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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.07% | 27.25 | 27.01 | 27.55 | 27.25 | 27.25 | 27.25 | 1,429 | 14:38:11 |
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☑
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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
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March 31, 2020
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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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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)
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Florida
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59-0906081
|
||
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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10070 Daniels Interstate Court
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Suite 100
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Fort Myers
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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)
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226-2000
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(Registrant’s telephone number, including area code)
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Title of each class
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Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
ALCO
|
Nasdaq Global Select Market
|
Large Accelerated Filer
|
☐
|
Accelerated Filer
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☑
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Non-accelerated filer
|
☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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Page
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ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) |
||||||||
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March 31,
|
|
September 30,
|
|||||
|
2020
|
|
2019
|
|||||
|
(Unaudited)
|
|
|
|||||
ASSETS
|
|
|
|
|||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
80,407
|
|
|
$
|
18,630
|
|
|
Accounts receivable, net
|
4,385
|
|
|
713
|
|
|||
Inventories
|
28,503
|
|
|
40,143
|
|
|||
Assets held for sale
|
1,366
|
|
|
1,442
|
|
|||
Prepaid expenses and other current assets
|
1,521
|
|
|
1,049
|
|
|||
Total current assets
|
116,182
|
|
|
61,977
|
|
|||
|
|
|
|
|||||
Restricted cash
|
3,671
|
|
|
5,208
|
|
|||
Property and equipment, net
|
347,816
|
|
|
345,648
|
|
|||
Goodwill
|
2,246
|
|
|
2,246
|
|
|||
Other non-current assets
|
2,369
|
|
|
2,309
|
|
|||
Total assets
|
$
|
472,284
|
|
|
$
|
417,388
|
|
|
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
$
|
5,154
|
|
|
$
|
4,163
|
|
|
Accrued liabilities
|
4,943
|
|
|
7,769
|
|
|||
Long-term debt, current portion
|
5,130
|
|
|
5,338
|
|
|||
Deferred retirement obligations
|
5,226
|
|
|
5,226
|
|
|||
Income taxes payable
|
2,660
|
|
|
5,536
|
|
|||
Other current liabilities
|
554
|
|
|
919
|
|
|||
Total current liabilities
|
23,667
|
|
|
28,951
|
|
|||
|
|
|
|
|||||
Long-term debt:
|
|
|
|
|||||
Principal amount, net of current portion
|
148,499
|
|
|
158,111
|
|
|||
Less: deferred financing costs, net
|
(1,240
|
)
|
|
(1,369
|
)
|
|||
Long-term debt less current portion and deferred financing costs, net
|
147,259
|
|
|
156,742
|
|
|||
Lines of credit
|
66,714
|
|
|
—
|
|
|||
Deferred income tax liabilities, net
|
31,298
|
|
|
32,125
|
|
|||
Other liabilities
|
278
|
|
|
172
|
|
|||
Total liabilities
|
269,216
|
|
|
217,990
|
|
|||
Commitments and Contingencies (Note 12)
|
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|
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|
|||
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 7,479,671 and 7,476,513 shares outstanding at March 31, 2020 and September 30, 2019, respectively
|
8,416
|
|
|
8,416
|
|
|||
Additional paid in capital
|
20,174
|
|
|
19,781
|
|
|||
Treasury stock, at cost, 936,474 and 939,632 shares held at March 31, 2020 and September 30, 2019, respectively
|
(31,784
|
)
|
|
(31,943
|
)
|
|||
Retained earnings
|
201,065
|
|
|
198,049
|
|
|||
Total Alico stockholders' equity
|
197,871
|
|
|
194,303
|
|
|||
Noncontrolling interest
|
5,197
|
|
|
5,095
|
|
|||
Total stockholders' equity
|
203,068
|
|
|
199,398
|
|
|||
Total liabilities and stockholders' equity
|
$
|
472,284
|
|
|
$
|
417,388
|
|
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) |
|||||||||||||||
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|
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|
||||||||
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Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2020
|
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2019
|
|
2020
|
|
2019
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
$
|
49,801
|
|
|
$
|
47,823
|
|
|
$
|
59,976
|
|
|
$
|
61,720
|
|
Water Resources and Other Operations
|
714
|
|
|
698
|
|
|
1,544
|
|
|
1,580
|
|
||||
