Alico, Inc. Reports Fiscal Year 2011 Results

December 21, 2011



Alico, Inc. (NasdaqGS: ALCO) reported revenues for its 2011 fiscal year ended September 30, 2011 increased 23.6% to $98.6 million compared to $79.8 million in fiscal 2010.  The increase was primarily the result of higher prices for the company’s citrus, sugarcane and cattle operations.  The company also planted 4000 acres of additional sugarcane which increased production and saw better yields from the citrus crop.  Revenue from the citrus operation accounted for $47.1 million of total revenue compared to $36.4 million in fiscal 2010.  The citrus citrus purchase, resale and supply chain management operation accounted for $36.12 million of total revenue in fiscal 2011 compared to $28.9 million in fiscal 2010.

Net income for fiscal 2011 increased 1239.2% to $7.1 million or $0.96 per share versus a net loss of $623 thousand or $(0.08) per share during fiscal 2010.  Net income benefited from better performance from the agricultural operations.  The citrus operation alone improved gross profit by $8.6 million.

The company’s balance sheet showed improvement from the prior year with the reduction in long-term debt.  At the end of fiscal 2011, the company showed total long-term debt of $57.2 million compared to total long-term debt of $73.5 million at the end of fiscal 2010.  Alico has current assets of $29.2 million, total assets of $180.04 million, current liabilities of $11.83 million and total liabilities of $69.4 million.

Alico, Inc. is a land management company which owns approximately 139,600 of land in the State of Florida.  The company is involved in citrus, sugarcane, cattle and other agricultural operations in addition to real estate activities.

Source: Alico, Inc.


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