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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alico Inc | NASDAQ:ALCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.39 | 1.40% | 28.30 | 26.75 | 30.03 | 28.49 | 27.83 | 27.85 | 16,823 | 22:10:16 |
|
|
þ
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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|
|
|
|
|
|
|
For the Quarterly Period Ended June 30, 2017
|
|
|
|
or
|
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
||
|
|
For the transition period
|
||
|
|
from____________________
|
to_________________________
|
|
Alico, Inc.
|
(
Exact name of registrant as specified in its charter
)
|
Florida
|
|
59-0906081
|
(
State or other jurisdiction of
incorporation or organization
)
|
|
(
I.R.S. Employer Identification No.
)
|
|
|
|
10070 Daniels Interstate Court,
|
|
|
Suite 100, Fort Myers, FL
|
|
33913
|
(Address of principal executive offices)
|
|
(Zip Code)
|
239-226-2000
|
(Registrant’s telephone number, including area code
)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
þ
|
Non-accelerated filer
|
¨
|
Smaller Reporting Company
|
¨
|
|
|
Emerging Growth Company
|
¨
|
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Page
|
|
June 30,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
|
|||
Cash and cash equivalents
|
$
|
9,944
|
|
|
$
|
6,625
|
|
Accounts receivable, net
|
11,844
|
|
|
4,740
|
|
||
Inventories
|
39,497
|
|
|
58,469
|
|
||
Income tax receivable
|
275
|
|
|
1,013
|
|
||
Assets held for sale
|
3,223
|
|
|
—
|
|
||
Prepaid expenses and other current assets
|
2,419
|
|
|
1,024
|
|
||
Total current assets
|
67,202
|
|
|
71,871
|
|
||
|
|
|
|
||||
Property and equipment, net
|
376,010
|
|
|
379,247
|
|
||
Goodwill
|
2,246
|
|
|
2,246
|
|
||
Deferred financing costs, net of accumulated amortization
|
325
|
|
|
389
|
|
||
Other non-current assets
|
1,438
|
|
|
1,692
|
|
||
Total assets
|
$
|
447,221
|
|
|
$
|
455,445
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|||
Accounts payable
|
$
|
1,502
|
|
|
$
|
5,975
|
|
Accrued liabilities
|
4,564
|
|
|
6,920
|
|
||
Long-term debt, current portion
|
4,525
|
|
|
4,493
|
|
||
Income taxes payable
|
1,539
|
|
|
—
|
|
||
Obligations under capital leases, current portion
|
8
|
|
|
288
|
|
||
Other current liabilities
|
947
|
|
|
1,002
|
|
||
Total current liabilities
|
13,085
|
|
|
18,678
|
|
||
|
|
|
|
||||
Long-term debt:
|
|
|
|
||||
Principal amount
|
184,633
|
|
|
192,726
|
|
||
Less: deferred financing costs, net
|
(1,819
|
)
|
|
(1,980
|
)
|
||
Long-term debt less deferred financing costs, net
|
182,814
|
|
|
190,746
|
|
||
Lines of credit
|
—
|
|
|
5,000
|
|
||
Deferred tax liability
|
35,493
|
|
|
31,056
|
|
||
Deferred gain on sale
|
26,203
|
|
|
27,204
|
|
||
Deferred retirement obligations
|
4,179
|
|
|
4,198
|
|
||
Obligations under capital leases
|
9
|
|
|
300
|
|
||
Total liabilities
|
261,783
|
|
|
277,182
|
|
||
Commitments and Contingencies (Note 8)
|
|
|
|
|
|
||
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 8,261,308 and 8,315,535 shares outstanding at June 30, 2017 and September 30, 2016, respectively
|
8,416
|
|
|
8,416
|
|
||
Additional paid in capital
|
18,489
|
|
|
18,155
|
|
||
Treasury stock, at cost, 154,837 and 100,610 shares held at June 30, 2017 and September 30, 2016, respectively
|
(5,863
|
)
|
|
(4,585
|
)
|
||
Retained earnings
|
159,587
|
|
|
151,504
|
|
||
Total Alico stockholders' equity
|
180,629
|
|
|
173,490
|
|
||
Noncontrolling interest
