News

Alico, Inc. Announces Fourth Quarter and Annual Results Highlighted by $48.1 Million of Adjusted EBITDA and $2.25 Adjusted Free Cash Flow Per Diluted Common Share for Fiscal Year 2015

Performance Highlights

  • The Company posted Adjusted EBITDA of $5.5 million in the fourth quarter and $48.1 million for fiscal year 2015.
     
  • Adjusted Earnings per Diluted Common Share of ($0.25) per share in the fourth quarter and $1.84 per share for fiscal year 2015.
     
  • Adjusted Free Cash Flow of $6.6 million in the fourth quarter and $18.1 million for fiscal year 2015, which is $0.79 and $2.25 per Diluted Common Share, respectively.
     
  • The fiscal year 2015 pro forma citrus production increased 5% to 10.5 million boxes vs. an industry decline of 8%.
     
  • The Company ended the year with net debt of $198.5 million. 


FORT MYERS, Fla., Dec. 10, 2015 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (NASDAQ:ALCO), a holding company with assets and related operations in agriculture and natural resources, today announced financial results for the fourth quarter and fiscal year 2015.


                       
(in thousands, except per share amounts)            
         Three Months Ended September 30,     Year Ended September 30,   
          2015       2014       2015       2014    
                 
Non-GAAP Measures              
  Adjusted EBITDA     $   5,482     $   2,524     $   48,145     $   23,920    
  Adjusted earnings per diluted common share $   (0.25 )   $   (0.21 )   $   1.84     $   0.85    
  Adjusted free cash flow   $   6,557     $   11,606     $   18,126     $   17,387    
  Adjusted free cash flow per diluted common share $   0.79     $   1.58     $   2.25     $   2.36    
 
GAAP Measures                    
  Revenues     $   13,010     $   14,477     $   153,119     $   103,983    
  Net income (loss) attributable to common stockholders $   (2,528 )   $   4,010     $   15,764     $   9,033    
  Earnings per diluted common share   $   (0.30 )   $   0.54     $   1.96     $   1.23    
  Cash provided by operations   $   7,971     $   13,221     $   33,866     $   27,991    
                 

 


Clay G. Wilson, Alico’s Chief Executive Officer, said, “The Company is pleased with the completion of a very successful year which included the acquisition and integration of Orange-Co and Silver Nip Citrus.  When we announced our landmark acquisitions last year, we believed that they would establish us as the largest citrus producer in the US, and through a significant increase in EBITDA and free cash flow, Alico would be well-positioned for long-term growth.  As a result of these acquisitions, Alico now holds over 46,000 gross acres of Florida citrus land.  Our groves are highly productive with fiscal year 2015 production of approximately 10.5 million boxes, an increase of 5% over the 10.0 million boxes sold in the prior season, on a pro forma  basis, when the industry declined by 8% over the same period.  We believe that our production continues to outpace the state, and we attribute this to the quality of our groves and superior horticultural practices.  We remain vigilant about the risks of citrus greening that have reduced Florida citrus production by almost 50% over the past decade, and we are continuing to invest in our groves.  We are encouraged by the profitability of our fiscal 2016 sales of Early and Specialty varieties into the fresh fruit market and continue to explore ways to optimize our cost structure in this increasingly competitive citrus industry.  Our fourth quarter results primarily reflect the completion of Silver Nip Citrus’ Valencia citrus season and our Ranch and Conservation Division’s sale of calves.  We retained approximately 1,000 heifer calves that would have been typically sold in the fourth quarter in order to expand our breeding herd in a cost effective manner.”

Fiscal Year 2015 Fourth Quarter Results

Our agriculture operations are seasonal in nature with the second and third quarters historically producing a majority of our annual revenue and the first and fourth quarters producing less revenue. 

For the fourth quarter of fiscal year 2015, revenues were $13.0 million as compared to $14.5 million for the fourth quarter of fiscal year 2014, a decrease of $1.5 million.

