Exhibit 99.1    
alicographica16.jpg
                
Alico, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended June 30, 2019

Alico achieves earnings of $2.85 per diluted common share for the nine months ended June 30, 2019

Fort Myers, FL, August 6, 2019 - Alico, Inc. (“Alico” or the “Company”) (Nasdaq:ALCO) today announces financial results for the third quarter and nine months ended June 30, 2019. For the nine months ended June 30, 2019, the Company recorded net income attributable to Alico common stockholders of $21.3 million and earnings of $2.85 per diluted common share, compared to net income attributable to Alico common stockholders of $12.3 million and earnings of $1.48 per diluted common share in the same period 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 nine months ended June 30, 2018. Partially offsetting this increase is (i) an increase 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 nine months ended June 30, 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 nine months ended June 30, 2018.

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, tender offer expenses, professional fees related to corporate matters, insurance proceeds from Hurricane Irma, change in fair value of derivatives, forfeiture of stock options, net deferred tax and other valuation allowances, the Company had adjusted earnings of $3.26 per diluted common share for the nine months ended June 30, 2019, compared to an adjusted earnings of $0.13 per diluted common share for the nine months ended June 30, 2018. Adjusted EBITDA for the nine months ended June 30, 2019 and 2018 was $48.1 million and $19.6 million, respectively.

These financial results reflect the seasonal nature of Alico’s business and the impact of Hurricane Irma in fiscal year 2018. 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, Alico harvested fruit earlier in fiscal year 2018 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 June 30,
 
Nine Months Ended June 30,
 
2019
 
2018
 
Change
 
2019
 
2018
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Alico, Inc. common stockholders
$
16,244

 
$
9,100

 
$
7,144

 
78.5
%
 
$
21,324

 
$
12,332

 
$
8,992

 
72.9
%
EBITDA (1)
$
26,962

 
$
19,634

 
$
7,328

 
37.3
%
 
$
44,472

 
$
30,015

 
$
14,457

 
48.2
%
Earnings per diluted common share
$
2.17

 
$
1.09

 
$
1.08

 
99.1
%
 
$
2.85

 
$
1.48

 
$
1.37

 
92.6
%
Net cash provided by operating activities
$
35,618

 
$
16,370

 
$
19,248

 
117.6
%
 
$
41,686

 
$
16,119

 
$
25,567

 
158.6
%

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



1

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