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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.65 | -2.52% | 25.10 | 24.93 | 25.17 | 25.69 | 24.14 | 25.69 | 73,944 | 20:28:01 |
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þ
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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 December 31, 2018
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or
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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||
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For the transition period
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from____________________
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to_________________________
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Alico, Inc.
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(
Exact name of registrant as specified in its charter
)
|
Florida
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59-0906081
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(
State or other jurisdiction of
incorporation or organization
)
|
|
(
I.R.S. Employer Identification No.
)
|
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10070 Daniels Interstate Court,
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Suite 100, Fort Myers, FL
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33913
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(Address of principal executive offices)
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(Zip Code)
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239-226-2000
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(Registrant’s telephone number, including area code
)
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Large accelerated filer
|
¨
|
Accelerated filer
|
þ
|
Non-accelerated filer
|
¨
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Smaller Reporting Company
|
¨
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Emerging Growth Company
|
¨
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Page
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ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) |
||||||||
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|
|
|
|||||
|
December 31,
|
|
September 30,
|
|||||
|
2018
|
|
2018
|
|||||
|
(Unaudited)
|
|
|
|||||
ASSETS
|
|
|
|
|||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
272
|
|
|
$
|
25,260
|
|
|
Accounts receivable, net
|
6,842
|
|
|
2,544
|
|
|||
Inventories
|
42,458
|
|
|
41,033
|
|
|||
Assets held for sale
|
1,215
|
|
|
1,391
|
|
|||
Income tax receivable
|
484
|
|
|
15
|
|
|||
Prepaid expenses and other current assets
|
1,134
|
|
|
818
|
|
|||
Derivative asset
|
3,269
|
|
|
—
|
|
|||
Total current assets
|
55,674
|
|
|
71,061
|
|
|||
|
|
|
|
|||||
Restricted cash
|
7,002
|
|
|
7,000
|
|
|||
Property and equipment, net
|
340,563
|
|
|
340,403
|
|
|||
Goodwill
|
2,246
|
|
|
2,246
|
|
|||
Deferred financing costs, net of accumulated amortization
|
87
|
|
|
136
|
|
|||
Other non-current assets
|
3,182
|
|
|
2,576
|
|
|||
Total assets
|
$
|
408,754
|
|
|
$
|
423,422
|
|
|
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
$
|
3,002
|
|
|
$
|
3,764
|
|
|
Accrued liabilities
|
4,382
|
|
|
