Exhibit 99.1
alicographica01.jpg

                
For immediate release:

Alico, Inc. Announces Financial Results for Fiscal Year 2016 of $7.0 million of Net Income, $37.8 million of EBITDA and $30.4 million of Net Cash Provided by Operating Activities for the fiscal year.

Fort Myers, FL, December 2, 2016 - Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2016. For the fiscal year, the Company earned $0.84 per diluted common share compared to $1.64 per diluted common share in the prior year. When both periods are adjusted for one-time items related to prior acquisitions including transaction costs, litigation, consulting fees, acquired inventory and real estate gains, the Company earned $0.94 per diluted common share in fiscal year 2016 and $1.73 per diluted common share in fiscal year 2015 primarily due to lower citrus production volume.

(in thousands except for per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Fiscal Year Ended September 30,
 
2016
 
2015
 
Change
 
2016
 
2015
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(3,416
)
 
$
(5,426
)
 
$
2,010

 
37.0
 %
 
$
6,959

 
$
13,183

 
$
(6,224
)
 
(47.2
)%
EBITDA
$
430

 
$
698

 
$
(268
)
 
(38.4
)%
 
$
37,789

 
$
47,217

 
$
(9,428
)
 
(20.0
)%
Earnings (loss) per diluted common share
$
(0.41
)
 
$
(0.65
)
 
$
0.24

 
36.9
 %
 
$
0.84

 
$
1.64

 
$
(0.80
)
 
(48.8
)%
Net cash (used in) provided by operating activities
$
(3,828
)
 
$
(2,623
)
 
$
(1,205
)
 
(45.9
)%
 
$
30,357

 
$
33,726

 
$
(3,369
)
 
(10.0
)%


Alico Executive Management Changes

The Board of Directors and management recognize that the three strategic acquisitions in fiscal years 2015 and 2014 have yet to be fully integrated. As part of this next phase of integration, Alico is conducting cost savings programs, restructuring activities, and strategic initiatives in each division and at the corporate G&A level to improve its profitability and efficiency. Alico Inc. has also begun to realign its management structure to optimize the financial returns on the assets of its Orange Co. and Conservation and Environmental Resources divisions.  Remy W. Trafelet will become President and Chief Executive Officer of the parent holding company, Alico Inc., on January 1, 2017. He has led the Company’s Executive Committee as Chairman since 2013.  George Brokaw will become Executive Vice Chairman for Alico Inc., while Hank Slack will become Executive Chairman. Clay Wilson will step down as Chief Executive Officer on December 31, 2016.  Mr. Wilson will continue to serve as a member of the Alico Board of Directors.  He will continue to share his lifetime of experience with the Alico team and remains committed to his vision of strengthening Alico’s role within the Florida citrus industry.   Jerry Newlin, VP for Citrus Operations, will oversee the operational management of Orange Co.  Mr. Newlin previously supervised citrus operations for Orange-Co, LP prior to Alico’s acquisition of its assets in 2014 and has worked for Alico, Orange-Co, LP and predecessor companies in various capacities since 1978.  John Kiernan, CFO of the parent holding company, Alico Inc., will assume administrative duties for Orange Co. until a new General Manager for the Orange Co. division is recruited.  To improve the performance of our Conservation and Environmental Resources division, David L. Genho has been appointed President and General Manager, after successfully serving as Operations Manager during a 10-year career at Deseret Cattle & Citrus in St. Cloud, Florida. 

1

The following information was filed by Alico Inc (ALCO) on Friday, December 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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