Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today
announces financial results for the fiscal quarter ended December
31, 2019, the highlights which are as follows:
- Production of fruit on
track to match prior season’s harvest.
- Current pricing environment
is challenging.
- Additional proceeds of $4.5
million received under the Florida Citrus Recovery Block Grant
Program.
- Balance Sheet remains
strong with a working capital ratio of 2.33 to 1.00.
Results of Operations
For the fiscal quarter ended December 31,
2019, the Company recorded net income attributable to Alico
common stockholders of $0.8 million and earnings of $0.11 per
diluted common share, compared to net loss attributable to Alico
common stockholders of $2.5 million and a loss of $0.33 per diluted
common share in the first fiscal quarter ended December 31, 2018.
The increase in net income attributable to Alico common
stockholders is primarily due to funds awarded through the federal
disaster relief program, and reductions in certain general and
administrative costs, partially offset by a decrease in the number
of boxes harvested, and a decline in the price per pound solids
applicable to the quarter ended December 31, 2019, compared to the
quarter ended December 31, 2018. The current harvesting activities
commenced later than in the prior year but are on schedule, and the
Company is confident that its current year production remains on
track to meet the pound solids delivered last fiscal year.
When both quarters are adjusted for certain
non-recurring items, the Company had an adjusted loss of $0.28 per
diluted common share for the fiscal quarter ended December 31,
2019, compared to an adjusted loss of $0.10 per diluted common
share for the fiscal quarter ended December 31, 2018. Adjusted
EBITDA for the quarters ended December 31, 2019 and December
31, 2018 was $2.2 million and $4.1 million, respectively.
These results reflect the seasonal nature of the
Company’s business. The majority of our citrus crop is harvested in
the second and third quarters of the fiscal year; consequently,
most of the Company's profit and cash flows from operating
activities are typically recognized in those quarters and our
working capital requirements are typically greater in the first and
fourth quarters of our fiscal year.
The Company reported the following financial
results:
(in thousands, except for per
share amounts and percentages) |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Alico common stockholders |
$ |
791 |
|
|
$ |
(2,467 |
) |
|
$ |
3,258 |
|
|
132.1 |
% |
EBITDA (1) |
$ |
6,305 |
|
|
$ |
2,279 |
|
|
$ |
4,026 |
|
|
176.7 |
% |
Adjusted EBITDA (1) |
$ |
2,201 |
|
|
$ |
4,060 |
|
|
$ |
(1,859 |
) |
|
(45.8 |
)% |
Earnings per diluted common
share |
$ |
0.11 |
|
|
$ |
(0.33 |
) |
|
$ |
0.44 |
|
|
133.3 |
% |
Net cash provided by operating
activities |
$ |
(6,043 |
) |
|
$ |
(12,001 |
) |
|
$ |
5,958 |
|
|
49.6 |
% |
(1) See “Non-GAAP Financial Measures” at the end
of this earnings release for details regarding these measures.
Alico Citrus Division Results
Citrus production for the three months ended
December 31, 2019 and 2018 is summarized in the following
table.
(in thousands,
except per box and per pound solids data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
December 31, |
|
Change |
|
2019 |
|
2018 |
|
Unit |
|
% |
Boxes
Harvested: |
|
|
|
|
|
|
|
Early and Mid-Season |
880 |
|
|
994 |
|
|
(114 |
) |
|
(11.5 |
)% |
Total Processed |
880 |
|
|
994 |
|
|
(114 |
) |
|
(11.5 |
)% |
Fresh Fruit |
95 |
|
|
103 |
|
|
(8 |
) |
|
(7.8 |
)% |
Total |
975 |
|
|
1,097 |
|
|
(122 |
) |
|
(11.1 |
)% |
|
|
|
|
|
|
|
|
Pound Solids
Produced: |
|
|
|
|
|
|
|
Early and Mid-Season |
4,856 |
|
|
5,138 |
|
|
(282 |
) |
|
(5.5 |
)% |
Total |
4,856 |
|
|
5,138 |
|
|
(282 |
) |
|
(5.5 |
)% |
|
|
|
|
|
|
|
|
Average Pound Solids per
Box |
5.52 |
|
|
5.17 |
|
|
0.35 |
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
Price per Pound
Solids: |
|
|
|
|
|
|
|
Early and Mid-Season |
$ |
1.87 |
|
|
$ |
2.27 |
|
|
$ |
(0.40 |
) |
|
(17.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31,
2019, Alico Citrus harvested 0.98 million boxes of fruit, a
decrease of 11.1% from the first quarter of the prior fiscal year.
