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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 December 31, 2020

 

 

 

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 100

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 7,513,413 shares of common stock outstanding at February 2, 2021.

 


 

 

ALICO, INC.

FORM 10-Q

For the three months ended December 31, 2020 and 2019

Table of Contents

 

 

 


 

 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

 

 

 


 

 

ALICO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,601

 

 

$

3,163

 

Accounts receivable, net

 

 

5,598

 

 

 

4,347

 

Inventories

 

 

46,430

 

 

 

40,855

 

Income tax receivable

 

 

 

 

781

 

Assets held for sale

 

 

1,410

 

 

 

1,366

 

Prepaid expenses and other current assets

 

 

1,755

 

 

 

1,387

 

Total current assets

 

 

57,794

 

 

 

51,899

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

 

 

 

16,524

 

Property and equipment, net

 

 

367,221

 

 

 

350,061

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

2,921

 

 

 

3,207

 

Total assets

 

$

430,182

 

 

$

423,937

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,950

 

 

$

3,533

 

Accrued liabilities

 

 

5,473

 

 

 

7,095

 

Long-term debt, current portion

 

 

9,090

 

 

 

9,145

 

Income taxes payable

 

 

469

 

 

 

 

Other current liabilities

 

 

1,031

 

 

 

1,385

 

Total current liabilities

 

 

18,013

 

 

 

21,158

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

Principal amount, net of current portion

 

 

136,472

 

 

 

139,106

 

Less: deferred financing costs, net

 

 

(1,109

)

 

 

(1,151

)

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

 

 

135,363

 

 

 

137,955

 

Lines of credit

 

 

12,204

 

 

 

2,942

 

Deferred income tax liabilities, net

 

 

39,728

 

 

 

39,728

 

Other liabilities

 

 

332

 

 

 

372

 

Total liabilities

 

 

205,640

 

 

 

202,155

 

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 7,506,160 and 7,492,524 shares outstanding at December 31, 2020 and September 30, 2020, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,634

 

 

 

19,685

 

Treasury stock, at cost, 909,985 and 923,621 shares held at December 31, 2020 and September 30, 2020, respectively

 

 

(30,421

)

 

 

(30,779

)

Retained earnings

 

 

221,513

 

 

 

219,019

 

Total Alico stockholders' equity

 

 

219,142

 

 

 

216,341

 

Noncontrolling interest

 

 

5,400

 

 

 

5,441

 

Total stockholders' equity

 

 

224,542

 

 

 

221,782

 

Total liabilities and stockholders' equity

 

$

430,182

 

 

$

423,937

 

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

December 31,

 

 

 

2020

 

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

Alico Citrus

 

$

12,926

 

 

$

10,175

 

Land Management and Other Operations

 

 

806

 

 

 

830

 

Total operating revenues

 

 

13,732

 

 

 

11,005

 

Operating expenses:

 

 

 

 

 

 

 

 

Alico Citrus

 

 

8,147

 

 

 

4,840

 

Land Management and Other Operations

 

188

 

 

 

551

 

Total operating expenses

 

 

8,335

 

 

 

5,391

 

Gross profit

 

 

5,397

 

 

 

5,614

 

General and administrative expenses

 

 

2,528

 

 

 

2,760

 

Income from operations

 

 

2,869

 

 

 

2,854

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,189

)

 

 

(1,544

)

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

 

 

3,364

 

 

 

25

 

Other income (expense)

 

 

10

 

 

 

(76

)

Total other income (expense), net

 

 

2,185

 

 

 

(1,595

)

Income before income taxes

 

 

5,054

 

 

 

1,259

 

Income tax provision

 

 

1,250

 

 

 

361

 

Net income

 

 

3,804

 

 

 

898

 

Net loss (income) attributable to noncontrolling interests

 

 

41

 

 

 

(107

)

Net income attributable to Alico, Inc. common stockholders

 

$

3,845

 

 

$

791

 

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

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.51

 

 

$

0.11

 

Diluted

 

$

0.51

 

 

$

0.11

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

7,503

 

 

 

7,477

 

Diluted

 

 

7,503

 

 

 

7,491

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.18

 

 

$

0.09

 

 

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 December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

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, 2020

 

 

8,416

 

 

