Exhibit 99.1    
alicographica11.jpg
                
Alico, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended June 30, 2018

Fort Myers, FL, August 6, 2018 - Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO) today announces financial results for the third quarter and nine months ended June 30, 2018. For the nine months ended, the Company recorded net income of $12.3 million and earnings of $1.48 per diluted common share, compared to net income of $9.6 million and earnings of $1.15 per diluted common share in the prior year. Net income for the nine months ended June 30, 2018 benefited from a greater gain on sales of real estate, property and equipment and assets held for sale, lower operating expenses and a one-time deferred tax benefit of $10.0 million due to the federal corporate tax rate reduction enacted on December 22, 2017 but was offset by lower citrus production due to the impact of Hurricane Irma and a valuation allowance of $6.1 million related to expiring capital loss carryforwards.

When both periods are adjusted for non-recurring items related to transaction costs, separation and consulting fees, gains on sale of real estate, property and equipment and assets held for sale, employee stock compensation expense, impairment of long-lived assets, insurance proceeds received relating to Hurricane Irma, and net deferred tax adjustments, the Company had adjusted earnings of $0.13 per diluted common share for the nine month period ended June 30, 2018, compared to adjusted earnings of $1.10 per diluted common share for the nine months ended June 30, 2017. Adjusted EBITDA for the nine months ended June 30, 2018 and 2017 was $19.6 million and $34.1 million, respectively. Adjusted free cash flow for the nine months ended June 30, 2018 and 2017 was $2.6 million and $17.8 million, respectively.

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. The Company believes its modernization program is on track and there has been improvement to Alico's citrus and ranch operations, including all back office support activities. The Company has divested several underperforming assets during the first nine months of fiscal 2018 and continues to pursue the sale of other underperforming assets.

The Company reported the following financial results:
(in thousands except for per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
9,092

 
$
5,472

 
$
3,620

 
66.2
 %
 
$
12,300

 
$
9,613

 
$
2,687

 
28.0
 %
EBITDA (1)
$
19,634

 
$
15,100

 
$
4,534

 
30.0
 %
 
$
30,015

 
$
34,743

 
$
(4,728
)
 
(13.6
)%
Earnings per diluted common share
$
1.09

 
$
0.66

 
$
0.43

 
65.2
 %
 
$
1.48

 
$
1.15

 
$
0.33

 
28.7
 %
Net cash provided by operating activities
$
16,370

 
$
31,649

 
$
(15,279
)
 
(48.3
)%
 
$
16,119

 
$
28,900

 
$
(12,781
)
 
(44.2
)%

(1) See "Non-GAAP Financial Measures" at the end of this earnings release for details regarding these measures.


Alico Citrus Division Results

For the nine months ended June 30, 2018, Alico Citrus harvested approximately 4.8 million boxes of fruit, a decline of 36.4% from the same period in the prior year. The Early and Mid-Season box production decreased by 43.7%, while the Valencia box production decreased by 28.5% as compared to the same period in the prior year. The decrease is a direct result of the impact of Hurricane Irma.




1

The following information was filed by Alico Inc (ALCO) on Monday, August 6, 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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