The decrease was principally related to the harvest commencing
later in the current fiscal year compared to the prior fiscal year.
The Company also saw a reduction in the price per pound solid from
$2.27 to $1.87, largely due to the Florida citrus crop being
greater than expected in the 2018/2019 harvest season, leading to
excess inventory levels in the current harvest season, along with
the continued inflow of imported fruit. Aggressive management of
all costs and expenses remains one of the Company’s highest
priorities.
The Company experienced an overall increase in
pound solids per box, which was 5.52 for the fiscal quarter ended
December 31, 2019, compared to 5.17 for the fiscal quarter ended
December 31, 2018.
Water Resources and Other
Operations Division Results
Operating results for the Water Resources
and Other Operations Division for the three months ended
December 31, 2019 improved by $0.1 million compared to the
three months ended December 31, 2018. This was primarily due to
lower expenses related to the dispersed water project, as well as a
reduction in land consulting expenses. This improvement was
partially offset by a reduction in revenue from a cattle grazing
lease, because fewer acres were leased. Alico is still working to
obtain approvals necessary to secure required permits to begin
construction of the dispersed water project.
Management Comment
John Kiernan, President and Chief Executive
Officer, commented, “This season, we are producing excellent fruit
on schedule and as expected. We are affected by the pricing
pressure that is currently impacting the entire citrus industry.
Our long-term contracts mitigate the full impact of these low
market prices, but we, like other Florida citrus growers, expect a
lower level of revenues for this current fiscal year. However, we
believe through our Alico 2.0 Modernization program efforts and our
continued focus on controlling and managing future costs, we are
well-positioned to withstand these challenges in the near-term.
Alico and the Florida citrus industry have faced similar supply and
demand imbalances in the past. Our cost structure and operating
discipline will enable Alico to rebound strongly when market prices
recover.”
Mr. Kiernan continued, “Our plan of returning
capital to our shareholders has not changed. During the first
quarter we prepaid approximately $4.5 million of debt in addition
to our scheduled mandatory principal debt payments, and we paid a
50% increased dividend of $0.09 per common share. We continue to
evaluate opportunities to acquire additional citrus acreage at
attractive prices, consider acquisitions that improve our rates of
shareholder returns, and develop profitable fee-based businesses
that complement and diversify our current revenue streams.”
Other Corporate Financial
Information
General and administrative expenses for the
three months ended December 31, 2019 totaled approximately
$2.8 million, compared to approximately $3.5 million for the three
months ended December 31, 2018. The decrease was attributable in
large part to (i) a reduction in professional fees of
approximately $0.5 million relating to corporate matters incurred
in the three months ended December 31, 2018, (ii) a reduction in
rent expense of approximately $0.2 million as a result of the
Company not renewing its lease for office space in New York City,
and (iii) a reduction in stock compensation expense of
approximately $0.2 million as a result of a former senior executive
forfeiting stock options during fiscal year 2019, as part of
settled litigation. These decreases were partially offset by an
increase in separation agreement expense and pension expense.
Other expense, net, for the three months ended
December 31, 2019 and December 31, 2018, was
approximately $1.6 million and approximately $2.9 million,
respectively. The decrease in the net expense is primarily due to
the fact that, during the three months ended December 31, 2018, the
Company had recorded an expense of approximately $1.0 million
relating to the change in fair value of the derivative asset and
derivative liabilities. Additionally, the Company recorded less
interest expense of approximately $0.4 million as a result of
borrowing less funds under its line of credit in the three months
ended December 31, 2019, as compared to the same period of the
three months ended December 31, 2018 along with the reduction of
its long-term debt from making its mandatory principal
payments.
During the fiscal quarter ended December 31,
2019, the Company received approximately $4.5 million of additional
proceeds under the Florida Citrus Recovery Block Grant (“Florida
CRBG”) program relating to Hurricane Irma. To date, the Company has
received $20.1 million of proceeds under the Florida CRBG program,
which represented reimbursement under the Part 1 and Part 2.
The timing and amount to be received under the Part 3 of the
Florida CRBG program, if any, has not yet been finalized.
Dividend
On January 10, 2020, the Company paid a first quarter cash
dividend of $0.09 per share on its outstanding common stock to
stockholders of record as of December 27, 2019.