|
4,809
|
|
|
4,773
|
|
||
Total stockholders' equity
|
185,438
|
|
|
178,263
|
|
||
Total liabilities and stockholders' equity
|
$
|
447,221
|
|
|
$
|
455,445
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
$
|
49,993
|
|
|
$
|
45,639
|
|
|
$
|
122,537
|
|
|
$
|
135,916
|
|
Conservation and Environmental Resources
|
1,001
|
|
|
877
|
|
|
1,789
|
|
|
2,528
|
|
||||
Other Operations
|
524
|
|
|
337
|
|
|
837
|
|
|
902
|
|
||||
Total operating revenues
|
51,518
|
|
|
46,853
|
|
|
125,163
|
|
|
139,346
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Alico Citrus
|
35,059
|
|
|
31,706
|
|
|
90,067
|
|
|
101,030
|
|
||||
Conservation and Environmental Resources
|
1,451
|
|
|
1,399
|
|
|
2,726
|
|
|
3,540
|
|
||||
Other Operations
|
—
|
|
|
65
|
|
|
93
|
|
|
212
|
|
||||
Total operating expenses
|
36,510
|
|
|
33,170
|
|
|
92,886
|
|
|
104,782
|
|
||||
Gross profit
|
15,008
|
|
|
13,683
|
|
|
32,277
|
|
|
34,564
|
|
||||
General and administrative expenses
|
3,709
|
|
|
2,747
|
|
|
10,896
|
|
|
9,521
|
|
||||
Income from operations
|
11,299
|
|
|
10,936
|
|
|
21,381
|
|
|
25,043
|
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
(2,223
|
)
|
|
(2,470
|
)
|
|
(6,924
|
)
|
|
(7,448
|
)
|
||||
Gain (loss) on sale of real estate
|
157
|
|
|
(284
|
)
|
|
1,989
|
|
|
618
|
|
||||
Other expense, net
|
(96
|
)
|
|
(120
|
)
|
|
(120
|
)
|
|
(419
|
)
|
||||
Total other expense, net
|
(2,162
|
)
|
|
(2,874
|
)
|
|
(5,055
|
)
|
|
(7,249
|
)
|
||||
Income before income taxes
|
9,137
|
|
|
8,062
|
|
|
16,326
|
|
|
17,794
|
|
||||
Provision for income taxes
|
3,665
|
|
|
3,392
|
|
|
6,713
|
|
|
7,419
|
|
||||
Net income
|
5,472
|
|
|
4,670
|
|
|
9,613
|
|
|
10,375
|
|
||||
Net loss (income) attributable to noncontrolling interests
|
7
|
|
|
11
|
|
|
(36
|
)
|
|
29
|
|
||||
Net income attributable to Alico, Inc. common stockholders
|
$
|
5,479
|
|
|
$
|
4,681
|
|
|
$
|
9,577
|
|
|
$
|
10,404
|
|
Per share information attributable to Alico, Inc. common stockholders:
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
$
|
1.15
|
|
|
$
|
1.25
|
|
Diluted
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
$
|
1.15
|
|
|
$
|
1.25
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
8,293
|
|
|
8,309
|
|
|
8,315
|
|
|
8,299
|
|
||||
Diluted
|
8,364
|
|
|
8,309
|
|
|
8,340
|
|
|
8,309
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
Nine Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
9,613
|
|
|
$
|
10,375
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Gain on sale of sugarcane land
|
(422
|
)
|
|
(618
|
)
|
||
Depreciation, depletion and amortization
|
11,529
|
|
|
12,088
|
|
||
Deferred income taxes
|
4,437
|
|
|
7,288
|
|
||
(Gain) loss on sale of property and equipment
|
(1,338
|
)
|
|
626
|
|
||
Non-cash interest expense on deferred gain on sugarcane land
|
1,060
|
|
|
1,051
|
|
||
Stock-based compensation expense
|
1,230
|
|
|
635
|
|
||
Other
|
145
|
|
|
473
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(7,104
|
)
|
|
(10,932
|
)
|
||
Inventories
|
17,350
|
|
|
14,147
|
|
||
Income tax receivable
|
738
|
|
|
861
|
|
||
Prepaid expenses and other assets
|
(1,359
|
)
|
|
(1,193
|
)
|
||
Accounts payable and accrued expenses
|
(6,826
|
)
|
|
(196
|
)
|
||
Income tax payable
|
1,539
|
|
|
—
|
|
||
Other liabilities
|
(1,692
|
)
|
|
(420
|
)
|
||
Net cash provided by operating activities
|
28,900
|
|
|
34,185
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchases of property and equipment
|