The impact of the recent Alico acquisition strategy is apparent in the Company’s fourth quarter Citrus Division results.  During this quarter, declining market prices were offset by significantly higher production.  Citrus Division revenue was $10.6 million for the fourth quarter of fiscal year 2015 compared to $7.0 million in the same period of fiscal 2014.  This increase of $3.6 million was due primarily to the acquisition of the TRB Grove in fiscal year 2015.  The Company sold approximately 628,000 boxes of oranges in the fourth quarter of fiscal year 2015 compared to approximately 413,000 boxes in the same period of fiscal year 2014.  Total pound solids were 4.0 million in the fourth quarter of fiscal year 2015 compared to pound solids production of approximately 2.7 million in the fourth quarter of fiscal year 2014.  The market price per pound solid for the Valencia variety in the fourth quarter of fiscal year 2015 was approximately $2.49 compared to $2.58 in the same period of fiscal year 2014, a decrease of ($0.09) per pound solid or (3.4%).

The increase in Citrus Division revenue was offset by a decrease in Ranch and Conservation revenues of ($2.4) million and ($2.6) million in Improved Farmland. Two factors impacted the decrease in Ranch and Conservation revenues.  In the past, we generally sold substantially all of our calves in the fourth quarter of our fiscal year.  However, in the fourth quarter of fiscal year 2015, approximately 1,000 calves were held over for sale into fiscal year 2016.  Additionally, approximately 1,000 heifer calves that would have typically been sold were instead retained to expand our breeding herd. Improved Farmland revenues decreased due to the sale of our sugarcane operations.

Total operating expenses for the fourth quarter of fiscal year 2015 were $10.0 million as compared to $10.6 million for the fourth quarter of fiscal year 2014, a decrease of ($0.6) million.

Operating expenses increased by approximately $2.0 million in the Citrus Division primarily due to the acquisition of Orange-Co and harvesting approximately 200,000 more boxes in the fourth quarter of fiscal year 2015 compared to the fourth quarter of fiscal year 2014.  Improved Farmland operating expenses decreased by ($2.0) million due to the sale of our sugarcane operations, and Ranch and Conservation operating expenses decreased by ($1.1) million.  

Net loss attributable to common stockholders for the fourth quarter of fiscal year 2015 was ($2.5) million, or ($0.30) per common diluted share, compared to net income of $4.0 million, or $0.54 per common diluted share in the fourth quarter of fiscal year 2014.  Reported results include $0.5 million of non-recurring expenses, net of taxes, for the quarter ended September 30, 2015.

Adjusted EBITDA (defined as net income excluding interest expense, income tax provision, depreciation and amortization and adjusted for non-recurring income and expense items) for the fourth quarter of fiscal year 2015 was $5.5 million as compared to $2.5 million for the fourth quarter of fiscal year 2014.

Adjusted Loss per Diluted Common Share (defined as net income excluding non-recurring income and expense items, net of related income taxes) was ($0.25) for the fourth quarter of fiscal year 2015 as compared to ($0.21) for the fourth quarter of fiscal year 2014. 

Silver Nip Citrus

Silver Nip Citrus’ fiscal year end is June 30. As a result, the Company’s results of operations for the three months and year ended September 30, 2015 include the Silver Nip Citrus results of operations for the three months and year ended June 30, 2015, and the Company’s financial condition as of September 30, 2015 includes the financial condition of Silver Nip Citrus as of June 30, 2015. The Company’s results of operations for the three months and year ended September 30, 2014 include Silver Nip Citrus’ results of operations from November 19, 2013 (the initial date of common control) through June 30, 2014.

Fiscal Year 2015 Annual Results

For the year ended September 30, 2015, total revenue was $153.1 million compared to $104.0 million for fiscal year 2014, an increase of $49.1 million.

Citrus Division revenue was $139.7 million in fiscal year 2015 compared to $62.4 million in fiscal year 2014, an increase of $77.3 million.  The increase in revenue was due primarily to the Orange-Co and other citrus grove acquisitions during a year when market prices were significantly pressured. 

