Exhibit 99.1
alicographica03.jpg

                
For immediate release:

Alico, Inc. Announces Second Quarter and Six Month Financial Results for Fiscal Year 2017 Highlighted by $4.1 million of Net Income, $19.6 million of EBITDA, and $2.7 million of Net Cash Used in Operating Activities for the Six Months of Fiscal Year 2017.

Fort Myers, FL, May 8, 2017 - Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO), today announces financial results for the second quarter and six months ended March 31, 2017. For the six month period, the Company earned $0.49 per share compared to $0.69 per share in the prior year primarily due to lower citrus production volume. When both periods are adjusted for certain items including merger and acquisition transaction costs, litigation costs, consulting fees, real estate gains and stock compensation expense, the Company earned $0.43 per share in the six month period of fiscal year 2017 and $0.73 per share in the six months of 2016.

(in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2017
 
2016
 
Change
 
2017
 
2016
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
5,884

 
$
8,724

 
$
(2,840
)
 
(32.6
)%
 
$
4,141

 
$
5,704

 
$
(1,563
)
 
(27.4
)%
EBITDA
$
16,408

 
$
21,347

 
$
(4,939
)
 
(23.1
)%
 
$
19,643

 
$
22,771

 
$
(3,128
)
 
(13.7
)%
Earnings per diluted common share
$
0.70

 
$
1.05

 
$
(0.35
)
 
(33.3
)%
 
$
0.49

 
$
0.69

 
$
(0.20
)
 
(29.0
)%
Net cash provided by (used in) operating activities
$
14,688

 
$
26,919

 
$
(12,231
)
 
(45.4
)%
 
$
(2,749
)
 
$
12,138

 
$
(14,887
)
 
(122.6
)%



Alico Citrus Division Results

Alico Citrus’ Early and Mid-Season fruit harvest was completed in the quarter ended March 31, 2017. Early and Mid-Season 2016-17 box and pound solids production for the six months were down 10.8% and 10.3%, respectively compared to the 2015-16 harvest. However, prices increased by 17.0% to $2.55 per pound solid compared to $2.18 last year. Pound solids per box also increased to 5.58 compared to 5.55 last year.

The Valencia fruit harvest commenced in the quarter. Year-to-date production is not directly comparable to last year due to timing as we have harvested fewer blocks this year compared to the same time in last year’s harvest season. Pound solids per box are improved at 6.09 compared to 5.94 last year.

On April 11, 2017, the USDA estimated that the Florida orange crop, as measured in boxes, will decline by 18.0% for the 2016-17 season compared to last year. We are currently projecting a full season year-over-year decline in box production of approximately 15.0%.


1

The following information was filed by Alico Inc (ALCO) on Monday, May 8, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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