Alico, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (unaudited)

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.