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Chief Executive Officer and President
Alico, Inc. Announces Fiscal Year 2011 Fourth Quarter and Annual Earnings
- Settlement Agreement in Principle Reached with IRS
Fort Myers, FL, December 14, 2011 Alico, Inc. (NASDAQ: ALCO) (Alico), a land management company, today announced financial results for the fiscal year 2011 fourth quarter and for the fiscal year ended September 30, 2011.
Net loss for the fourth quarter of fiscal year 2011 was $1.5 million or $(0.20) per share as compared to a net loss of $2.9 million, or $(0.39) per share for the fourth quarter of fiscal year 2010. Loss from operations for the fourth quarter of fiscal year 2011 was $1.8 million compared to a loss from operations of $1.6 million for the fourth quarter of fiscal year 2010.
For the fiscal year ended September 30, 2011, net income totaled $7.1 million or $0.96 per share as compared to a net loss of $0.6 million or $0.08 per share for fiscal year 2010. Income from operations for fiscal year 2011 was $15.2 million compared to $3.5 million for fiscal year 2010.
JD Alexander, Alicos President and Chief Executive Officer, stated We continued to make significant progress in fiscal year 2011 as we increased our operating revenues by $18.8 million and net income by $7.7 million, strengthened our balance sheet by paying down long-term debt by $16.3 million and generated Adjusted EBITDA of $23.2 million for the year. Additionally, we reached a settlement agreement in principle, through the IRS Appeals process, to pay approximately $1.6 million in taxes and interest to settle claims of $31.1 million originally asserted by the IRS for the tax periods 2005 through 2007. We have maintained that the tax positions we took were supportable and believe this settlement agreement in principle reflects that.
Mr. Alexander concluded, Our agricultural operations benefitted from increased selling prices and increased production during fiscal year 2011. We anticipate citrus and sugarcane production increases over fiscal year 2011 as we continue to improve our agricultural operations. As we begin fiscal year 2012, we are confident about the continued financial stability of our business and our position in the marketplace.
Fiscal Year 2011 Fourth Quarter Results
For the fourth quarter of fiscal year 2011, total operating revenue was $6.2 million, as compared to $5.6 million for the fourth quarter of fiscal year 2010, an increase of 10.7%. The Companys agricultural operations are seasonal in nature with the least amount of revenue being generated in the first and fourth fiscal quarters, while increasing in the second quarter and peaking in the third quarter.
Total operating expenses for the fourth quarter of fiscal year 2011 were $5.2 million compared to $5.5 million for the fourth quarter of fiscal year 2010. Gross profit for the fourth quarter of fiscal year 2011 was $1.0 million compared to $0.1 million for the fourth quarter of fiscal year 2010. The gross profit in the fourth quarter of fiscal 2010 was negatively impacted by an impairment of $1.0 million expensed to the real estate segment.
The following information was filed by Alico Inc (ALCO) on Wednesday, December 14, 2011 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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