Total operating revenues
|
50,515
|
|
|
48,521
|
|
|
61,520
|
|
|
63,300
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Alico Citrus
|
43,518
|
|
|
31,582
|
|
|
48,358
|
|
|
42,456
|
|
||||
Water Resources and Other Operations
|
380
|
|
|
625
|
|
|
931
|
|
|
1,348
|
|
||||
Total operating expenses
|
43,898
|
|
|
32,207
|
|
|
49,289
|
|
|
43,804
|
|
||||
Gross profit
|
6,617
|
|
|
16,314
|
|
|
12,231
|
|
|
19,496
|
|
||||
General and administrative expenses
|
2,953
|
|
|
4,654
|
|
|
5,713
|
|
|
8,104
|
|
||||
Income from operations
|
3,664
|
|
|
11,660
|
|
|
6,518
|
|
|
11,392
|
|
||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
(1,452
|
)
|
|
(1,963
|
)
|
|
(2,996
|
)
|
|
(3,880
|
)
|
||||
Gain on sale of real estate, property and equipment and assets held for sale
|
2,838
|
|
|
1
|
|
|
2,863
|
|
|
23
|
|
||||
Change in fair value of derivatives
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(989
|
)
|
||||
Other income (expense)
|
12
|
|
|
23
|
|
|
(64
|
)
|
|
10
|
|
||||
Total other income (expense), net
|
1,398
|
|
|
(1,972
|
)
|
|
(197
|
)
|
|
(4,836
|
)
|
||||
Income before income taxes
|
5,062
|
|
|
9,688
|
|
|
6,321
|
|
|
6,556
|
|
||||
Income tax provision
|
1,496
|
|
|
2,228
|
|
|
1,857
|
|
|
1,599
|
|
||||
Net income
|
3,566
|
|
|
7,460
|
|
|
4,464
|
|
|
4,957
|
|
||||
Net loss (income) attributable to noncontrolling interests
|
5
|
|
|
87
|
|
|
(102
|
)
|
|
123
|
|
||||
Net income attributable to Alico, Inc. common stockholders
|
$
|
3,571
|
|
|
$
|
7,547
|
|
|
$
|
4,362
|
|
|
$
|
5,080
|
|
Per share information attributable to Alico, Inc. common stockholders:
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.48
|
|
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
0.68
|
|
Diluted
|
$
|
0.48
|
|
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
0.68
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
7,480
|
|
|
7,463
|
|
|
7,478
|
|
|
7,471
|
|
||||
Diluted
|
7,496
|
|
|
7,469
|
|
|
7,494
|
|
|
7,506
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.09
|
|
|
$
|
0.06
|
|
|
$
|
0.18
|
|
|
$
|
0.12
|
|
ALICO, INC.
|
|||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
|
|||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Three Months Ended March 31, 2020
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
Non-
|
|
|
|||||||||||||||
|
Common stock
|
|
Paid In
|
|
Treasury
|
|
Retained
|
|
Alico, Inc.
|
|
controlling
|
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
|
Capital
|
|
Stock
|
|
Earnings
|
|
Equity
|
|
Interest
|
|
Equity
|
|||||||||||||||
Balance at December 31, 2019
|
8,416
|
|
$
|
8,416
|
|
|
$
|
19,857
|
|
|
$
|
(31,956
|
)
|
|
$
|
198,169
|
|
|
$
|
194,486
|
|
|
$
|
5,202
|
|
|
$
|
199,688
|
|
Net income (loss)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,571
|
|
|
3,571
|
|
|
(5
|
)
|
|
3,566
|
|
|||||||
Dividends ($0.09/share)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(675
|
)
|
|
(675
|
)
|
|
—
|
|
|
(675
|
)
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||||||||
Directors
|
—
|
|
—
|
|
|
(10
|
)
|
|
172
|
|
|
—
|
|
|
162
|
|
|
—
|
|
|
162
|
|
|||||||
Executives
|
—
|
|
—
|
|
|
327
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
—
|
|
|
327
|
|
|||||||
Balance at March 31, 2020
|
8,416
|
|
$
|
8,416
|
|
|
$
|
20,174
|
|
|
$
|
(31,784
|
)
|
|
$
|
201,065
|
|
|
$
|
197,871
|
|
|
$
|
5,197
|
|
|
$
|
203,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
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|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Six Months Ended March 31, 2020
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
Non-
|
|
|
|||||||||||||||
|
Common stock
|
|
Paid In
|
|
Treasury
|
|
Retained
|
|
Alico, Inc.
|
|
controlling
|
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
|
Capital
|
|
Stock
|
|
Earnings
|
|
Equity
|
|
Interest
|
|
Equity
|
|||||||||||||||
Balance at September 30, 2019
|
8,416
|
|
$
|
8,416
|
|
|
$
|
19,781
|
|
|
$
|
(31,943
|
)
|
|
$
|
198,049
|
|
|
$
|
194,303
|
|
|
$
|
5,095
|
|
|
$
|
199,398
|
|
Net income
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,362
|
|
|
4,362
|
|
|
102
|
|
|
4,464
|
|
|||||||
Dividends ($0.18/share)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,346
|
)
|
|
(1,346
|
)
|
|
—
|
|
|
(1,346
|
)
|
|||||||
Treasury stock purchases
|
—
|
|
—
|
|
|
—
|
|
|
(238
|
)
|
|
—
|
|
|
(238
|
)
|
|
—
|
|
|
(238
|
)
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Directors
|
—
|
|
—
|
|
|
(42
|
)
|
|
397
|
|
|
—
|
|
|
355
|
|
|
—
|
|
|
355
|
|
|||||||
Executives
|
—
|
|
—
|
|
|
435
|
|
|
—
|
|
|
—
|
|
|
435
|
|
|
—
|
|
|
435
|
|
|||||||
Balance at March 31, 2020
|
8,416
|
|
$
|
8,416
|
|
|
$
|
20,174
|
|
|
$
|
(31,784
|
)
|
|
$
|
201,065
|
|
|
$
|
197,871
|
|
|
$
|
5,197
|
|
|
$
|
203,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
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|||||||||||||||
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|||||||||||||||
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|
|
ALICO, INC.
