Alico, 
Inc. has announced the financial results for the fourth quarter and fiscal year ended September 30, 2021, the highlights of which are as follows:
- Company reports net income attributable to Alico, Inc. common stockholders of $34.9 million and EBITDA of $65.5 million for the fiscal year 2021. After adjusting for certain non-recurring items, Company reports adjusted net income attributable to Alico, Inc. common stockholders of $4.6 million and adjusted EBITDA of $25.3 million.
- Company’s fiscal year 2021 financial results in line with net income, EBITDA and adjusted EBITDA guidance; exceeds adjusted net income guidance.
- Company sold approximately 19,800 acres of Alico Ranch land during fiscal year 2021 and used cash proceeds to purchase additional citrus acres, prepay certain debt obligations and increase common stock dividend.
- Company maintains a strong balance sheet with a working capital ratio of 2.46 to 1.00 and has reduced its debt-to-equity ratio to 0.51 to 1.00.
- Company provides net income, EBITDA, adjusted net income and adjusted EBITDA guidance for fiscal year 2022.
Results of Operations
For the fiscal year ended September 30, 2021, the Company reported net income attributable to Alico common stockholders of approximately $34.9 million, compared to net income attributable to Alico common stockholders of approximately $23.7 million for the fiscal year ended September 30, 2020.
The net income for the fiscal year ended September 30, 2021 was in line with the Company’s most recent net income guidance of $33.0 to $38.5 million. For the fiscal year ended September 30, 2021, the Company had earnings of $4.64 per diluted common share, compared to earnings of $3.16 per diluted common share for the fiscal year ended September 30, 2020.
As previously reported throughout the 2021 fiscal year, the increase in net income attributable to Alico common stockholders is primarily due to (i) higher gains on sales of real estate, property and equipment and assets held for sale recorded in the fiscal year ended September 30, 2021, as compared to the same period in fiscal year 2020 and (ii) an increase in the market price per pound solids for citrus fruit this past 2020/2021 harvest season because of favorable industry supply dynamics.
Partially offsetting this increase has been a reduction in both box production and average pound solids per box of citrus fruit for the fiscal year ended September 30, 2021, as compared to the fiscal year ended September 30, 2020.
For more information: alicoinc.com