The Company sold approximately 10.5 million boxes of oranges in fiscal year 2015 compared to approximately 4.4 million boxes in fiscal year 2014.  Production increases were primarily due to the Orange-Co acquisition, and pro forma production was also up 5% year over year.  The Citrus Division produced 62.2 million pound solids in fiscal year 2015 compared to 26.6 million pound solids in fiscal year 2014.  The increase in production was offset by decreased market prices which averaged $2.07 per pound solid for all varieties in fiscal year 2015 compared to $2.24  per pound solid in fiscal year 2014, a decrease of ($0.17) per pound solid or (7.6%).  Agricultural Supply Chain Management revenue decreased by ($5.9) million as we continue to reduce external boxes handled to focus on Company-owned fruit. 

Improved Farmland, Ranch and Conservation Division revenues decreased by ($19.5) million and ($2.8) million, respectively, during the fiscal year.  The decrease in Improved Farmland revenue was due to the sale of our sugarcane operations.  Two factors impacted the decrease in Ranch and Conservation revenue.  In the past, we sold substantially all of our calves in the fourth quarter of the fiscal year.  However, in the fourth quarter of fiscal year 2015, approximately 1,000 calves were held over for sale into fiscal year 2016.  Additionally, approximately 1,000 heifer calves that would have typically been sold were instead retained to expand our breeding herd.

Total operating expenses for fiscal year 2015 were $117.2 million as compared to $82.7 million for fiscal year 2014, an increase of $34.4 million. Operating expenses increased by approximately $61.5 million in the Citrus Division primarily due to the acquisition of Orange-Co, of which $8.1 million was non-cash expense as a result of purchase accounting related adjustments from acquisitions.  The valuation of fruit inventory acquired was marked to fair value to account for the stage of fruit development at the time of acquisition. The impact of the purchase accounting adjustments on operating expenses is non-recurring beyond fiscal year 2015.  Citrus Division operating expenses, excluding the purchase accounting adjustments,  were $96.0 million or $9.16 per box in fiscal year 2015 compared to $42.6 million or $9.77 per box in fiscal 2014.

Net income attributable to common stockholders for the year ended September 30, 2015 was $15.8 million, or $1.96 per diluted share, compared to $9.0 million, or $1.23 per diluted share, for fiscal year 2014.  Reported results include $0.9 million of non-recurring income, net of taxes, for the year ended September 30, 2015.  Adjusted EBITDA for the year ended September 30, 2015 was $48.1 million as compared to $23.9 million in fiscal year 2014.  Adjusted Earnings per Diluted Common Share was $1.84 compared to $0.85 for fiscal year 2014. 

Balance Sheet and Liquidity

The Company ended the year with debt, net of cash and cash equivalents, of $198.5 million.

The Company repurchased 71,554 shares of common stock at an average cost of $41.61 per share in the fourth quarter of fiscal year 2015.

About Alico

Alico is a holding company with assets and related operations in agriculture and natural resources. In addition to its citrus operations, Alico is currently invested in cattle ranching, water management, mining and other natural resources. Our mission is to create value for shareholders by managing existing assets to their optimal current income and total returns, opportunistically acquiring new assets and producing high quality agricultural products while exercising responsible environmental stewardship. Learn more about Alico (NASDAQ:ALCO) at www.alicoinc.com.

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, demand, import and export of fresh product and its by-products, 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 and other growth opportunities; onetime events; acquisitions and divestitures, including our ability to achieve the anticipated results of the Orange-Co acquisition and Silver Nip merger; seasonality; 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; changes in agricultural land values; and 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 http://www.sec.gov. 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

Net income, which management considers being the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, is reconciled to Adjusted EBITDA and Adjusted Earnings per Common Share, as follows:

