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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

For the Quarterly Period Ended March 31, 2023

 

 

 

or

 

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period

 

from____________________

to_________________________

Commission File Number: 0-261

 

 

ALICO, INC.

(Exact name of registrant as specified in its charter)

 

Florida

 

59-0906081

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer Identification No.)

10070 Daniels Interstate Court

 

 

 

 

Suite 200

Fort Myers

FL

 

33913

(Address of principal executive offices)

 

(Zip Code)

 

(239)

226-2000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

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.:

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated filer

Smaller Reporting Company

Emerging Growth Company

 

 

 

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 - FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk

36

Item 4. Controls and Procedures

36

Part II - OTHER INFORMATION

 

Item 1. Legal Proceedings

38

Item 1A. Risk Factors

38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3. Defaults Upon Senior Securities

38

Item 4. Mine Safety Disclosure

38

Item 5. Other Information

38

Item 6. Exhibits

39

Signatures

40

 

 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

Condensed Consolidated Balance Sheets as of March 31, 2023 (Unaudited) and September 30, 2022

1

Condensed Consolidated Statements of Operations for the three and six months ended March 31, 2023 and 2022 (Unaudited)

2

Condensed Consolidated Statements of Changes in Equity for the three and six months ended March 31, 2023 and 2022 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2023 and 2022 (Unaudited)

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

 

 

 


 

ALICO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

 

 

March 31,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

148

 

 

$

865

 

Accounts receivable, net

 

 

8,970

 

 

 

324

 

Inventories

 

 

23,407

 

 

 

27,682

 

Income tax receivable

 

 

2,855

 

 

 

1,116

 

Assets held for sale

 

 

159

 

 

 

205

 

Prepaid expenses and other current assets

 

 

1,434

 

 

 

1,424

 

Total current assets

 

 

36,973

 

 

 

31,616

 

Property and equipment, net

 

 

369,101

 

 

 

372,479

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

3,241

 

 

 

2,914

 

Total assets

 

$

411,561

 

 

$

409,255

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,017

 

 

$

3,366

 

Accrued liabilities

 

 

3,785

 

 

 

9,062

 

Long-term debt, current portion

 

 

1,629

 

 

 

3,035

 

Other current liabilities

 

 

880

 

 

 

1,062

 

Total current liabilities

 

 

14,311

 

 

 

16,525

 

Long-term debt:

 

 

 

 

 

 

Principal amount, net of current portion

 

 

103,550

 

 

 

103,661

 

Less: deferred financing costs, net

 

 

(684

)

 

 

(748

)

Long-term debt less current portion and deferred financing costs, net

 

 

102,866

 

 

 

102,913

 

Lines of credit

 

 

21,122

 

 

 

4,928

 

Deferred income tax liabilities, net

 

 

35,641

 

 

 

35,589

 

Other liabilities

 

 

300

 

 

 

435

 

Total liabilities

 

 

174,240

 

 

 

160,390

 

Commitments and Contingencies (Note 12)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, no par value, 1,000,000 shares authorized; none issued

 

 

 

 

 

 

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

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,985

 

 

 

19,784

 

Treasury stock, at cost, 816,653 and 829,150 shares held at March 31, 2023 and September 30, 2022, respectively

 

 

(27,616

)

 

 

(27,948

)

Retained earnings

 

 

231,793

 

 

 

243,490

 

Total Alico stockholders' equity

 

 

232,578

 

 

 

243,742

 

Noncontrolling interest

 

 

4,743

 

 

 

5,123

 

Total stockholders' equity

 

 

237,321

 

 

 

248,865

 

Total liabilities and stockholders' equity

 

$

411,561

 

 

$

409,255

 

 

See accompanying notes to the condensed consolidated financial statements.

1


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share amounts)

 

 

 

Three Months Ended
March 31,

 

 

Six Months Ended
March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

20,937

 

 

$

49,032

 

 

$

31,205

 

 

$

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