Exhibit 99.1
alicographica09.jpg
                
Alico, Inc. Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2018

Fort Myers, FL, May 7, 2018 - Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO) today announces financial results for the second quarter and six months ended March 31, 2018. For the six months ended, the Company recorded net income of $3.2 million and earnings of $0.39 per diluted common share, compared to net income of $4.1 million and earnings of $0.49 per diluted common share in the prior year. The decrease in net income is primarily due to the impact of Hurricane Irma on the current production season and a valuation allowance resulting in a tax expense of $6.1 million. Partially offsetting this decrease are lower operating expenses and a one-time deferred tax benefit of $10.1 million due to the federal corporate tax rate change enacted on December 22, 2017.

When both periods are adjusted for non-recurring items related to transaction costs, separation and consulting fees, gains on sale of real estate and property and equipment, employee stock compensation expense, net deferred tax and other valuation allowances, the Company incurred an adjusted loss of $0.18 per diluted common share for the six month period ended March 31, 2018, compared to adjusted earnings of $0.43 per diluted common share for the six months ended March 31, 2017. Adjusted EBITDA for the six months ended March 31, 2018 and 2017 was $9.3 million and $18.7 million, respectively. Adjusted free cash flow for the six months ended March 31, 2018 was flat compared to the same period in the prior year, even though Alico increased capital expenditures significantly in 2018 due to a more aggressive tree-planting program.

These financial results reflect the seasonal nature of Alico’s business as impacted by Hurricane Irma. Historically, the second and third quarters of Alico's fiscal year produce the majority of the Company's annual revenue and working capital requirements are typically greater in the first and fourth quarters. Due to Hurricane Irma, in the first six months of fiscal 2018 Alico harvested fruit earlier than in prior years.

On November 16, 2017, Alico announced the Alico 2.0 Modernization Program to aggressively improve the operations of the Company and optimize its return on capital employed through cost reductions, increased efficiencies and disposition of non-performing assets. Since then, Alico’s citrus and ranch operations, including all back office support activities, have been improved through Alico 2.0. Because the program has been successful, Alico will continue to measure the productivity of all of its assets and eliminate costs that will not negatively affect citrus production. Alico 2.0 remains active to improve long-term performance throughout the Company. Consistent with the objectives of Alico 2.0, the Company divested several underperforming assets during the first six months of fiscal 2018.

The Company reported the following financial results:
(in thousands except for per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
Six Months Ended March 31, 2018
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(5,530
)
 
$
5,884

 
$
(11,414
)
 
NM

 
$
3,208

 
$
4,141

 
$
(933
)
 
(22.5
)%
EBITDA (1)
$
8,307

 
$
16,408

 
$
(8,101
)
 
(49.4
)%
 
$
10,381

 
$
19,643

 
$
(9,262
)
 
(47.2
)%
Earnings (loss) per diluted common share
$
(0.67
)
 
$
0.70

 
$
(1.37
)
 
NM

 
$
0.39

 
$
0.49

 
$
(0.10
)
 
(20.4
)%
Net cash provided by (used in) operating activities
$
9,438

 
$
14,688

 
$
(5,250
)
 
(35.7
)%
 
$
(251
)
 
$
(2,749
)
 
$
2,498

 
(90.9
)%

(1) See "Non-GAAP Financial Measures" at the end of this earnings release for details regarding these measures.
NM = Not Meaningful



1

The following information was filed by Alico Inc (ALCO) on Monday, May 7, 2018 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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