Exhibit 99.1    
alicographica12.jpg

                
For immediate release:

Alico, Inc. Announces Financial Results for Fiscal Year 2018 Along With Update on Alico 2.0 Modernization Program
 

Fort Myers, FL, December 6, 2018 - Alico, Inc. (“Alico” or the “Company”) (Nasdaq "ALCO") today announces financial results for the fourth quarter and fiscal year ended September 30, 2018 and an update on the Alico 2.0 Modernization Program.

For the fiscal year ended September 30, 2018, the Company recorded net income attributable to Alico common shareholders of $13.1 million and earnings of $1.57 per diluted common share, compared to a net loss attributable to Alico common shareholders of $9.5 million and a loss of $1.14 per diluted common share in the prior fiscal year. Net income attributable to Alico common shareholders for the fiscal year ended September 30, 2018 benefited from higher gains from sales of real estate, property and equipment and assets held for sale, insurance proceeds received relating to Hurricane Irma damage, lower operating expenses and a one-time deferred tax benefit of approximately $9.8 million due to the federal corporate tax rate reduction enacted on December 22, 2017. These benefits were offset by lower citrus production due to the impact of Hurricane Irma and a valuation allowance of approximately $5.6 million associated with the expiration of a capital loss carryforward.
 
When both periods are adjusted for non-recurring items related to transaction costs, separation and consulting arrangements, gains on sale of real estate, property and equipment, assets held for sale, employee stock compensation expense, impairment of inventory and long-lived assets, insurance proceeds received relating to Hurricane Irma, and net deferred tax adjustments, the Company had an adjusted net loss attributable to Alico common shareholders of $1.6 million and adjusted earnings of $(0.19) per diluted common share for the fiscal year ended September 30, 2018, compared to adjusted net income attributable to Alico common shareholders of $2.0 million and adjusted earnings of $0.24 per diluted common share for the fiscal year ended September 30, 2017. Adjusted EBITDA for the fiscal years ended September 30, 2018 and 2017 was $21.2 million and $35.7 million, respectively. Adjusted free cash flow for the fiscal years ended September 30, 2018 and 2017 was $(3.5) million and $16.8 million, respectively.

The Company reported the following financial results: (1)

(in thousands except for per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Fiscal Year Ended September 30,
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Alico, Inc. common stockholders
$
718

 
$
(19,028
)
 
$
19,746

 
$
13,050

 
$
(9,451
)
 
$
22,501

EBITDA
$
5,742

 
$
(23,673
)
 
$
29,415

 
$
35,757

 
$
11,070

 
$
24,687

Earnings (loss) per diluted common share
$
0.09

 
$
(2.29
)
 
$
2.38

 
$
1.57

 
$
(1.14
)
 
$
2.71

Net cash provided by (used in) operating activities
$
2,936

 
$
(671
)
 
$
3,607

 
$
19,055

 
$
28,229

 
$
(9,174
)

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


1

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