Alico, Inc. (“Alico” or the “Company”) (Nasdaq:"ALCO") today
announces financial results for the first quarter ended
December 31, 2018. For the quarter ended, the Company recorded
a net loss attributable to Alico common stockholders of $2.5
million and a loss of $0.33 per diluted common share, compared to
net income attributable to Alico common stockholders of $8.7
million and earnings of $1.05 per diluted common share in the prior
year. Net loss attributable to Alico common stockholders for the
quarter ended December 31, 2018 is attributed to seasonality of
when citrus is harvested. The majority of our citrus crop is
harvested in the second and third quarters of the fiscal year;
consequently, most of the Company's revenues and cash flows from
operating activities is typically recognized in those quarters
while our working capital requirements are greater in the first and
fourth quarters. Net income attributable to Alico common
stockholders in the first quarter of fiscal year 2018 also included
higher gains from sales of real estate, property and equipment and
assets held for sale and a one-time deferred tax benefit of
approximately $11.3 million due to the federal corporate tax rate
reduction enacted on December 22, 2017.
When both periods are adjusted for non-recurring
items related to transaction costs, separation and consulting
arrangements, gains on sale of real estate, property and equipment,
assets held for sale, employee stock compensation expense, tender
offer, professional fees related to corporate matters and one-time
deferred tax adjustments, the Company had an adjusted net loss
attributable to Alico common stockholders of $0.8 million, or a net
loss of $0.10 per diluted common share, for the fiscal quarter
ended December 31, 2018, compared to adjusted net loss attributable
to Alico common stockholders of $3.5 million, or a net loss of
$0.42 per diluted common share, for the fiscal quarter ended
December 30, 2017. Adjusted EBITDA for the fiscal quarters ended
December 31, 2018 and 2017 was $4.1 million and $0.8 million,
respectively.
The Company reported the following financial results:
(in thousands except
for per share amounts) |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
2018 |
|
2017 |
|
Change |
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Alico, Inc. common stockholders |
$ |
(2,467 |
) |
|
$ |
8,746 |
|
|
$ |
(11,213 |
) |
|
(128.2 |
)% |
EBITDA (1) |
$ |
2,279 |
|
|
$ |
2,074 |
|
|
$ |
205 |
|
|
9.9 |
% |
(Loss) earnings per
diluted common share (1) |
$ |
(0.33 |
) |
|
$ |
1.05 |
|
|
$ |
(1.38 |
) |
|
(131.4 |
)% |
Net cash used in
operating activities |
$ |
(12,001 |
) |
|
$ |
(9,689 |
) |
|
$ |
(2,312 |
) |
|
23.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See "Non-GAAP Financial Measures" at the end
of this earnings release for details regarding these measures.
Alico Citrus Division
Results
For the quarter ended December 31, 2018,
Alico Citrus’s Early and Mid-season boxes processed decreased by
18.1%, as a result of harvesting beginning approximately one month
later than in the prior year. Harvesting will be completed later
this season for the Early and Mid-season crop and we anticipate an
overall increase in the number of boxes harvested and operating
revenues to be greater for the fiscal year 2019 for the Early and
Mid-season crop, as compared to the prior year.
The Company also experienced a reduction in the
price per pound solid of $0.27 in the three months ended December
31, 2018, compared to the same period in the prior year. This
decrease is attributable to the industry-wide inventory of the
Early and Mid-season crop being greater than initially
anticipated.
Citrus production for the quarters ended
December 31, 2018 and 2017 is summarized in the following
table.
