Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today
announces financial results for the fourth quarter and fiscal year
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 fiscal year
ended September 30, 2023.
After adjusting for certain non-recurring items, the Company
reports adjusted net loss attributable to
Alico, Inc. common stockholders
of $(24.5) million and Adjusted
EBITDA $(16.1) million for the
year ended September 30,
2023.
- Land sales
continued during the 2023 fiscal
year, with the Company selling approximately
2,255 acres for approximately
$12.0 million.
- The Company
had approximately $70.0 million
of undrawn credit available under its two
lines of credit as of September 30,
2023.
- The Company
maintains a strong balance sheet with a working capital ratio
of 3.90 to 1.00, and has
maintained its debt ratio at 0.30 to 1.00 for the
2023 fiscal year, as compared to 0.27 to 1.00 for the 2022 fiscal
year.
Results of Operations
For the fiscal year 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 fiscal year
ended September 30, 2022, relating to cost increases in
fertilizer, herbicide, labor, and fuel used in maintaining its
groves. These cost increases, combined with decreased revenue
because of 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. For the
fiscal year ended September 30, 2023, the Company had earnings
of $0.24 per diluted common share, compared to earnings of $1.65
per diluted common share for the fiscal year ended
September 30, 2022.
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 $(3.23) per diluted common share for
the fiscal year ended September 30, 2023, compared to an
adjusted net income of $(0.21) per diluted common share for the
fiscal year ended September 30, 2022. Adjusted EBITDA for the
fiscal years ended September 30, 2023 and 2022 was $(16.1)
million and $13.4 million, respectively.
The Company reported the following financial
results:
(in thousands, except for per share amounts and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Fiscal Years Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
|
2022 |
|
Change |
Net income (loss) attributable to Alico, Inc. common
stockholders |
$ |
940 |
|
|
$ |
(21,080 |
) |
|
104.5% |
|
$ |
1,835 |
|
|
$ |
12,459 |
|
(85.3)% |
Earnings (loss) per diluted common share |
$ |
0.12 |
|
|
$ |
(2.78 |
) |
|
104.3% |
|
$ |
0.24 |
|
|
$ |
1.65 |
|
(85.5)% |
EBITDA(1) |
$ |
6,530 |
|
|
$ |
(19,840 |
) |
|
132.9% |
|
$ |
23,034 |
|
|
$ |
32,081 |
|
(28.2)% |
Adjusted EBITDA(1) |
$ |
(3,532 |
) |
|
$ |
2,983 |
|
|
(218.4)% |
|
$ |
(16,055 |
) |
|
$ |
13,406 |
|
(219.8)% |
Net cash (used in) provided by operating activities |
$ |
(5,636 |
) |
|
$ |
(4,269 |
) |
|
(32.0)% |
|
$ |
(6,254 |
) |
|
$ |
6,523 |
|
(195.9)% |
(1) “EBITDA” and “Adjusted EBITDA” are non-GAAP
financial measures. See “Non-GAAP Financial Measures” at the end of
this earnings release for details regarding these measures,
including reconciliations of the Non-GAAP Financial Measures
presented in this release to their most directly comparable GAAP
measures.
These quarterly financial 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.
Alico Citrus Division
Results
Citrus production for the fiscal years ended
September 30, 2023 and 2022 is summarized in the following
table.
