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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 June 30, 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 7,610,551 shares of common stock outstanding at August 1, 2023.

 


 

ALICO, INC.

FORM 10-Q

For the three and nine months ended June 30, 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

22

Item 3. Quantitative and Qualitative Disclosures About Market Risk

33

Item 4. Controls and Procedures

33

Part II - OTHER INFORMATION

 

Item 1. Legal Proceedings

35

Item 1A. Risk Factors

35

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

35

Item 3. Defaults Upon Senior Securities

35

Item 4. Mine Safety Disclosure

35

Item 5. Other Information

36

Item 6. Exhibits

37

Signatures

38

 

 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

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

1

Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2023 and 2022 (Unaudited)

2

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 30, 2023 and 2022 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 and 2022 (Unaudited)

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

 

 

 

 


 

Cautionary Statement Regarding Forward-Looking Information

 

We provide forward-looking information in this Quarterly Report on Form 10-Q, particularly in the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this Quarterly Report on Form 10-Q that are not historical facts, including without limitation statements regarding our future results of operations and financial position, pursuit of opportunistic land sales, recovery timeline for our groves, business strategy, plans and objectives of management for future operations are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change; damage and loss to our citrus groves from disease including but not limited to citrus greening and citrus canker; hurricanes and tropical storms given our geographic concentration in Florida; any adverse event affecting our citrus business; our ability to maintain our market share in a highly competitive business; our dependency on our relationship with Tropicana and Tropicana’s relationship with certain third parties; heightened risks as a result of the sale of a majority of ownership of Tropicana to a French private equity firm; supply and demand pricing; development and execution of our strategic growth initiatives; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; risks associated with acquisition of additional agricultural assets and other businesses; adverse impacts from dispositions of our assets; harm to our reputation; tax risks associated with a “Section 1031 Exchange”; undertaking one or more significant corporate transactions; seasonality of our citrus business; significant competition in our agricultural operations; fluctuations in our earnings as a result of market supply and prices and demand for our products; climate change, or legal, regulatory or market measures to address climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; any weakness or instability in the real estate industry; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies, including as a result of restatement of our financial statements as of September 30, 2021, and the end of certain quarterly periods; the impact of any restatements and any resulting investigations, legal or administrative proceedings; the effect of inflation on our operations, including as a result of the conflict in Ukraine; increased costs as a result of being a public company; system security risks; the COVID-19 pandemic; any harm by natural disasters or epidemics; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and risks related with repurchases; and the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on December 13, 2022 (the “2022 Annual Report on Form 10-K”) and in our Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.


 

ALICO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

 

 

June 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,592

 

 

$

865

 

Accounts receivable, net

 

 

4,363

 

 

 

324

 

Inventories

 

 

38,833

 

 

 

27,682

 

Income tax receivable

 

 

1,046

 

 

 

1,116

 

Assets held for sale

 

 

130

 

 

 

205

 

Prepaid expenses and other current assets

 

 

1,731

 

 

 

1,424

 

Total current assets

 

 

47,695

 

 

 

31,616

 

Property and equipment, net

 

 

368,290

 

 

 

372,479

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

2,895

 

 

 

2,914

 

Total assets

 

$

421,126

 

 

$

409,255

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,063

 

 

$

3,366

 

Accrued liabilities

 

 

5,428

 

 

 

9,062

 

Long-term debt, current portion

 

 

2,098

 

 

 

3,035

 

Other current liabilities

 

 

800

 

 

 

1,062

 

Total current liabilities

 

 

15,389

 

 

 

16,525

 

Long-term debt:

 

 

 

 

 

 

Principal amount, net of current portion

 

 

102,791

 

 

 

103,661

 

Less: deferred financing costs, net

 

 

(653

)

 

 

(748

)

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

 

 

102,138

 

 

 

102,913

 

Lines of credit

 

 

17,910

 

 

 

4,928

 

Deferred income tax liabilities, net

 

 

35,755

 

 

 

35,589

 

Other liabilities

 

 

282

 

 

 

435

 

Total liabilities

 

 

171,474

 

 

 

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 7,605,189 and 7,586,995 shares outstanding at June 30, 2023 and September 30, 2022, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

20,011

 

 

 

19,784

 

Treasury stock, at cost, 810,956 and 829,150 shares held at June 30, 2023 and September 30, 2022, respectively

 

 

(27,444

)

 

 

(27,948

)

Retained earnings

 

 

243,245

 

 

 

243,490

 

Total Alico stockholders' equity

 

 

244,228

 

 

 

243,742

 

Noncontrolling interest

 

 

5,424

 

 

 

5,123

 

Total stockholders' equity

 

 

249,652

 

 

 

248,865

 

Total liabilities and stockholders' equity

 

$

421,126

 

 

$

409,255

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

1


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share amounts)

 

 

 

Three Months Ended
June 30,

 

 

Nine Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

6,712

 

