Alico, Inc. has announced financial results for the fiscal quarter ended December 31, 2020, the highlights which are as follows:
- Not-from-concentrate orange juice consumption continues to be strong.
- Production of Early and Mid-Season fruit is down from the previous year.
- Market prices per pound solids increase in fiscal year 2021.
- Additional proceeds of $4.1 million received under the Florida Citrus Recovery Block Grant Program.
- Balance sheet remains strong with a working capital ratio of 3.21 to 1.00.
- Company reaffirms guidance of net income, EBITDA, adjusted net income and adjusted EBITDA for fiscal year 2021.
Results of Operations
For the fiscal quarter ended December 31, 2020, the Company recorded net income attributable to Alico common stockholders of approximately $3.8 million and earnings of $0.51 per diluted common share, compared to net income attributable to Alico common stockholders of approximately $0.8 million and earnings of $0.11 per diluted common share in the first fiscal quarter ended December 31, 2019.
The increase in net income attributable to Alico common stockholders is primarily due to an increased amount of gain on the sale of real estate, property and equipment and assets held for sale being recorded in the quarter ended December 31, 2020, compared to the quarter ended December 31, 2019, primarily due to the sale of certain parcels on the east side of the Alico Ranch.
When 
both quarters are adjusted for certain non-recurring items, the Company had an adjusted loss of $0.23 per diluted common share for the fiscal quarter ended December 31, 2020, compared to an adjusted loss of $0.29 per diluted common share for the fiscal quarter ended December 31, 2019. Adjusted EBITDA for the quarters ended December 31, 2020 and December 31, 2019 was approximately $2.7 million and $2.1 million, respectively.
Click here to view the financial report.
For more information: alicoinc.com