$

8,416

 

 

$

19,685

 

 

$

(30,779

)

 

$

219,019

 

 

$

216,341

 

 

$

5,441

 

 

$

221,782

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,845

 

 

 

3,845

 

 

 

(41

)

 

 

3,804

 

Dividends ($0.18/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,351

)

 

 

(1,351

)

 

 

 

 

 

(1,351

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

20

 

 

 

202

 

 

 

 

 

 

222

 

 

 

 

 

 

222

 

Executives and Managers

 

 

 

 

 

 

 

 

(71

)

 

 

156

 

 

 

 

 

 

85

 

 

 

 

 

 

85

 

Balance at December 31, 2020

 

 

8,416

 

 

$

8,416

 

 

$

19,634

 

 

$

(30,421

)

 

$

221,513

 

 

$

219,142

 

 

$

5,400

 

 

$

224,542

 

 

 

For the Three Months Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

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, 2019

 

 

8,416

 

 

$

8,416

 

 

$

19,781

 

 

$

(31,943

)

 

$

198,049

 

 

$

194,303

 

 

$

5,095

 

 

$

199,398

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

791

 

 

 

791

 

 

 

107

 

 

 

898

 

Dividends ($0.09/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(671

)

 

 

(671

)

 

 

 

 

 

(671

)

Treasure stock purchases

 

 

 

 

 

 

 

 

 

 

 

(238

)

 

 

 

 

 

(238

)

 

 

 

 

 

(238

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

(32

)

 

 

225

 

 

 

 

 

 

193

 

 

 

 

 

 

193

 

Executives and Managers

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

108

 

Balance at December 31, 2019

 

 

8,416

 

 

$

8,416

 

 

$

19,857

 

 

$

(31,956

)

 

$

198,169

 

 

$

194,486

 

 

$

5,202

 

 

$

199,688

 

 

 

See accompanying notes to the condensed consolidated financial statements.

3


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

December 31,

 

 

 

2020

 

 

2019

 

Net cash used in operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

3,804

 

 

$

898

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

3,851

 

 

 

3,609

 

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

 

 

(3,364

)

 

 

(25

)

Loss on disposal of long-lived assets

 

 

443

 

 

 

88

 

Impairment of right-of-use asset

 

 

 

 

87

 

Stock-based compensation expense

 

 

307

 

 

 

301

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,251

)

 

 

(1,139

)

Inventories

 

 

(5,575

)

 

 

(3,145

)

Prepaid expenses

 

 

(432

)

 

 

(477

)

Income tax receivable

 

 

781

 

 

 

 

Other assets

 

 

134

 

 

 

(457

)

Accounts payable and accrued liabilities

 

 

(3,882

)

 

 

(6,213

)

Income taxes payable

 

 

469

 

 

 

361

 

Other liabilities

 

 

(394

)

 

 

69

 

Net cash used in operating activities

 

 

(5,109

)

 

 

(6,043

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(5,062

)

 

 

(3,541

)

Acquisition of citrus grove

 

 

(16,450

)

 

 

 

Net proceeds from sale of real estate, property and equipment and assets held for sale

 

 

3,425

 

 

 

42

 

Change in deposits on purchase of citrus trees

 

 

64

 

 

 

(194

)

Advances on notes receivables, net

 

 

122

 

 

 

4

 

Other

 

 

25

 

 

 

 

Net cash used in investing activities

 

 

(17,876

)

 

 

(3,689

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repayments on revolving lines of credit

 

 

(14,187

)

 

 

 

Borrowings on revolving lines of credit

 

 

23,449

 

 

 

 

Principal payments on term loans

 

 

(2,689

)

 

 

(7,132

)

Treasury stock purchases

 

 

 

 

(238

)

Dividends paid

 

 

(674

)

 

 

(448

)

Deferred financing costs

 

 

 

 

(23

)

Net cash provided by (used in) financing activities

 

 

5,899

 

 

 

(7,841

)

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents and restricted cash

 

 

(17,086

)

 

 

(17,573

)

Cash and cash equivalents and restricted cash at beginning of the period

 

 

19,687

 

 

 

23,838

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents and restricted cash at end of the period

 

$

2,601

 

 

$

6,265

 

 

See accompanying notes to the condensed consolidated financial statements.