(boxes and
pound solids in thousands) |
|
|
|
|
|
|
|
Three Months Ended December
31, |
|
|
|
|
|
|
Change |
|
2018 |
|
2017 |
|
Unit |
|
% |
Boxes
Harvested: |
|
|
|
|
|
|
|
Early and
Mid-Season |
994 |
|
|
1,214 |
|
|
(220 |
) |
|
(18.1 |
)% |
Total
Processed |
994 |
|
|
1,214 |
|
|
(220 |
) |
|
(18.1 |
)% |
Fresh
Fruit |
103 |
|
|
73 |
|
|
30 |
|
|
41.1 |
% |
Total |
1,097 |
|
|
1,287 |
|
|
(190 |
) |
|
(14.8 |
)% |
Pound Solids
Produced: |
|
|
|
|
|
|
|
Early and
Mid-Season |
5,138 |
|
|
6,069 |
|
|
(931 |
) |
|
(15.3 |
)% |
Total |
5,138 |
|
|
6,069 |
|
|
(931 |
) |
|
(15.3 |
)% |
|
|
|
|
|
|
|
|
Average Pound Solids
Per Box |
5.17 |
|
|
5.00 |
|
|
0.17 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
Price per Pound
Solids: |
|
|
|
|
|
|
|
Early and
Mid-Season |
$ |
2.27 |
|
|
$ |
2.54 |
|
|
$ |
(0.27 |
) |
|
(10.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alico Citrus operating expenses decreased to
$10.9 million for the quarter ended December 31, 2018,
compared to $16.3 million for the quarter ended December 31,
2017. The decrease primarily relates to the later timing of the
harvesting of the Early and Mid-Season fruit in fiscal year 2019,
coupled with the effect of the costs incurred in the three months
ended December 31, 2017 for clean-up and repairs as a result of
Hurricane Irma, which were not incurred in the quarter ended
December 31, 2018.
Water Resources and Other Operations
Division Results
The operating results for the Water Resources
and Other Operations Division for the three months ended
December 31, 2018 improved by approximately $0.4 million,
primarily as a result of the Company, upon the sale of its cattle
herd in January 2018, entering into a long-term leasing arrangement
with the cattle herd purchaser of grazing rights on the Ranch,
providing an annual revenue stream of approximately $1.2 million.
The Company continues to own the property and conduct its long-term
water dispersement program and wildlife management programs.
Other Corporate Financial
Information
General and Administrative expenses were $3.5
million for the quarter ended December 31, 2018, as compared to
$3.9 million for the quarter ended December 31, 2017. The decrease
was driven by a decrease in overall payroll and payroll related
expenses of approximately $0.6 million, resulting from a reduction
in (i) separation expenses, (ii) accruals for paid time-off, and
(iii) personnel and overtime costs. Additionally, audit and tax
fees and consulting fees were reduced by approximately $0.3
million. These decreases were partially offset by an increase in
professional fees of approximately $0.5 million relating to
corporate matters.
Other expense, net was $2.9 million for the
quarter ended December 31, 2018, as compared to $0.4 million
for the quarter ended December 31, 2017. The increase in other
expense, net is primarily attributable to the fact that during the
three months ended December 31, 2018 the Company recorded a fair
value adjustment of approximately $1.0 million relating to the
change in fair value of the derivative asset and liabilities.
Additionally, during the three months ended December 31, 2017, the
Company recorded a gain on the sale of its office building in Fort
Myers, Florida, of approximately $1.8 million. No significant
gain on the sale of assets was recorded for the three months ended
December 31, 2018.
The Company paid a first quarter cash dividend
of $0.06 per share on its outstanding common stock on January 11,
2019 to stockholders of record at December 28, 2018.
At December 31, 2018 the Company had
working capital of $27.5 million and had net long-term debt, net of
cash and cash equivalents and restricted cash, of $186.7
million.