9,226
|
|
|||
Long-term debt, current portion
|
5,300
|
|
|
5,275
|
|
|||
Income taxes payable
|
—
|
|
|
2,320
|
|
|||
Other current liabilities
|
984
|
|
|
913
|
|
|||
Derivative liabilities
|
14,536
|
|
|
—
|
|
|||
Total current liabilities
|
28,204
|
|
|
21,498
|
|
|||
|
|
|
|
|||||
Long-term debt:
|
|
|
|
|||||
Principal amount, net of current portion
|
166,342
|
|
|
169,074
|
|
|||
Less: deferred financing costs, net
|
(1,514
|
)
|
|
(1,563
|
)
|
|||
Long-term debt less current portion and deferred financing costs, net
|
164,828
|
|
|
167,511
|
|
|||
Lines of credit
|
22,314
|
|
|
2,685
|
|
|||
Deferred income tax liabilities
|
25,153
|
|
|
25,153
|
|
|||
Deferred gain on sale
|
—
|
|
|
24,928
|
|
|||
Deferred retirement obligations
|
4,032
|
|
|
4,052
|
|
|||
Total liabilities
|
244,531
|
|
|
245,827
|
|
|||
Commitments and Contingencies (Note 13)
|
|
|
|
|
|
|||
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 and 8,416,145 shares issued and 7,454,795 and 8,199,957 shares outstanding at December 31, 2018 and September 30, 2018, respectively
|
8,416
|
|
|
8,416
|
|
|||
Additional paid in capital
|
20,384
|
|
|
20,126
|
|
|||
Treasury stock, at cost, 961,350 and 216,188 shares held at December 31, 2018 and September 30, 2018, respectively
|
(32,817
|
)
|
|
(7,536
|
)
|
|||
Retained earnings
|
162,798
|
|
|
151,111
|
|
|||
Total Alico stockholders' equity
|
158,781
|
|
|
172,117
|
|
Noncontrolling interest
|
5,442
|
|
|
5,478
|
|
||
Total stockholders' equity
|
164,223
|
|
|
177,595
|
|
||
Total liabilities and stockholders' equity
|
$
|
408,754
|
|
|
$
|
423,422
|
|
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) |
|||||||
|
|
|
|
||||
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Operating revenues:
|
|
|
|
||||
Alico Citrus
|
$
|
13,897
|
|
|
$
|
17,079
|
|
Water Resources and Other Operations
|
882
|
|
|
454
|
|
||
Total operating revenues
|
14,779
|
|
|
17,533
|
|
||
Operating expenses:
|
|
|
|
|
|
||
Alico Citrus
|
10,874
|
|
|
16,295
|
|
||
Water Resources and Other Operations
|
723
|
|
|
656
|
|
||
Total operating expenses
|
11,597
|
|
|
16,951
|
|
||
Gross profit:
|
3,182
|
|
|
582
|
|
||
General and administrative expenses
|
3,450
|
|
|
3,886
|
|
||
Loss from operations
|
(268
|
)
|
|
(3,304
|
)
|
||
Other (expense) income:
|
|
|
|
|
|
||
Interest expense
|
(1,917
|
)
|
|
(2,255
|
)
|
||
Gain on sale of real estate, property and equipment and assets held for sale
|
22
|
|
|
1,736
|
|
||
Change in fair value of derivatives
|
(956
|
)
|
|
—
|
|
||
Other (expense) income, net
|
(13
|
)
|
|
144
|
|
||
Total other expenses, net
|
(2,864
|
)
|
|
(375
|
)
|
||
Loss before income taxes
|
(3,132
|
)
|
|
(3,679
|
)
|
||
Income tax benefit
|
(629
|
)
|
|
(12,417
|
)
|
||
Net (loss) income
|
(2,503
|
)
|
|
8,738
|
|
||
Net loss attributable to noncontrolling interests
|
36
|
|
|
8
|
|
||
Net (loss) income attributable to Alico, Inc. common stockholders
|
$
|
(2,467
|
)
|
|
$
|
8,746
|
|
Per share information attributable to Alico, Inc. common stockholders:
|
|
|
|
||||
(Loss) earnings per common share:
|
|
|
|
|
|
||
Basic
|
$
|
(0.33
|
)
|
|
$
|
1.06
|
|
Diluted
|
$
|
(0.33
|
)
|
|
$
|
1.05
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
||
Basic
|
7,479
|
|
|
8,245
|
|
||
Diluted
|
7,479
