Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO) today
announces financial results for the fourth quarter and fiscal year
ended September 30, 2017. For the fiscal year, the
Company recorded a loss of $1.14 per diluted common share compared
to earnings of $0.84 per diluted common share in the prior year.
2017 results were negatively impacted by approximately $24.0
million of one-time items which included inventory casualty loss
adjustments related to Hurricane Irma’s impact on the 2017-2018
season, and asset impairment adjustments related to disposal
decisions made through the Alico 2.0 restructuring program. When
both periods are adjusted for non-recurring items related to prior
acquisitions including transaction costs, litigation, consulting
fees, real estate gains, asset valuation adjustments and employee
stock compensation expense, the Company earned $0.24 per diluted
common share in fiscal year 2017 and $0.94 per diluted common share
in fiscal year 2016 primarily due to lower citrus production
volume.
(in thousands except
for per share amounts) |
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|
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|
Three Months Ended September 30, |
|
Fiscal Year Ended September 30, |
|
2017 |
|
2016 |
|
Change |
|
2017 |
|
2016 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(19,109 |
) |
|
$ |
(3,416 |
) |
|
$ |
(15,693 |
) |
|
NM |
|
|
$ |
(9,496 |
) |
|
$ |
6,959 |
|
|
$ |
(16,455 |
) |
|
NM |
|
EBITDA |
$ |
(23,673 |
) |
|
$ |
430 |
|
|
$ |
(24,103 |
) |
|
NM |
|
|
$ |
11,070 |
|
|
$ |
37,789 |
|
|
$ |
(26,719 |
) |
|
(70.7 |
)% |
Earnings (loss) per
diluted common share |
$ |
(2.29 |
) |
|
$ |
(0.41 |
) |
|
$ |
(1.88 |
) |
|
NM |
|
|
$ |
(1.14 |
) |
|
$ |
0.84 |
|
|
$ |
(1.98 |
) |
|
NM |
|
Net cash (used in)
provided by operating activities |
$ |
(671 |
) |
|
$ |
(3,828 |
) |
|
$ |
3,157 |
|
|
82.5 |
% |
|
$ |
28,229 |
|
|
$ |
30,357 |
|
|
$ |
(2,128 |
) |
|
(7.0 |
)% |
NM = Not Meaningful
Alico Citrus Division
Results
Alico Citrus's financial results declined during
the year due to lower citrus production volume and an increase in
citrus operating costs compared to the prior year, partially offset
by higher per pound solid prices.
Alico Citrus's 2017 crop production was lower by
17.1% on a pound solids basis and by 17.8% on a box basis for the
year ended September 30, 2017. The USDA estimated the Florida
orange crop decreased by approximately 15.8% last as measured by
total boxes produced. Alico Citrus’s early and mid-season
pound solids decreased by 11.0% and boxes decreased by 11.5%. Late
season Valencia pound solids decreased by 21.1% and boxes decreased
by 22.2%. The Company believes these declines were due to unusual
weather patterns including a drought and higher than normal
temperatures during the early and mid-season harvest, and premature
fruit drop ("PFD") and citrus greening. These factors caused a
higher level of fruit drop which resulted in less harvested fruit.
These declines were partially offset by an increase in price per
pound solid. Citrus production for the years ended
September 30, 2017 and 2016 is summarized in the following
table.
