0001564590-22-018882.txt : 20220509 0001564590-22-018882.hdr.sgml : 20220509 20220509161817 ACCESSION NUMBER: 0001564590-22-018882 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220509 DATE AS OF CHANGE: 20220509 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: 22905229 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-10q_20220331.htm 10-Q alco-10q_20220331.htm
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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 March 31, 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 7,564,786 shares of common stock outstanding at May 6, 2022.

 


 

 

ALICO, INC.

FORM 10-Q

For the three and six months ended March 31, 2022 and 2021

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)

 

 

 

March 31,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

23,516

 

 

$

886

 

Accounts receivable, net

 

 

12,527

 

 

 

6,105

 

Inventories

 

 

33,183

 

 

 

43,377

 

Income tax receivable

 

 

 

 

3,233

 

Assets held for sale

 

 

129

 

 

 

160

 

Prepaid expenses and other current assets

 

 

1,227

 

 

 

1,152

 

Total current assets

 

 

70,582

 

 

 

54,913

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

2,660

 

 

 

 

Property and equipment, net

 

 

373,863

 

 

 

373,231

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

3,561

 

 

 

2,827

 

Total assets

 

$

452,912

 

 

$

433,217

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,377

 

 

$

7,274

 

Accrued liabilities

 

 

7,986

 

 

 

9,872

 

Long-term debt, current portion

 

 

4,285

 

 

 

4,285

 

Income tax payable

 

 

4,072

 

 

 

 

Other current liabilities

 

 

811

 

 

 

875

 

Total current liabilities

 

 

24,531

 

 

 

22,306

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

Principal amount, net of current portion

 

 

119,866

 

 

 

122,009

 

Less: deferred financing costs, net

 

 

(910

)

 

 

(986

)

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

 

 

118,956

 

 

 

121,023

 

Deferred income tax liabilities, net

 

 

37,231

 

 

 

41,977

 

Other liabilities

 

 

638

 

 

 

306

 

Total liabilities

 

 

181,356

 

 

 

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 7,552,669 and 7,526,004 shares outstanding at March 31, 2022 and September 30, 2021, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,963

 

 

 

19,989

 

Treasury stock, at cost, 863,476 and 890,141 shares held at March 31, 2022 and September 30, 2021, respectively

 

 

(29,027

)

 

 

(29,853

)

Retained earnings

 

 

266,938

 

 

 

243,651

 

Total Alico stockholders' equity

 

 

266,290

 

 

 

242,203

 

Noncontrolling interest

 

 

5,266

 

 

 

5,402

 

Total stockholders' equity

 

 

271,556

 

 

 

247,605

 

Total liabilities and stockholders' equity

 

$

452,912

 

 

$

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

March 31,

 

 

Six Months Ended

March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

49,032

 

 

$

55,268

 

 

$

63,780

 

 

$

68,194

 

Land Management and Other Operations

 

 

609

 

 

 

676

 

 

 

1,198

 

 

 

1,482

 

Total operating revenues

 

 

49,641

 

 

 

55,944

 

 

 

64,978

 

 

 

69,676

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

45,490

 

 

 

45,518

 

 

 

58,876

 

 

 

53,665

 

Land Management and Other Operations

 

152

 

 

200

 

 

292

 

 

388

 

Total operating expenses

 

 

45,642

 

 

 

45,718

 

 

 

59,168

 

 

 

54,053

 

Gross profit

 

 

3,999

 

 

 

10,226

 

 

 

5,810

 

 

 

15,623

 

General and administrative expenses

 

 

2,538

 

 

 

2,653

 

 

 

5,122

 

 

 

5,181

 

Income from operations

 

 

1,461

 

 

 

7,573

 

 

 

688

 

 

 

10,442

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(870

)

 

 

(1,089

)

 

 

(1,771

)

 

 

(2,278

)

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

 

 

26,604

 

 

 

(17

)

 

 

35,049

 

 

 

3,347

 

Other income

 

 

1

 

 

 

2

 

 

 

10

 

 

 

12

 

