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

Mr. Alexander continued, "We are encouraged by the increased profitability from our Sugarcane segment. We expect the increased profitability to continue as the production per acre as well as the acres in production increase over the prior year. We also incurred approximately $0.3 million in the first quarter in repair and maintenance expense to upgrade our fleet of trailers which negatively impacted earnings but we believe it allows us to continue to provide both internal and external citrus hauling services at a very high standard. Additionally, the Company continues its work on enhancement and repositioning of our lower income producing lands and we are progressing toward the closing of the USDA agreement we reached in September 2012."

Balance Sheet and Liquidity

We had working capital of approximately $27.1 million at December 31, 2012 and $34.4 million at September 30, 2012. Cash used in operating activities was $2.9 million for the first three months of fiscal year 2013 as compared to $0.2 million during the first three months of fiscal year 2012. At December 31, 2012, $60.0 million was available under our revolving line of credit. Due to the seasonal nature of our business, working capital requirements are typically greater in the first and fourth quarter of our fiscal year coinciding with our planting cycles. Cash flows from operating activities typically improve in our second and third fiscal quarters as we harvest our crops. We plan to apply such cash flows towards other strategic capital expenditures.

About Alico

Alico, Inc. ("Alico") is an American agribusiness and land management company built for today's world and known for its legacy of achievement and innovation in citrus, sugar, cattle and resource conservation. We own approximately 130,400 acres of land in five Florida counties (Collier, Glades, Hendry, Lee and Polk). Our principal lines of business are citrus groves, improved farmland including sugar cane, cattle ranching and conservation, and related support operations. We also receive royalties from rock mining and oil production. Our mission is to create value for our customers, clients and shareholders by managing existing lands to their optimal current income and total returns, opportunistically acquiring new agricultural assets and producing high quality agricultural products while exercising responsible environmental stewardship.

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