(in thousands, except per box and per pound solids data) |
|
|
|
|
|
|
|
|
Fiscal Years
EndedSeptember 30, |
|
Change |
|
|
2023 |
|
|
2022 |
|
Unit |
|
% |
Boxes Harvested: |
|
|
|
|
|
|
|
Early and Mid-Season |
|
979 |
|
|
2,175 |
|
|
(1,196 |
) |
|
(55.0)% |
Valencias |
|
1,669 |
|
|
3,274 |
|
|
(1,605 |
) |
|
(49.0)% |
Total Processed |
|
2,648 |
|
|
5,449 |
|
|
(2,801 |
) |
|
(51.4)% |
Fresh Fruit |
|
41 |
|
|
91 |
|
|
(50 |
) |
|
(54.9)% |
Total |
|
2,689 |
|
|
5,540 |
|
|
(2,851 |
) |
|
(51.5)% |
Pound Solids Produced: |
|
|
|
|
|
|
|
Early and Mid-Season |
|
4,586 |
|
|
11,034 |
|
|
(6,448 |
) |
|
(58.4)% |
Valencias |
|
8,702 |
|
|
17,756 |
|
|
(9,054 |
) |
|
(51.0)% |
Total |
|
13,288 |
|
|
28,790 |
|
|
(15,502 |
) |
|
(53.8)% |
Pound Solids per Box: |
|
|
|
|
|
|
|
Early and Mid-Season |
|
4.68 |
|
|
5.07 |
|
|
(0.39 |
) |
|
(7.7)% |
Valencias |
|
5.21 |
|
|
5.42 |
|
|
(0.21 |
) |
|
(3.9)% |
Price per Pound Solids: |
|
|
|
|
|
|
|
Early and Mid-Season |
$ |
2.61 |
|
$ |
2.56 |
|
$ |
0.05 |
|
|
2.0% |
Valencias |
$ |
2.75 |
|
$ |
2.68 |
|
$ |
0.07 |
|
|
2.6% |
For the fiscal year ended September 30,
2023, Alico Citrus harvested 2.7 million boxes of fruit, a decrease
of 51.5% from the prior year. This rate of decline in harvested
production was substantially better than the USDA citrus report for
the industry. The USDA reported a 61.7% decline in the total orange
crop for the 2022-2023 harvest season, as compared to the prior
year. As anticipated, the Company saw its average realized price
per pound solids rise from $2.63 per pound solids in the prior
fiscal year to $2.70 per pound solids in fiscal year 2023. The
Company anticipates market prices in the upcoming 2023-2024 harvest
season to be consistent or slightly above this past season’s market
prices largely due to continued consumption of not-from-concentrate
orange juice by retail consumers, low levels of inventory stocks at
the juice processors and a tighter global supply for oranges.
Land Management and Other Operations
Division Results
Land Management and Other Operations includes
lease income from grazing rights leases, hunting leases, a farm
lease, a lease to a third party of an aggregate mine, leases of oil
extraction rights to third parties, and other miscellaneous
income.
Income from operations for the Land Management
and Other Operations Division decreased for the fiscal year ended
September 30, 2023, by $0.5 million, compared to the prior
year. This decrease was primarily driven by a reduction in the
leased acreage relating to grazing and hunting leases, due to land
sales.
Management Comment
John Kiernan, President and Chief Executive
Officer, commented:
During 2023, Alico
was recovering from the aftermath of Hurricane Ian that occurred in
September 2022, which damaged half of our crops intended for the
2023 harvest season, and our financial results were disappointing
as we expected. The approximately $28.2 million of insurance
proceeds that we received during the fiscal year were used to help
maintain our grove caretaking programs for our approximately 49,000
citrus acres located across 7 counties in Florida so that Alico
will be ready to harvest a healthy citrus crop in 2023-24. We
continue to hope to receive federal disaster relief funds from the
Consolidated Appropriations Act that was passed into law December
2022, although we cannot determine the amount of relief we may be
eligible for, or the timing of any possible relief fund payments.
Alico continues to support Florida Citrus Mutual, our industry
trade group, as well as government officials and agencies, as they
work to finalize federal relief programs for this 2022 storm.
Although our 2023-24 harvesting activities are just beginning now,
we are confident that Alico’s crop recovery this season will be
significant because of our exceptional caretaking 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 goal to improve fruit quality and
decrease the fruit drop rate. The full extent of its benefits will
not be measurable until after the 2023-24 harvest.
On September 18,
2023, Alico signed a contract with the State of Florida to sell the
remaining 17,229 acres of the Alico Ranch for approximately $77.6
million. The deal is anticipated to close by February 2024. Once
closed, we will have sold a total of approximately 69,000 acres of
the Alico Ranch for approximately $226 million to more than 25
buyers since 2018. Plans for the use of the proceeds are being
finalized, with reducing balances on our working capital credit
line incurred during Hurricane Ian as a priority, as well as
repayment of variable rate debt balances without penalty and for
general corporate purposes. It is possible that net operating
losses over the past two years will shield a significant amount of
the expected gain on the pending ranch sale, and it is 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 fiscal year 2024, which is a
substantial decrease from the $127.6 million net debt balance at
September 30, 2023.
Alico is proud to
share that in fiscal year 2024 it has already partnered with
another large citrus grower to manage approximately 3,300 acres of
their citrus groves, with all expenses reimbursed and a management
fee paid to us for our services.
