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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☑ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the Quarterly Period Ended March 31, 2023 |
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or |
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☐ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period |
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from____________________ |
to_________________________ |
Commission File Number: 0-261
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ALICO, INC. |
(Exact name of registrant as specified in its charter) |
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Florida |
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59-0906081 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
10070 Daniels Interstate Court |
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Suite 200 |
Fort Myers |
FL |
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33913 |
(Address of principal executive offices) |
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(Zip Code) |
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(239) |
226-2000 |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
ALCO |
Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
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Large Accelerated Filer |
☐ |
Accelerated Filer |
☑ |
Non-accelerated filer |
☐ |
Smaller Reporting Company |
☑ |
Emerging Growth Company |
☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
There were 7,605,189 shares of common stock outstanding at May 2, 2023.
ALICO, INC.
FORM 10-Q
For the three and six months ended March 31, 2023 and 2022
Table of Contents
PART I
Item 1. Condensed Consolidated Financial Statements
Index to Condensed Consolidated Financial Statements
ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
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March 31, |
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September 30, |
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2023 |
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2022 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
148 |
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$ |
865 |
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Accounts receivable, net |
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8,970 |
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324 |
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Inventories |
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23,407 |
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27,682 |
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Income tax receivable |
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2,855 |
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1,116 |
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Assets held for sale |
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159 |
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205 |
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Prepaid expenses and other current assets |
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1,434 |
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1,424 |
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Total current assets |
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36,973 |
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31,616 |
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Property and equipment, net |
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369,101 |
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372,479 |
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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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3,241 |
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2,914 |
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Total assets |
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$ |
411,561 |
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$ |
409,255 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
8,017 |
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$ |
3,366 |
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Accrued liabilities |
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3,785 |
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9,062 |
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Long-term debt, current portion |
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1,629 |
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3,035 |
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Other current liabilities |
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880 |
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1,062 |
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Total current liabilities |
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14,311 |
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16,525 |
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Long-term debt: |
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Principal amount, net of current portion |
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103,550 |
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103,661 |
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Less: deferred financing costs, net |
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(684 |
) |
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(748 |
) |
Long-term debt less current portion and deferred financing costs, net |
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102,866 |
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102,913 |
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Lines of credit |
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21,122 |
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4,928 |
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Deferred income tax liabilities, net |
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35,641 |
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35,589 |
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Other liabilities |
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300 |
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435 |
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Total liabilities |
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174,240 |
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160,390 |
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Commitments and Contingencies (Note 12) |
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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, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,599,492 and 7,586,995 shares outstanding at March 31, 2023 and September 30, 2022, respectively |
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8,416 |