(boxes and pound solids
in thousands) |
Fiscal Year Ended |
|
|
|
|
|
September 30, |
|
Change |
|
2017 |
|
2016 |
|
Unit |
|
% |
Boxes
Harvested: |
|
|
|
|
|
|
|
Early and
Mid-Season |
3,215 |
|
|
3,634 |
|
|
(419 |
) |
|
(11.5 |
)% |
Valencias |
4,044 |
|
|
5,195 |
|
|
(1,151 |
) |
|
(22.2 |
)% |
Total
Processed |
7,259 |
|
|
8,829 |
|
|
(1,570 |
) |
|
(17.8 |
)% |
Fresh
Fruit |
328 |
|
|
402 |
|
|
(74 |
) |
|
(18.4 |
)% |
Total |
7,587 |
|
|
9,231 |
|
|
(1,644 |
) |
|
(17.8 |
)% |
Pound Solids
Produced: |
|
|
|
|
|
|
|
|
Early and
Mid-Season |
17,950 |
|
|
20,167 |
|
|
(2,217 |
) |
|
(11.0 |
)% |
Valencias |
24,661 |
|
|
31,237 |
|
|
(6,576 |
) |
|
(21.1 |
)% |
Total |
42,611 |
|
|
51,404 |
|
|
(8,793 |
) |
|
(17.1 |
)% |
|
|
|
|
|
|
|
|
|
Average Pound Solids
Per Box |
5.87 |
|
|
5.82 |
|
|
0.05 |
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
Price per Pound
Solids: |
|
|
|
|
|
|
|
|
Early and
Mid-Season |
$ |
2.56 |
|
|
$ |
2.18 |
|
|
$ |
0.38 |
|
|
17.4 |
% |
Valencias |
$ |
2.72 |
|
|
$ |
2.41 |
|
|
$ |
0.31 |
|
|
12.9 |
% |
Alico Citrus costs of sales increased to $84.9
million in fiscal 2017 compared to $64.8 million in fiscal 2016. A
$20.1 million increase in costs of sales was due to an inventory
casualty loss recorded after Hurricane Irma caused a loss of
unharvested fruit and certain other impairments to long-lived
assets which are now Held for Sale. Without these non-recurring
items, Alico Citrus expenses were flat as compared to fiscal
2016.
On November 16, 2017, Alico announced the Alico
2.0 Modernization Program (“Alico 2.0”). This program is
transforming three legacy businesses (Alico, Orange Co., and Silver
Nip) into a single efficient enterprise, Alico Citrus, so it will
remain the leader in the U.S. citrus industry. As part of Alico
2.0, Alico Citrus is reducing expenses through better purchasing,
more precise application of selected fertilizers and chemicals,
outsourcing work such as harvesting, hauling, and certain
caretaking tasks, and by streamlining grove management. Alico
Citrus has also deployed a more efficient labor model that is
consistent and uniform for field staffing and grove operating
programs and aligns with the geographical footprint of the citrus
groves.
Conservation and Environmental Resources
Division Results
Operating loss for the Conservation and
Environmental Resources (“CER”) division was $4.0 million in fiscal
year 2017 compared to $0.7 million in the prior year, a decrease of
$3.3 million. The number of calves sold declined and were sold at
lower pricing. This decline was partially offset by increased
number of culls sold during the same period. During fiscal 2017,
CER recorded a $3.2 million impairment of two abandoned mines. CER
financial results also included $1.8 million and $2.3 million of
operating costs related to the dispersed water storage project in
2017 and 2016, respectively. Funding for the water project was
approved in the Florida state budget in 2017. Permitting approvals
are still in process and construction will commence immediately
upon receipt of the required permits.
In the first quarter of fiscal 2018 Alico will
cease its direct cattle operations at Alico Ranch. Even when
profitable, ranch operations generated a minimal rate of return on
capital. Alico plans to continue to own this property and conduct
its long-term water dispersement program and wildlife management
programs, but will lease the ranch to a third party operator
instead of conducting its own cattle operations. This decision is
intended to enable additional investment in the citrus business and
redeployment of capital.
Other Corporate Financial
Information
General and Administrative expenses increased by
$1.8 million from $13.2 million in fiscal 2016 to $15.0 million in
fiscal 2017. The increase primarily relates to salary and stock
compensation expenses, which were partially offset by reduced legal
fees.
Other expense, net was $7.2 million for 2017
compared to $9.4 million for 2016. The decrease of $2.2 million is
primarily attributable to a $1.6 million increase in gain on sale
of real estate and fixed assets and a decrease in interest expense
by $0.8 million as term loans are amortized.
The Company paid a fourth quarter cash dividend
of $0.06 per share on its outstanding common stock on
October 16, 2017 to shareholders of record at
September 29, 2017. Dividends for the year totaled $0.24
per share.
The Company ended the year with long-term debt,
net of cash and cash equivalents, of $183.1 million.
About Alico
Alico, Inc. is a holding company with assets and
related operations in agriculture and environmental resources,
including citrus, cattle ranching, and water management. Our
mission is to create value for shareholders by managing existing
assets to their optimal current income and total returns,
opportunistically acquiring new assets and producing high quality
agricultural products while exercising responsible environmental
stewardship. Learn more about Alico (NASDAQ:ALCO) at
www.alicoinc.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are based on
Alico’s current expectations about future events and can be
identified by terms such as “plans,” “expect,” “may,” “anticipate,”
“intend,” “should be,” “will be,” “is likely to,” “believes,” and
similar expressions referring to future periods.