Outside of our citrus
operations, Alico recently concluded its work with land-use
planning professionals in Florida evaluating the long-term
potential highest and best use of our real estate assets. To be
clear, Alico will continue to conduct our regular citrus operations
at all of our groves for years to come, but the work of those
land-planning professionals led to a decision by Alico to commence
the multi-year entitlement process for a 4,500-acre grove 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
litigation related to the balance sheet restatement last December
has been voluntarily dismissed, without prejudice, by the
plaintiffs.
Alico has over 125
years of experience as a leader in Florida agriculture and land
management. We will continue evaluating all of our properties to
explore creative solutions to enhance and extract value. We seek to
provide our investors with the benefits and stability of a
conventional agriculture investment, with the optionality that
comes with active land management.
Other Corporate Financial
Information
General and administrative expense for the year
ended September 30, 2023 was $10.6 million, compared to $10.1
million for the year ended September 30, 2022. The increase
was principally attributable to an increase in legal and
professional fees, as compared to the same period last year.
Other income, net, for the years ended
September 30, 2023 and 2022 was $6.7 million and $37.8
million, respectively. The decrease in other income, net was
primarily due to fewer land sales, which resulted in lower gains on
sales of $11.5 million during the year ended September 30,
2023, from $41.1 million for the prior year period.
Dividend
On October 13, 2023, the Company paid a fourth
quarter cash dividend of $0.05 per share on its outstanding common
stock to stockholders of record as of September 29, 2023.
Balance Sheet and Liquidity
The Company continues to demonstrate financial
strength within its balance sheet, as highlighted below:
- The Company’s
working capital was $43.7 million at September 30, 2023,
representing a 3.90 to 1.00 ratio.
- The Company
maintains a solid debt ratio. At September 30, 2023 and 2022,
the ratios were 0.30 to 1.00 and 0.27 to 1.00, respectively.
- Available
borrowings under its lines of credit were $70.0 million, at
September 30, 2023.
About Alico
Alico, Inc. primarily operates two divisions:
Alico Citrus, one of the nation’s largest citrus producers, and
Land Management and Other Operations, which include land leasing
and related support operations. 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. Forward-looking statements include, but are
not limited to, statements regarding our anticipated sale of the
Alico Ranch, expectations regarding market prices and the results
of our 2023-24 harvest, business strategy, plans and objectives of
management for future operations or any other statements relating
to our future activities or other future events or conditions.
These statements are based on our current expectations, estimates
and projections about our business based, in part, on assumptions
made by our management and can be identified by terms such as
“will,” “should,” “expects,” “plans,” ,”hopes,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “forecasts,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar
expressions.
These forward-looking statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in the forward-looking statements due to numerous
factors, including, but not limited to: adverse weather conditions,
natural disasters and other natural conditions, including the
effects of climate change and hurricanes and tropical storms,
particularly because our citrus groves are geographically
concentrated in Florida; damage and loss from disease including,
but not limited to, citrus greening and citrus canker; any adverse
event affecting our citrus business; our ability to effectively
perform grove management services, or to effectively manage an
expanded portfolio of groves; our dependency on our relationship
with Tropicana and Tropicana’s relationship with certain third
parties for a significant portion of our business; our ability to
execute our strategic growth initiatives and whether they
adequately address the challenges or opportunities we face; product
contamination and product liability claims; water use regulations
restricting our access to water.; changes in immigration laws; harm
to our reputation; tax risks associated a Section 1031 Exchange;
risks associated with the undertaking of one or more significant
corporate transactions; the seasonality of our citrus business;
fluctuations in our earnings due to market supply and prices and
demand for our products; climate change, or legal, regulatory, or
market measures to address climate change; ESG issues, including
those related to climate change and sustainability; increases in
labor, personnel and benefits costs; increases in commodity or raw
product costs, such as fuel and chemical costs; transportation
risks; any change or the classification or valuation methods
employed by county property appraisers related to our real estate
taxes; liability for the use of fertilizers, pesticides, herbicides
and other potentially hazardous substances; compliance with
applicable environmental laws; loss of key employees; material
weaknesses and other control deficiencies relating to our internal
control over financial reporting ; macroeconomic conditions, such
as rising inflation, the deadly conflicts in Ukraine and Israel,
and the COVID-19 pandemic; system security risks, data protection
breaches, cyber-attacks and systems integration issues; our
indebtedness and ability to generate sufficient cash flow to
service our debt obligations; higher interest expenses as a result
of variable rates of interest for our debt; our ability to continue
to pay cash dividends; and the other factors described under the
sections "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in our Annual
Report on Form 10-K for the fiscal year ended September 30, 2022
filed with the Securities and Exchange Commission (the “SEC”) on
December 13, 2022, our Annual Report on Form 10-K for the year
ended September 30, 2023 to be filed with the SEC and in our
Quarterly Reports on Form 10-Q. Except as required by law, we do
not undertake an obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
This press release also contains financial
projections that are necessarily based upon a variety of estimates
and assumptions which may not be realized and are inherently
subject, in addition to the risks identified in the forward-looking
statement disclaimer, to business, economic, competitive, industry,
regulatory, market and financial uncertainties, many of which are
beyond the Company’s control. There can be no assurance that the
assumptions made in preparing the financial projections will prove
accurate. Accordingly, actual results may differ materially from
the financial projections.