About Alico
Alico, Inc. primarily operates two divisions:
Alico Citrus, one of the nation’s largest citrus producers, and
Alico Water Resources and Other Operations, a leading water storage
and environmental services division. 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; changes in the political environment and agendas; 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 and corporate opportunities; onetime events; acquisitions
and divestitures; 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
ALICO, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands, except share
amounts) |
|
|
|
|
|
December 31, |
|
September 30, |
|
2018 |
|
2018 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash
equivalents |
$ |
272 |
|
|
$ |
25,260 |
|
Accounts
receivable, net |
6,842 |
|
|
2,544 |
|
Inventories |
42,458 |
|
|
41,033 |
|
Assets
held for sale |
1,215 |
|
|
1,391 |
|
Income
tax receivable |
484 |
|
|
15 |
|
Prepaid
expenses and other current assets |
1,134 |
|
|
818 |
|
Derivative asset |
3,269 |
|
|
— |
|
Total current assets |
55,674 |
|
|
71,061 |
|
|
|
|
|
Restricted cash |
7,002 |
|
|
7,000 |
|
Property and equipment,
net |
340,563 |
|
|
340,403 |
|
Goodwill |
2,246 |
|
|
2,246 |
|
Deferred financing
costs, net of accumulated amortization |
87 |
|
|
136 |
|
Other non-current
assets |
3,182 |
|
|
2,576 |
|
Total assets |
$ |
408,754 |
|
|
$ |
423,422 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
3,002 |
|
|
$ |
3,764 |
|
Accrued
liabilities |
4,382 |
|
|
9,226 |
|
Long-term
debt, current portion |
5,300 |
|
|
5,275 |
|
Income
taxes payable |
— |
|
|
2,320 |
|
Other
current liabilities |
984 |
|
|
913 |
|
Derivative liabilities |
14,536 |
|
|
— |
|
Total current liabilities |
28,204 |
|
|
21,498 |
|
|
|
|
|
Long-term debt: |
|
|
|
Principal amount, net
of current portion |
166,342 |
|
|
169,074 |
|
Less: deferred
financing costs, net |
(1,514 |
) |
|
(1,563 |
) |
Long-term debt less
current portion and deferred financing costs, net |
164,828 |
|
|
167,511 |
|
Lines of credit |
22,314 |
|
|
2,685 |
|
Deferred income tax
liabilities |
25,153 |
|
|
25,153 |
|
Deferred gain on
sale |
— |
|
|
24,928 |
|
Deferred retirement
obligations |
4,032 |
|
|
4,052 |
|
Total liabilities |
244,531 |
|
|
245,827 |
|
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 7,454,795 and 8,199,957 shares
outstanding at December 31, 2018 and September 30, 2018,
respectively |
8,416 |
|
|
8,416 |
|
Additional paid in capital |
20,384 |
|
|
20,126 |
|
Treasury
stock, at cost, 961,350 and 216,188 shares held at December 31,
2018 and September 30, 2018, respectively |
(32,817 |
) |
|
(7,536 |
) |
Retained
earnings |
162,798 |
|
|
151,111 |
|
Total Alico stockholders' equity |
158,781 |
|
|
172,117 |
|
Noncontrolling interest |
5,442 |
|
|
5,478 |
|
Total stockholders' equity |
164,223 |
|
|
177,595 |
|
Total liabilities and stockholders' equity |
$ |
408,754 |
|
|
$ |
423,422 |
|
|
|
|
|
|
|
|
|
ALICO, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
(in thousands, except per share
amounts) |
|
|
|
|
|
Three Months Ended December 31, |
|
2018 |
|
2017 |
Operating
revenues: |
|
|
|
Alico
Citrus |
$ |
13,897 |
|
|
$ |
17,079 |
|
Water
Resources and Other Operations |
882 |
|
|
454 |
|
Total
operating revenues |
14,779 |
|
|
17,533 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Alico
Citrus |
10,874 |
|
|
16,295 |
|
Water
Resources and Other Operations |
723 |
|
|
656 |
|
Total
operating expenses |
11,597 |
|
|
16,951 |
|
|
|
|
|
Gross
profit: |
3,182 |
|
|
582 |
|
General and
administrative expenses |
3,450 |
|
|
3,886 |
|
|
|
|
|
Loss from
operations |