Balance Sheet and Liquidity
The Company continues to demonstrate financial
strength within its balance sheet, as highlighted below:
- The Company’s working capital was $30.7 million at
December 31, 2019, representing a 2.33 to 1.00 ratio.
- The Company continues to improve upon its debt to equity
ratio. At December 31, 2019, September 30, 2019 and
September 30, 2018, the ratios were 0.78 to 1.00, 0.82 to 1.00 and
1.00 to 1.00, respectively.
At December 31, 2019, the Company had term
debt, net of cash and cash equivalents and restricted cash, of
$150.1 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 continue to achieve
the planned cost savings under the Alico 2.0 Modernization Program;
customer concentration; labor disruptions; and 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.
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:
Investor Relations(646)
277-1254InvestorRelations@alicoinc.com
Richard RalloSenior Vice President and Chief Financial
Officer(239) 226-2000rrallo@alicoinc.com
|
|
ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share
amounts) |
|
|
|
|
|
|
|
|
|
December
31, |
|
September
30, |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
5,546 |
|
|
$ |
18,630 |
|
|
Accounts receivable, net |
|
1,852 |
|
|
|
713 |
|
|
Inventories |
|
43,288 |
|
|
|
40,143 |
|
|
Assets held for sale |
|
1,442 |
|
|
|
1,442 |
|
|
Prepaid expenses and other current assets |
|
1,526 |
|
|
|
1,049 |
|
|
Total current assets |
|
53,654 |
|
|
|
61,977 |
|
|
|
|
|
|
|
Restricted
cash |
|
719 |
|
|
|
5,208 |
|
|
Property and
equipment, net |
|
345,572 |
|
|
|
345,648 |
|
|
Goodwill |
|
2,246 |
|
|
|
2,246 |
|
|
Other
non-current assets |
|
2,878 |
|
|
|
2,309 |
|
|
Total assets |
$ |
405,069 |
|
|
$ |
417,388 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
1,493 |
|
|
$ |
4,163 |
|
|
Accrued liabilities |
|
4,449 |
|
|
|
7,769 |
|
|
Long-term debt, current portion |
|
5,130 |
|
|
|
5,338 |
|
|
Deferred retirement obligations |
|
5,226 |
|
|
|
5,226 |
|
|
Income taxes payable |
|
5,897 |
|
|
|
5,536 |
|
|
Other current liabilities |
|
797 |
|
|
|
919 |
|
|
Total current liabilities |
|
22,992 |
|
|
|
28,951 |
|
|
|
|
|
|
|
Long-term
debt: |
|
|
|
|
Principal amount, net of current portion |
|
151,187 |
|
|
|
158,111 |
|
|
Less: deferred financing costs, net |
|
(1,286 |
) |
|
|
(1,369 |
) |
|
Long-term debt less current portion and deferred financing costs,
net |
|
149,901 |
|
|
|
156,742 |
|
|
Deferred
income tax liabilities, net |
|
32,125 |
|
|
|
32,125 |
|
|
Other
liabilities |
|
363 |
|
|
|
172 |
|
|
Total liabilities |
|
205,381 |
|
|
|
217,990 |
|
|
|
|
|
|
|
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 7,475,200 and 7,476,513 shares
outstanding at December 31, 2019 and September 30, 2019,
respectively |
|
8,416 |
|
|
|
8,416 |
|
|
Additional paid in capital |
|
19,857 |
|
|
|
19,781 |
|
|
Treasury stock, at cost, 940,945 and 939,632 shares held at
December 31, 2019 and September 30, 2019, respectively |
|
(31,956 |
) |
|
|
(31,943 |
) |
|
Retained earnings |
|
198,169 |
|
|
|
198,049 |
|
|
Total Alico stockholders' equity |
|
194,486 |
|
|
|
194,303 |
|
|
Noncontrolling interest |
|
5,202 |
|
|
|
5,095 |
|
|
Total stockholders' equity |
|
199,688 |
|
|
|
199,398 |
|
|
Total liabilities and stockholders' equity |
$ |
405,069 |
|
|
$ |
417,388 |
|
|
|
|
|
|
|
|
|
|
|
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in
thousands, except per share amounts) |
|
Three Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
Operating revenues: |
|
|
|
Alico Citrus |
$ |
10,175 |
|
|
$ |
13,897 |
|
Water Resources and Other Operations |
|
830 |
|
|
|
882 |
|