Total other income (expense), net

 

 

25,735

 

 

 

(1,104

)

 

 

33,288

 

 

 

1,081

 

Income before income taxes

 

 

27,196

 

 

 

6,469

 

 

 

33,976

 

 

 

11,523

 

Income tax provision

 

 

6,579

 

 

 

1,579

 

 

 

3,279

 

 

 

2,829

 

Net income

 

 

20,617

 

 

 

4,890

 

 

 

30,697

 

 

 

8,694

 

Net loss (income) attributable to noncontrolling interests

 

 

85

 

 

 

(23

)

 

 

136

 

 

 

18

 

Net income attributable to Alico, Inc. common stockholders

 

$

20,702

 

 

$

4,867

 

 

$

30,833

 

 

$

8,712

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.74

 

 

$

0.65

 

 

$

4.09

 

 

$

1.16

 

Diluted

 

$

2.74

 

 

$

0.65

 

 

$

4.08

 

 

$

1.16

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,552

 

 

 

7,513

 

 

 

7,543

 

 

 

7,508

 

Diluted

 

 

7,556

 

 

 

7,513

 

 

 

7,548

 

 

 

7,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.50

 

 

$

0.18

 

 

$

1.00

 

 

$

0.36

 

 

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 March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Total

 

 

Non-

 

 

 

 

 

 

 

Common stock

 

 

Paid In

 

 

Treasury

 

 

Retained

 

 

Alico, Inc.

 

 

controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance at December 31, 2021

 

 

8,416

 

 

$

8,416

 

 

$

20,080

 

 

$

(29,399

)

 

$

250,012

 

 

$

249,109

 

 

$

5,351

 

 

$

254,460

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,702

 

 

 

20,702

 

 

 

(85

)

 

 

20,617

 

Dividends ($0.50/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,776

)

 

 

(3,776

)

 

 

 

 

 

(3,776

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

27

 

 

 

142

 

 

 

 

 

 

169

 

 

 

 

 

 

169

 

Executives and Managers

 

 

 

 

 

 

 

 

59

 

 

 

 

 

 

 

 

 

59

 

 

 

 

 

 

59

 

Employees

 

 

 

 

 

 

 

 

(203

)

 

 

230

 

 

 

 

 

 

27

 

 

 

 

 

 

27

 

Balance at March 31, 2022

 

 

8,416

 

 

$

8,416

 

 

$

19,963

 

 

$

(29,027

)

 

$

266,938

 

 

$

266,290

 

 

$

5,266

 

 

$

271,556

 

 

 

 

For the Six Months Ended March 31, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,833

 

 

 

30,833

 

 

 

(136

)

 

 

30,697

 

Dividends ($1.00/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,546

)

 

 

(7,546

)

 

 

 

 

 

(7,546

)

Exercise of stock options

 

 

 

 

 

 

 

 

15

 

 

 

155

 

 

 

 

 

 

170

 

 

 

 

 

 

170

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

50

 

 

 

298

 

 

 

 

 

 

348

 

 

 

 

 

 

348

 

Executives and Managers

 

 

 

 

 

 

 

 

112

 

 

 

143

 

 

 

 

 

 

255

 

 

 

 

 

 

255

 

Employees

 

 

 

 

 

 

 

 

(203

)

 

 

230

 

 

 

 

 

 

27

 

 

 

 

 

 

27

 

Balance at March 31, 2022

 

 

8,416

 

 

$

8,416

 

 

$

19,963

 

 

$

(29,027

)

 

$

266,938

 

 

$

266,290

 

 

$

5,266

 

 

$

271,556

 

 

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 March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Total

 

 

Non-

 

 

 

 

 

 

 

Common stock

 

 

Paid In

 

 

Treasury

 

 

Retained

 

 

Alico, Inc.

 

 

controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance at December 31, 2020

 

 

8,416

 

 

$

8,416

 

 

$

19,634

 

 

$

(30,421

)

 

$

221,513

 

 

$

219,142

 

 

$

5,400

 

 

$

224,542

 

Net income