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. Factors which may cause future outcomes to differ
materially from those foreseen in forward-looking statements
include, but are not limited to: changes in laws, regulation and
rules; weather conditions that affect production, transportation,
storage, demand, import and export of fresh product and its
by-products, increased pressure from diseases including citrus
greening and citrus canker, as well as insects and other pests;
disruption of water supplies or changes in water allocations;
pricing and supply of raw materials and products; market responses
to industry volume pressures; pricing and supply of energy; changes
in interest rates; availability of financing for land development
activities and other growth opportunities; onetime events;
acquisitions and divestitures, including our ability to achieve the
anticipated results of the Orange-Co acquisition and Silver Nip
merger; seasonality; our ability to achieve the anticipated cost
savings under the Alico 2.0 Modernization Program; customer
concentration; labor disruptions; inability to pay debt
obligations; inability to engage in certain transactions due to
restrictive covenants in debt instruments; government restrictions
on land use; changes in agricultural land values; and market and
pricing risks due to concentrated ownership of stock. Other risks
and uncertainties include those that are described in Alico’s SEC
filings, which are available on the SEC’s website at
http://www.sec.gov. Alico undertakes no obligation to subsequently
update or revise the forward-looking statements made in this press
release, except as required by law.
Investor Contact:John E.
KiernanExecutive Vice President and Chief Financial Officer(239)
226-2000JKiernan@alicoinc.com
|
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|
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|
|
Non-GAAP
Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to common stockholders |
|
$ |
(19,028 |
) |
|
$ |
(3,411 |
) |
|
$ |
(9,451 |
) |
|
$ |
6,993 |
|
Interest
expense |
|
2,217 |
|
|
2,445 |
|
|
9,141 |
|
|
9,893 |
|
Provision
(benefit) for income taxes |
|
(10,559 |
) |
|
(1,898 |
) |
|
(3,846 |
) |
|
5,521 |
|
Depreciation, depletion and amortization |
|
3,697 |
|
|
3,294 |
|
|
15,226 |
|
|
15,382 |
|
EBITDA |
|
$ |
(23,673 |
) |
|
$ |
430 |
|
|
$ |
11,070 |
|
|
$ |
37,789 |
|
|
|
|
|
|
|
|
|
|
Inventory
casualty loss |
|
13,489 |
|
|
— |
|
|
13,489 |
|
|
— |
|
Inventory
net realizable value adjustment |
|
1,199 |
|
|
— |
|
|
1,199 |
|
|
— |
|
Impairment of long-lived assets |
|
9,346 |
|
|
— |
|
|
9,346 |
|
|
— |
|
Gains on
sale of real estate and fixed assets |
|
(192 |
) |
|
— |
|
|
(2,181 |
) |
|
(618 |
) |
Litigation expenses related to shareholder lawsuit |
|
— |
|
|
96 |
|
|
— |
|
|
506 |
|
Payments
on consulting agreements |
|
1,275 |
|
|
50 |
|
|
1,750 |
|
|
605 |
|
Stock
compensation expense |
|
232 |
|
|
150 |
|
|
880 |
|
|
150 |
|
Transaction costs |
|
— |
|
|
342 |
|
|
196 |
|
|
892 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
1,676 |
|
|
$ |
1,068 |
|
|
$ |
35,749 |
|
|
$ |
39,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Earnings (Loss) Per Common Share |
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to common stockholders |
|
$ |
(19,028 |
) |
|
$ |
(3,411 |
) |
|
$ |
(9,451 |
) |
|
$ |
6,993 |
|
Inventory
casualty loss |
|
13,489 |
|
|
— |
|
|
13,489 |
|
|
— |
|
Inventory
net realizable value adjustment |
|
1,199 |
|
|
— |
|
|
1,199 |
|
|
— |
|
Impairment of long-lived assets |
|
9,346 |
|
|
— |
|
|
9,346 |
|
|
— |
|
Gains on
sale of real estate and fixed assets |
|
(192 |
) |
|
— |
|
|
(2,181 |
) |
|
(618 |
) |
Litigation expenses related to shareholder lawsuit |