4


 

ALICO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of Business and Basis of Presentation

Description of Business

Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company", "we", "us" or "our”), is a Florida agribusiness and land management company owning approximately 103,000 acres of land throughout Florida, holding mineral rights on approximately 90,000  of those owned acres. The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: (i) Alico Citrus and (ii) Land Management and Other Operations. Financial results are presented based upon these two business segments.

Basis of Presentation

The Company has prepared the accompanying financial statements on a condensed consolidated basis. These accompanying unaudited condensed consolidated interim financial statements, which are referred to herein as the “Financial Statements", have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to Article 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission ("SEC") for interim financial information. These Financial Statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with SEC rules and regulations. Accordingly, the Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020, as filed with the SEC on December 8, 2020.

The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited. However, in the opinion of management, such Financial Statements include all adjustments, consisting solely of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods.

Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2021.

Segments

Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“FASB ASC”) Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: (i) Alico Citrus and (ii) Land Management and Other Operations.

Principles of Consolidation

The Financial Statements include the accounts of Alico and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, 734 Citrus Holdings, LLC and subsidiaries, Alico Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation.

5


 

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable.

Restricted Cash

Restricted cash is comprised of cash receipts from the sale of property which was being held specifically for the purpose of deferring a tax impact on the gain on sale of the property.

In September 2020, the Company sold certain sections of the West Ranch, from which a portion of the net cash proceeds amounting to $16,524,000 were being held by a qualified intermediary in anticipation of purchasing a like-kind asset and in order to defer a portion of the gain on sale of the ranch land. Such funds were included in restricted cash at September 30, 2020. In October 2020, the Company closed on a purchase of a like-kind asset and used all of these net cash proceeds which were being held by the intermediary.

Revenue Recognition

Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, leasing revenue and other resource revenues. The majority of the revenue is generated from the sale of citrus fruit to processing facilities, fresh fruit sales and grove management services. The Company recognizes revenue in the amount it expects it will be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and when the Company has a right to payment.

For the sale of fruit, the Company has identified one performance obligation, which is the delivery of fruit to the processing facility of the customer (or harvesting of the citrus in the case of fresh fruit) for each separate variety of fruit identified in the respective contract with the respective customer. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, including if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific respective contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since all of these contracts contain elements of variable consideration, the Company recognizes this variable consideration by using the expected value method. On a quarterly basis, management reviews the reasonableness of the revenues accrued based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues at the close of the harvesting season can result in either an increase or decrease to reported revenues.

Receivables under contracts, whereby pricing is based on contractual and market prices, are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices are collected or paid thirty to sixty days after final market pricing is published. Receivables under contracts, whereby pricing is based off a cost-plus structure methodology, are paid at the final prior year rate. Any adjustments to pricing as a result of the cost-plus calculation are collected or paid upon finalization of the calculation and agreement by both parties. As of December 31, 2020, and September 30, 2020, the Company had total receivables relating to sales of citrus of approximately $4,328,000 and $584,000, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets.

6


 

For grove management services, the Company has identified one performance obligation, which is the management of the third party’s groves. Grove management services include caretaking of the citrus groves, harvesting and hauling of citrus, management and coordination of citrus sales and other related activities. The Company is reimbursed for expenses incurred in the execution of its management duties and the Company receives a per acre management fee. The Company recognizes operating revenue, including a management fee, and corresponding operating expenses when such grove management services are rendered and consumed.

Disaggregated Revenue

Revenues disaggregated by significant products and services for the three months ended December 31, 2020 and 2019 are as follows:

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

 

 

2020

 

 

2019

 

Alico Citrus

 

 

 

 

 

 

 

 

Early and Mid-Season

 

$

9,315

 

 

$

9,066

 

Fresh Fruit

 

 

409

 

 

 

735

 

Grove Management Services

 

 

3,092

 

 

 

305

 

Other

 

 

110

 

 

 

69

 

Total

 

$

12,926

 

 

$

10,175

 

 

 

 

 

 

 

 

 

 

Land Management and Other Operations

 

 

 

 

 

 

 

 

Land and Other Leasing

 

$

727

 

 

$

663

 

Other

 

 

79

 

 

 

167

 

Total