 

$

25,533

 

 

$

37,917

 

 

$

89,313

 

Land Management and Other Operations

 

 

572

 

 

 

405

 

 

 

1,249

 

 

 

1,603

 

Total operating revenues

 

 

7,284

 

 

 

25,938

 

 

 

39,166

 

 

 

90,916

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

(8,322

)

 

 

24,489

 

 

 

33,493

 

 

 

83,365

 

Land Management and Other Operations

 

 

104

 

 

 

138

 

 

 

300

 

 

 

430

 

Total operating expenses

 

 

(8,218

)

 

 

24,627

 

 

 

33,793

 

 

 

83,795

 

Gross profit

 

 

15,502

 

 

 

1,311

 

 

 

5,373

 

 

 

7,121

 

General and administrative expenses

 

 

2,930

 

 

 

2,557

 

 

 

8,106

 

 

 

7,679

 

Income (loss) from operations

 

 

12,572

 

 

 

(1,246

)

 

 

(2,733

)

 

 

(558

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,196

)

 

 

(854

)

 

 

(3,618

)

 

 

(2,625

)

Gain on sale of real estate, property and equipment and assets held for sale

 

 

2,605

 

 

 

5,755

 

 

 

7,368

 

 

 

40,804

 

Other income, net

 

 

14

 

 

 

9

 

 

 

44

 

 

 

19

 

Total other income, net

 

 

1,423

 

 

 

4,910

 

 

 

3,794

 

 

 

38,198

 

Income before income taxes

 

 

13,995

 

 

 

3,664

 

 

 

1,061

 

 

 

37,640

 

Income tax provision

 

 

1,923

 

 

 

1,002

 

 

 

306

 

 

 

4,281

 

Net income

 

 

12,072

 

 

 

2,662

 

 

 

755

 

 

 

33,359

 

Net (income) loss attributable to noncontrolling interests

 

 

(240

)

 

 

44

 

 

 

140

 

 

 

180

 

Net income attributable to Alico, Inc. common stockholders

 

$

11,832

 

 

$

2,706

 

 

$

895

 

 

$

33,539

 

Per share information attributable to Alico, Inc. common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.56

 

 

$

0.36

 

 

$

0.12

 

 

$

4.44

 

Diluted

 

$

1.56

 

 

$

0.36

 

 

$

0.12

 

 

$

4.44

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,605

 

 

 

7,570

 

 

 

7,599

 

 

 

7,551

 

Diluted

 

 

7,605

 

 

 

7,589

 

 

 

7,599

 

 

 

7,561

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.05

 

 

$

0.50

 

 

$

0.15

 

 

$

1.50

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

2


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(in thousands)

 

 

For the Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Total

 

 

Non-

 

 

 

 

 

 

Common stock

 

 

Paid In

 

 

Treasury

 

 

Retained

 

 

Alico, Inc.

 

 

controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance at March 31, 2023

 

 

8,416

 

 

$

8,416

 

 

$

19,985

 

 

$

(27,616

)

 

$

231,793

 

 

$

232,578

 

 

$

4,743

 

 

$

237,321

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,832

 

 

 

11,832

 

 

 

240

 

 

 

12,072

 

Dividends ($0.05/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(380

)

 

 

(380

)

 

 

 

 

 

(380

)

Capital contribution received from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

441

 

 

 

441

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

(35

)

 

 

172

 

 

 

 

 

 

137

 

 

 

 

 

 

137

 

Executives and Managers

 

 

 

 

 

 

 

 

61

 

 

 

 

 

 

 

 

 

61

 

 

 

 

 

 

61

 

Balance at June 30, 2023

 

 

8,416

 

 

$

8,416

 

 

$

20,011

 

 

$

(27,444

)

 

$

243,245

 

 

$

244,228

 

 

$

5,424

 

 

$

249,652

 

 

 

 

 

 

For the Nine Months Ended June 30, 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 income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

895

 

 

 

895

 

 

 

(140

)

 

 

755

 

Dividends ($0.15/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,140

)

 

 

(1,140

)

 

 

 

 

 

(1,140

)

Capital contribution received from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

441

 

 

 

441

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

(53

)

 

 

503

 

 

 

 

 

 

450

 

 

 

 

 

 

450

 

Executives and Managers

 

 

 

 

 

 

 

 

224

 

 

 

 

 

 

 

 

 

224

 

 

 

 

 

 

224

 

Employees

 

 

 

 

 

 

 

 

56

 

 

 

1

 

 

 

 

 

 

57

 

 

 

 

 

 

57

 

Balance at June 30, 2023

 

 

8,416

 

 

$

8,416

 

 

$

20,011

 

 

$

(27,444

)

 

$

243,245

 

 

$

244,228

 

 

$

5,424

 

 

$

249,652

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

3


 

 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(in thousands)

 

 

For the Three Months Ended June 30, 2022