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Alico Reports First Quarter Earnings

Stocks in this article: ALCO

LA BELLE, Fla., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Alico, Inc. (Nasdaq:ALCO), a land management company, announced a net loss for the three months ended December 31, 2010 of $92 thousand or $0.01 per share, compared with a net loss of $1.4 million or $0.19 per share for the three months ended December 31, 2009. The Company reported operating revenues of $16.6 million and $14.1 million for the three months ended December 31, 2010 and 2009, respectively, representing a 17.3% improvement in the year over year comparison. Operations produced income of $483 thousand during the three months ended December 31, 2010, compared with a loss of income of $1.1 million during the three months ended December 31, 2009. The increase in operating income was primarily due to improvements in agriculture operations, and can be principally attributed to higher citrus and sugarcane prices and increased sugarcane volume. 

JD Alexander, President and Chief Executive Officer, noted, "Our results for the first quarter of fiscal 2011 reflect some improvement over recent history, but we have not lost sight of the fact that we have a long way to go. Operating results from citrus and sugarcane improved significantly in the current quarter over prior year results, in part because of the stringent cost cutting efforts put in place during 2010. Strong citrus and sugarcane prices also helped improve our margins. We expect that we will be able to maintain crop yields for the balance of the 2011 harvest season in spite of some very cold temperatures early in the season. Additionally, we are very pleased with the outstanding effort by our sugarcane operating group to plant approximately 4,500 acres of new sugarcane before the cold weather damaged our seed cane crop. This will position the Company to realize its sugarcane production goals beginning in fiscal 2012."

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