Alico, Inc. (ALCO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Earnings Press Release
10-Q Quarterly Report
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Alico Inc
Ticker: ALCO CIK: 3545

Exhibit 99.1

Alico, Inc. Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2020

Fort Myers, FL, May 11, 2020 - Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the second quarter of fiscal year 2020 and the six months ended March 31, 2020, the highlights which are as follows:


•	The coronavirus outbreak (“COVID-19”) has had minimal impact on the Company’s harvest and business operations.


•	Company paid a second quarter cash dividend and has no plans to reduce payout for the foreseeable future.


•	Demand for Not-From-Concentrate (“NFC”) orange juice surges - consumption increases 49.7% in trailing four-week period ended April 11, 2020 as compared to same period in prior year. (*)


•	Company has strengthened its liquidity by drawing down on its lines of credit to retain cash on its balance sheet

during these uncertain times.

Results of Operations

For the six months ended March 31, 2020, the Company earned net income attributable to Alico common stockholders of approximately $4.4 million and earnings of $0.58 per diluted common share, compared to net income attributable to Alico common stockholders of approximately $5.1 million and earnings of $0.68 per diluted common share in the prior year. The decrease in net income attributable to Alico common stockholders is primarily due to a decline in the market price per pound solids for citrus fruit this season due to unfavorable industry supply dynamics and an increase in cost of goods sold specifically relating to the timing of the harvest. Partially offsetting this decrease was (i) an increase in Valencia boxes harvested relating to the timing of the harvest, (ii) funds awarded through the federal disaster relief program, (iii) a reduction in certain general and administrative costs and (iv) a gain on the sale of certain parcels on the east side of Alico Ranch.

When both periods are adjusted for certain non-recurring items, the Company had adjusted net income of $0.01 per diluted common share for the six months ended March 31, 2020, compared to adjusted income of $1.12 per diluted common share for the six months ended March 31, 2019. Adjusted EBITDA for the six months ended March 31, 2020 and 2019 was $10.3 million and $21.3 million, respectively.

These results reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's profit and cash flows from operating activities are typically recognized in those quarters and our working capital requirements are typically greater in the first and fourth quarters of the fiscal year.

The Company reported the following financial results:



(in thousands, except for per share amounts and percentages)
	Three Months Ended March 31,									Six Months Ended March 31,
	2020		2019		Change					2020		2019		Change
Net income attributable to Alico, Inc. common stockholders	$	3,571	$	7,547	$	(3,976	)	(52.7	)%	$	4,362	$	5,080	$	(718	)	(14.1	)%
EBITDA ⁽¹⁾	$	10,109	$	15,231	$	(5,122	)	(33.6	)%	$	16,414	$	17,510	$	(1,096	)	(6.3	)%
Adjusted EBITDA ⁽¹⁾	$	8,070	$	17,278	$	(9,208	)	(53.3	)%	$	10,271	$	21,338	$	(11,067	)	(51.9	)%
Earnings per diluted common share	$	0.48	$	1.01	$	(0.53	)	(52.5	)%	$	0.58	$	0.68	$	(0.10	)	(14.7	)%
Net cash provided by operating activities	$	17,731	$	18,069	$	(338	)	(1.9	)%	$	11,688	$	6,068	$	5,620		92.6	%

The following information was filed by Alico Inc (ALCO) on Monday, May 11, 2020 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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