(11,450
|
)
|
|
(9,115
|
)
|
||
Proceeds from sale of property and equipment
|
3,016
|
|
|
—
|
|
||
Other
|
155
|
|
|
164
|
|
||
Net cash used in investing activities
|
(8,279
|
)
|
|
(8,951
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from term loans
|
—
|
|
|
2,500
|
|
||
Principal payments on revolving lines of credit
|
(70,770
|
)
|
|
(53,882
|
)
|
||
Borrowings on revolving lines of credit
|
65,770
|
|
|
53,882
|
|
||
Principal payments on term loans
|
(8,061
|
)
|
|
(8,080
|
)
|
||
Contingent consideration paid
|
—
|
|
|
(7,500
|
)
|
||
Treasury stock purchases
|
(2,174
|
)
|
|
(3,141
|
)
|
||
Dividends paid
|
(1,496
|
)
|
|
(1,497
|
)
|
||
Capital lease obligation payments
|
(571
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(17,302
|
)
|
|
(17,718
|
)
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
3,319
|
|
|
7,516
|
|
||
Cash and cash equivalents at beginning of the period
|
6,625
|
|
|
5,474
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of the period
|
$
|
9,944
|
|
|
$
|
12,990
|
|
(in thousands)
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
|
|
|
||||
Unharvested fruit crop on the trees
|
$
|
32,940
|
|
|
$
|
52,204
|
|
Beef cattle
|
3,389
|
|
|
783
|
|
||
Citrus tree nursery
|
—
|
|
|
3,090
|
|
||
Other
|
3,168
|
|
|
2,392
|
|
||
Total inventories
|
$
|
39,497
|
|
|
$
|
58,469
|
|
(in thousands)
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
|
|
|
||||
Citrus trees
|
$
|
267,444
|
|
|
$
|
253,665
|
|
Equipment and other facilities
|
60,812
|
|
|
59,355
|
|
||
Buildings and improvements
|
15,987
|
|
|
21,780
|
|
||
Breeding herd
|
10,329
|
|
|
10,921
|
|
||
Total depreciable properties
|
354,572
|
|
|
345,721
|
|
||
Less: accumulated depreciation and depletion
|
(88,554
|
)
|
|
(83,122
|
)
|
||
Net depreciable properties
|
266,018
|
|
|
262,599
|
|
||
Land and land improvements
|
109,992
|
|
|
116,648
|
|
||
Net property and equipment
|
$
|
376,010
|
|
|
$
|
379,247
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt, net of current portion:
|
|
|
|
|
|
|
|
||||||||
Met Fixed-Rate Term Loans
|
$
|
100,625
|
|
|
$
|
985
|
|
|
$
|
105,312
|
|
|
$
|
1,080
|
|
Met Variable-Rate Term Loans
|
50,313
|
|
|
453
|
|
|
52,469
|
|
|
497
|
|
||||
Met Citree Term Loan
|
5,000
|
|
|
50
|
|
|
5,000
|
|
|
53
|
|
||||
Pru Loans A & B
|
23,320
|
|
|
262
|
|
|
24,190
|
|
|
274
|
|
||||
Pru Loan E
|
4,950
|
|
|
26
|
|
|
5,115
|
|
|
32
|
|
||||
Pru Loan F
|
4,950
|
|
|
43
|
|
|
5,115
|
|
|
44
|
|
||||
John Deere equipment loan
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
|
189,158
|
|
|
1,819
|
|
|
197,219
|
|
|
1,980
|
|
||||
Less current portion
|
4,525
|
|
|
—
|
|
|
4,493
|
|
|
—
|
|
||||
Long-term debt
|
$
|
184,633
|
|
|
$
|
1,819
|
|
|
$
|
192,726
|
|
|
$
|
1,980
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Lines of Credit:
|
|
|
|
|
|
|
|
||||||||
RLOC
|
$
|
—
|
|
|
$
|
121
|
|
|
$
|
5,000
|
|
|
$
|
159
|
|
WCLC
|
—
|
|
|
204
|
|
|
—
|
|
|
230
|
|
||||
Lines of Credit
|
$
|
—
|
|
|
$
|
325
|
|
|
$
|
5,000
|
|
|
$
|
389
|
|
(in thousands except per share amounts)
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Alico, Inc. common stockholders
|
$
|
5,479
|
|
|
$
|
4,681
|
|
|
$
|
9,577
|
|
|
$
|
10,404
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - basic
|
8,293
|
|
|
8,309
|
|
|
8,315
|
|
|
8,299
|
|
||||
Dilutive effect of equity-based awards
|
71
|
|
|
—
|
|
|
25
|
|
|
10
|
|
||||
Weighted average number of common shares outstanding - diluted
|
8,364
