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Alico, Inc. Announces Third Quarter And Nine Months Of Fiscal Year 2013 Financial Results

Stocks in this article: ALCO

FORT MYERS, Fla., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico") (Nasdaq:ALCO), an American agribusiness and land management company, today announced financial results for the third quarter and nine months ended June 30, 2013.

Fiscal Year 2013 Third Quarter Results

For the third quarter of fiscal year 2013, total operating revenue was $35.2 million as compared to $40.4 million for the third quarter of fiscal year 2012, a decrease of 12.8%. The decrease in operating revenue was due to a decrease in the sales of citrus fruit by the Agricultural Supply Chain Management ("Alico Fruit") and Citrus Groves lines of business, partially offset by an increase in Sugarcane sales.

Historically, our agricultural operations have been seasonal in nature with the second quarter and third quarter generally producing the majority of our annual revenue and the first and fourth quarters producing less revenue. Third quarter fiscal year 2013 included Citrus Groves revenue of $19.2 million compared to $21.8 million from the same period of fiscal year 2012, a decrease of approximately $2.6 million or 12% due to fewer boxes of fruit sold at a lower market price per pound solid and lower pound solids per box. Alico Fruit had revenue of $10.6 million for the third quarter of fiscal year 2013 as compared to $16.8 million from the same period of fiscal year 2012, a decrease of approximately $6.2 million or 37% due to a decrease in the number of boxes of fruit sold and lower market prices. Improved Farmland revenue, which includes the results of our Sugarcane operations, was $4.8 million for the third quarter of fiscal year 2013 as compared to $0.9 million for the same period of fiscal year 2012, an increase of approximately $3.9 million or 430.7%. Sugarcane contributed revenue of $4.5 million for the third quarter of fiscal year 2013 as compared to $0.7 million for the same period of fiscal year 2012 due to a 890% increase in standard tons of sugarcane harvested in the third quarter of fiscal year 2013 as compared to the third quarter of fiscal year 2012, partially offset by a decrease in price per standard ton of 22.6% quarter-over-quarter.

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