 31, 2023, the Company reported net loss attributable to Alico common stockholders of approximately $10.9 million, compared to net income attributable to Alico common stockholders of approximately $30.8 million for the six months ended March 31, 2022. For the six months ended March 31, 2023, the Company had loss of $1.44 per diluted common share, compared to earnings of $4.08 per diluted common share for the six months ended March 31, 2022.
For the six months ended March 31, 2023, the Company earned EBITDA of ($2.3) million, compared to $43.6 million for the six months ended March 31, 2022. Adjusted EBITDA for the six months ended March 31, 2023 and March 31, 2022 was approximately ($11.2) million and $7.7 million, respectively.
For the six months ended March 31, 2023, the Company had a net loss per diluted share of $1.44 as compared to net earnings per share of $4.08 per diluted share for the six months ended March 31, 2022. When both periods are adjusted for certain items, including gains on sale of real estate,
The Company reported the following financial results:
These results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters and the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year.
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For more information:
Alico, Inc.
10070 Daniels Interstate Court
Fort Myers, FL 33913
Tel.: +1 (239) 226-2000
[email protected]
ir.alicoinc.com