|
|||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
|
|||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Three Months Ended March 31, 2019
|
|||||||||||||||||||||||||||||
|
|
|
|
|
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|
|
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|
|
|||||||||||||||
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
Non-
|
|
|
|||||||||||||||
|
Common stock
|
|
Paid In
|
|
Treasury
|
|
Retained
|
|
Alico, Inc.
|
|
controlling
|
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
|
Capital
|
|
Stock
|
|
Earnings
|
|
Equity
|
|
Interest
|
|
Equity
|
|||||||||||||||
Balance at December 31, 2018
|
8,416
|
|
$
|
8,416
|
|
|
$
|
20,384
|
|
|
$
|
(32,817
|
)
|
|
$
|
159,094
|
|
|
$
|
155,077
|
|
|
$
|
5,442
|
|
|
$
|
160,519
|
|
Net income (loss)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,547
|
|
|
7,547
|
|
|
(87
|
)
|
|
7,460
|
|
|||||||
Dividends ($0.06/share)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(448
|
)
|
|
(448
|
)
|
|
—
|
|
|
(448
|
)
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||||||
Directors
|
—
|
|
—
|
|
|
(83
|
)
|
|
321
|
|
|
—
|
|
|
238
|
|
|
—
|
|
|
238
|
|
|||||||
Executives
|
—
|
|
—
|
|
|
255
|
|
|
—
|
|
|
—
|
|
|
255
|
|
|
—
|
|
|
255
|
|
|||||||
Executive forfeiture
|
—
|
|
—
|
|
|
(823
|
)
|
|
—
|
|
|
—
|
|
|
(823
|
)
|
|
—
|
|
|
(823
|
)
|
|||||||
Balance at March 31, 2019
|
8,416
|
|
$
|
8,416
|
|
|
$
|
19,733
|
|
|
$
|
(32,496
|
)
|
|
$
|
166,193
|
|
|
$
|
161,846
|
|
|
$
|
5,355
|
|
|
$
|
167,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Six Months Ended March 31, 2019
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
Non-
|
|
|
|||||||||||||||
|
Common stock
|
|
Paid In
|
|
Treasury
|
|
Retained
|
|
Alico, Inc.
|
|
controlling
|
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
|
Capital
|
|
Stock
|
|
Earnings
|
|
Equity
|
|
Interest
|
|
Equity
|
|||||||||||||||
Balance at September 30, 2018
|
8,416
|
|
$
|
8,416
|
|
|
$
|
20,126
|
|
|
$
|
(7,536
|
)
|
|
$
|
151,111
|
|
|
$
|
172,117
|
|
|
$
|
5,478
|
|
|
$
|
177,595
|
|
Net income (loss)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,080
|
|
|
5,080
|
|
|
(123
|
)
|
|
4,957
|
|
|||||||
Dividends ($0.12/share)
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(895
|
)
|
|
(895
|
)
|
|
—
|
|
|
(895
|
)
|
|||||||
Treasury stock purchases
|
—
|
|
—
|
|
|
—
|
|
|
(25,576
|
)
|
|
—
|
|
|
(25,576
|
)
|
|
—
|
|
|
(25,576
|
)
|
|||||||
ASC 610-20 adoption
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,897
|
|
|
10,897
|
|
|
—
|
|
|
10,897
|
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Directors
|
—
|
|
—
|
|
|
(140
|
)
|
|
616
|
|
|
—
|
|
|
476
|
|
|
—
|
|
|
476
|
|
|||||||
Executives
|
—
|
|
—
|
|
|
570
|
|
|
—
|
|
|
—
|
|
|
570
|
|
|
—
|
|
|
570
|
|
|||||||
Executive forfeiture
|
—
|
|
—
|
|
|
(823
|
)
|
|
—
|
|
|
—
|
|
|
(823
|
)
|
|
—
|
|
|
(823
|
)
|
|||||||
Balance at March 31, 2019
|
8,416
|
|
$
|
8,416
|
|
|
$
|
19,733
|
|
|
$
|
(32,496
|
)
|
|
$
|
166,193
|
|
|
$
|
161,846
|
|
|
$
|
5,355
|
|
|
$
|
167,201
|
|
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
|||||||
|
|
|
|
||||
|
Six Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net cash provided by operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
4,464
|
|
|
$
|
4,957
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, depletion and amortization
|
7,199
|
|
|
6,951
|
|
||
Deferred income tax (benefit) expense
|
(827
|
)
|
|
73
|
|
||
Gain on sale of real estate, property and equipment and assets held for sale
