FORT MYERS, Fla., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Alico, Inc. (Nasdaq:ALCO) ("Alico"), a land management company primarily engaged in a variety of agribusiness pursuits, today announced financial results for the three and nine months ended June 30, 2012.
Fiscal Year 2012 Third Quarter Results
For the third quarter of fiscal year 2012, total operating revenue was $40.4 million as compared to $39.3 million for the third quarter of fiscal year 2011, an increase of 2.8%. Agricultural revenue was $39.7 million in the third quarter of fiscal year 2012 as compared to $38.7 million in the third quarter of fiscal year 2011, an increase of 2.6%.Historically, our agricultural operations have been seasonal in nature with the second and third quarters generally producing the majority of our annual revenues and the first and fourth quarters producing less revenue. Third quarter fiscal year 2012 agricultural revenue included $38.6 million in citrus revenues compared to $38.2 million in the same period of fiscal year 2011. Sugarcane revenue was $0.6 million for the third quarter of fiscal year 2012 as compared to $0.2 million during the same period of fiscal year 2011, an increase of $0.4 million or 200%, primarily due to favorable market pricing. Total operating expenses for the third quarter of fiscal year 2012 were $29.9 million compared to $27.5 million for the third quarter of fiscal year 2011. Gross profit for the third quarter of fiscal year 2012 was $10.5 million compared to $11.8 million for the third quarter of fiscal year 2011, a decrease of 11.1%, primarily due to decreases in the market price of Valencias, increases in harvest and haul costs and the incurrence of certain costs in the third quarter of fiscal year 2012 as compared to the fourth quarter of fiscal year 2011.
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