Alico, Inc. (NasdaqGS: ALCO) reported revenues for its fiscal first quarter ended December 31, 2011 increased 57.2% to $26.1 million compared to revenues of $16.6 million for the first quarter of 2011. First quarter revenues benefited from a 57.5% increase in citrus revenue due to an earlier start to the harvest season and a 15% increase in crop production. In addition, the company saw a 64.9% increase in sugarcane revenue as a result of additional acres being harvested.
The company reversed a net loss from a year ago and reported net income of $1.9 million or $0.26 per share versus a net loss of $93 thousand or $(0.01) per share for the first quarter of the prior fiscal year. Net income for the first quarter of 2012 benefited from increased revenues, higher gross profit margins and flat general and administrative expenses.
As of December 31, 2011, the balance sheet reflected current assets of $33.84 million, total assets of $186.9 million, current liabilities of $12.59 million and total liabilities of $74.48 million. During the first quarter of fiscal 2012, shareholders’ equity increased 1.6% to $112.41 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.