|
(2,863
|
)
|
|
(23
|
)
|
||
Change in fair value of derivatives
|
—
|
|
|
989
|
|
||
Impairment of long-lived assets
|
723
|
|
|
—
|
|
||
Impairment of right-of-use asset
|
87
|
|
|
—
|
|
||
Stock-based compensation expense
|
790
|
|
|
223
|
|
||
Other
|
(36
|
)
|
|
(51
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(3,672
|
)
|
|
(11,453
|
)
|
||
Inventories
|
11,640
|
|
|
4,922
|
|
||
Prepaid expenses
|
(234
|
)
|
|
92
|
|
||
Other assets
|
(387
|
)
|
|
—
|
|
||
Accounts payable and accrued liabilities
|
(2,061
|
)
|
|
370
|
|
||
Income tax payable
|
(2,876
|
)
|
|
(852
|
)
|
||
Other liabilities
|
(259
|
)
|
|
(130
|
)
|
||
Net cash provided by operating activities
|
11,688
|
|
|
6,068
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchases of property and equipment
|
(9,960
|
)
|
|
(9,524
|
)
|
||
Net proceeds from sale of property and equipment and assets held for sale
|
2,994
|
|
|
202
|
|
||
Change in deposits on purchase of citrus trees
|
(57
|
)
|
|
(515
|
)
|
||
Deposit on purchase of citrus grove
|
(25
|
)
|
|
—
|
|
||
Advances on notes receivables, net
|
87
|
|
|
50
|
|
||
Net cash used in investing activities
|
(6,961
|
)
|
|
(9,787
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Repayments on revolving lines of credit
|
(18,805
|
)
|
|
(41,360
|
)
|
||
Borrowings on revolving lines of credit
|
85,519
|
|
|
63,637
|
|
||
Principal payments on term loans
|
(9,820
|
)
|
|
(5,437
|
)
|
||
Treasury stock purchases
|
(238
|
)
|
|
(25,576
|
)
|
||
Payment on termination of sugarcane agreement
|
—
|
|
|
(11,300
|
)
|
||
Dividends paid
|
(1,120
|
)
|
|
(895
|
)
|
||
Deferred financing costs
|
(23
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
55,513
|
|
|
(20,931
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
60,240
|
|
|
(24,650
|
)
|
||
Cash and cash equivalents and restricted cash at beginning of the period
|
23,838
|
|
|
32,260
|
|
||
|
|
|
|
||||
Cash and cash equivalents and restricted cash at end of the period
|
$
|
84,078
|
|
|
$
|
7,610
|
|
(in thousands)
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Alico Citrus
|
|
|
|
|
|
|
|
|
|
||||||
Early and Mid-Season
|
$
|
22,237
|
|
|
$
|
27,929
|
|
|
$
|
31,303
|
|
|
$
|
39,574
|
|
Valencias
|
25,810
|
|
|
18,746
|
|
|
25,810
|
|
|
18,746
|
|
||||
Fresh Fruit
|
802
|
|
|
671
|
|
|
1,537
|
|
|
2,577
|
|
||||
Other
|
952
|
|
|
477
|
|
|
1,326
|
|
|
823
|
|
||||
Total
|
$
|
49,801
|
|
|
$
|
47,823
|
|
|
$
|
59,976
|
|
|
$
|
61,720
|
|
|
|
|
|
|
|
|
|
||||||||
Water Resources and Other Operations
|
|
|
|
|
|
|
|
||||||||
Land and other leasing
|
$
|
679
|
|
|
$
|
658
|
|
|
$
|
1,342
|
|
|
$
|
1,392
|
|
Other
|
35
|
|
|
40
|
|
|
202
|
|
|
188
|
|
||||
Total
|
$
|
714
|
|
|
$
|
698
|
|
|
$
|
1,544
|
|
|
$
|
1,580
|
|
|
|
|
|
|
|
|
|
||||||||
Total Revenues
|
$
|
50,515
|
|
|
$
|
48,521
|
|
|
$
|
61,520
|
|
|
$
|
63,300
|
|
(in thousands)
|
|
|
|
||
|
|
|
|
||
2020
|
|
|
$
|
82
|
|
2021
|
|
|
169
|
|
|
2022
|
|
|
175
|
|
|
2023
|
|
|
15
|
|
|
Total noncancelable future lease obligations
|
|
|
$
|
441
|
|
Less: Interest
|
|
|
(22
|
)
|
|
Present value of lease obligations
|
|
|
$
|
419
|
|
|
March 31, 2020
|
|
Weighted-average remaining lease term
|
2.58
|
years
|
Weighted-average discount rate
|
3.89
|
%
|
(in thousands)
|
March 31,
|
|
September 30,
|
||||
|
2020
|
|
2019
|
||||
Unharvested fruit crop on the trees
|
$
|
27,054
|
|
|
$
|
39,276
|
|
Other
|
1,449
|
|
|
867
|
|
||
Total inventories
|
$
|
28,503
|
|
|
$
|
40,143
|
|
(in thousands)
|
Carrying Value
|