|
|
|
8,364
|
|
||
|
|
|
|
||||
Cash dividends declared per common share
|
$
|
0.06
|
|
|
$
|
0.06
|
|
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||||
|
|
|
|
|||||
|
Three Months Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|||||
Net cash used in operating activities:
|
|
|
|
|
|
|||
Net (loss) income
|
$
|
(2,503
|
)
|
|
$
|
8,738
|
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
|
|
|||
Deferred gain on sale of sugarcane land
|
—
|
|
|
(141
|
)
|
|||
Depreciation, depletion and amortization
|
3,458
|
|
|
3,490
|
|
|||
Deferred income tax benefit
|
(629
|
)
|
|
(12,417
|
)
|
|||
Gain on sale of real estate, property and equipment and assets held for sale
|
(22
|
)
|
|
(1,596
|
)
|
|||
Change in fair value of derivatives
|
956
|
|
|
—
|
|
|||
Non-cash interest expense on deferred gain on sugarcane land
|
—
|
|
|
344
|
|
|||
Stock-based compensation expense
|
553
|
|
|
423
|
|
|||
Other
|
(7
|
)
|
|
(44
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|||
Accounts receivable
|
(4,298
|
)
|
|
(7,589
|
)
|
|||
Inventories
|
(1,425
|
)
|
|
3,024
|
|
|||
Prepaid expenses and other assets
|
(343
|
)
|
|
(240
|
)
|
|||
Income tax receivable
|
(469
|
)
|
|
—
|
|
|||
Accounts payable and accrued expenses
|
(5,636
|
)
|
|
(3,298
|
)
|
|||
Income tax payable
|
(1,691
|
)
|
|
—
|
|
|||
Other liabilities
|
55
|
|
|
(383
|
)
|
|||
Net cash used in operating activities
|
(12,001
|
)
|
|
(9,689
|
)
|
|||
|
|
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|||
Purchases of property and equipment
|
(3,458
|
)
|
|
(3,561
|
)
|
|||
Net proceeds from sale of property and equipment and assets held for sale
|
202
|
|
|
5,300
|
|
|||
Deposits on purchase of citrus trees
|
(632
|
)
|
|
—
|
|
|||
Notes receivable
|
4
|
|
|
—
|
|
|||
Net cash (used in) provided by investing activities
|
(3,884
|
)
|
|
1,739
|
|
|||
|
|
|
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Repayments on revolving lines of credit
|
(6,948
|
)
|
|
(10,608
|
)
|
|||
Borrowings on revolving lines of credit
|
26,577
|
|
|
17,731
|
|
|||
Principal payments on term loans
|
(2,707
|
)
|
|
(1,118
|
)
|
|||
Treasury stock purchases
|
(25,576
|
)
|
|
—
|
|
|||
Dividends paid
|
(447
|
)
|
|
(494
|
)
|
|||
Capital lease obligation payments
|
—
|
|
|
(8
|
)
|
|||
Net cash (used in) provided by financing activities
|
(9,101
|
)
|
|
5,503
|
|
|||
|
|
|
|
|||||
Net decrease in cash and cash equivalents and restricted cash
|
(24,986
|
)
|
|
(2,447
|
)
|
|||
Cash and cash equivalents and restricted cash at beginning of the period
|
32,260
|
|
|
3,395
|
|
|||
|
|
|
|
|||||
Cash and cash equivalents and restricted cash at end of the period
|
$
|
7,274
|
|
|
$
|
948
|
|
(in thousands)
|
Three Months Ended
December 31, |
||||||
|
|||||||
|
2018
|
|
2017
|
||||
Alico Citrus
|
|
|
|
|
|
||
Early and Mid-Season
|
$
|
11,645
|
|
|
$
|
15,417
|
|
Fresh Fruit
|
1,906
|
|
|
1,088
|
|
||
Other
|
346
|
|
|
574
|
|
||
Total
|
$
|
13,897
|
|
|
$
|
17,079
|
|
|
|
|
|
||||
Water Resources and Other Operations
|
|
|
|
||||
Land and other leasing
|
$
|
734
|
|
|
$
|
247
|
|
Other
|
148
|
|
|
207
|
|
||
Total
|
$
|
882
|
|
|
$
|
454
|
|
|
|
|
|
||||
Total Revenues
|
$
|
14,779
|
|
|
$
|
17,533
|
|
(in thousands)
|
December 31,
|
|
September 30,
|
||||
|
2018
|
|