|
— |
|
|
96 |
|
|
— |
|
|
506 |
|
Payments
on consulting agreements |
|
1,275 |
|
|
50 |
|
|
1,750 |
|
|
605 |
|
Stock
compensation expense |
|
232 |
|
|
150 |
|
|
880 |
|
|
150 |
|
Transaction costs |
|
— |
|
|
342 |
|
|
196 |
|
|
892 |
|
Tax
impact |
|
(13,488 |
) |
|
(305 |
) |
|
(13,213 |
) |
|
(679 |
) |
|
|
|
|
|
|
|
|
|
Adjusted net (loss)
income |
|
$ |
(7,167 |
) |
|
$ |
(3,078 |
) |
|
$ |
2,015 |
|
|
$ |
7,849 |
|
|
|
|
|
|
|
|
|
|
Diluted common
shares |
|
8,300 |
|
|
8,315 |
|
|
8,300 |
|
|
8,311 |
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
(Loss) per Diluted Common Share |
|
$ |
(0.86 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.24 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free
Cash Flow |
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Cash (used in) provided
by operating activities |
|
$ |
(671 |
) |
|
$ |
(3,828 |
) |
|
$ |
28,229 |
|
|
$ |
30,357 |
|
Adjustments for
non-recurring items: |
|
|
|
|
|
|
|
|
Litigation expenses related to shareholder lawsuit |
|
— |
|
|
96 |
|
|
— |
|
|
506 |
|
Payments
on consulting agreements |
|
1,275 |
|
|
50 |
|
|
1,750 |
|
|
605 |
|
Transaction costs |
|
— |
|
|
342 |
|
|
196 |
|
|
892 |
|
Tax
impact |
|
— |
|
|
(254 |
) |
|
— |
|
|
(886 |
) |
Capital
expenditures |
|
(1,903 |
) |
|
(5,190 |
) |
|
(13,353 |
) |
|
(14,305 |
) |
Adjusted Free Cash
Flow |
|
$ |
(1,299 |
) |
|
$ |
(8,784 |
) |
|
$ |
16,822 |
|
|
$ |
17,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alico utilizes the non-GAAP measures Adjusted
EBITDA, Adjusted Earnings (Loss) per Diluted Common Share and
Adjusted Free Cash Flow among other measures, to evaluate the
performance of its business. Due to significant depreciable assets
associated with the nature of our operations and, to a lesser
extent, interest costs associated with our capital structure,
management believes that Adjusted EBITDA, Adjusted Earnings (Loss)
per Diluted Common Share, and Adjusted Free Cash Flow are important
measures to evaluate our results of operations between periods on a
more comparable basis and to help investors analyze underlying
trends in our business, evaluate the performance of our business
both on an absolute basis and relative to our peers and the broader
market, provides useful information to both management and
investors by excluding certain items that may not be indicative of
our core operating results and operational strength of our business
and helps investors evaluate our ability to service our debt.
Such measurements are not prepared in accordance with accounting
principles generally accepted in the United States (“U.S. GAAP”)
and should not be construed as an alternative to reported results
determined in accordance with U.S. GAAP. The non-GAAP information
provided is unique to Alico and may not be consistent with
methodologies used by other companies. Adjusted EBITDA is defined
as earnings (loss) before interest expense, provision (benefit) for
income taxes, depreciation and amortization adjusted for
non-recurring transactions or transactions that are not indicative
of our core operating results such as gains or losses on sales of
real estate and fixed assets. Adjusted Earnings (Loss) per Diluted
Common Share is defined as earnings adjusted for non-recurring
transactions divided by diluted common shares. Adjusted Free Cash
Flow is defined as cash provided by (used in) operating activities
adjusted for non-recurring transactions less capital expenditures.
The Company uses Adjusted Free Cash Flow to evaluate its business
and this measure is considered an important indicator of the
Company's liquidity, including its ability to reduce net debt, make
strategic investments, and pay dividends to common stockholders.