||||||
|
March 31,
|
|
September 30,
|
||||
|
2020
|
|
2019
|
||||
East Ranch
|
$
|
1,366
|
|
|
$
|
1,442
|
|
Total Assets Held for Sale
|
$
|
1,366
|
|
|
$
|
1,442
|
|
(in thousands)
|
March 31,
|
|
September 30,
|
||||
|
2020
|
|
2019
|
||||
Citrus trees
|
$
|
287,238
|
|
|
$
|
281,149
|
|
Equipment and other facilities
|
56,216
|
|
|
54,622
|
|
||
Buildings and improvements
|
8,189
|
|
|
8,224
|
|
||
Total depreciable properties
|
351,643
|
|
|
343,995
|
|
||
Less: accumulated depreciation and depletion
|
(109,662
|
)
|
|
(104,169
|
)
|
||
Net depreciable properties
|
241,981
|
|
|
239,826
|
|
||
Land and land improvements
|
105,835
|
|
|
105,822
|
|
||
Property and equipment, net
|
$
|
347,816
|
|
|
$
|
345,648
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||||
(in thousands)
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt, net of current portion:
|
|
|
|
|
|
|
|
||||||||
Met Fixed-Rate Term Loans
|
$
|
86,563
|
|
|
$
|
672
|
|
|
$
|
89,688
|
|
|
$
|
724
|
|
Met Variable-Rate Term Loans
|
42,406
|
|
|
309
|
|
|
43,844
|
|
|
334
|
|
||||
Met Citree Term Loan
|
4,638
|
|
|
38
|
|
|
4,750
|
|
|
40
|
|
||||
Pru Loans A & B
|
15,677
|
|
|
221
|
|
|
16,257
|
|
|
224
|
|
||||
Pru Loan E
|
4,345
|
|
|
—
|
|
|
4,455
|
|
|
9
|
|
||||
Pru Loan F
|
—
|
|
|
—
|
|
|
4,455
|
|
|
38
|
|
||||
|
153,629
|
|
|
1,240
|
|
|
163,449
|
|
|
1,369
|
|
||||
Less current portion
|
5,130
|
|
|
—
|
|
|
5,338
|
|
|
—
|
|
||||
Long-term debt
|
$
|
148,499
|
|
|
$
|
1,240
|
|
|
$
|
158,111
|
|
|
$
|
1,369
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||||
(in thousands)
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Lines of Credit:
|
|
|
|
|
|
|
|
||||||||
RLOC
|
$
|
20,000
|
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
8
|
|
WCLC
|
46,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Lines of Credit
|
$
|
66,714
|
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
8
|
|
(in thousands)
|
March 31,
|
|
September 30,
|
||||
|
2020
|
|
2019
|
||||
|
|
|
|
||||
Ad valorem taxes
|
$
|
692
|
|
|
$
|
2,117
|
|
Accrued interest
|
1,063
|
|
|
1,110
|
|
||
Accrued employee wages and benefits
|
1,372
|
|
|
2,525
|
|
||
Accrued dividends
|
673
|
|
|
448
|
|
||
Accrued contractual obligation associated with sale of real estate
|
—
|
|
|
402
|
|
||
Accrued harvest and haul
|
431
|
|
|
—
|
|
||
Consulting and separation charges
|
346
|
|
|
400
|
|
||
Accrued insurance
|
—
|
|
|
544
|
|
||
Other accrued liabilities
|
366
|
|
|
223
|
|
||
Total accrued liabilities
|
$
|
4,943
|
|
|
$
|
7,769
|
|
(in thousands except per share amounts)
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Alico, Inc. common stockholders
|
$
|
3,571
|
|
|
$
|
7,547
|
|
|
$
|
4,362
|
|
|
$
|
5,080
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - basic
|
7,480
|
|
|
7,463
|
|
|
7,478
|
|
|
7,471
|
|
||||
Dilutive effect of equity-based awards
|
16
|
|
|
6
|
|
|
16
|
|
|
35
|
|
||||
Weighted average number of common shares outstanding - diluted
|
7,496
|
|
|
7,469
|
|
|
7,494
|
|
|
7,506
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common shares attributable to Alico, Inc. common stockholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.48
|
|
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
0.68
|
|
Diluted
|
$
|
0.48
|
|
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
0.68
|
|
(in thousands)
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alico Citrus
|
$
|
49,801
|
|
|
$
|
47,823
|
|
|
$
|
59,976
|
|
|
$
|
61,720
|
|
Water Resources and Other Operations
|