|
|
|
8,309
|
|
|
8,340
|
|
|
8,309
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share attributable to Alico, Inc. common stockholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
$
|
1.15
|
|
|
$
|
1.25
|
|
Diluted
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
$
|
1.15
|
|
|
$
|
1.25
|
|
(in thousands)
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
$
|
49,993
|
|
|
$
|
45,639
|
|
|
$
|
122,537
|
|
|
$
|
135,916
|
|
Conservation and Environmental Resources
|
1,001
|
|
|
877
|
|
|
1,789
|
|
|
2,528
|
|
||||
Other Operations
|
524
|
|
|
337
|
|
|
837
|
|
|
902
|
|
||||
Total revenues
|
51,518
|
|
|
46,853
|
|
|
125,163
|
|
|
139,346
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
35,059
|
|
|
31,706
|
|
|
90,067
|
|
|
101,030
|
|
||||
Conservation and Environmental Resources
|
1,451
|
|
|
1,399
|
|
|
2,726
|
|
|
3,540
|
|
||||
Other Operations
|
—
|
|
|
65
|
|
|
93
|
|
|
212
|
|
||||
Total operating expenses
|
36,510
|
|
|
33,170
|
|
|
92,886
|
|
|
104,782
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross profit (loss):
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
14,934
|
|
|
13,933
|
|
|
32,470
|
|
|
34,886
|
|
||||
Conservation and Environmental Resources
|
(450
|
)
|
|
(522
|
)
|
|
(937
|
)
|
|
(1,012
|
)
|
||||
Other Operations
|
524
|
|
|
272
|
|
|
744
|
|
|
690
|
|
||||
Total gross profit
|
$
|
15,008
|
|
|
$
|
13,683
|
|
|
$
|
32,277
|
|
|
$
|
34,564
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
$
|
3,508
|
|
|
$
|
3,418
|
|
|
$
|
10,529
|
|
|
$
|
10,166
|
|
Conservation and Environmental Resources
|
150
|
|
|
342
|
|
|
469
|
|
|
871
|
|
||||
Other Operations
|
3
|
|
|
106
|
|
|
66
|
|
|
306
|
|
||||
Other Depreciation, Depletion and Amortization
|
72
|
|
|
178
|
|
|
465
|
|
|
745
|
|
||||
Total depreciation, depletion and amortization
|
$
|
3,733
|
|
|
$
|
4,044
|
|
|
$
|
11,529
|
|
|
$
|
12,088
|
|
(in thousands)
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
|
|
|
||||
Assets:
|
|
|
|
||||
Alico Citrus
|
$
|
403,249
|
|
|
$
|
410,663
|
|
Conservation and Environmental Resources
|
14,955
|
|
|
13,073
|
|
||
Other Operations
|
20,089
|
|
|
22,050
|
|
||
Other Corporate Assets
|
8,928
|
|
|
9,659
|
|
||
Total Assets
|
$
|
447,221
|
|
|
$
|
455,445
|
|
Expected Volatility
|
32.19
|
%
|
Expected Term (in years)
|
2.6 - 4.0
|
|
Risk Free Rate
|
2.45
|
%
|
(in thousands)
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
|
|
|
||||
Ad valorem taxes
|
$
|
1,818
|
|
|
$
|
2,736
|
|
Accrued interest
|
1,154
|
|
|
1,135
|
|
||
Accrued employee wages and benefits
|
330
|
|
|
964
|
|
||
Current portion of deferred retirement obligations
|
342
|
|
|
342
|
|
||
Accrued dividends
|
496
|
|
|
498
|
|
||
Inventory received but not invoiced
|
—
|
|
|
710
|
|
||
Other accrued liabilities
|
424
|
|
|
535
|
|
||
Total accrued liabilities
|
$
|
4,564
|
|
|
$
|
6,920
|
|
•
|
Alico Citrus
includes activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus.
|
•
|
Conservation and Environmental Resources
includes activities related to cattle grazing, sod, native plant and animal sales, leasing, management and/or conservation of unimproved native pasture land.
|
•
|
Other Operations consists of activities related to rock mining royalties, oil exploration and other insignificant lines of business. Also included are activities related to owning and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which may have various improvements including irrigation, drainage and roads.