2018
|
||||
Unharvested fruit crop on the trees
|
$
|
40,934
|
|
|
$
|
39,888
|
|
Other
|
1,524
|
|
|
1,145
|
|
||
Total inventories
|
$
|
42,458
|
|
|
$
|
41,033
|
|
(in thousands)
|
Carrying Value
|
||||||
|
December 31,
|
|
September 30,
|
||||
|
2018
|
|
2018
|
||||
Trailers
|
$
|
456
|
|
|
$
|
456
|
|
Frostproof Parcels
|
—
|
|
|
176
|
|
||
Parcels on East Ranch
|
759
|
|
|
759
|
|
||
Total Assets Held For Sale
|
$
|
1,215
|
|
|
$
|
1,391
|
|
(in thousands)
|
December 31,
|
|
September 30,
|
||||
|
2018
|
|
2018
|
||||
Citrus trees
|
$
|
265,616
|
|
|
$
|
264,714
|
|
Equipment and other facilities
|
55,967
|
|
|
53,544
|
|
||
Buildings and improvements
|
8,213
|
|
|
8,052
|
|
||
Total depreciable properties
|
329,796
|
|
|
326,310
|
|
||
Less: accumulated depreciation and depletion
|
(95,220
|
)
|
|
(91,858
|
)
|
||
Net depreciable properties
|
234,576
|
|
|
234,452
|
|
||
Land and land improvements
|
105,987
|
|
|
105,951
|
|
||
Net property and equipment
|
$
|
340,563
|
|
|
$
|
340,403
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt, net of current portion:
|
|
|
|
|
|
|
|
||||||||
Met Fixed-Rate Term Loans
|
$
|
94,375
|
|
|
$
|
808
|
|
|
$
|
95,938
|
|
|
$
|
836
|
|
Met Variable-Rate Term Loans
|
46,000
|
|
|
372
|
|
|
46,719
|
|
|
385
|
|
||||
Met Citree Term Loan
|
4,900
|
|
|
43
|
|
|
4,925
|
|
|
44
|
|
||||
Pru Loans A & B
|
17,127
|
|
|
237
|
|
|
17,417
|
|
|
241
|
|
||||
Pru Loan E
|
4,620
|
|
|
15
|
|
|
4,675
|
|
|
17
|
|
||||
Pru Loan F
|
4,620
|
|
|
39
|
|
|
4,675
|
|
|
40
|
|
||||
|
171,642
|
|
|
1,514
|
|
|
174,349
|
|
|
1,563
|
|
||||
Less current portion
|
5,300
|
|
|
—
|
|
|
5,275
|
|
|
—
|
|
||||
Long-term debt
|
$
|
166,342
|
|
|
$
|
1,514
|
|
|
$
|
169,074
|
|
|
$
|
1,563
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Lines of Credit:
|
|
|
|
|
|
|
|
||||||||
RLOC
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
58
|
|
WCLC
|
22,314
|
|
|
41
|
|
|
2,685
|
|
|
78
|
|
||||
Lines of Credit
|
$
|
22,314
|
|
|
$
|
87
|
|
|
$
|
2,685
|
|
|
$
|
136
|
|
(in thousands)
|
December 31,
|
|
September 30,
|
||||
|
2018
|
|
2018
|
||||
|
|
|
|
||||
Ad valorem taxes
|
$
|
—
|
|
|
$
|
2,196
|
|
Accrued interest
|
1,320
|
|
|
1,191
|
|
||
Accrued employee wages and benefits
|
1,003
|
|
|
3,115
|
|
||
Inventory received but not invoiced
|
54
|
|
|
726
|
|
||
Accrued legal charges
|
539
|
|
|
—
|
|
||
Accrued dividends
|
447
|
|
|
492
|
|
||
Accrued insurance
|
339
|
|
|
223
|
|
||
Current portion of deferred retirement obligations
|
314
|
|
|
345
|
|
||
Accrued tender offer consulting charges
|
32
|
|
|
274
|
|
||
Other accrued liabilities
|
334
|
|
|
664
|
|
||
Total accrued liabilities
|
$
|
4,382
|
|
|
$
|
9,226
|
|
(in thousands)
|
December 31,
|
|
September 30,
|
||||
|
2018
|
|
2018
|
||||
Assets:
|
|
|
|
||||
Derivative asset
|
$
|
3,269
|
|
|
$
|
—
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Derivative liabilities
|
$
|
14,536
|
|
|
$
|
—
|
|
Deferred gain on sale
|
—
|
|
|
24,928
|
|
||
Total derivative liabilities and deferred gain on sale
|
$
|
14,536
|
|
|
$
|
24,928
|
|
•
|
Level 1- Observable inputs such as quoted prices in active markets;
|
•
|
Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
|
•
|
Level 3- Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions.