Investor Contact: Investor
Relations (239) 226-2060 InvestorRelations@alicoinc.com
Brad Heine Chief Financial Officer (239)
226-2000 bheine@alicoinc.com
ALICO, INC.CONSOLIDATED BALANCE SHEETS(in
thousands, except share amounts) |
|
|
September 30,2023 |
|
September 30,2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
1,062 |
|
|
$ |
865 |
|
Accounts receivable, net |
|
712 |
|
|
|
324 |
|
Inventories |
|
52,481 |
|
|
|
27,682 |
|
Income tax receivable |
|
1,200 |
|
|
|
1,116 |
|
Assets held for sale |
|
1,632 |
|
|
|
205 |
|
Prepaid expenses and other current assets |
|
1,718 |
|
|
|
1,424 |
|
Total current assets |
|
58,805 |
|
|
|
31,616 |
|
Restricted cash |
|
2,630 |
|
|
|
— |
|
Property and equipment, net |
|
361,849 |
|
|
|
372,479 |
|
Goodwill |
|
2,246 |
|
|
|
2,246 |
|
Other non-current assets |
|
2,823 |
|
|
|
2,914 |
|
Total assets |
$ |
428,353 |
|
|
$ |
409,255 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
6,311 |
|
|
$ |
3,366 |
|
Accrued liabilities |
|
5,363 |
|
|
|
9,062 |
|
Current portion of long-term debt |
|
2,566 |
|
|
|
3,035 |
|
Other current liabilities |
|
825 |
|
|
|
1,062 |
|
Total current liabilities |
|
15,065 |
|
|
|
16,525 |
|
Long-term debt, net |
|
101,410 |
|
|
|
102,913 |
|
Lines of credit |
|
24,722 |
|
|
|
4,928 |
|
Deferred income tax liabilities, net |
|
36,410 |
|
|
|
35,589 |
|
Other liabilities |
|
369 |
|
|
|
435 |
|
Total liabilities |
|
177,976 |
|
|
|
160,390 |
|
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 7,610,551 and 7,586,995 shares
outstanding at September 30, 2023 and September 30, 2022,
respectively |
|
8,416 |
|
|
|
8,416 |
|
Additional paid in capital |
|
20,045 |
|
|
|
19,784 |
|
Treasury stock, at cost, 806,341 and 829,150 shares held at
September 30, 2023 and September 30, 2022, respectively |
|
(27,274 |
) |
|
|
(27,948 |
) |
Retained earnings |
|
243,804 |
|
|
|
243,490 |
|
Total Alico stockholders' equity |
|
244,991 |
|
|
|
243,742 |
|
Noncontrolling interest |
|
5,386 |
|
|
|
5,123 |
|
Total stockholders' equity |
|
250,377 |
|
|
|
248,865 |
|
Total liabilities and stockholders' equity |
$ |
428,353 |
|
|
$ |
409,255 |
|
ALICO, INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
amounts) |
|
|
Years Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating revenues: |
|
|
|
|
|
Alico Citrus |
$ |
38,145 |
|
|
$ |
89,681 |
|
|
$ |
105,796 |
|
Land Management and Other Operations |
|
1,701 |
|
|
|
2,266 |
|
|
|
2,768 |
|
Total operating revenues |
|
39,846 |
|
|
|
91,947 |
|
|
|
108,564 |
|
Operating expenses: |
|
|
|
|
|
Alico Citrus |
|
32,959 |
|
|
|
106,192 |
|
|
|
83,893 |
|
Land Management and Other Operations |
|
441 |
|
|
|
520 |
|
|
|
778 |
|
Total operating expenses |
|
33,400 |
|
|
|
106,712 |
|
|
|
84,671 |
|
Gross profit (loss) |
|
6,446 |
|
|
|
(14,765 |
) |
|
|
23,893 |
|
General and administrative expenses |
|
10,643 |
|
|
|
10,079 |
|
|
|
9,453 |
|
(Loss) income from operations |
|
(4,197 |
) |
|
|
(24,844 |
) |
|
|
14,440 |
|
Other income (expense), net: |
|
|
|
|
|
