FORT MYERS, Fla., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico") (Nasdaq:ALCO), an American agribusiness and land management company, today announced financial results for its first quarter ended December 31, 2012.
Fiscal Year 2013 First Quarter Results
For the first quarter of fiscal year 2013, total operating revenue was $21.4 million as compared to $26.0 million for the first quarter of fiscal year 2012, a decrease of approximately 18%. The decrease in operating revenue was due to a decrease in sales of citrus fruit by our Alico Fruit Company and Citrus Groves segments, partially offset by an increase in sales of Sugarcane.Historically, our agricultural operations have been seasonal in nature with the least amount of revenue being generated in the first and fourth fiscal quarters, while increasing in the second quarter and peaking in the third quarter. First quarter fiscal year 2013 included Citrus Groves revenues of $7.4 million compared to $8.4 million from the same period of fiscal year 2012, a decrease of approximately $1.0 million or 12% due to a decrease in market prices and the average pound solids per box for our early and mid-season varieties. Alico Fruit Company had revenues of $5.3 million for the first quarter of fiscal year 2013 as compared to $10.5 million from the same period of fiscal year 2012, a decrease of approximately $5.2 million or 50% due to a decrease in the number of boxes of fruit sold and lower market prices. Improved Farmland revenue was $8.0 million for the first quarter of fiscal year 2013 as compared to $6.3 million for the same period of fiscal year 2012, an increase of approximately $1.7 million or 27%, which includes the results of Sugarcane operations, which contributed revenues of $7.8 million for first quarter of fiscal year 2013 as compared to $6.1 million for the same period of fiscal year 2012, an increase of approximately $1.7 million or 28%. The favorable result was due to an increase of approximately 28% in standard tons of sugarcane harvested as compared to the first quarter of fiscal year 2012.
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