| Summary of Effect of Restatement to Correct an Error in Financial Statements on Consolidated Balance Sheet |
The following is a summary of the effect of the restatement to correct an error in the September 30, 2021 financial statements on the Consolidated Balance Sheet for the year ended September 30, 2021:
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ALICO, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts) |
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September 30, 2021 |
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Previously Reported |
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Restated |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
886 |
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$ |
886 |
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Accounts receivable, net |
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6,105 |
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6,105 |
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Inventories |
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43,377 |
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43,377 |
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Income tax receivable |
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3,233 |
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3,233 |
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Assets held for sale |
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160 |
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160 |
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Prepaid expenses and other current assets |
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1,152 |
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1,152 |
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Total current assets |
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54,913 |
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54,913 |
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Property and equipment, net |
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373,231 |
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373,231 |
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Goodwill |
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2,246 |
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2,246 |
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Other non-current assets |
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2,827 |
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2,827 |
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Total assets |
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$ |
433,217 |
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$ |
433,217 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
7,274 |
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$ |
7,274 |
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Accrued liabilities |
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9,872 |
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9,872 |
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Long-term debt, current portion |
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4,285 |
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4,285 |
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Other current liabilities |
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875 |
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875 |
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Total current liabilities |
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22,306 |
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22,306 |
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Long-term debt: |
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Principal amount, net of current portion |
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122,009 |
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122,009 |
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Less: deferred financing costs, net |
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(986 |
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(986 |
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Long-term debt less current portion and deferred financing costs, net |
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121,023 |
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121,023 |
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Lines of credit |
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— |
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— |
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Deferred income tax liabilities, net |
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41,977 |
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39,465 |
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Other liabilities |
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306 |
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306 |
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Total liabilities |
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185,612 |
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183,100 |
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Commitments and Contingencies (Note 16) |
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Stockholders' equity: |
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Preferred stock, no par value, 1,000,000 shares authorized; none issued |
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— |
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— |
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Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,586,995 and 7,562,004 shares outstanding at September 30, 2022 and September 30, 2021, respectively |
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8,416 |
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8,416 |
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Additional paid in capital |
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19,989 |
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19,989 |
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Treasury stock, at cost, 829,150 and 890,141 shares held at September 30, 2022 and September 30, 2021, respectively |
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(29,853 |
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(29,853 |
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Retained earnings |
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243,651 |
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246,163 |
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Total Alico stockholders' equity |
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242,203 |
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244,715 |
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Noncontrolling interest |
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5,402 |
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5,402 |
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Total stockholders' equity |
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247,605 |
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250,117 |
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Total liabilities and stockholders' equity |
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$ |
433,217 |
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$ |
433,217 |
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