|
(in thousands)
|
Fair Value Hierarchy
|
Carrying Value
|
Adjustment to Fair Value
|
Fair Value
|
||||||
Assets:
|
|
|
|
|
||||||
Trailers
|
Level 3
|
$
|
606
|
|
$
|
150
|
|
$
|
456
|
|
Derivative asset
|
Level 3
|
3,553
|
|
284
|
|
3,269
|
|
|||
Total assets
|
|
$
|
4,159
|
|
$
|
434
|
|
$
|
3,725
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
||||||
Derivative liabilities
|
Level 3
|
$
|
13,864
|
|
$
|
672
|
|
$
|
14,536
|
|
Total liabilities
|
|
$
|
13,864
|
|
$
|
672
|
|
$
|
14,536
|
|
(in thousands)
|
Fair Value Hierarchy
|
Carrying Value
|
Adjustment to Fair Value
|
Fair Value
|
||||||
Trailers
|
Level 3
|
$
|
606
|
|
$
|
150
|
|
$
|
456
|
|
(in thousands except per share amounts)
|
|
|
|
||||
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Net (loss) income attributable to Alico, Inc. common stockholders
|
$
|
(2,467
|
)
|
|
$
|
8,746
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding - basic
|
7,479
|
|
|
8,245
|
|
||
Dilutive effect of equity-based awards
|
—
|
|
|
119
|
|
||
Weighted average number of common shares outstanding - diluted
|
7,479
|
|
|
8,364
|
|
||
|
|
|
|
||||
Net (loss) income per common shares attributable to Alico, Inc. common stockholders:
|
|
|
|
||||
Basic
|
$
|
(0.33
|
)
|
|
$
|
1.06
|
|
Diluted
|
$
|
(0.33
|
)
|
|
$
|
1.05
|
|
(in thousands)
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Alico Citrus
|
$
|
13,897
|
|
|
$
|
17,079
|
|
Water Resources and Other Operations
|
882
|
|
|
454
|
|
||
Total revenues
|
14,779
|
|
|
17,533
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Alico Citrus
|
10,874
|
|
|
16,295
|
|
||
Water Resources and Other Operations
|
723
|
|
|
656
|
|
||
Total operating expenses
|
11,597
|
|
|
16,951
|
|
||
|
|
|
|
||||
Gross profit (loss):
|
|
|
|
||||
Alico Citrus
|
3,023
|
|
|
784
|
|
||
Water Resources and Other Operations
|
159
|
|
|
(202
|
)
|
||
Total gross profit
|
$
|
3,182
|
|
|
$
|
582
|
|
|
|
|
|
||||
Depreciation, depletion and amortization:
|
|
|
|
||||
Alico Citrus
|
$
|
3,408
|
|
|
$
|
3,398
|
|
Water Resources and Other Operations
|
28
|
|
|
70
|
|
||
Other Depreciation, Depletion and Amortization
|
22
|
|
|
22
|
|
||
Total depreciation, depletion and amortization
|
$
|
3,458
|
|
|
$
|
3,490
|
|
(in thousands)
|
December 31,
|
|
September 30,
|
||||
|
2018
|
|
2018
|
||||
Assets:
|
|
|
|
||||
Alico Citrus
|
$
|
387,918
|
|
|
$
|
405,752
|
|
Water Resources and Other Operations
|
15,868
|
|
|
15,904
|
|
||
Other Corporate Assets
|
4,968
|
|
|
1,766
|
|
||
Total Assets
|
$
|
408,754
|
|
|
$
|
423,422
|
|
Expected Volatility
|
30.0
|
%
|
Expected Term (in years)
|
4.09
|
|
Risk Free Rate
|
2.95
|
%
|
Expected Volatility
|
30.0
|
%
|
Expected Term (in years)
|
3.32
|
|
Risk Free Rate
|
2.8
|
%
|
Expected Volatility
|
32.19
|
%
|
Expected Term (in years)
|
2.6 - 4.0
|
|
Risk Free Rate
|
2.45
|
%
|
•
|
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; and
|
•
|
Water Resources and Other Operations