|
(in thousands)
|
Three Months Ended
June 30, |
|
|
|
|
|
Nine Months Ended
June 30, |
|
|
|
|
||||||||||||||||||
|
|
Change
|
|
|
Change
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Alico Citrus
|
$
|
49,993
|
|
|
$
|
45,639
|
|
|
$
|
4,354
|
|
|
9.5
|
%
|
|
$
|
122,537
|
|
|
$
|
135,916
|
|
|
$
|
(13,379
|
)
|
|
(9.8
|
)%
|
Conservation and Environmental Resources
|
1,001
|
|
|
877
|
|
|
124
|
|
|
14.1
|
%
|
|
1,789
|
|
|
2,528
|
|
|
(739
|
)
|
|
(29.2
|
)%
|
||||||
Other Operations
|
524
|
|
|
337
|
|
|
187
|
|
|
55.5
|
%
|
|
837
|
|
|
902
|
|
|
(65
|
)
|
|
(7.2
|
)%
|
||||||
Total operating revenues
|
51,518
|
|
|
46,853
|
|
|
4,665
|
|
|
10.0
|
%
|
|
125,163
|
|
|
139,346
|
|
|
(14,183
|
)
|
|
(10.2
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
14,934
|
|
|
13,933
|
|
|
1,001
|
|
|
7.2
|
%
|
|
32,470
|
|
|
34,886
|
|
|
(2,416
|
)
|
|
(6.9
|
)%
|
||||||
Conservation and Environmental Resources
|
(450
|
)
|
|
(522
|
)
|
|
72
|
|
|
(13.8
|
)%
|
|
(937
|
)
|
|
(1,012
|
)
|
|
75
|
|
|
(7.4
|
)%
|
||||||
Other Operations
|
524
|
|
|
272
|
|
|
252
|
|
|
92.6
|
%
|
|
744
|
|
|
690
|
|
|
54
|
|
|
7.8
|
%
|
||||||
Total gross profit
|
15,008
|
|
|
13,683
|
|
|
1,325
|
|
|
9.7
|
%
|
|
32,277
|
|
|
34,564
|
|
|
(2,287
|
)
|
|
(6.6
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
General and administrative expenses
|
3,709
|
|
|
2,747
|
|
|
962
|
|
|
35.0
|
%
|
|
10,896
|
|
|
9,521
|
|
|
1,375
|
|
|
14.4
|
%
|
||||||
Income from operations
|
11,299
|
|
|
10,936
|
|
|
363
|
|
|
3.3
|
%
|
|
21,381
|
|
|
25,043
|
|
|
(3,662
|
)
|
|
(14.6
|
)%
|
||||||
Total other expense, net
|
(2,162
|
)
|
|
(2,874
|
)
|
|
712
|
|
|
(24.8
|
)%
|
|
(5,055
|
)
|
|
(7,249
|
)
|
|
2,194
|
|
|
(30.3
|
)%
|
||||||
Income before income taxes
|
9,137
|
|
|
8,062
|
|
|
1,075
|
|
|
13.3
|
%
|
|
16,326
|
|
|
17,794
|
|
|
(1,468
|
)
|
|
(8.2
|
)%
|
||||||
Provision for income taxes
|
3,665
|
|
|
3,392
|
|
|
273
|
|
|
8.0
|
%
|
|
6,713
|
|
|
7,419
|
|
|
(706
|
)
|
|
(9.5
|
)%
|
||||||
Net income
|
5,472
|
|
|
4,670
|
|
|
802
|
|
|
17.2
|
%
|
|
9,613
|
|
|
10,375
|
|
|
(762
|
)
|
|
(7.3
|
)%
|
||||||
Net loss (income) attributable to noncontrolling interests
|
7
|
|
|
11
|
|
|
(4
|
)
|
|
(36.4
|
)%
|
|
(36
|
)
|
|
29
|
|
|
(65
|
)
|
|
NM
|
|
||||||
Net income attributable to Alico, Inc. common stockholders
|
$
|
5,479
|
|
|
$
|
4,681
|
|
|
$
|
798
|
|
|
17.0
|
%
|
|
$
|
9,577
|
|
|
$
|
10,404
|
|
|
$
|
(827
|
)
|
|
(7.9
|
)%
|
(in thousands, except per box and per pound solids data)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Three Months Ended
June 30, |
|
|
|
|
|
Nine Months Ended
June 30, |
|
|
|
|
||||||||||||||||||
|
|
Change
|
|
|
Change
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Early and Mid-Season
|
$
|
222
|
|
|
$
|
162
|
|
|
$
|
60
|
|
|
37.0
|
%
|
|
$
|
45,917
|
|
|
$
|
43,772
|
|
|
$
|
2,145
|
|
|
4.9
|
%
|
Valencias
|
46,728
|
|
|
41,413
|
|
|
5,315
|
|
|
12.8
|
%
|
|
67,045
|
|
|
75,020
|
|
|
(7,975
|
)
|
|
(10.6
|
)%
|
||||||
Fresh Fruit
|
1,356
|
|
|
771
|
|
|
585
|
|