714
|
|
|
698
|
|
|
1,544
|
|
|
1,580
|
|
||||
Total revenues
|
50,515
|
|
|
48,521
|
|
|
61,520
|
|
|
63,300
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
43,518
|
|
|
31,582
|
|
|
48,358
|
|
|
42,456
|
|
||||
Water Resources and Other Operations
|
380
|
|
|
625
|
|
|
931
|
|
|
1,348
|
|
||||
Total operating expenses
|
43,898
|
|
|
32,207
|
|
|
49,289
|
|
|
43,804
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross profit:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
6,283
|
|
|
16,241
|
|
|
11,618
|
|
|
19,264
|
|
||||
Water Resources and Other Operations
|
334
|
|
|
73
|
|
|
613
|
|
|
232
|
|
||||
Total gross profit
|
6,617
|
|
|
16,314
|
|
|
12,231
|
|
|
19,496
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization:
|
|
|
|
|
|
|
|
||||||||
Alico Citrus
|
3,416
|
|
|
3,334
|
|
|
6,853
|
|
|
6,621
|
|
||||
Water Resources and Other Operations
|
46
|
|
|
37
|
|
|
92
|
|
|
87
|
|
||||
Other Depreciation, Depletion and Amortization
|
128
|
|
|
122
|
|
|
254
|
|
|
243
|
|
||||
Total depreciation, depletion and amortization
|
$
|
3,590
|
|
|
$
|
3,493
|
|
|
$
|
7,199
|
|
|
$
|
6,951
|
|
(in thousands)
|
March 31,
|
|
September 30,
|
||||
|
2020
|
|
2019
|
||||
Assets:
|
|
|
|
|
|||
Alico Citrus
|
$
|
452,581
|
|
|
$
|
401,212
|
|
Water Resources and Other Operations
|
18,325
|
|
|
15,332
|
|
||
Other Corporate Assets
|
1,378
|
|
|
844
|
|
||
Total Assets
|
$
|
472,284
|
|
|
$
|
417,388
|
|
Expected Volatility
|
26.0
|
%
|
Expected Term (in years)
|
3.61
|
|
Risk Free Rate
|
1.60
|
%
|
Expected Volatility
|
25.0
|
%
|
Expected Term (in years)
|
1.50
|
|
Risk Free Rate
|
2.52
|
%
|
Expected Volatility
|
30.0
|
%
|
Expected Term (in years)
|
4.09
|
|
Risk Free Rate
|
2.95
|
%
|
(in thousands, except share amounts)
|
|
|
|
|||
|
Shares
|
|
Cost
|
|||
Balance as of September 30, 2019
|
939,632
|
|
|
$
|
31,943
|
|
Purchased
|
7,000
|
|
|
238
|
|
|
Issued to employees and directors
|
(10,158
|
)
|
|
(397
|
)
|
|
Balance as of March 31, 2020
|
936,474
|
|
|
$
|
31,784
|
|
•
|
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 includes activities related to sod, native plant sales, grazing and hunting leasing, management and/or conservation of unimproved native pastureland 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 March 31,
|
|
Change
|
|
Six Months Ended March 31,
|
|
Change
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alico Citrus
|
$
|
49,801
|
|
|
$
|
47,823
|
|
|
$
|
1,978
|
|
|
4.1
|
%
|
|
$
|
59,976
|
|
|
$
|
61,720
|
|
|
$
|
(1,744
|
)
|
|
(2.8
|
)%
|
Water Resources and Other Operations
|
714
|
|
|
698
|
|
|
16
|
|
|
2.3
|
%
|
|
1,544
|
|
|
1,580
|
|
|
(36
|
)
|
|
(2.3
|
)%
|
||||||
Total operating revenues
|
50,515
|
|
|
48,521
|
|
|
1,994
|
|
|
4.1
|
%
|
|
61,520
|
|
|
63,300
|
|
|
(1,780
|
)
|
|
(2.8
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alico Citrus
|
6,283
|
|
|
16,241
|
|
|
(9,958
|
)
|
|
(61.3
|
)%
|
|
11,618
|
|
|
19,264
|
|
|
(7,646
|
)
|
|
(39.7
|
)%
|
||||||
Water Resources and Other Operations
|
334
|
|
|
73
|
|
|
261
|
|
|
NM
|
|
|
613
|
|
|
232
|
|
|
381
|
|
|
164.2
|
%
|
||||||
Total gross profit
|
6,617
|
|
|
16,314
|
|
|
(9,697
|
)
|
|
(59.4
|
)%
|
|
12,231
|
|
|
19,496
|
|
|
(7,265
|
)
|
|
(37.3
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
General and administrative expenses
|
2,953
|
|
|
4,654
|
|
|
(1,701
|
)
|
|
(36.5
|
)%
|
|
5,713
|
|
|
8,104
|
|
|
(2,391
|
)
|
|
(29.5
|
)%
|
||||||
Income from operations
|
3,664
|
|
|
11,660
|
|
|
(7,996
|
)
|
|
(68.6
|
)%
|
|
6,518
|
|
|