, which includes activities related to sod, native plant sales, grazing and hunting leasing, management and/or conservation of unimproved native pasture land and activities related to rock mining royalties 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
|
|
|
|
|
|||||||||
|
December 31,
|
|
Change
|
|||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Alico Citrus
|
$
|
13,897
|
|
|
$
|
17,079
|
|
|
$
|
(3,182
|
)
|
|
(18.6
|
)%
|
Water Resources and Other Operations
|
882
|
|
|
454
|
|
|
428
|
|
|
94.3
|
%
|
|||
Total operating revenues
|
14,779
|
|
|
17,533
|
|
|
(2,754
|
)
|
|
(15.7
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Gross profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||
Alico Citrus
|
3,023
|
|
|
784
|
|
|
2,239
|
|
|
285.6
|
%
|
|||
Water Resources and Other Operations
|
159
|
|
|
(202
|
)
|
|
361
|
|
|
(178.7
|
)%
|
|||
Total gross profit
|
3,182
|
|
|
582
|
|
|
2,600
|
|
|
446.7
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
General and administrative expenses
|
3,450
|
|
|
3,886
|
|
|
(436
|
)
|
|
(11.2
|
)%
|
|||
Loss from operations
|
(268
|
)
|
|
(3,304
|
)
|
|
3,036
|
|
|
(91.9
|
)%
|
|||
Total other expenses, net
|
(2,864
|
)
|
|
(375
|
)
|
|
(2,489
|
)
|
|
NM
|
|
|||
Loss before income taxes
|
(3,132
|
)
|
|
(3,679
|
)
|
|
547
|
|
|
(14.9
|
)%
|
|||
Income tax benefit
|
(629
|
)
|
|
(12,417
|
)
|
|
11,788
|
|
|
(94.9
|
)%
|
|||
Net (loss) income
|
(2,503
|
)
|
|
8,738
|
|
|
(11,241
|
)
|
|
(128.6
|
)%
|
|||
Net loss attributable to noncontrolling interests
|
36
|
|
|
8
|
|
|
28
|
|
|
350.0
|
%
|
|||
Net (loss) income attributable to Alico, Inc. common stockholders
|
$
|
(2,467
|
)
|
|
$
|
8,746
|
|
|
$
|
(11,213
|
)
|
|
(128.2
|
)%
|
(in thousands)
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
|
Change
|
||||||||||||
|
2018
|
|
2017
|
|
Unit
|
|
%
|
|||||||
Revenue From:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Land and other leasing
|
$
|
734
|
|
|
$
|
247
|
|
|
$
|
487
|
|
|
197.2
|
%
|
Sale of calves and culls
|
—
|
|
|
57
|
|
|
(57
|
)
|
|
(100.0
|
)%
|
|||
Other
|
148
|
|
|
150
|
|
|
(2
|
)
|
|
(1.3
|
)%
|
|||
Total
|
$
|
882
|
|
|
$
|
454
|
|
|
$
|
428
|
|
|
94.3
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Land and other leasing
|
$
|
314
|
|
|
$
|
133
|
|
|
$
|
181
|
|
|
136.1
|
%
|
Cost of calves sold
|
—
|
|
|
69
|
|
|
(69
|
)
|
|
(100.0
|
)%
|
|||
Water conservation
|
404
|
|
|
395
|
|
|
9
|
|
|
2.3
|
%
|
|||
Other
|
5
|
|
|
59
|
|
|
(54
|
)
|
|
(91.5
|
)%
|
|||
Total
|
$
|
723
|
|
|
$
|
656
|
|
|
$
|
67
|
|
|
10.2
|
%
|
(in thousands)
|
December 31,
|
|
September 30,
|
|
|
||||||
|
2018
|
|
2018
|
|
Change
|
||||||
Cash and cash equivalents and restricted cash
|
$
|
7,274
|
|
|
$
|
32,260
|
|
|
$
|
(24,986
|
)
|
Total current assets
|
$
|
55,674
|
|
|
$
|
71,061
|
|
|
$
|
(15,387
|
)
|
Total current liabilities
|
$
|
28,204
|
|
|
$
|
21,498
|
|
|
$
|
6,706
|
|
Working capital
|
$
|
27,470
|
|
|
$
|
49,563
|
|
|
$
|
(22,093
|
)
|
Total assets
|
$
|
408,754
|
|
|
$
|
423,422
