Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (unaudited)

v3.22.2.2
Selected Quarterly Financial Data (unaudited)
12 Months Ended
Sep. 30, 2022
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (unaudited)

Note 18. Selected Quarterly Financial Data (unaudited)

Summarized quarterly financial data for the fiscal years ended September 30, 2022, and 2021 are computed independently each quarter, therefore, the sum of the quarter amounts may not equal the total amount for the respective year due to rounding as follows:

 

(in thousands, except per share amounts)

 

Fiscal Quarter Ended

 

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Total operating revenues

 

$

15,337

 

 

$

13,732

 

 

$

49,641

 

 

$

55,944

 

 

$

25,938

 

 

$

34,888

 

 

$

1,031

 

 

$

4,000

 

Total operating expenses

 

 

13,526

 

 

 

8,335

 

 

 

45,642

 

 

 

45,718

 

 

 

24,627

 

 

 

26,378

 

 

 

22,917

 

 

 

4,240

 

Gross profit (loss)

 

 

1,811

 

 

 

5,397

 

 

 

3,999

 

 

 

10,226

 

 

 

1,311

 

 

 

8,510

 

 

 

(21,886

)

 

 

(240

)

General and administrative expenses

 

 

2,584

 

 

 

2,528

 

 

 

2,538

 

 

 

2,653

 

 

 

2,557

 

 

 

1,911

 

 

 

2,400

 

 

 

2,361

 

Other income (expense), net

 

 

7,553

 

 

 

2,185

 

 

 

25,735

 

 

 

(1,104

)

 

 

4,910

 

 

 

29,387

 

 

 

(399

)

 

 

1,479

 

Income (loss) before income taxes

 

 

6,780

 

 

 

5,054

 

 

 

27,196

 

 

 

6,469

 

 

 

3,664

 

 

 

35,986

 

 

 

(24,685

)

 

 

(1,122

)

Income tax (benefit) expense

 

 

(3,300

)

 

 

1,250

 

 

 

6,579

 

 

 

1,579

 

 

 

1,002

 

 

 

8,853

 

 

 

(3,212

)

 

 

(115

)

Net income (loss)

 

 

10,080

 

 

 

3,804

 

 

 

20,617

 

 

 

4,890

 

 

 

2,662

 

 

 

27,133

 

 

 

(21,473

)

 

 

(1,007

)

Net loss (income) attributable to noncontrolling interests

 

 

51

 

 

 

41

 

 

 

85

 

 

 

(23

)

 

 

44

 

 

 

(14

)

 

 

393

 

 

 

35

 

Net income (loss) attributable to Alico Inc. common stockholders

 

$

10,131

 

 

$

3,845

 

 

$

20,702

 

 

$

4,867

 

 

$

2,706

 

 

$

27,119

 

 

$

(21,080

)

 

$

(972

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.34

 

 

$

0.51

 

 

$

2.74

 

 

$

0.65

 

 

$

0.36

 

 

$

3.61

 

 

$

(2.78

)

 

$

(0.13

)

Diluted

 

$

1.34

 

 

$

0.51

 

 

$

2.74

 

 

$

0.65

 

 

$

0.36

 

 

$

3.61

 

 

$

(2.78

)

 

$

(0.13

)

 

Operating revenues and operating expenses for the fiscal quarter ended September 30, 2021 include approximately $3,083,000 and approximately $3,015,000, respectively, relating to the grove management services being provided to a group of third-party grove owners. The operating revenues and operating expenses for the fiscal quarter ended December 31, 2021 include approximately $3,128,000 and approximately $2,902,000 respectively, relating to the grove management services being provided to a group of third-party grove owners. Other income for the fiscal quarter ended December 31, 2021 includes a gain on sale of assets of approximately $8,445,000 (see Note 4. “Assets Held for Sale” and Note 5. “Property and Equipment, Net” for further information). Operating revenues and operating expenses for the fiscal quarter ended March 31, 2022 include approximately $4,057,000 and approximately $3,795,000, respectively, relating to the grove management services being provided to a third-party. Other income for the fiscal quarter ended March 31, 2022 includes a gain on sale of assets of approximately $26,554,000 (see Note 4. “Assets Held for Sale” and Note 5. “Property and Equipment, Net” for further information. The operating revenues and operating expenses for the fiscal quarter ended June 30, 2022 include approximately $3,367,000 and approximately $2,966,000, respectively, relating to the grove management services being provided to a group of third-party grove owners. Other income for the fiscal quarter ended June 30, 2022 includes a gain on sale of assets of approximately $5,616,000 (see Note 4. “Assets Held for Sale” and Note 5. “Property and Equipment, Net” for further information). During the fourth quarter ended September 30, 2022, the Company recorded an inventory casualty loss adjustment of approximately $14,900,000 and an inventory impairment adjustment of approximately $6,676,000 to adjust the inventory to its estimated net realizable value as of September 30, 2022. The operating revenues and operating expenses for the fiscal quarter ended September 30, 2022 do not include any caretaking revenue or expenses, as the group of third-party grove owners terminated the grove management agreement in June 2022.