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

The Alico, Inc. logo is available at

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Alico's current expectations about future events and can be identified by terms such as "plans," "expect," "may," "anticipate," "intend," "should be," "will be," "is likely to," "believes," and similar expressions referring to future periods.

Alico believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Alico cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: changes in laws, regulation and rules; weather conditions that affect production, transportation, storage, import and export of fresh product, increased pressure from disease, insects and other pests; disruption of water supplies or changes in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Alico's SEC filings, which are available on the SEC's website at . Alico undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA is an important measure to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. Unaudited EBITDA is summarized and reconciled to net income, which management considers being the most directly comparable financial measure calculated and presented in accordance with GAAP as follows:
   Quarter ended December 31,
  2013 2012
Net income  $ 1,038  $ 1,933
Total interest expense, net 367 469
Income taxes 636 1,231
Depreciation and amortization 2,152 1,896
EBITDA  $ 4,193  $ 5,529
(dollars in thousands, except for share amounts)
  December 31, 2012 September 30, 2012
Current assets:    
Cash and cash equivalents  $ 902  $ 13,328
Restricted cash 2,500
Investments 258 257
Accounts receivable, net 7,778 3,071
Income tax receivable 1,031 1,327
Inventories 25,145 27,290
Assets held for sale 2,475
Other current assets 1,469 1,219
Total current assets 36,583 51,467
Investment in Magnolia Fund 5,686 5,607
Investments, deposits and other non-current assets 2,183 2,145
Deferred income taxes 2,168 2,168
Cash surrender value of life insurance 855 862
Property, buildings and equipment, net 128,577 122,834
Total assets  $ 176,052  $ 185,083
Current liabilities:    
Accounts payable  $ 4,410  $ 4,929
Long-term debt, current portion 2,000 3,267
Accrued expenses 1,666 2,488
Income taxes payable 484
Dividend payable 589 883
Accrued ad valorem taxes 10 1,685
Other current liabilities 770 3,412
Total current liabilities 9,445 17,148
Long-term debt, net of current portion 35,500 36,633
Deferred retirement benefits, net of current portion 3,792 3,756
Total liabilities 48,737 57,537
Commitments and contingencies    
Stockholders' equity:    
Preferred stock, no par value. Authorized 1,000,000 shares; issued and outstanding, none
Common stock, $1 par value; 15,000,000 shares authorized; 7,377,106 shares issued and 7,320,997 and 7,353,871 shares outstanding at December 31, 2012 and September 30, 2012, respectively 7,377 7,377
Additional paid in capital 9,056 9,053
Treasury stock at cost, 56,109 and 23,235 shares held at December 31, 2012 and September 30, 2012, respectively (1,816) (543)
Retained earnings 112,698 111,659
Total stockholders' equity 127,315 127,546
Total liabilities and stockholders' equity  $ 176,052  $ 185,083
(dollars in thousands, except for share amounts)
  Three months ended December 31
  2012 2011
Operating revenues:    
Citrus Groves  $ 7,393  $ 8,408
Agricultural Supply Chain Management 5,289 10,506
Improved Farmland 7,990 6,341
Ranch and Conservation 518 656
Other Operations 166 136
Total operating revenue 21,356 26,047
Operating expenses:    
Citrus Groves 5,860 5,157
Agricultural Supply Chain Management 5,534 10,195
Improved Farmland 5,874 4,760
Ranch and Conservation 197 207
Other Operations 105 214
Total operating expenses 17,570 20,533
Gross profit 3,786 5,514
Corporate general and administrative 1,808 1,990
Income from operations 1,978 3,524
Other (expenses) income:    
Interest and investment income, net 86 108
Interest expense (367) (469)
Other income, net (23) 1
Total other (expenses) (304) (360)
Income before income tax expense 1,674 3,164
Income tax expense  636 1,231
Net income   $ 1,038  $ 1,933
Weighted-average number of shares outstanding:    
Basic 7,354 7,354
Diluted 7,354 7,354
Earnings per common share amounts:    
Basic  $ 0.14  $ 0.26
Diluted  $ 0.14  $ 0.26
Cash dividends declared per common share  $ 0.00   $ 0.04
CONTACT: Investor Contact:
         Rubenstein Investor Relations
         Tim Clemensen
         (212) 843-9337

Alico, Inc. logo

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