Alico, Inc. announces financial results for the fourth quarter and fiscal year ended September 30, 2023. This comes as the Company's groves have been recovering from the impact of Hurricane Ian since September 2022.
The Company reports net income attributable to Alico, Inc. common stockholders of $1.8 million and EBITDA of $23.0 million for the fiscal year ended September 30, 2023. After adjusting for certain non-recurring items, the Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $(24.5) million and Adjusted EBITDA $(16.1) million for the year ended September 30, 2023.
For the fiscal year ended September 30, 2023, the Company reported net income attributable to Alico common stockholders of $1.8 million, compared to net income attributable to Alico common stockholders of $12.5 million for the fiscal year ended September 30, 2022, relating to cost increases in fertilizer, herbicide, labor, and fuel used in maintaining its groves.
These cost increases, combined with decreased revenue because of lower box production for both the Early and Mid-Season and the Valencia harvest, resulted in a higher cost of sales per box as compared to the same period in the prior year. For the fiscal year ended September 30, 2023, the Company had earnings of $0.24 per diluted common share, compared to earnings of $1.65 per diluted common share for the fiscal year ended September 30, 2022.
John Kiernan, President and Chief Executive Officer, commented: "During 2023, Alico was recovering from the aftermath of Hurricane Ian that occurred in September 2022, which damaged half of our crops intended for the 2023 harvest season, and our financial results were disappointing as we expected. The approximately $28.2 million of insurance proceeds that we received during the fiscal year were used to help maintain our grove caretaking programs for our approximately 49,000 citrus acres located across 7 counties in Florida so that Alico will be ready to harvest a healthy citrus crop in 2023-24."
"We continue to hope to receive federal disaster relief funds from the Consolidated Appropriations Act that was passed into law December 2022, although we cannot determine the amount of relief we may be eligible for, or the timing of any possible relief fund payments."
"Although our 2023-24 harvesting activities are just beginning now, we are confident that Alico’s crop recovery this season will be significant because of our exceptional caretaking practices and the maturity of over 2 million trees planted by the Company since 2017. In addition, over 35% of our trees have now been treated with an oxytetracycline (“OTC”) injection since January 2023 to combat citrus greening, with the goal to improve fruit quality and decrease the fruit drop rate. The full extent of its benefits will not be measurable until after the 2023-24 harvest," states Kiernan.
For more information:
Alico, Inc.
Tel.: +1 (239) 226-2000
Email: [email protected]
www.ialicoinc.com