The Company’s definition of Adjusted Free Cash Flow does not
represent residual cash flows available for discretionary
spending.
|
ALICO, INC. |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except share
amounts) |
|
|
|
|
|
September 30, |
|
2017 |
|
2016 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
3,395 |
|
|
$ |
6,625 |
|
Accounts
receivable, net |
4,286 |
|
|
4,740 |
|
Inventories |
36,204 |
|
|
58,469 |
|
Income
tax receivable |
— |
|
|
1,013 |
|
Assets
held for sale |
20,983 |
|
|
— |
|
Prepaid
expenses and other current assets |
1,621 |
|
|
1,024 |
|
Total current assets |
66,489 |
|
|
71,871 |
|
|
|
|
|
Property and equipment,
net |
349,337 |
|
|
379,247 |
|
Goodwill |
2,246 |
|
|
2,246 |
|
Deferred financing
costs, net of accumulated amortization |
262 |
|
|
389 |
|
Other non-current
assets |
848 |
|
|
1,692 |
|
Total assets |
$ |
419,182 |
|
|
$ |
455,445 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
3,192 |
|
|
$ |
5,975 |
|
Accrued
liabilities |
6,781 |
|
|
6,920 |
|
Long-term
debt, current portion |
4,550 |
|
|
4,493 |
|
Other
current liabilities |
1,460 |
|
|
1,290 |
|
Total current liabilities |
15,983 |
|
|
18,678 |
|
|
|
|
|
Long-term debt: |
|
|
|
Principal
Amount |
181,926 |
|
|
192,726 |
|
Less:
deferred financing costs, net |
(1,767 |
) |
|
(1,980 |
) |
Long-term
debt less deferred financing costs, net |
180,159 |
|
|
190,746 |
|
Lines of credit |
— |
|
|
5,000 |
|
Deferred tax
liability |
27,108 |
|
|
31,056 |
|
Deferred gain on
sale |
26,440 |
|
|
27,204 |
|
Deferred retirement
obligations |
4,123 |
|
|
4,198 |
|
Obligations under
capital leases |
— |
|
|
300 |
|
Total liabilities |
253,813 |
|
|
277,182 |
|
|
|
|
|
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 and
8,416,145 shares issued and 8,238,830 and 8,315,535 shares
outstanding at September 30, 2017 and 2016, respectively |
8,416 |
|
|
8,416 |
|
Additional paid in capital |
18,694 |
|
|
18,155 |
|
Treasury
stock, at cost, 177,315 and 100,610 shares held at September 30,
2017 and 2016, respectively |
(6,502 |
) |
|
(4,585 |
) |
Retained
earnings |
140,033 |
|
|
151,504 |
|
Total Alico stockholders' equity |
160,641 |
|
|
173,490 |
|
Noncontrolling interest |
4,728 |
|
|
4,773 |
|
Total stockholders' equity |
165,369 |
|
|
178,263 |
|
Total liabilities and stockholders' equity |
$ |
419,182 |
|
|
$ |
455,445 |
|
|
|
|
|
|
|
|
|
ALICO, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
Fiscal Year Ended September 30, |
|
2017 |
|
2016 |
|
2015 |
Operating
revenues: |
|
|
|
|
|
Alico
Citrus |
$ |
123,441 |
|
|
$ |
137,282 |
|
|
$ |
146,147 |
|
Conservation and Environmental Resources |
4,793 |
|
|
5,669 |
|
|
5,394 |
|
Other
Operations |
1,595 |
|
|
1,245 |
|
|
1,585 |
|
Total operating
revenues |
129,829 |
|
|
144,196 |
|
|
153,126 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Alico
Citrus |
111,947 |
|
|
102,347 |
|
|
110,777 |
|
Conservation and Environmental Resources |
8,814 |
|
|
6,393 |
|
|
4,808 |
|
Other
Operations |
138 |
|
|
397 |
|
|
2,083 |
|
Total operating
expenses |
120,899 |
|
|
109,137 |
|
|
117,668 |
|
|
|
|
|
|
|
Gross
profit |
8,930 |
|
|
35,059 |
|
|
35,458 |
|
General and