(268 |
) |
|
(3,304 |
) |
|
|
|
|
Other (expense) income: |
|
|
|
Interest
expense |
(1,917 |
) |
|
(2,255 |
) |
Gain on
sale of real estate, property and equipment and assets held for
sale |
22 |
|
|
1,736 |
|
Change in
fair value of derivatives |
(956 |
) |
|
— |
|
Other
(expense) income, net |
(13 |
) |
|
144 |
|
Total
other expenses, net |
(2,864 |
) |
|
(375 |
) |
|
|
|
|
Loss before
income taxes |
(3,132 |
) |
|
(3,679 |
) |
Income tax benefit |
(629 |
) |
|
(12,417 |
) |
|
|
|
|
Net (loss)
income |
(2,503 |
) |
|
8,738 |
|
Net loss attributable
to noncontrolling interests |
36 |
|
|
8 |
|
Net (loss)
income attributable to Alico, Inc. common
stockholders |
$ |
(2,467 |
) |
|
$ |
8,746 |
|
|
|
|
|
Per share
information attributable to Alico, Inc. common
stockholders: |
|
|
|
(Loss) earnings
per common share: |
|
|
|
Basic |
$ |
(0.33 |
) |
|
$ |
1.06 |
|
Diluted |
$ |
(0.33 |
) |
|
$ |
1.05 |
|
Weighted-average number of common shares
outstanding: |
|
|
|
Basic |
7,479 |
|
|
8,245 |
|
Diluted |
7,479 |
|
|
8,364 |
|
|
|
|
|
Cash dividends
declared per common share |
$ |
0.06 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
ALICO, INC. |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
(in thousands) |
|
|
|
|
|
Three Months Ended December 31, |
|
2018 |
|
2017 |
|
|
|
|
Net cash used
in operating activities: |
|
|
|
Net
(loss) income |
$ |
(2,503 |
) |
|
$ |
8,738 |
|
Adjustments to reconcile net (loss) income to net cash used in
operating activities: |
|
|
|
Deferred
gain on sale of sugarcane land |
— |
|
|
(141 |
) |
Depreciation, depletion and amortization |
3,458 |
|
|
3,490 |
|
Deferred
income tax benefit |
(629 |
) |
|
(12,417 |
) |
Gain on
sale of real estate, property and equipment and assets held for
sale |
(22 |
) |
|
(1,596 |
) |
Change in
fair value of derivatives |
956 |
|
|
— |
|
Non-cash
interest expense on deferred gain on sugarcane land |
— |
|
|
344 |
|
Stock-based compensation expense |
553 |
|
|
423 |
|
Other |
(7 |
) |
|
(44 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts
receivable |
(4,298 |
) |
|
(7,589 |
) |
Inventories |
(1,425 |
) |
|
3,024 |
|
Prepaid
expenses and other assets |
(343 |
) |
|
(240 |
) |
Income
tax receivable |
(469 |
) |
|
— |
|
Accounts
payable and accrued expenses |
(5,636 |
) |
|
(3,298 |
) |
Income
tax payable |
(1,691 |
) |
|
— |
|
Other
liabilities |
55 |
|
|
(383 |
) |
Net cash
used in operating activities |
(12,001 |
) |
|
(9,689 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchases
of property and equipment |
(3,458 |
) |
|
(3,561 |
) |
Net
proceeds from sale of property and equipment and assets held for
sale |
202 |
|
|
5,300 |
|
Deposits
on purchase of citrus trees |
(632 |
) |
|
— |
|
Notes
receivable |
4 |
|
|
— |
|
Net cash
(used in) provided by investing activities |
(3,884 |
) |
|
1,739 |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Repayments on revolving lines of credit |
(6,948 |
) |
|
(10,608 |
) |
Borrowings on revolving lines of credit |
26,577 |
|
|
17,731 |
|
Principal
payments on term loans |
(2,707 |
) |
|
(1,118 |
) |
Treasury
stock purchases |
(25,576 |
) |
|
— |
|
Dividends
paid |
(447 |
) |
|
(494 |
) |
Capital
lease obligation payments |
— |
|
|
(8 |
) |
Net cash
(used in) provided by financing activities |
(9,101 |
) |
|
5,503 |
|
|
|
|
|
Net decrease in
cash and cash equivalents and restricted cash |
(24,986 |
) |
|
(2,447 |
) |
Cash and cash
equivalents and restricted cash at beginning of the period |
32,260 |
|
|
3,395 |
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of the
period |
$ |
7,274 |
|
|
$ |
948 |
|
|
|
|
|
|
|
|
|
Non-GAAP