Investment and interest income, net |
|
58 |
|
|
|
21 |
|
|
|
23 |
|
Interest expense |
|
(4,911 |
) |
|
|
(3,324 |
) |
|
|
(3,987 |
) |
Gain on sale of property and equipment |
|
11,509 |
|
|
|
41,102 |
|
|
|
35,898 |
|
Other income, net |
|
— |
|
|
|
— |
|
|
|
13 |
|
Total other income, net |
|
6,656 |
|
|
|
37,799 |
|
|
|
31,947 |
|
Income before income taxes |
|
2,459 |
|
|
|
12,955 |
|
|
|
46,387 |
|
Income tax provision |
|
801 |
|
|
|
1,069 |
|
|
|
11,567 |
|
Net income |
|
1,658 |
|
|
|
11,886 |
|
|
|
34,820 |
|
Net loss attributable to noncontrolling interests |
|
177 |
|
|
|
573 |
|
|
|
39 |
|
Net income attributable to Alico, Inc. common
stockholders |
$ |
1,835 |
|
|
$ |
12,459 |
|
|
$ |
34,859 |
|
Per share information attributable to Alico, Inc. common
stockholders: |
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
Basic |
$ |
0.24 |
|
|
$ |
1.65 |
|
|
$ |
4.64 |
|
Diluted |
$ |
0.24 |
|
|
$ |
1.65 |
|
|
$ |
4.64 |
|
Weighted-average number of common shares
outstanding: |
|
|
|
|
|
Basic |
|
7,602 |
|
|
|
7,560 |
|
|
|
7,516 |
|
Diluted |
|
7,602 |
|
|
|
7,568 |
|
|
|
7,519 |
|
|
|
|
|
|
|
Cash dividends declared per common share |
$ |
0.20 |
|
|
$ |
2.00 |
|
|
$ |
1.36 |
|
ALICO, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) |
|
|
Years Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Net cash (used in) provided by operating
activities: |
|
|
|
|
|
Net income |
$ |
1,658 |
|
|
$ |
11,886 |
|
|
$ |
34,820 |
|
Adjustments to reconcile net income to net cash (used in) provided
by operating activities: |
|
|
|
|
|
Depreciation, depletion and amortization |
|
15,487 |
|
|
|
15,229 |
|
|
|
15,122 |
|
Debt issue costs expense |
|
141 |
|
|
|
255 |
|
|
|
179 |
|
Deferred income tax provision (benefit) |
|
821 |
|
|
|
(3,876 |
) |
|
|
2,249 |
|
Gain on sale of property and equipment |
|
(11,509 |
) |
|
|
(41,102 |
) |
|
|
(35,898 |
) |
Inventory net realizable value adjustment |
|
1,616 |
|
|
|
6,676 |
|
|
|
— |
|
Casualty loss – tree and building damage |
|
— |
|
|
|
1,400 |
|
|
|
— |
|
Loss on disposal of property and equipment |
|
9,624 |
|
|
|
3,251 |
|
|
|
2,338 |
|
Inventory casualty loss |
|
— |
|
|
|
14,900 |
|
|
|
— |
|
Stock-based compensation expense |
|
935 |
|
|
|
1,235 |
|
|
|
1,230 |
|
Other, net |
|
(2 |
) |
|
|
160 |
|
|
|
(117 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(388 |
) |
|
|
5,781 |
|
|
|
(1,758 |
) |
Inventories |
|
(26,415 |
) |
|
|
(5,881 |
) |
|
|
(2,522 |
) |
Prepaid expenses |
|
(294 |
) |
|
|
(271 |
) |
|
|
(115 |
) |
Income tax receivable |
|
(84 |
) |
|
|
2,117 |
|
|
|
(2,452 |
) |
Other assets |
|
235 |
|
|
|
(450 |
) |
|
|
575 |
|
Accounts payable and accrued liabilities |
|
2,420 |
|
|
|
(5,111 |
) |
|
|
3,429 |
|
Other liabilities |
|
(499 |
) |
|
|
324 |
|
|
|
(576 |
) |
Net cash (used in) provided by operating activities |
|
(6,254 |
) |
|
|
6,523 |
|
|
|
16,504 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(16,656 |
) |
|
|
(20,731 |
) |
|
|
(22,258 |
) |
Acquisition of citrus groves |
|
(77 |
) |
|
|
(136 |
) |
|
|