Total operating revenues |
|
11,005 |
|
|
|
14,779 |
|
|
|
|
|
Operating expenses: |
|
|
|
Alico Citrus |
|
4,840 |
|
|
|
10,874 |
|
Water Resources and Other Operations |
|
551 |
|
|
|
723 |
|
Total operating expenses |
|
5,391 |
|
|
|
11,597 |
|
Gross profit |
|
5,614 |
|
|
|
3,182 |
|
General and
administrative expenses |
|
2,760 |
|
|
|
3,450 |
|
|
|
|
|
Income
(loss) from operations |
|
2,854 |
|
|
|
(268 |
) |
|
|
|
|
Other (expense) income: |
|
|
|
Interest expense |
|
(1,544 |
) |
|
|
(1,917 |
) |
Gain on sale of real estate, property and equipment and assets held
for sale |
|
25 |
|
|
|
22 |
|
Change in fair value of derivatives |
|
— |
|
|
|
(956 |
) |
Other expense |
|
(76 |
) |
|
|
(13 |
) |
Total other expenses, net |
|
(1,595 |
) |
|
|
(2,864 |
) |
|
|
|
|
Income (loss) before income taxes |
|
1,259 |
|
|
|
(3,132 |
) |
Income tax
provision (benefit) |
|
361 |
|
|
|
(629 |
) |
|
|
|
|
Net
income (loss) |
|
898 |
|
|
|
(2,503 |
) |
Net (income)
loss attributable to noncontrolling interests |
|
(107 |
) |
|
|
36 |
|
Net
income (loss) attributable to Alico, Inc. common
stockholders |
$ |
791 |
|
|
$ |
(2,467 |
) |
|
|
|
|
Per
share information attributable to Alico, Inc. common
stockholders: |
|
|
|
Earnings (loss) per common share: |
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
(0.33 |
) |
Diluted |
$ |
0.11 |
|
|
$ |
(0.33 |
) |
Weighted-average number of common shares
outstanding: |
|
|
|
Basic |
|
7,477 |
|
|
|
7,479 |
|
Diluted |
|
7,491 |
|
|
|
7,479 |
|
|
|
|
|
Cash
dividends declared per common share |
$ |
0.09 |
|
|
$ |
0.06 |
|
|
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in
thousands) |
|
Three Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Net
cash used in operating activities: |
|
|
|
Net income (loss) |
$ |
898 |
|
|
$ |
(2,503 |
) |
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
Depreciation, depletion and amortization |
|
3,609 |
|
|
|
3,458 |
|
Deferred income tax expense (benefit) |
|
— |
|
|
|
(629 |
) |
Gain on sale of real estate, property and equipment and assets held
for sale |
|
(25 |
) |
|
|
(22 |
) |
Change in fair value of derivatives |
|
— |
|
|
|
956 |
|
Impairment of long-lived assets |
|
88 |
|
|
|
— |
|
Impairment of right-of-use asset |
|
87 |
|
|
|
— |
|
Stock-based compensation expense |
|
301 |
|
|
|
553 |
|
Other |
|
— |
|
|
|
(7 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(1,139 |
) |
|
|
(4,298 |
) |
Inventories |
|
(3,145 |
) |
|
|
(1,425 |
) |
Prepaid expenses |
|
(477 |
) |
|
|
(343 |
) |
Income tax receivable |
|
— |
|
|
|
(469 |
) |
Other assets |
|
(457 |
) |
|
|
— |
|
Accounts payable and accrued liabilities |
|
(6,213 |
) |
|
|
(5,636 |
) |
Income tax payable |
|
361 |
|
|
|
(1,691 |
) |
Other liabilities |
|
69 |
|
|
|
55 |
|
Net cash used in operating activities |
|
(6,043 |
) |
|
|
(12,001 |
) |
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Purchases of property and equipment |
|
(3,541 |
) |
|
|
(3,458 |
) |
Net proceeds from sale of property and equipment and assets held
for sale |
|
42 |
|
|
|
202 |
|
Change in deposits on purchase of citrus trees |
|
(194 |
) |
|
|
(632 |
) |
Advances on notes receivables, net |
|
4 |
|
|
|
4 |
|
Net cash used in investing activities |
|
(3,689 |
) |
|
|
(3,884 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Repayments on revolving lines of credit |
|
— |
|
|
|
(6,948 |
) |
Borrowings on revolving lines of credit |
|
— |
|
|
|
26,577 |
|
Principal payments on term loans |
|
(7,132 |
) |
|
|
(2,707 |
) |
Treasury stock purchases |
|
(238 |
) |
|
|
(25,576 |
) |
Dividends paid |
|
(448 |
) |
|
|
(447 |
) |
Deferred financing costs |
|