|
75.9
|
%
|
|
5,735
|
|
|
5,173
|
|
|
562
|
|
|
10.9
|
%
|
||||||
Purchase and Resale of Fruit
|
1,004
|
|
|
2,270
|
|
|
(1,266
|
)
|
|
(55.8
|
)%
|
|
2,033
|
|
|
8,188
|
|
|
(6,155
|
)
|
|
(75.2
|
)%
|
||||||
Other
|
683
|
|
|
1,023
|
|
|
(340
|
)
|
|
(33.2
|
)%
|
|
1,807
|
|
|
3,763
|
|
|
(1,956
|
)
|
|
(52.0
|
)%
|
||||||
Total
|
$
|
49,993
|
|
|
$
|
45,639
|
|
|
$
|
4,354
|
|
|
9.5
|
%
|
|
$
|
122,537
|
|
|
$
|
135,916
|
|
|
$
|
(13,379
|
)
|
|
(9.8
|
)%
|
Boxes Harvested:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Early and Mid-Season
|
—
|
|
|
30
|
|
|
(30
|
)
|
|
(100.0
|
)%
|
|
3,215
|
|
|
3,634
|
|
|
(419
|
)
|
|
(11.5
|
)%
|
||||||
Valencias
|
2,819
|
|
|
2,854
|
|
|
(35
|
)
|
|
(1.2
|
)%
|
|
4,044
|
|
|
5,195
|
|
|
(1,151
|
)
|
|
(22.2
|
)%
|
||||||
Total Processed
|
2,819
|
|
|
2,884
|
|
|
(65
|
)
|
|
(2.3
|
)%
|
|
7,259
|
|
|
8,829
|
|
|
(1,570
|
)
|
|
(17.8
|
)%
|
||||||
Fresh Fruit
|
84
|
|
|
52
|
|
|
32
|
|
|
61.5
|
%
|
|
328
|
|
|
401
|
|
|
(73
|
)
|
|
(18.2
|
)%
|
||||||
Total
|
2,903
|
|
|
2,936
|
|
|
(33
|
)
|
|
(1.1
|
)%
|
|
7,587
|
|
|
9,230
|
|
|
(1,643
|
)
|
|
(17.8
|
)%
|
||||||
Pound Solids Produced:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Early and Mid-Season
|
—
|
|
|
19
|
|
|
(19
|
)
|
|
(100.0
|
)%
|
|
17,950
|
|
|
20,167
|
|
|
(2,217
|
)
|
|
(11.0
|
)%
|
||||||
Valencias
|
17,194
|
|
|
17,338
|
|
|
(144
|
)
|
|
(0.8
|
)%
|
|
24,661
|
|
|
31,237
|
|
|
(6,576
|
)
|
|
(21.1
|
)%
|
||||||
Total
|
17,194
|
|
|
17,357
|
|
|
(163
|
)
|
|
(0.9
|
)%
|
|
42,611
|
|
|
51,404
|
|
|
(8,793
|
)
|
|
(17.1
|
)%
|
||||||
Pound Solids per Box:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Early and Mid-Season
|
NM
|
|
|
NM
|
|
|
NM
|
|
|
NM
|
|
|
5.58
|
|
|
5.55
|
|
|
0.03
|
|
|
0.5
|
%
|
||||||
Valencias
|
6.10
|
|
|
6.07
|
|
|
0.03
|
|
|
0.5
|
%
|
|
6.10
|
|
|
6.01
|
|
|
0.09
|
|
|
1.5
|
%
|
||||||
Price per Pound Solids:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Early and Mid-Season
|
NM
|
|
|
NM
|
|
|
NM
|
|
|
NM
|
|
|
$
|
2.56
|
|
|
$
|
2.17
|
|
|
$
|
0.39
|
|
|
18.0
|
%
|
|||
Valencias
|
$
|
2.72
|
|
|
$
|
2.39
|
|
|
$
|
0.33
|
|
|
13.8
|
%
|
|
$
|
2.72
|
|
|
$
|
2.40
|
|
|
$
|
0.32
|
|
|
13.3
|
%
|
Price per Box:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fresh Fruit
|
$
|
16.14
|
|
|
$
|
14.83
|
|
|
$
|
1.31
|
|
|
8.8
|
%
|
|
$
|
17.48
|
|
|
$
|
12.90
|
|
|
$
|
4.58
|
|
|
35.5
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Sales
|
$
|
24,158
|
|
|
$
|
20,598
|
|
|
$
|
3,560
|
|
|
17.3
|
%
|
|
$
|
62,694
|
|
|
$
|
65,390
|
|
|
$
|
(2,696
|
)
|
|
(4.1
|
)%
|
Fresh Fruit Packaging
|
—
|
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
1,142
|
|
|
—
|
|
|
1,142
|
|
|
NM
|
|
||||||
Harvesting and Hauling
|
7,909
|
|
|
8,468
|
|
|
(559
|
)
|
|
(6.6
|
)%
|
|
21,410
|
|
|
25,026
|
|
|
(3,616
|
)
|
|
(14.4
|
)%
|
||||||
Purchase and Resale of Fruit
|
905
|
|
|
2,157
|
|
|
(1,252
|
)
|
|
(58.0
|
)%
|
|
1,864
|
|
|
7,815
|
|
|
(5,951
|
)
|
|
(76.1
|
)%
|
||||||
Other
|
2,087
|
|
|
483
|
|
|
1,604
|
|
|
NM
|
|
|
2,957