11,392
|
|
|
(4,874
|
)
|
|
(42.8
|
)%
|
||||||
Total other income (expense), net
|
1,398
|
|
|
(1,972
|
)
|
|
3,370
|
|
|
NM
|
|
|
(197
|
)
|
|
(4,836
|
)
|
|
4,639
|
|
|
(95.9
|
)%
|
||||||
Income before income taxes
|
5,062
|
|
|
9,688
|
|
|
(4,626
|
)
|
|
(47.7
|
)%
|
|
6,321
|
|
|
6,556
|
|
|
(235
|
)
|
|
(3.6
|
)%
|
||||||
Income tax provision
|
1,496
|
|
|
2,228
|
|
|
(732
|
)
|
|
(32.9
|
)%
|
|
1,857
|
|
|
1,599
|
|
|
258
|
|
|
16.1
|
%
|
||||||
Net income
|
3,566
|
|
|
7,460
|
|
|
(3,894
|
)
|
|
(52.2
|
)%
|
|
4,464
|
|
|
4,957
|
|
|
(493
|
)
|
|
(9.9
|
)%
|
||||||
Net loss (income) attributable to noncontrolling interests
|
5
|
|
|
87
|
|
|
(82
|
)
|
|
(94.3
|
)%
|
|
(102
|
)
|
|
123
|
|
|
(225
|
)
|
|
NM
|
|
||||||
Net income attributable to Alico, Inc. common stockholders
|
$
|
3,571
|
|
|
$
|
7,547
|
|
|
$
|
(3,976
|
)
|
|
(52.7
|
)%
|
|
$
|
4,362
|
|
|
$
|
5,080
|
|
|
$
|
(718
|
)
|
|
(14.1
|
)%
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended March 31,
|
|
Change
|
|
Six Months Ended March 31,
|
|
Change
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||||||||||
Revenue From:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land and other leasing
|
$
|
679
|
|
|
$
|
658
|
|
|
$
|
21
|
|
|
3.2
|
%
|
|
$
|
1,342
|
|
|
$
|
1,392
|
|
|
$
|
(50
|
)
|
|
(3.6
|
)%
|
Other
|
35
|
|
|
40
|
|
|
(5
|
)
|
|
(12.5
|
)%
|
|
202
|
|
|
188
|
|
|
14
|
|
|
7.4
|
%
|
||||||
Total
|
$
|
714
|
|
|
$
|
698
|
|
|
$
|
16
|
|
|
2.3
|
%
|
|
$
|
1,544
|
|
|
$
|
1,580
|
|
|
$
|
(36
|
)
|
|
(2.3
|
)%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Land and other leasing
|
$
|
248
|
|
|
$
|
238
|
|
|
$
|
10
|
|
|
4.2
|
%
|
|
$
|
449
|
|
|
$
|
552
|
|
|
$
|
(103
|
)
|
|
(18.7
|
)%
|
Water conservation
|
130
|
|
|
379
|
|
|
(249
|
)
|
|
(65.7
|
)%
|
|
477
|
|
|
783
|
|
|
(306
|
)
|
|
(39.1
|
)%
|
||||||
Other
|
2
|
|
|
8
|
|
|
(6
|
)
|
|
(75.0
|
)%
|
|
5
|
|
|
13
|
|
|
(8
|
)
|
|
(61.5
|
)%
|
||||||
Total
|
$
|
380
|
|
|
$
|
625
|
|
|
$
|
(245
|
)
|
|
(39.2
|
)%
|
|
$
|
931
|
|
|
$
|
1,348
|
|
|
$
|
(417
|
)
|
|
(30.9
|
)%
|
(in thousands)
|
March 31,
|
|
September 30,
|
|
|
||||||
|
2020
|
|
2019
|
|
Change
|
||||||
Cash and cash equivalents and restricted cash
|
$
|
84,078
|
|
|
$
|
23,838
|
|
|
$
|
60,240
|
|
Total current assets
|
$
|
116,182
|
|
|
$
|
61,977
|
|
|
$
|
54,205
|
|
Total current liabilities
|
$
|
23,667
|
|
|
$
|
28,951
|
|
|
$
|
(5,284
|
)
|
Working capital
|
$
|
92,515
|
|
|
$
|
33,026
|
|
|
$
|
59,489
|
|
Total assets
|
$
|
472,284
|
|
|
$
|
417,388
|
|
|
$
|
54,896
|
|
Principal amount of term loans and lines of credit
|
$
|
220,343
|
|
|
$
|
163,449
|
|
|
$
|
56,894
|
|
Current ratio
|
4.91 to 1
|
|
|
2.14 to 1
|
|
|
|
(in thousands)
|
Six Months Ended March 31,
|
|
|
||||||||
|
2020
|
|
2019
|
|
Change
|
||||||
Net income
|
$
|
4,464
|
|
|
$
|
4,957
|
|
|
$
|
(493
|
)
|
Depreciation, depletion and amortization
|
7,199
|
|
|
6,951
|
|
|
248
|
|
|||
Deferred income tax (benefit) expense
|
(827
|
)
|
|
73
|
|
|
(900
|
)
|
|||
Gain on sale of real estate, property and equipment and assets held for sale
|
(2,863
|
)
|
|
(23
|
)
|
|
(2,840
|
)
|
|||
Change in fair value of derivatives
|
—
|
|
|
989
|
|
|
(989
|
)
|
|||
Impairment of long-lived assets
|
723
|
|
|
—
|
|
|
723
|
|
|||
Impairment of right-of-use asset
|
87
|
|
|
—
|
|
|
87
|
|
|||
Stock-based compensation expense
|
790
|
|
|
223
|
|
|
567
|
|
|||
Other
|
(36
|
)
|
|
(51
|
)
|
|
15
|
|
|||
Change in working capital
|
2,151
|
|
|
(7,051
|
)
|
|
9,202
|
|
|||
Net cash provided by operating activities
