Exhibit 99.1
alicographica14.jpg
                
Alico, Inc. Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2019

Fort Myers, FL, May 7, 2019 - Alico, Inc. (“Alico” or the “Company”) (Nasdaq:“ALCO”) today announces financial results for the second quarter and six months ended March 31, 2019. For the six months ended March 31, 2019, the Company recorded net income attributable to Alico common stockholders of $5.1 million and earnings of $0.68 per diluted common share, compared to net income attributable to Alico common stockholders of $3.2 million and earnings of $0.39 per diluted common share in the prior year. The increase in net income attributable to Alico common stockholders is primarily due to increased processed box production in the current fiscal year, as compared to the prior fiscal year, and the impact of a valuation allowance resulting in tax expense for the six months ended March 31, 2018. Partially offsetting this increase is (i) an increase, in the six months ended March 31, 2019, in harvesting and hauling costs directly related to the increased processed box production; (ii) higher gain on sale of real estate, property and equipment and assets held for sale recorded in the six months ended March 31, 2018, as compared to the same period in fiscal year 2019; and (iii) a one-time deferred tax benefit attributable to the federal corporate tax rate change enacted on December 22, 2017, that was recorded in the six month period ended March 31, 2018.

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, tender offer, professional fees related to corporate matters, change in fair value of derivatives, forfeiture of stock options, net deferred tax and other valuation allowances, the Company had adjusted income of $1.12 per diluted common share for the six month period ended March 31, 2019, compared to an adjusted loss of $0.18 per diluted common share for the six months ended March 31, 2018. Adjusted EBITDA for the six months ended March 31, 2019 and 2018 was $21.3 million and $9.3 million, respectively.

These financial results reflect the seasonal nature of Alico’s business and the impact of 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 year 2018 Alico harvested fruit earlier than in prior fiscal years and in fiscal year 2019.

The Company reported the following financial results:

(in thousands, except for per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2019
 
2018
 
Change
 
2019
 
2018
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Alico, Inc. common stockholders
$
7,547

 
$
(5,514
)
 
$
13,061

 
NM

 
$
5,080

 
$
3,232

 
$
1,848

 
57.2
%
EBITDA (1)
$
15,231

 
$
8,307

 
$
6,924

 
83.4
%
 
$
17,510

 
$
10,381

 
$
7,129

 
68.7
%
Earnings (loss) per diluted common share
$
1.01

 
$
(0.67
)
 
$
1.68

 
NM

 
$
0.68

 
$
0.39

 
$
0.29

 
74.4
%
Net cash provided by (used in) operating activities
$
18,069

 
$
9,438

 
$
8,631

 
91.4
%
 
$
6,068

 
$
(251
)
 
$
6,319

 
NM


(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 Tuesday, May 7, 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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