(23 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(7,841 |
) |
|
|
(9,101 |
) |
|
|
|
|
Net
decrease in cash and cash equivalents and restricted
cash |
|
(17,573 |
) |
|
|
(24,986 |
) |
Cash and
cash equivalents and restricted cash at beginning of the
period |
|
23,838 |
|
|
|
32,260 |
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of the
period |
$ |
6,265 |
|
|
$ |
7,274 |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
(in
thousands) |
|
|
|
|
Three Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Net income
(loss) attributable to common stockholders |
$ |
791 |
|
|
$ |
(2,467 |
) |
Interest expense |
|
1,544 |
|
|
|
1,917 |
|
Income tax provision (benefit) |
|
361 |
|
|
|
(629 |
) |
Depreciation, depletion and amortization |
|
3,609 |
|
|
|
3,458 |
|
EBITDA |
|
6,305 |
|
|
|
2,279 |
|
Adjustments for non-recurring items: |
|
|
|
Impairment of right-of-use asset |
|
87 |
|
|
|
— |
|
Impairment of long-lived assets |
|
88 |
|
|
|
— |
|
Employee stock compensation expense (1) |
|
108 |
|
|
|
315 |
|
Separation agreement expense (2) |
|
104 |
|
|
|
— |
|
Tender offer expenses |
|
— |
|
|
|
32 |
|
Professional fees relating to corporate matters |
|
— |
|
|
|
500 |
|
Change in fair value of derivatives |
|
— |
|
|
|
956 |
|
Federal relief proceeds - Hurricane Irma |
|
(4,466 |
) |
|
|
— |
|
Gains on sale of real estate and property and equipment and assets
held for sale |
|
(25 |
) |
|
|
(22 |
) |
|
|
|
|
Adjusted
EBITDA |
$ |
2,201 |
|
|
$ |
4,060 |
|
|
|
|
|
(1) Includes stock compensation expense for current and former
executives and managers. |
(2) Includes separation expenses for a former senior manager. |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings (Loss) Per Diluted Common
Share |
|
|
|
(in
thousands) |
|
|
|
|
Three Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Net income
(loss) attributable to common stockholders |
$ |
791 |
|
|
$ |
(2,467 |
) |
Adjustments for non-recurring items: |
|
|
|
Impairment of right-of-use asset |
|
87 |
|
|
|
— |
|
Impairment of long-lived assets |
|
88 |
|
|
|
— |
|
Employee stock compensation expense (1) |
|
108 |
|
|
|
315 |
|
Separation agreement expense (2) |
|
104 |
|
|
|
— |
|
Tender offer expenses |
|
— |
|
|
|
32 |
|
Professional fees relating to corporate matters |
|
— |
|
|
|
500 |
|
Change in fair value of derivatives |
|
— |
|
|
|
956 |
|
Federal relief proceeds - Hurricane Irma |
|
(4,466 |
) |
|
|
— |
|
Gains on sale of real estate and property and equipment and assets
held for sale |
|
(25 |
) |
|
|
(22 |
) |
Tax impact |
|
1,202 |
|
|
|
(78 |
) |
|
|
|
|
Adjusted net
loss attributable to common stockholders |
$ |
(2,111 |
) |
|
$ |
(764 |
) |
|
|
|
|
Diluted
common shares |
|
7,491 |
|
|
|
7,479 |
|
|
|
|
|
Adjusted
loss per diluted common share |
$ |
(0.28 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
(1) Includes stock compensation expense for current and former
executives and managers. |
(2) Includes separation expenses for a former senior manager. |
Alico utilizes the non-GAAP measures EBITDA,
Adjusted EBITDA and Adjusted Earnings (Loss) per Diluted Common
Share 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
EBITDA, Adjusted EBITDA and Adjusted Earnings (Loss) per Diluted
Common Share 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 before interest expense, provision for income
taxes, depreciation and amortization. Adjusted EBITDA is defined as
net income before interest expense, provision 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 net income (loss)
adjusted for non-recurring transactions divided by diluted common
shares.
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