administrative expenses |
15,024 |
|
|
13,213 |
|
|
16,494 |
|
|
|
|
|
|
|
(Loss) income from
operations |
(6,094 |
) |
|
21,846 |
|
|
18,964 |
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
Investment and interest income, net |
(148 |
) |
|
— |
|
|
2 |
|
Interest
expense |
(9,141 |
) |
|
(9,893 |
) |
|
(8,366 |
) |
Gain on
bargain purchase |
— |
|
|
— |
|
|
1,145 |
|
Gain on
sale of real estate and fixed assets |
2,181 |
|
|
618 |
|
|
13,590 |
|
Loss on
extinguishment of debt |
— |
|
|
— |
|
|
(1,051 |
) |
Other
expense, net |
(140 |
) |
|
(91 |
) |
|
(196 |
) |
Total
other (expense) income, net |
(7,248 |
) |
|
(9,366 |
) |
|
5,124 |
|
(Loss) income
before income taxes |
(13,342 |
) |
|
12,480 |
|
|
24,088 |
|
Provision (benefit) for
income taxes |
(3,846 |
) |
|
5,521 |
|
|
10,905 |
|
Net (loss)
income |
(9,496 |
) |
|
6,959 |
|
|
13,183 |
|
Net loss attributable
to noncontrolling interests |
45 |
|
|
34 |
|
|
31 |
|
Net (loss)
income attributable to Alico, Inc. common
stockholders |
$ |
(9,451 |
) |
|
$ |
6,993 |
|
|
$ |
13,214 |
|
|
|
|
|
|
|
Per share
information attributable to Alico, Inc. common
stockholders: |
|
|
|
|
|
Earnings (loss)
per common share: |
|
|
|
|
|
Basic |
$ |
(1.14 |
) |
|
$ |
0.84 |
|
|
$ |
1.64 |
|
Diluted |
$ |
(1.14 |
) |
|
$ |
0.84 |
|
|
$ |
1.64 |
|
Weighted-average number of common shares
outstanding: |
|
|
|
|
|
Basic |
8,300 |
|
|
8,303 |
|
|
8,056 |
|
Diluted |
8,300 |
|
|
8,311 |
|
|
8,061 |
|
|
|
|
|
|
|
Cash dividends
declared per common share |
$ |
0.24 |
|
|
$ |
0.24 |
|
|
$ |
0.24 |
|
ALICO, INC. |
|
|
CONSOLIDATED STATEMENT OF CASH
FLOWS |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
Fiscal Year Ended September 30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
Net
(loss) income |
$ |
(9,496 |
) |
|
$ |
6,959 |
|
|
$ |
13,183 |
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities: |
|
|
|
|
|
Gain on
sale of sugarcane land |
|
(538 |
) |
|
|
(618 |
) |
|
|
(13,734 |
) |
Depreciation, depletion and amortization |
|
15,226 |
|
|
|
15,382 |
|
|
|
14,732 |
|
Loss
(gain) loss on breeding herd sales |
|
337 |
|
|
|
296 |
|
|
|
(183 |
) |
Deferred
income tax (benefit) expense |
|
(3,948 |
) |
|
|
5,277 |
|
|
|
12,350 |
|
Cash
surrender value |
|
(15 |
) |
|
|
(20 |
) |
|
|
(27 |
) |
Deferred
retirement benefits |
|
(102 |
) |
|
|
65 |
|
|
|
623 |
|
Magnolia
Fund undistributed loss (earnings) |
|
202 |
|
|
|
103 |
|
|
|
(57 |
) |
(Gain)
loss on sale of property and equipment |
|
(1,373 |
) |
|
|
147 |
|
|
|
(290 |
) |
Inventory
casualty loss |
|
13,489 |
|
|
|
— |
|
|
|
— |
|
Inventory
net realizable value adjustment |
|
1,199 |
|
|
|
— |
|
|
|
— |
|
Impairment of long-lived assets |
|
9,346 |
|
|
|
— |
|
|
|
541 |
|
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
457 |
|
Non-cash
interest expense on deferred gain on sugarcane land |
|
1,413 |
|
|
|
1,406 |
|
|
|
607 |
|
Bad debt
expense |
|
312 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
1,653 |
|
|
|
925 |
|
|
|
952 |
|
Other |
|
— |
|
|
|
— |
|
|
|
245 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts
receivable |
|
142 |
|
|
|
(1,707 |
) |
|
|
5,983 |
|
Inventories |
|
3,724 |
|
|
|
(196 |
) |
