0000950170-22-014273.txt : 20220803 0000950170-22-014273.hdr.sgml : 20220803 20220803162030 ACCESSION NUMBER: 0000950170-22-014273 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 72 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220803 DATE AS OF CHANGE: 20220803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALICO, INC. CENTRAL INDEX KEY: 0000003545 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 590906081 STATE OF INCORPORATION: FL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00261 FILM NUMBER: 221132927 BUSINESS ADDRESS: STREET 1: 10070 DANIELS INTERSTATE COURT STE. 100 CITY: FT. MYERS, STATE: FL ZIP: 33913 BUSINESS PHONE: 239-226-2000 MAIL ADDRESS: STREET 1: 10070 DANIELS INTERSTATE COURT STE. 100 CITY: FT. MYERS, STATE: FL ZIP: 33913 FORMER COMPANY: FORMER CONFORMED NAME: ALICO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ALICO LAND DEVELOPMENT CO DATE OF NAME CHANGE: 19740219 10-Q 1 alco-20220630.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

For the Quarterly Period Ended June 30, 2022

 

 

 

or

 

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period

 

from____________________

to_________________________

Commission File Number: 0-261

 

 

ALICO, INC.

(Exact name of registrant as specified in its charter)

 

Florida

 

59-0906081

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer Identification No.)

10070 Daniels Interstate Court

 

 

 

 

Suite 200

Fort Myers

FL

 

33913

(Address of principal executive offices)

 

(Zip Code)

 

(239)

226-2000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

ALCO

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated filer

Smaller Reporting Company

Emerging Growth Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

There were 7,586,995 shares of common stock outstanding at August 2, 2022.

 


 

ALICO, INC.

FORM 10-Q

For the three and nine months ended June 30, 2022 and 2021

Table of Contents

 

Part I - FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements

1

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

37

Item 4. Controls and Procedures

37

Part II - OTHER INFORMATION

39

Item 1. Legal Proceedings

39

Item 1A. Risk Factors

39

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3. Defaults Upon Senior Securities

39

Item 4. Mine Safety Disclosure

39

Item 5. Other Information

39

Item 6. Exhibits

40

Signatures

41

 

 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and September 30, 2021

1

Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2022 and 2021 (Unaudited)

2

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 30, 2022 and 2021 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 and 2021 (Unaudited)

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

 

 

 


 

ALICO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

 

 

June 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,869

 

 

$

886

 

Accounts receivable, net

 

 

4,596

 

 

 

6,105

 

Inventories

 

 

39,001

 

 

 

43,377

 

Income tax receivable

 

 

 

 

3,233

 

Assets held for sale

 

 

241

 

 

 

160

 

Prepaid expenses and other current assets

 

 

1,581

 

 

 

1,152

 

Total current assets

 

 

52,288

 

 

 

54,913

 

 

 

 

 

 

 

 

Restricted cash

 

 

2,660

 

 

 

 

Property and equipment, net

 

 

373,117

 

 

 

373,231

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

3,303

 

 

 

2,827

 

Total assets

 

$

433,614

 

 

$

433,217

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,838

 

 

$

7,274

 

Accrued liabilities

 

 

9,065

 

 

 

9,872

 

Long-term debt, current portion

 

 

3,035

 

 

 

4,285

 

Income tax payable

 

 

3,138

 

 

 

 

Other current liabilities

 

 

1,122

 

 

 

875

 

Total current liabilities

 

 

21,198

 

 

 

22,306

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

Principal amount, net of current portion

 

 

104,420

 

 

 

122,009

 

Less: deferred financing costs, net

 

 

(781

)

 

 

(986

)

Long-term debt less current portion and deferred financing costs, net

 

 

103,639

 

 

 

121,023

 

Deferred income tax liabilities, net

 

 

37,219

 

 

 

41,977

 

Other liabilities

 

 

533

 

 

 

306

 

Total liabilities

 

 

162,589

 

 

 

185,612

 

Commitments and Contingencies (Note 12)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, no par value, 1,000,000 shares authorized; none issued

 

 

 

 

 

 

Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,582,612 and 7,526,004 shares outstanding at June 30, 2022 and September 30, 2021, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,631

 

 

 

19,989

 

Treasury stock, at cost, 833,533 and 890,141 shares held at June 30, 2022 and September 30, 2021, respectively

 

 

(28,096

)

 

 

(29,853

)

Retained earnings

 

 

265,852

 

 

 

243,651

 

Total Alico stockholders' equity

 

 

265,803

 

 

 

242,203

 

Noncontrolling interest

 

 

5,222

 

 

 

5,402

 

Total stockholders' equity

 

 

271,025

 

 

 

247,605

 

Total liabilities and stockholders' equity

 

$

433,614

 

 

$

433,217

 

See accompanying notes to the condensed consolidated financial statements.

