Exhibit 99.1
alicographica13.jpg

                
For immediate release:

Alico, Inc. Announces Financial Results for the First Quarter Ended December 31, 2018

Fort Myers, FL, February 11, 2019 - Alico, Inc. (“Alico” or the “Company”) (Nasdaq:"ALCO") today announces financial results for the first quarter ended December 31, 2018. For the quarter ended, the Company recorded a net loss attributable to Alico common stockholders of $2.5 million and a loss of $0.33 per diluted common share, compared to net income attributable to Alico common stockholders of $8.7 million and earnings of $1.05 per diluted common share in the prior year. Net loss attributable to Alico common stockholders for the quarter ended December 31, 2018 is attributed to seasonality of when citrus is harvested. The majority of our citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's revenues and cash flows from operating activities is typically recognized in those quarters while our working capital requirements are greater in the first and fourth quarters. Net income attributable to Alico common stockholders in the first quarter of fiscal year 2018 also included higher gains from sales of real estate, property and equipment and assets held for sale and a one-time deferred tax benefit of approximately $11.3 million due to the federal corporate tax rate reduction enacted on December 22, 2017.

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, tender offer, professional fees related to corporate matters and one-time deferred tax adjustments, the Company had an adjusted net loss attributable to Alico common stockholders of $0.8 million, or a net loss of $0.10 per diluted common share, for the fiscal quarter ended December 31, 2018, compared to adjusted net loss attributable to Alico common stockholders of $3.5 million, or a net loss of $0.42 per diluted common share, for the fiscal quarter ended December 30, 2017. Adjusted EBITDA for the fiscal quarters ended December 31, 2018 and 2017 was $4.1 million and $0.8 million, respectively.

The Company reported the following financial results:
(in thousands except for per share amounts)
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
Net (loss) income attributable to Alico, Inc. common stockholders
$
(2,467
)
 
$
8,746

 
$
(11,213
)
 
(128.2
)%
EBITDA (1)
$
2,279

 
$
2,074

 
$
205

 
9.9
 %
(Loss) earnings per diluted common share (1)
$
(0.33
)
 
$
1.05

 
$
(1.38
)
 
(131.4
)%
Net cash used in operating activities
$
(12,001
)
 
$
(9,689
)
 
$
(2,312
)
 
23.9
 %

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

Alico Citrus Division Results

For the quarter ended December 31, 2018, Alico Citrus’s Early and Mid-season boxes processed decreased by 18.1%, as a result of harvesting beginning approximately one month later than in the prior year. Harvesting will be completed later this season for the Early and Mid-season crop and we anticipate an overall increase in the number of boxes harvested and operating revenues to be greater for the fiscal year 2019 for the Early and Mid-season crop, as compared to the prior year.

The Company also experienced a reduction in the price per pound solid of $0.27 in the three months ended December 31, 2018, compared to the same period in the prior year. This decrease is attributable to the industry-wide inventory of the Early and Mid-season crop being greater than initially anticipated.


1

The following information was filed by Alico Inc (ALCO) on Monday, February 11, 2019 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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