Alico, Inc. today announces financial results for the fiscal quarter ended December 31, 2022, the highlights of which are as follows:
- Company reports net loss attributable to Alico, Inc. common stockholders of $3.2 million and EBITDA of $0.9 million for fiscal quarter. After adjusting for certain non-recurring items, Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $6.3 million and Adjusted EBITDA of ($3.4) million.
- During the fiscal quarter ended December 31, 2022, the Company sold approximately 609 acres of the Alico Ranch to several third parties for approximately $3.3 million.
- Overall box production for the Early and Mid-Season crop will be lower than prior year production, as we accelerated the harvest due to increased rate of fruit drop as a result of Hurricane Ian.
- Company has continued Balance Sheet strength, with working capital of $27.3 million.
Results of Operations
For the first fiscal quarter ended December 31, 2022, the Company reported net loss attributable to Alico common stockholders of approximately $3.2 million, compared to net income attributable to Alico common stockholders of approximately $10.1 million for the fiscal quarter ended December 31, 2021. For the fiscal quarter ended December 31, 2022, the Company had earnings of ($0.41) per diluted common share, compared to earnings of $1.34 per diluted common share for the fiscal quarter ended December 31, 2021.
This was primarily due to (i) an increase in the cost of sales resulting from higher fertilizer, chemical and fuel costs incurred, as well as from a larger percentage of costs being allocated to the cost of sales in the three months ended December 31, 2022 because of the decrease in the Early and Mid-Season fruit production due to the impact of Hurricane Ian; and (ii) the timing of the gains on sale of real estate, property and equipment and assets held for sale.
For the fiscal quarter ended December 31, 2022, the Company earned EBITDA of $0.9 million, compared to $11.6 million for the fiscal quarter ended December 31, 2021. Adjusted EBITDA for the quarters ended December 31, 2022 and December 31, 2021 was approximately ($3.4) million and $2.4 million, respectively.
For more information: 
Perry Del Vecchio
Alico, Inc.
Tel.: +1 (239) 226-2000
pdelvecchio@alicoinc.com