1


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share amounts)

 

 

 

Three Months Ended
June 30,

 

 

Nine Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

25,533

 

 

$

34,262

 

 

$

89,313

 

 

$

102,456

 

Land Management and Other Operations

 

 

405

 

 

 

626

 

 

 

1,603

 

 

 

2,108

 

Total operating revenues

 

 

25,938

 

 

 

34,888

 

 

 

90,916

 

 

 

104,564

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

24,489

 

 

 

26,156

 

 

 

83,365

 

 

 

79,821

 

Land Management and Other Operations

 

 

138

 

 

 

222

 

 

 

430

 

 

 

610

 

Total operating expenses

 

 

24,627

 

 

 

26,378

 

 

 

83,795

 

 

 

80,431

 

Gross profit

 

 

1,311

 

 

 

8,510

 

 

 

7,121

 

 

 

24,133

 

General and administrative expenses

 

 

2,557

 

 

 

1,911

 

 

 

7,679

 

 

 

7,092

 

(Loss) income from operations

 

 

(1,246

)

 

 

6,599

 

 

 

(558

)

 

 

17,041

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(854

)

 

 

(907

)

 

 

(2,625

)

 

 

(3,185

)

Gain on sale of real estate, property and equipment and assets held for sale

 

 

5,755

 

 

 

30,288

 

 

 

40,804

 

 

 

33,635

 

Other income, net

 

 

9

 

 

 

6

 

 

 

19

 

 

 

18

 

Total other income, net

 

 

4,910

 

 

 

29,387

 

 

 

38,198

 

 

 

30,468

 

Income before income taxes

 

 

3,664

 

 

 

35,986

 

 

 

37,640

 

 

 

47,509

 

Income tax provision

 

 

1,002

 

 

 

8,853

 

 

 

4,281

 

 

 

11,682

 

Net income

 

 

2,662

 

 

 

27,133

 

 

 

33,359

 

 

 

35,827

 

Net loss (income) attributable to noncontrolling interests

 

 

44

 

 

 

(14

)

 

 

180

 

 

 

4

 

Net income attributable to Alico, Inc. common stockholders

 

$

2,706

 

 

$

27,119

 

 

$

33,539

 

 

$

35,831

 

Per share information attributable to Alico, Inc. common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.36

 

 

$

3.61

 

 

$

4.44

 

 

$

4.77

 

Diluted

 

$

0.36

 

 

$

3.61

 

 

$

4.44

 

 

$

4.77

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,570

 

 

 

7,521

 

 

 

7,551

 

 

 

7,512

 

Diluted

 

 

7,589

 

 

 

7,521

 

 

 

7,561

 

 

 

7,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.50

 

 

$

0.50

 

 

$

1.50

 

 

$

0.86

 

 

See accompanying notes to the condensed consolidated financial statements.

2


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(in thousands)

 

For the Three Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Total

 

 

Non-

 

 

 

 

 

 

Common stock

 

 

Paid In

 

 

Treasury

 

 

Retained

 

 

Alico, Inc.

 

 

controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance at March 31, 2022

 

 

8,416

 

 

$

8,416

 

 

$

19,963

 

 

$

(29,027

)

 

$

266,938

 

 

$

266,290

 

 

$

5,266

 

 

$

271,556

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,706

 

 

 

2,706

 

 

 

(44

)

 

 

2,662

 

Dividends ($0.50/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,792

)

 

 

(3,792

)

 

 

 

 

 

(3,792

)

Exercise of stock options

 

 

 

 

 

 

 

 

19

 

 

 

276

 

 

 

 

 

 

295

 

 

 

 

 

 

295

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

27

 

 

 

130

 

 

 

 

 

 

157

 

 

 

 

 

 

157

 

Executives and Managers

 

 

 

 

 

 

 

 

(471

)

 

 

528

 

 

 

 

 

 

57

 

 

 

 

 

 

57

 

Employees

 

 

 

 

 

 

 

 

93

 

 

 

(3

)

 

 

 

 

 

90

 

 

 

 

 

 

90

 

Balance at June 30, 2022

 

 

8,416

 

 

$

8,416

 

 

$

19,631

 

 

$

(28,096

)

 

$

265,852

 

 

$

265,803

 

 

$

5,222

 

 

$

271,025

 

 

 

 

For the Nine Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Total

 

 

Non-

 

 

 

 

 

 

Common stock

 

 

Paid In

 

 

Treasury

 

 

Retained

 

 

Alico, Inc.

 

 

controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance at September 30, 2021

 

 

8,416

 

 

$

8,416

 

 

$

19,989

 

 

$

(29,853

)

 

$

243,651

 

 

$

242,203

 

 

$

5,402

 

 

$

247,605

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,539

 

 

 

33,539

 

 

 

(180

)

 

 

33,359

 

Dividends ($1.50/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,338

)

 

 

(11,338

)

 

 

 

 

 

(11,338

)

Exercise of stock options

 

 

 

 

 

 

 

 

34

 

 

 

431

 

 

 

 

 

 

465

 

 

 

 

 

 

465

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

77

 

 

 

428

 

 

 

 

 

 

505

 

 

 

 

 

 

505

 

Executives and Managers

 

 

 

 

 

 

 

 

(359

)

 

 

671

 

 

 

 

 

 

312

 

 

 

 

 

 

312

 

Employees

 

 

 

 

 

 

 

 

(110

)

 

 

227

 

 

 

 

 

 

117

 

 

 

 

 

 

117

 

Balance at June 30, 2022

 

 

8,416

 

 

$

8,416

 

 

$

19,631

 

 

$

(28,096

)

 

$

265,852

 

 

$

265,803

 

 

$

5,222

 

 

$

271,025

 

 

See accompanying notes to the condensed consolidated financial statements.

3


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(in thousands)

 

 

 

For the Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Total

 

 

Non-

 

 

 

 

 

 

Common stock

 

 

Paid In

 

 

Treasury

 

 

Retained