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Alico, Inc. Announces First Quarter Of Fiscal Year 2013 Financial Results

Stocks in this article: ALCO

Total operating expenses for the first quarter of fiscal year 2013 were $17.6 million as compared to $20.5 million for the first quarter of fiscal year 2012, a decrease of approximately 14%. This decrease was primarily due to Alico Fruit Company selling 303,000 fewer boxes in the first quarter of fiscal year 2013. Gross profit for the first quarter of fiscal year 2013 was $3.8 million as compared to $5.5 million for the first quarter of fiscal year 2012, a decrease of approximately 31%. The decrease was primarily due to lower citrus prices in the Citrus Groves segment partially offset by the increase in Sugarcane gross profit.

Income from operations was $2.0 million for the first quarter of fiscal year 2013 as compared to $3.5 million for the first quarter of fiscal year 2012. Net income applicable to common stock for the first quarter of fiscal year 2013 was $1.0 million, or $0.14 per share, as compared to net income of $1.9 million, or $0.26 per share, in the first quarter of fiscal year 2012.

EBITDA (defined as net income excluding interest expense, income taxes and depreciation and amortization) for the first quarter of fiscal year 2013 was $4.2 million as compared to $5.5 million for the first quarter of fiscal year 2012. A reconciliation of EBITDA to the GAAP measure of net income is provided at the end of this release. The decrease of $1.3 million in EBITDA quarter-over-quarter is primarily due to the decrease in pre-tax net income of $1.7 million generated in the first quarter of fiscal year 2013 as compared to a pre-tax net income of $3.2 million in the same period of fiscal year 2012.

JD Alexander, Alico's President and Chief Executive Officer, stated, "Our first quarter results were as expected. Our Citrus Groves segment's sales and profitability were off compared to last year due to lower price per pound solids and lower pound solids per box. Our citrus crop appears to be in line with the State of Florida's estimated 13% decrease in total boxes compared to 2012. However, Alico's production per acre continues to outperform the state's average production at a rate similar to last year. We continue to be insulated from the cash market by our production contracts which provide a minimum floored price of $1.60 per pound solids for this harvest season."

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