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8,416 |
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Additional paid in capital |
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19,985 |
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19,784 |
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Treasury stock, at cost, 816,653 and 829,150 shares held at March 31, 2023 and September 30, 2022, respectively |
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(27,616 |
) |
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(27,948 |
) |
Retained earnings |
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231,793 |
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243,490 |
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Total Alico stockholders' equity |
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232,578 |
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243,742 |
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Noncontrolling interest |
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4,743 |
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5,123 |
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Total stockholders' equity |
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237,321 |
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248,865 |
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Total liabilities and stockholders' equity |
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$ |
411,561 |
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$ |
409,255 |
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See accompanying notes to the condensed consolidated financial statements.
1
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating revenues: |
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Alico Citrus |
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$ |
20,937 |
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$ |
49,032 |
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$ |
31,205 |
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|
$ |
63,780 |
|
Land Management and Other Operations |
|
|
357 |
|
|
|
609 |
|
|
|
677 |
|
|
|
1,198 |
|
Total operating revenues |
|
|
21,294 |
|
|
|
49,641 |
|
|
|
31,882 |
|
|
|
64,978 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Alico Citrus |
|
|
27,520 |
|
|
|
45,490 |
|
|
|
41,815 |
|
|
|
58,876 |
|
Land Management and Other Operations |
|
|
102 |
|
|
|
152 |
|
|
|
196 |
|
|
|
292 |
|
Total operating expenses |
|
|
27,622 |
|
|
|
45,642 |
|
|
|
42,011 |
|
|
|
59,168 |
|
Gross (loss) profit |
|
|
(6,328 |
) |
|
|
3,999 |
|
|
|
(10,129 |
) |
|
|
5,810 |
|
General and administrative expenses |
|
|
2,667 |
|
|
|
2,538 |
|
|
|
5,176 |
|
|
|
5,122 |
|
(Loss) income from operations |
|
|
(8,995 |
) |
|
|
1,461 |
|
|
|
(15,305 |
) |
|
|
688 |
|
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,274 |
) |
|
|
(870 |
) |
|
|
(2,422 |
) |
|
|
(1,771 |
) |
Gain on sale of real estate, property and equipment and assets held for sale |
|
|
1,574 |
|
|
|
26,604 |
|
|
|
4,763 |
|
|
|
35,049 |
|
Other income, net |
|
|
30 |
|
|
|
1 |
|
|
|
30 |
|
|
|
10 |
|
Total other income, net |
|
|
330 |
|
|
|
25,735 |
|
|
|
2,371 |
|
|
|
33,288 |
|
(Loss) income before income taxes |
|
|
(8,665 |
) |
|
|
27,196 |
|
|
|
(12,934 |
) |
|
|
33,976 |
|
Income tax (benefit) provision |
|
|
(534 | ) |
|
|
6,579 |
|
|
|
(1,617 |
) |
|
|
3,279 |
|
Net (loss) income |
|
|
(8,131 |
) |
|
|
20,617 |
|
|
|
(11,317 |
) |
|
|
30,697 |
|
Net loss attributable to noncontrolling interests |
|
|
344 |
|
|
|
85 |
|
|
|
380 |
|
|
|
136 |
|
Net (loss) income attributable to Alico, Inc. common stockholders |
|
$ |
(7,787 |
) |
|
$ |
20,702 |
|
|
$ |
(10,937 |
) |
|
$ |
30,833 |
|
Per share information attributable to Alico, Inc. common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.02 |
) |
|
$ |
2.74 |
|
|
$ |
(1.44 |
) |
|
$ |
4.09 |
|
Diluted |
|
$ |
(1.02 |
) |
|
$ |
2.74 |
|
|
$ |
(1.44 |
) |
|
$ |
4.08 |
|
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,599 |
|
|
|
7,552 |
|
|
|
7,596 |
|
|
|
7,543 |
|
Diluted |
|
|
7,599 |
|
|
|
7,556 |
|
|
|
7,596 |
|
|
|
7,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
0.05 |
|
|
$ |
0.50 |
|
|
$ |
0.10 |
|
|
$ |
1.00 |
|
See accompanying notes to the condensed consolidated financial statements.
2
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
Total |
|
|
Non- |
|
|
|
|
|
|
Common stock |
|
|
Paid In |
|
|
Treasury |
|
|
Retained |
|
|
Alico, Inc. |
|
|
controlling |
|
|
Total |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Stock |
|
|
Earnings |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Balance at December 31, 2022 |
|
|
8,416 |
|
|
$ |
8,416 |
|
|
$ |
19,943 |
|
|
$ |
(27,802 |
) |
|
$ |
239,960 |
|
|
$ |
240,517 |
|
|
$ |
5,087 |
|
|
$ |
245,604 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,787 |
) |
|
|
(7,787 |
) |
|
|
(344 |
) |
|
|
(8,131 |
) |
Dividends ($0.05/share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(380 |
) |
|
|
(380 |
) |
|
|
— |
|
|
|
(380 |
) |
Stock-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors |
|
|
— |
|
|
|
— |
|
|
|
(30 |
) |
|
|
186 |
|
|
|
— |
|
|
|
156 |
|
|
|
— |
|
|
|
156 |
|
Executives and Managers |
|
|
— |
|
|
|
— |
|
|
|
72 |
|
|
|
— |
|
|
|
— |
|
|
|
72 |
|
|
|
— |
|
|
|
72 |
|
Balance at March 31, 2023 |
|
|
8,416 |
|
|
$ |
8,416 |
|
|
$ |
19,985 |
|
|
$ |
(27,616 |
) |
|
$ |
231,793 |
|
|
$ |
232,578 |
|
|
$ |
4,743 |
|
|
$ |
237,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
Total |
|
|
Non- |
|
|
|
|
|
|
Common stock |
|
|
Paid In |
|
|
Treasury |
|
|
Retained |
|
|
Alico, Inc. |
|
|
controlling |
|
|
Total |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Stock |
|
|
Earnings |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Balance at September 30, 2022 |
|
|
8,416 |
|
|
$ |
8,416 |
|
|
$ |
19,784 |
|
|
$ |
(27,948 |
) |
|
$ |
243,490 |
|
|
$ |
243,742 |
|
|
$ |
5,123 |
|
|
$ |
248,865 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,937 |
) |
|
|
(10,937 |
) |
|
|
(380 |
) |
|
|
(11,317 |
) |
Dividends ($0.10/share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(760 |
) |
|
|
(760 |
) |
|
|
— |
|
|
|
(760 |
) |
Stock-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors |
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
|
|
331 |
|
|
|
— |
|
|
|
313 |
|
|
|
— |
|
|
|
313 |
|
Executives and Managers |
|
|
— |
|
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
163 |
|
Employees |
|
|
— |
|
|
|
— |
|
|
|
56 |
|
|
|
1 |
|
|
|
— |
|
|
|
57 |
|
|
|
— |
|
|
|
57 |
|
Balance at March 31, 2023 |
|
|
8,416 |
|
|
$ |
8,416 |
|
|
$ |
19,985 |
|
|
$ |
(27,616 |
) |
|
$ |
231,793 |
|
|
$ |
232,578 |
|
|
$ |
4,743 |
|
|
$ |
237,321 |
|
See accompanying notes to the condensed consolidated financial statements.
3
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
|
Total |
|
|
Non- |
|
|
|
|
|
|
Common stock |
|
|
|