|
|
|
2,799
|
|
|
158
|
|
|
5.6
|
%
|
||||||
Total
|
$
|
35,059
|
|
|
$
|
31,706
|
|
|
$
|
3,353
|
|
|
10.6
|
%
|
|
$
|
90,067
|
|
|
$
|
101,030
|
|
|
$
|
(10,963
|
)
|
|
(10.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross Profit
|
$
|
14,934
|
|
|
$
|
13,933
|
|
|
$
|
1,001
|
|
|
7.2
|
%
|
|
$
|
32,470
|
|
|
$
|
34,886
|
|
|
$
|
(2,416
|
)
|
|
(6.9
|
)%
|
(in thousands, except per pound data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
Nine Months Ended June 30,
|
|
Change
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||
Revenue From:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sale of Calves
|
$
|
381
|
|
|
$
|
149
|
|
|
$
|
232
|
|
|
155.7
|
%
|
|
$
|
401
|
|
|
$
|
1,353
|
|
|
$
|
(952
|
)
|
|
(70.4
|
)%
|
Sale of Culls
|
601
|
|
|
526
|
|
|
75
|
|
|
14.3
|
%
|
|
625
|
|
|
526
|
|
|
99
|
|
|
18.8
|
%
|
||||||
Land Leasing
|
19
|
|
|
202
|
|
|
(183
|
)
|
|
(90.6
|
)%
|
|
474
|
|
|
645
|
|
|
(171
|
)
|
|
(26.5
|
)%
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
289
|
|
|
4
|
|
|
285
|
|
|
NM
|
|
||||||
Total
|
$
|
1,001
|
|
|
$
|
877
|
|
|
$
|
124
|
|
|
14.1
|
%
|
|
$
|
1,789
|
|
|
$
|
2,528
|
|
|
$
|
(739
|
)
|
|
(29.2
|
)%
|
Pounds Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Calves
|
225
|
|
|
93
|
|
|
132
|
|
|
141.9
|
%
|
|
241
|
|
|
810
|
|
|
(569
|
)
|
|
(70.2
|
)%
|
||||||
Culls
|
919
|
|
|
714
|
|
|
205
|
|
|
28.7
|
%
|
|
964
|
|
|
714
|
|
|
250
|
|
|
35.0
|
%
|
||||||
Price Per Pound:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Calves
|
$
|
1.69
|
|
|
$
|
1.60
|
|
|
$
|
0.09
|
|
|
5.6
|
%
|
|
$
|
1.66
|
|
|
$
|
1.67
|
|
|
$
|
(0.01
|
)
|
|
(0.6
|
)%
|
Culls
|
$
|
0.65
|
|
|
$
|
0.74
|
|
|
$
|
(0.09
|
)
|
|
(12.2
|
)%
|
|
$
|
0.65
|
|
|
$
|
0.74
|
|
|
$
|
(0.09
|
)
|
|
(12.2
|
)%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Calves Sold
|
$
|
416
|
|
|
$
|
149
|
|
|
$
|
267
|
|
|
179.2
|
%
|
|
$
|
440
|
|
|
$
|
1,021
|
|
|
$
|
(581
|
)
|
|
(56.9
|
)%
|
Cost of Culls Sold
|
543
|
|
|
299
|
|
|
244
|
|
|
81.6
|
%
|
|
572
|
|
|
299
|
|
|
273
|
|
|
91.3
|
%
|
||||||
Land Leasing Expenses
|
119
|
|
|
20
|
|
|
99
|
|
|
NM
|
|
|
208
|
|
|
120
|
|
|
88
|
|
|
73.3
|
%
|
||||||
Water Conservation
|
373
|
|
|
931
|
|
|
(558
|
)
|
|
(59.9
|
)%
|
|
1,475
|
|
|
2,100
|
|
|
(625
|
)
|
|
(29.8
|
)%
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|
NM
|
|
||||||
Total
|
$
|
1,451
|
|
|
$
|
1,399
|
|
|
$
|
52
|
|
|
3.7
|
%
|
|
$
|
2,726
|
|
|
$
|
3,540
|
|
|
$
|
(814
|
)
|
|
(23.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross loss
|
$
|
(450
|
)
|
|
$
|
(522
|
)
|
|
$
|
72
|
|
|
(13.8
|
)%
|
|
$
|
(937
|
)
|
|
$
|
(1,012
|
)
|
|
$
|
75
|
|
|
(7.4
|
)%
|
(in thousands)
|
June 30, 2017
|
|
September 30, 2016
|
|
Change
|
||||||
Cash and cash equivalents
|
$
|
9,944
|
|
|
$
|
6,625
|
|
|
$
|
3,319
|
|
Total current assets
|
$
|
67,202
|
|
|
$
|
71,871
|
|
|
$
|
(4,669
|
)
|
Total current liabilities
|
$
|
13,085
|
|
|
$
|
18,678
|
|
|
$
|
(5,593
|
)
|
Working capital
|
$
|
54,117
|
|
|
$
|
53,193
|
|
|
$
|
924
|
|
Total assets
