Alico, Inc. today has announced financial results for the fourth quarter and fiscal year ended September 30, 2022, the highlights of which are as follows:
- Company reports net income attributable to Alico, Inc. common stockholders of $12.5 million and EBITDA of $32.1 million for the fiscal year 2022. After adjusting for certain non-recurring items, Company reports adjusted net loss attributable to Alico, Inc. common stockholders of $1.6 million and Adjusted EBITDA of $13.4 million.
- Company’s fiscal year 2022 financial results are below the most recent net income and EBITDA guidance, primarily due to the approximately $23.0 million of inventory and casualty losses incurred as a result of the impact of Hurricane Ian; however, adjusting out for the impact of Hurricane Ian, such financial results exceeded the most recent Adjusted Net Loss and Adjusted EBITDA guidance.
- During fiscal year 2022, the Company sold approximately 9,400 acres of the Alico Ranch to several third parties for approximately $41.9 million and used portions of the net cash proceeds to return approximately $15 million to shareholders through common dividends, prepay certain debt obligations, and support operations.
- Company maintains a strong balance sheet with a working capital ratio of 1.91 to 1.00 and has reduced its debt-to-equity ratio to 0.45 to 1.00 for the fiscal year ended 2022 from 0.50 to 1.00 for the fiscal year ended 2021.
- Alico will not at this time be providing investors with financial guidance for the 2023 fiscal year due to uncertainty related to Hurricane Ian.
Results of Operations
For the fiscal year ended September 30, 2022, the Company reported net income attributable to Alico common stockholders of approximately $12.5 million, compared to net income attributable to Alico common stockholders of approximately $34.9 million for the fiscal year ended September 30, 2021. The fiscal year ended 2022 results were negatively impacted by approximately $23.0 million of one-time items for casualty losses and inventory adjustments related to the impact of Hurricane Ian.
As a consequence of these one-time adjustments, the net income for the fiscal year ended September 30, 2022 was below the Company’s most recent net income guidance of $30.7 to $33.3 million. For the fiscal year ended September 30, 2022, the Company had earnings of $1.65 per diluted common share, compared to earnings of $4.64 per diluted common share for the fiscal year ended September 30, 2021. The 2022 fiscal year decrease in net income attributable to Alico common stockholders is primarily due to the one-time adjustments recorded as a result of the impact of Hurricane Ian and a reduction in both box production and average pound solids per box of citrus fruit for the fiscal year ended September 30, 2022, as compared to the fiscal year ended September 30, 2021.
For more information: 
Perry Del Vecchio
Alico, Inc.
Tel.: (239) 226-2000
[email protected]