Exhibit 99.1
alicographica06.jpg

                
For immediate release:

Alico, Inc. Announces Financial Results for Fiscal Year 2017

Fort Myers, FL, December 11, 2017 - Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2017. For the fiscal year, the Company recorded a loss of $1.14 per diluted common share compared to earnings of $0.84 per diluted common share in the prior year. 2017 results were negatively impacted by approximately $24.0 million of one-time items which included inventory casualty loss adjustments related to Hurricane Irma’s impact on the 2017-2018 season, and asset impairment adjustments related to disposal decisions made through the Alico 2.0 restructuring program. When both periods are adjusted for non-recurring items related to prior acquisitions including transaction costs, litigation, consulting fees, real estate gains, asset valuation adjustments and employee stock compensation expense, the Company earned $0.24 per diluted common share in fiscal year 2017 and $0.94 per diluted common share in fiscal year 2016 primarily due to lower citrus production volume.

(in thousands except for per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Fiscal Year Ended September 30,
 
2017
 
2016
 
Change
 
2017
 
2016
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(19,109
)
 
$
(3,416
)
 
$
(15,693
)
 
NM

 
$
(9,496
)
 
$
6,959

 
$
(16,455
)
 
NM

EBITDA
$
(23,673
)
 
$
430

 
$
(24,103
)
 
NM

 
$
11,070

 
$
37,789

 
$
(26,719
)
 
(70.7
)%
Earnings (loss) per diluted common share
$
(2.29
)
 
$
(0.41
)
 
$
(1.88
)
 
NM

 
$
(1.14
)
 
$
0.84

 
$
(1.98
)
 
NM

Net cash (used in) provided by operating activities
$
(671
)
 
$
(3,828
)
 
$
3,157

 
82.5
%
 
$
28,229

 
$
30,357

 
$
(2,128
)
 
(7.0
)%

NM = Not Meaningful


Alico Citrus Division Results

Alico Citrus's financial results declined during the year due to lower citrus production volume and an increase in citrus operating costs compared to the prior year, partially offset by higher per pound solid prices.

Alico Citrus's 2017 crop production was lower by 17.1% on a pound solids basis and by 17.8% on a box basis for the year ended September 30, 2017. The USDA estimated the Florida orange crop decreased by approximately 15.8% last as measured by total boxes produced. Alico Citrus’s early and mid-season pound solids decreased by 11.0% and boxes decreased by 11.5%. Late season Valencia pound solids decreased by 21.1% and boxes decreased by 22.2%. The Company believes these declines were due to unusual weather patterns including a drought and higher than normal temperatures during the early and mid-season harvest, and premature fruit drop ("PFD") and citrus greening. These factors caused a higher level of fruit drop which resulted in less harvested fruit. These declines were partially offset by an increase in price per pound solid. Citrus production for the years ended September 30, 2017 and 2016 is summarized in the following table.


1

The following information was filed by Alico Inc (ALCO) on Monday, December 11, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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