|
$
|
11,688
|
|
|
$
|
6,068
|
|
|
$
|
5,620
|
|
(in thousands)
|
Six Months Ended March 31,
|
|
|
||||||||
|
2020
|
|
2019
|
|
Change
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Citrus trees
|
$
|
(7,685
|
)
|
|
$
|
(7,407
|
)
|
|
$
|
(278
|
)
|
Land
|
(34
|
)
|
|
(512
|
)
|
|
478
|
|
|||
Equipment and other
|
(2,241
|
)
|
|
(1,605
|
)
|
|
(636
|
)
|
|||
Total
|
(9,960
|
)
|
|
(9,524
|
)
|
|
(436
|
)
|
|||
|
|
|
|
|
|
||||||
Net proceeds from sale of property and equipment and assets held for sale
|
2,994
|
|
|
202
|
|
|
2,792
|
|
|||
Change in deposits on purchase of citrus trees
|
(57
|
)
|
|
(515
|
)
|
|
458
|
|
|||
Deposit on purchase of citrus grove
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
|||
Advances on notes receivables, net
|
87
|
|
|
50
|
|
|
37
|
|
|||
Net cash used in investing activities
|
$
|
(6,961
|
)
|
|
$
|
(9,787
|
)
|
|
$
|
2,826
|
|
(in thousands)
|
Six Months Ended March 31,
|
|
|
||||||||
|
2020
|
|
2019
|
|
Change
|
||||||
Repayments on revolving lines of credit
|
$
|
(18,805
|
)
|
|
$
|
(41,360
|
)
|
|
$
|
22,555
|
|
Borrowings on revolving lines of credit
|
85,519
|
|
|
63,637
|
|
|
21,882
|
|
|||
Principal payments on term loans
|
(9,820
|
)
|
|
(5,437
|
)
|
|
(4,383
|
)
|
|||
Treasury stock purchases
|
(238
|
)
|
|
(25,576
|
)
|
|
25,338
|
|
|||
Payment on termination of sugarcane agreement
|
—
|
|
|
(11,300
|
)
|
|
11,300
|
|
|||
Dividends paid
|
(1,120
|
)
|
|
(895
|
)
|
|
(225
|
)
|
|||
Deferred financing costs
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|||
Net cash provided by (used in) financing activities
|
$
|
55,513
|
|
|
$
|
(20,931
|
)
|
|
$
|
76,444
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
(b)
|
Changes in Internal Control over Financial Reporting.
|
•
|
the duration and scope of the pandemic;
|
•
|
governmental, business and individual actions taken in response to the pandemic and the impact of those actions on economic activity;
|
•
|
the actions of our customers, particularly Tropicana, and their respective abilities to continue their facility operations;
|
•
|
our ability to secure the necessary products/chemicals from our vendors to allow us to continue to provide proper care to our citrus trees;
|
•
|
our ability to continue to obtain third-party resources, including laborers and truck drivers, to provide the harvesting and hauling of our citrus fruit including the extent to which the laborers and/or truck drivers are unable and/or refuse to work as a result of experiencing and/or caring for those experiencing the COVID-19 disease;
|
•
|
our ability to avoid business disruptions as a result of our employees working remotely.
|
Period
|
(a)
Total number of shares (or units) purchased |
(b)
Average price paid per share (or unit) |
(c)
Total number of shares (or units) purchased as part of publicly announced plans or programs |
(d)
Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs |
|||||
1/1/2020 - 1/31/2020
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2/1/2020 - 2/29/2020
|
—
|
|
—
|
|
—
|
|
—
|
|
|
3/1/2020 - 3/31/2020
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total
|
—
|
|
$
|
—
|
|
—
|
|
—
|
|
|
ALICO, INC. (Registrant)
|
|
|
|
|
May 11, 2020
|
By:
|
/s/ John E. Kiernan
|
|
|
John E. Kiernan
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
May 11, 2020
|
By:
|
/s/ Richard Rallo
|
|
|
Richard Rallo
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Alico Chart |
1 Month Alico Chart |
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