(18,527 |
) |
Proceeds from sale of property and equipment |
|
11,359 |
|
|
|
43,159 |
|
|
|
37,266 |
|
Proceeds from property and casualty insurance |
|
839 |
|
|
|
— |
|
|
|
— |
|
Other, net |
|
412 |
|
|
|
176 |
|
|
|
251 |
|
Net cash (used in) provided by investing activities |
|
(4,123 |
) |
|
|
22,468 |
|
|
|
(3,268 |
) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Repayments on revolving lines of credit |
|
(59,458 |
) |
|
|
(52,227 |
) |
|
|
(50,735 |
) |
Borrowings on revolving lines of credit |
|
79,252 |
|
|
|
57,155 |
|
|
|
47,793 |
|
Principal payments on term loans |
|
(2,098 |
) |
|
|
(19,598 |
) |
|
|
(21,957 |
) |
Capital contribution received from noncontrolling interest |
|
441 |
|
|
|
294 |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
— |
|
|
|
465 |
|
|
|
— |
|
Dividends paid |
|
(4,933 |
) |
|
|
(15,101 |
) |
|
|
(7,138 |
) |
Net cash provided by (used in) financing activities |
|
13,204 |
|
|
|
(29,012 |
) |
|
|
(32,037 |
) |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents and
restricted cash |
|
2,827 |
|
|
|
(21 |
) |
|
|
(18,801 |
) |
Cash and cash equivalents and restricted cash at beginning of the
period |
|
865 |
|
|
|
886 |
|
|
|
19,687 |
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of the
period |
$ |
3,692 |
|
|
$ |
865 |
|
|
$ |
886 |
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
Cash paid for interest; net of amount capitalized |
$ |
4,433 |
|
|
$ |
3,192 |
|
|
$ |
3,940 |
|
Cash paid for income taxes |
$ |
— |
|
|
$ |
3,430 |
|
|
$ |
11,770 |
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
|
|
Dividends declared but unpaid |
$ |
381 |
|
|
$ |
3,793 |
|
|
$ |
3,763 |
|
Non-GAAP Financial
Measures
In addition to the GAAP financial measures,
Alico utilizes the EBITDA, Adjusted EBITDA, Adjusted Net (Loss)
Income per Diluted Common Share and Net Debt which are non-GAAP
financial measures within the meaning of Regulation G and Item
10(e) of Regulation S-K, 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
EBITDA, Adjusted EBITDA, Adjusted Net (Loss) Income per Diluted
Common Share and Net Debt 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, provide 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 help 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.
EBITDA is defined as net income before interest expense, provision
for income taxes, depreciation, depletion and amortization.
Adjusted EBITDA is defined as net income before interest expense,
provision for income taxes, depreciation, depletion and
amortization and adjustments for non-recurring transactions or
transactions that are not indicative of our core operating results,
such as gains or losses on sales of real estate, property and
equipment and assets held for sale. Adjusted Net (Loss) Income per
Diluted Common Share is defined as net income adjusted for
non-recurring transactions divided by diluted common shares. Net
Debt is defined as Current portion of long-term debt, Long-term
debt, net and Lines of credit, less cash and cash equivalents.