                       
Adjusted EBITDA                    
(in thousands)       Three Months Ended September 30,   Year Ended September 30,    
            2015     2014       2015     2014      
Net income attributable to common stockholders       $   (2,528 ) $   4,010     $   15,764   $   9,033      
  Interest expense, net           2,658       603         8,373       1,925      
  Income taxes           (35 )     6,653         10,905       9,889      
  Depreciation and amortization           4,718       1,703         14,637       8,946      
EBITDA           4,813       12,969         49,679       29,793      
  Asset impairment           -       -         541       -      
  Transaction costs           832       373         5,592       2,639      
  Acquired citrus inventory fair value adjustments            826       -         8,051       -      
  Loss on extinguishment of debt           87       -         1,051       -      
  Gain on bargain purchase           (1,145 )     -         (1,145 )     -      
  Write-off of certain inventory and plant cane costs         -       -         -       2,309      
  Gain on settlement of contingent consideration           -       (6,000 )       -       (6,000 )    
  Payments on consulting agreements           189       -         893       -      
  Gains on sale of real estate           (120 )     (4,818 )       (16,517 )     (4,821 )    
                       
Adjusted EBITDA       $   5,482   $   2,524     $   48,145   $   23,920      
                       
                       
                       
Adjusted Earnings per Common Share                    
(in thousands)       Three Months Ended September 30,   Year Ended September 30,    
            2015     2014       2015     2014      
Net income attributable to common stockholders       $   (2,528 ) $   4,010     $   15,764   $   9,033      
  Loss on extinguishment of debt           87       -         1,051       -      
  Asset impairment           -       -         541       -      
  Transaction costs           832       373         5,592       2,639      
  Gain on bargain purchase           (1,145 )     -         (1,145 )     -      
  Write-off of certain inventory and plant cane costs         -       -         -       2,309      
  Acquired citrus inventory fair value adjustments            826       -         8,051       -      
  Gain on settlement of contingent consideration           -       (6,000 )       -       (6,000 )    
  Payments on consulting agreements           189       -         893       -      
  Losses (gains) on sale of real estate           (120 )     (4,818 )       (16,517 )     (4,821 )    
  Tax impact            (196 )     4,858         628       3,066      
                       
Adjusted net income       $   (2,056 ) $   (1,577 )   $   14,857   $   6,226      
                       
Diluted common shares           8,328       7,361         8,061       7,354      
                       
Adjusted Earnings Per Common Share       $   (0.25 ) $   (0.21 )   $   1.84   $   0.85      
                       
                       
          Three Months Ended September 30,   Year Ended September 30,    
            2015     2014       2015     2014      
Adjusted Free Cash Cash Flow                    
(in thousands)                    
                       
Cash provided by operating activities       $   7,971   $   13,221     $   33,866   $   27,991      
Adjustments for non-recurring items:                    
  Transaction costs           832       373       5,592     2,639      
  Payments on consulting agreements           189       -       893       -      
  Transaction-related tax savings           (161 )     -         (10,277 )     -      
Capital expenditures           (2,274 )     (1,988 )       (11,948 )     (13,243 )    
                       
                    -      
Adjusted Free Cash Flow       $   6,557   $   11,606     $   18,126   $   17,387      
                       
Diluted common shares         8,328     7,361       8,061     7,354      
                       
Adjusted Free Cash Flow Per Common Share       $   0.79   $   1.58     $   2.25   $   2.36      
                       

 

 

Alico utilizes Adjusted EBITDA among other measures, to evaluate the performance of its business. 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 Adjusted EBITDA, Adjusted Earnings per Diluted Common Share, Adjusted Free Cash Flow and Adjusted Free Cash Flow per Diluted Common Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provides useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and helps investors evaluate our ability to service our debt.  Such measurements are not prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. Adjusted Free Cash Flow is defined as cash provided by operations less capital expenditures adjusted for non-recurring transactions. The Company uses Adjusted Free Cash Flow and Adjusted Free Cash Flow per Diluted Common Share to evaluate its business and this measure is considered an important indicator of the Company's liquidity, including its ability to reduce net debt, make strategic investments, and pay dividends to common stockholders.