|
|
8,659 |
|
Prepaid
expenses |
|
(604 |
) |
|
|
(1,759 |
) |
|
|
(1,347 |
) |
Income
tax receivable |
|
1,013 |
|
|
|
1,074 |
|
|
|
— |
|
Other
assets |
|
333 |
|
|
|
821 |
|
|
|
465 |
|
Accounts
payable and accrued expenses |
|
(2,895 |
) |
|
|
3,720 |
|
|
|
(522 |
) |
Income
tax payable |
|
— |
|
|
|
— |
|
|
|
(6,660 |
) |
Other
liabilities |
|
(1,189 |
) |
|
|
(1,518 |
) |
|
|
(2,251 |
) |
Net cash
provided by operating activities |
$ |
28,229 |
|
|
$ |
30,357 |
|
|
$ |
33,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Acquisition of citrus businesses, net of cash acquired |
$ |
— |
|
|
$ |
— |
|
|
$ |
(265,587 |
) |
Proceeds
on sale of sugarcane land |
|
— |
|
|
|
— |
|
|
|
97,151 |
|
Purchases
of property and equipment |
|
(13,353 |
) |
|
|
(14,305 |
) |
|
|
(11,523 |
) |
Return on
investment in Magnolia Fund |
|
324 |
|
|
|
171 |
|
|
|
675 |
|
Proceeds
from sales of assets |
|
760 |
|
|
|
799 |
|
|
|
1,963 |
|
Proceeds
from surrender of life insurance policies |
|
— |
|
|
|
297 |
|
|
|
— |
|
Proceeds
from sales of real estate |
|
2,184 |
|
|
|
— |
|
|
|
— |
|
Other |
|
— |
|
|
|
4 |
|
|
|
264 |
|
Net cash
used in investing activities |
$ |
(10,085 |
) |
|
$ |
(13,034 |
) |
|
$ |
(177,057 |
) |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds
from term loans |
$ |
— |
|
|
$ |
2,500 |
|
|
$ |
184,500 |
|
Principal
payments on revolving line of credit |
|
(70,770 |
) |
|
|
(53,882 |
) |
|
|
(87,031 |
) |
Borrowings on revolving line of credit |
|
65,770 |
|
|
|
58,882 |
|
|
|
81,031 |
|
Repayment
of term loan |
|
— |
|
|
|
— |
|
|
|
(34,000 |
) |
Principal
payments on term loans |
|
(10,743 |
) |
|
|
(10,761 |
) |
|
|
(17,870 |
) |
Contingent consideration paid |
|
— |
|
|
|
(7,500 |
) |
|
|
— |
|
Financing
costs |
|
— |
|
|
|
— |
|
|
|
(2,834 |
) |
Treasury
stock purchases |
|
(3,064 |
) |
|
|
(3,141 |
) |
|
|
(4,013 |
) |
Dividends
paid |
|
(1,987 |
) |
|
|
(1,993 |
) |
|
|
(1,877 |
) |
Capital
lease obligation principal payments |
|
(580 |
) |
|
|
(277 |
) |
|
|
(231 |
) |
Net cash
(used in) provided by financing activities |
$ |
(21,374 |
) |
|
$ |
(16,172 |
) |
|
$ |
117,675 |
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents |
$ |
(3,230 |
) |
|
$ |
1,151 |
|
|
$ |
(25,656 |
) |
Cash and cash
equivalents at beginning of the year |
|
6,625 |
|
|
|
5,474 |
|
|
|
31,130 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of the year |
$ |
3,395 |
|
|
$ |
6,625 |
|
|
$ |
5,474 |
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
Cash paid
for interest, net of amount capitalized |
$ |
7,534 |
|
|
$ |
7,530 |
|
|
$ |
6,167 |
|
Cash
income tax refunds, net of income taxes paid |
$ |
(911 |
) |
|
$ |
(878 |
) |
|
$ |
— |
|
Cash paid
for income taxes, net of income tax refunds |
$ |
— |
|
|
$ |
— |
|
|
$ |
5,213 |
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities: |
|
|
|
|
|
Escrow
deposit in other assets applied to capital expenditures |
$ |
— |
|
|
$ |
— |
|
|
$ |
250 |
|
Property
and equipment purchased with capital leases |
$ |
— |
|
|
$ |
— |
|
|
$ |
37 |
|
Dividend
declared |
$ |
494 |
|
|
$ |
498 |
|
|
$ |
500 |
|
|
|
|
|
|
|
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