|
$
|
447,221
|
|
|
$
|
455,445
|
|
|
$
|
(8,224
|
)
|
Principal amount of term loans and line of credit
|
$
|
189,158
|
|
|
$
|
202,219
|
|
|
$
|
(13,061
|
)
|
Current ratio
|
5.14 to 1
|
|
|
3.85 to 1
|
|
|
|
(in thousands)
|
Nine Months Ended June 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Net income
|
$
|
9,613
|
|
|
$
|
10,375
|
|
|
$
|
(762
|
)
|
Gain on sale of sugarcane land
|
(422
|
)
|
|
(618
|
)
|
|
196
|
|
|||
Depreciation, depletion and amortization
|
11,529
|
|
|
12,088
|
|
|
(559
|
)
|
|||
Deferred income taxes
|
4,437
|
|
|
7,288
|
|
|
(2,851
|
)
|
|||
(Gain) loss on sale of property and equipment
|
(1,338
|
)
|
|
626
|
|
|
(1,964
|
)
|
|||
Non-cash interest expense on deferred gain on sugarcane land
|
1,060
|
|
|
1,051
|
|
|
9
|
|
|||
Stock-based compensation expense
|
1,230
|
|
|
635
|
|
|
595
|
|
|||
Other
|
145
|
|
|
473
|
|
|
(328
|
)
|
|||
Change in working capital
|
2,646
|
|
|
2,267
|
|
|
379
|
|
|||
Net cash provided by operating activities
|
$
|
28,900
|
|
|
$
|
34,185
|
|
|
$
|
(5,285
|
)
|
(in thousands)
|
Nine Months Ended June 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Citrus nursery
|
$
|
—
|
|
|
$
|
(208
|
)
|
|
$
|
208
|
|
Citrus tree development
|
(6,789
|
)
|
|
(4,210
|
)
|
|
(2,579
|
)
|
|||
Breeding herd purchases
|
(287
|
)
|
|
(826
|
)
|
|
539
|
|
|||
Rolling stock, equipment and other
|
(4,354
|
)
|
|
(3,871
|
)
|
|
(483
|
)
|
|||
Other
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|||
Total
|
(11,450
|
)
|
|
(9,115
|
)
|
|
(2,335
|
)
|
|||
|
|
|
|
|
|
||||||
Proceeds from sale of property and equipment
|
3,016
|
|
|
—
|
|
|
3,016
|
|
|||
Other
|
155
|
|
|
164
|
|
|
(9
|
)
|
|||
Net cash used in investing activities
|
$
|
(8,279
|
)
|
|
$
|
(8,951
|
)
|
|
$
|
672
|
|
(in thousands)
|
Nine Months Ended June 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Proceeds from term loans
|
$
|
—
|
|
|
$
|
2,500
|
|
|
$
|
(2,500
|
)
|
Principal payments on revolving lines of credit
|
(70,770
|
)
|
|
(53,882
|
)
|
|
(16,888
|
)
|
|||
Borrowings on revolving lines of credit
|
65,770
|
|
|
53,882
|
|
|
11,888
|
|
|||
Principal payments on term loans
|
(8,061
|
)
|
|
(8,080
|
)
|
|
19
|
|
|||
Contingent consideration paid
|
—
|
|
|
(7,500
|
)
|
|
7,500
|
|
|||
Treasury stock purchases
|
(2,174
|
)
|
|
(3,141
|
)
|
|
967
|
|
|||
Dividends paid
|
(1,496
|
)
|
|
(1,497
|
)
|
|
1
|
|
|||
Capital lease obligation payments
|
(571
|
)
|
|
—
|
|
|
(571
|
)
|
|||
Net cash used in financing activities
|
$
|
(17,302
|
)
|
|
$
|
(17,718
|
)
|
|
$
|
416
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
(b)
|
Changes in Internal Control over Financial Reporting.
|
|
ALICO, INC. (Registrant)
|
|
|
|
|
August 7, 2017
|
By:
|
/s/ Remy W. Trafelet
|
|
|
Remy W. Trafelet
|
|
|
President and Chief Executive Officer
|
|
|
|
August 7, 2017
|
By:
|
/s/ John E. Kiernan
|
|
|
John E. Kiernan
|
|
|
Senior Vice President and Chief Financial Officer
|
1 Year Alico Chart |
1 Month Alico Chart |
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