Financial Measures |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
Net (loss) income
attributable to common stockholders |
|
$ |
(2,467 |
) |
|
$ |
8,746 |
|
Interest
expense |
|
1,917 |
|
|
2,255 |
|
Income
tax benefit |
|
(629 |
) |
|
(12,417 |
) |
Depreciation, depletion and amortization |
|
3,458 |
|
|
3,490 |
|
EBITDA |
|
2,279 |
|
|
2,074 |
|
|
|
|
|
|
Transaction costs |
|
— |
|
|
76 |
|
Stock
compensation expense (1) |
|
315 |
|
|
231 |
|
Separation and consulting agreement expense |
|
— |
|
|
188 |
|
Tender
offer expense |
|
32 |
|
|
— |
|
Professional fees relating to corporate matters |
|
500 |
|
|
— |
|
Change in
fair value of derivatives |
|
956 |
|
|
— |
|
Gains on
sale of real estate and property and equipment and assets held for
sale |
|
(22 |
) |
|
(1,736 |
) |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
4,060 |
|
|
$ |
833 |
|
(1) Includes
stock compensation expense for current executives. |
|
|
|
|
|
|
|
|
|
Adjusted Loss
Per Diluted Common Share |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
Net (loss) income
attributable to common stockholders |
|
$ |
(2,467 |
) |
|
$ |
8,746 |
|
One-time
deferred tax adjustment due to new tax legislation |
|
— |
|
|
(11,327 |
) |
Transaction costs |
|
— |
|
|
76 |
|
Stock
compensation expense (1) |
|
315 |
|
|
231 |
|
Separation and consulting agreement expense |
|
— |
|
|
188 |
|
Tender
offer expense |
|
32 |
|
|
— |
|
Professional fees relating to corporate matters |
|
500 |
|
|
— |
|
Change in
fair value of derivatives |
|
956 |
|
|
— |
|
Gains on
sale of real estate and property and equipment and assets held for
sale |
|
(22 |
) |
|
(1,736 |
) |
Tax
impact |
|
(78 |
) |
|
304 |
|
|
|
|
|
|
Adjusted net loss
attributable to common stockholders |
|
$ |
(764 |
) |
|
$ |
(3,518 |
) |
|
|
|
|
|
Diluted common
shares |
|
7,479 |
|
|
8,364 |
|
|
|
|
|
|
Adjusted Loss per
Diluted Common Share |
|
$ |
(0.10 |
) |
|
$ |
(0.42 |
) |
|
|
|
|
|
(1) Includes
stock compensation expense for current executives. |
|
|
|
|
|
|
|
|
|
Adjusted Free
Cash Flow |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2018 |
|
2017 |
Net cash used in
operating activities |
|
$ |
(12,001 |
) |
|
$ |
(9,689 |
) |
Adjustments for
non-recurring items: |
|
|
|
|
Transaction costs |
|
— |
|
|
76 |
|
Separation and consulting agreement expense |
|
— |
|
|
188 |
|
Tender
offer expense |
|
32 |
|
|
— |
|
Professional fees relating to corporate matters |
|
500 |
|
|
— |
|
Tax
impact |
|
(8 |
) |
|
(65 |
) |
Capital
expenditures |
|
(3,458 |
) |
|
(3,561 |
) |
Adjusted Free Cash
Flow |
|
$ |
(14,935 |
) |
|
$ |
(13,051 |
) |
|
|
|
|
|
Diluted common
shares |
|
7,479 |
|
|
8,364 |
|
|
|
|
|
|
Adjusted Free Cash Flow
per Diluted Common Share |
|
$ |
(2.00 |
) |
|
$ |
(1.56 |
) |
|
|
|
|
|
|
|
|
|
Alico utilizes the non-GAAP measures EBITDA,
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 and
other factors, management believes that EBITDA, 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, provide 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 help 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. EBITDA is
defined as net income (loss) before interest expense, provision
(benefit) for income taxes, depreciation and amortization. Adjusted
EBITDA is defined as net income (loss) before interest expense,
provision (benefit) for income taxes, depreciation and amortization
and adjustments 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, property and equipment and assets
held for sale. 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.
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