|
|
|
$
|
(14,668
|
)
|
Principal amount of term loans and lines of credit
|
$
|
193,956
|
|
|
$
|
177,034
|
|
|
$
|
16,922
|
|
Current ratio
|
1.97 to 1
|
|
|
3.31 to 1
|
|
|
|
(in thousands)
|
Three Months Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Net (loss) income
|
$
|
(2,503
|
)
|
|
$
|
8,738
|
|
|
$
|
(11,241
|
)
|
Deferred gain on sale of sugarcane land
|
—
|
|
|
(141
|
)
|
|
141
|
|
|||
Depreciation, depletion and amortization
|
3,458
|
|
|
3,490
|
|
|
(32
|
)
|
|||
Deferred income tax benefit
|
(629
|
)
|
|
(12,417
|
)
|
|
11,788
|
|
|||
Gain on sale of real estate, property and equipment and assets held for sale
|
(22
|
)
|
|
(1,596
|
)
|
|
1,574
|
|
|||
Change in fair value of derivatives
|
956
|
|
|
—
|
|
|
956
|
|
|||
Non-cash interest expense on deferred gain on sugarcane land
|
—
|
|
|
344
|
|
|
(344
|
)
|
|||
Stock-based compensation expense
|
553
|
|
|
423
|
|
|
130
|
|
|||
Other
|
(7
|
)
|
|
(44
|
)
|
|
37
|
|
|||
Change in working capital
|
(13,807
|
)
|
|
(8,486
|
)
|
|
(5,321
|
)
|
|||
Net cash used in operating activities
|
$
|
(12,001
|
)
|
|
$
|
(9,689
|
)
|
|
$
|
(2,312
|
)
|
(in thousands)
|
Three Months Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Citrus tree development
|
$
|
(2,971
|
)
|
|
$
|
(2,628
|
)
|
|
$
|
(343
|
)
|
Breeding herd purchases
|
—
|
|
|
(317
|
)
|
|
317
|
|
|||
Equipment and other
|
(487
|
)
|
|
(616
|
)
|
|
129
|
|
|||
Total
|
(3,458
|
)
|
|
(3,561
|
)
|
|
103
|
|
|||
|
|
|
|
|
|
||||||
Net proceeds from sale of property and equipment and assets held for sale
|
202
|
|
|
5,300
|
|
|
(5,098
|
)
|
|||
Deposits on purchase of citrus trees
|
(632
|
)
|
|
—
|
|
|
(632
|
)
|
|||
Notes receivable
|
4
|
|
|
—
|
|
|
4
|
|
|||
Net cash (used in) provided by investing activities
|
$
|
(3,884
|
)
|
|
$
|
1,739
|
|
|
$
|
(5,623
|
)
|
(in thousands)
|
Three Months Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Repayments on revolving lines of credit
|
$
|
(6,948
|
)
|
|
$
|
(10,608
|
)
|
|
$
|
3,660
|
|
Borrowings on revolving lines of credit
|
26,577
|
|
|
17,731
|
|
|
8,846
|
|
|||
Principal payments on term loans
|
(2,707
|
)
|
|
(1,118
|
)
|
|
(1,589
|
)
|
|||
Treasury stock purchases
|
(25,576
|
)
|
|
—
|
|
|
(25,576
|
)
|
|||
Dividends paid
|
(447
|
)
|
|
(494
|
)
|
|
47
|
|
|||
Capital lease obligation payments
|
—
|
|
|
(8
|
)
|
|
8
|
|
|||
Net cash (used in) provided by financing activities
|
$
|
(9,101
|
)
|
|
$
|
5,503
|
|
|
$
|
(14,604
|
)
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
(b)
|
Changes in Internal Control over Financial Reporting.
|
|
ALICO, INC. (Registrant)
|
|
|
|
|
February 11, 2019
|
By:
|
/s/ Henry R. Slack
|
|
|
Henry R. Slack
|
|
|
Executive Chairman and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
February 11, 2019
|
By:
|
/s/ John E. Kiernan
|
|
|
John E. Kiernan
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting officer)
|
1 Year Alico Chart |
1 Month Alico Chart |
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