Adjusted EBITDA
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Years Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
|
$ |
940 |
|
|
$ |
(21,080 |
) |
|
$ |
1,835 |
|
|
$ |
12,459 |
|
Interest expense |
|
|
1,293 |
|
|
|
699 |
|
|
|
4,911 |
|
|
|
3,324 |
|
Income tax provision (benefit) |
|
|
495 |
|
|
|
(3,212 |
) |
|
|
801 |
|
|
|
1,069 |
|
Depreciation, depletion, and amortization |
|
|
3,802 |
|
|
|
3,753 |
|
|
|
15,487 |
|
|
|
15,229 |
|
EBITDA |
|
|
6,530 |
|
|
|
(19,840 |
) |
|
|
23,034 |
|
|
|
32,081 |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
Inventory Casualty Loss - Hurricane Ian |
|
|
— |
|
|
|
14,900 |
|
|
|
— |
|
|
|
14,900 |
|
Inventory net realizable value adjustment - Hurricane Ian |
|
|
— |
|
|
|
6,676 |
|
|
|
1,616 |
|
|
|
6,676 |
|
Property Casualty Loss - Hurricane Ian |
|
|
— |
|
|
|
1,400 |
|
|
|
— |
|
|
|
1,400 |
|
Employee stock compensation expense(1) |
|
|
66 |
|
|
|
145 |
|
|
|
347 |
|
|
|
574 |
|
Federal relief - Hurricane Irma |
|
|
— |
|
|
|
— |
|
|
|
(1,315 |
) |
|
|
(1,123 |
) |
Insurance proceeds - Hurricane Ian |
|
|
(5,987 |
) |
|
|
— |
|
|
|
(28,228 |
) |
|
|
— |
|
Gain on sale of real estate, property and equipment and assets held
for sale |
|
|
(4,141 |
) |
|
|
(298 |
) |
|
|
(11,509 |
) |
|
|
(41,102 |
) |
Adjusted EBITDA |
|
$ |
(3,532 |
) |
|
$ |
2,983 |
|
|
$ |
(16,055 |
) |
|
$ |
13,406 |
|
|
|
|
|
|
|
|
|
|
(1) Includes stock compensation expense for current executives,
senior management and other employees. |
Adjusted Net Income (Loss) Earnings Per
Diluted Common Share
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Years Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
|
$ |
940 |
|
|
$ |
(21,080 |
) |
|
$ |
1,835 |
|
|
$ |
12,459 |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
Inventory Casualty Loss - Hurricane Ian |
|
|
— |
|
|
|
14,900 |
|
|
|
— |
|
|
|
14,900 |
|
Inventory net realizable value adjustment - Hurricane Ian |
|
|
— |
|
|
|
6,676 |
|
|
|
1,616 |
|
|
|
6,676 |
|
Property Casualty Loss - Hurricane Ian |
|
|
— |
|
|
|
1,400 |
|
|
|
— |
|
|
|
1,400 |
|
Employee stock compensation expense(1) |
|
|
66 |
|
|
|
145 |
|
|
|
347 |
|
|
|
574 |
|
Federal relief - Hurricane Irma |
|
|
— |
|
|
|
— |
|
|
|
(1,315 |
) |
|
|
(1,123 |
) |
Insurance proceeds - Hurricane Ian |
|
|
(5,987 |
) |
|
|
— |
|
|
|
(28,228 |
) |
|
|
— |
|
Gain on sale of real estate, property and equipment and assets held
for sale |
|
|
(4,141 |
) |
|
|
(298 |
) |
|
|
(11,509 |
) |
|
|
(41,102 |
) |
Tax impact(2) |
|
|
8,874 |
|
|
|
(427 |
) |
|
|
12,735 |
|
|
|
4,613 |
|
Adjusted net (loss) income attributable to common stockholders |
|
$ |
(248 |
) |
|
$ |
1,316 |
|
|
$ |
(24,519 |
) |
|
$ |
(1,603 |
) |
|
|
|
|
|
|
|
|
|
Diluted common shares |
|
|
7,610 |
|
|
|
7,587 |
|
|
|
7,602 |
|
|
|
7,568 |
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income per diluted common share |
|
$ |
(0.03 |
) |
|
$ |
0.17 |
|
|
$ |
(3.23 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
(1) Includes stock compensation expense for current executives,
senior management and other employees. |
(2) Benefit in the twelve-month period ended September 30, 2022 is
the result of a charitable contribution related to a sales
transaction with the State of Florida. |
Net Debt
(in thousands) |
|
|
|
|
|
|
Years Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Current portion of long-term debt |
|
$ |
2,566 |
|
|
$ |
3,035 |
|
Long-term debt, net |
|
|
101,410 |
|
|
|
102,913 |
|
Lines of credit |
|
|
24,722 |
|
|
|
4,928 |
|
Total Debt |
|
|
128,698 |
|
|
|
110,876 |
|
Cash and cash equivalents |
|
|
(1,062 |
) |
|
|
(865 |
) |
Net Debt |
|
$ |
127,636 |
|
|
$ |
110,011 |
|
Alico (NASDAQ:ALCO)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Alico (NASDAQ:ALCO)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024