ALICO, INC.  
CONSOLIDATED AND COMBINED BALANCE SHEETS  
(dollars in thousands, except share and per share amounts)  
         
  September 30,  
    2015       2014    
ASSETS        
Current assets:        
Cash and cash equivalents $   7,360     $   31,020    
Accounts receivable, net    4,252        8,441    
Inventories    55,142        25,469    
Income tax receivable    2,088          
Assets held for sale    —        59,513    
Prepaid expenses and other current assets    1,838        1,269    
Total current assets    70,680        125,712    
         
Property and equipment, net    381,667        126,833    
Goodwill    2,246          
Deferred financing costs, net of accumulated amortization    2,985        1,143    
Other non current assets    3,002        3,892    
Total assets $   460,580     $   257,580    
         
LIABILITIES AND EQUITY        
Current liabilities:        
Accounts payable $   4,022     $   2,053    
Accrued liabilities    13,682        4,227    
Long-term debt, current portion    4,511        3,196    
Income taxes payable          4,572    
Deferred tax liability, current portion    151        3,135    
Obligations under capital leases, current portion    277        259    
Other current liabilities    990        3,228    
Total current liabilities    23,633        20,670    
         
Long-term debt    201,370        58,444    
Lines of credit          3,160    
Deferred tax liability    24,134        8,760    
Deferred gain on sale    29,122          
Deferred retirement obligations    4,134        3,856    
Obligations under capital leases    588        839    
Total liabilities    282,981        95,729    
         
Commitments and contingencies        
         
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 and 7,377,106 shares issued and 8,325,580 and 7,361,340 shares outstanding at September 30, 2015 and September 30, 2014, respectively    8,416        7,377    
Additional paid in capital    21,289        3,742    
Members' equity          16,414    
Treasury stock, at cost, 90,565 and 15,766 shares held at September 30, 2015 and September 30, 2014, respectively    (3,962 )      (650 )  
Retained earnings    147,049        134,968    
Total Alico Inc. equity    172,792        161,851    
Noncontrolling interest    4,807          
Total equity    177,599        161,851    
Total liabilities and equity $   460,580     $   257,580    
         

 

ALICO, INC.   
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME  
(in thousands, except per share amounts)  
             
  Fiscal Year Ended September 30,  
    2015       2014       2013    
Operating revenues:            
Citrus Groves $   139,700     $   62,372     $   43,689    
Agricultural Supply Chain Management    6,439        12,376        28,412    
Improved Farmland    901        20,429        21,917    
Ranch and Conservation    5,394        8,172        6,755    
Other Operations    685        634        888    
Total operating revenues    153,119        103,983        101,661    
             
Operating expenses:            
Citrus Groves    104,081        42,571        31,533    
Agricultural Supply Chain Management    6,193        12,317        27,949    
Improved Farmland    1,089        21,356        16,202    
Ranch and Conservation    4,808        6,123        3,798    
Other Operations    995        374        505    
Total operating expenses    117,166        82,741        79,987    
             
Gross profit    35,953        21,242        21,674    
General and administrative expenses    16,894        11,328        9,739    
             
Income from operations    19,059        9,914        11,935    
             
Other income (expense):            
Investment and interest income, net    59        131        704    
Interest expense    (8,373 )      (1,925 )      (1,257 )  
Gain on sale of real estate    16,517        4,821        20,299    
Gain on settlement of contingent consideration arrangement          6,000          
Loss on extinguishment of debt    (1,051 )              
Gain on bargain purchase    1,145                
Impairment on asset held for sale    (541 )              
Other expense, net    (177 )      (19 )      (6 )  
Total other income, net    7,579        9,008        19,740    
             
Income before income taxes    26,638        18,922        31,675    
Provision for income taxes    10,905        9,889        12,029    
             
Net income    15,733        9,033        19,646    
Net loss attributable to noncontrolling interests    31                
Net income attributable to Alico, Inc. common stockholders $   15,764     $   9,033     $   19,646    
Comprehensive income (loss) attributable to noncontrolling interests                  
Comprehensive income attributable to Alico, Inc. common stockholders $   15,764     $   9,033     $   19,646    
             
Per share information attributable to Alico, Inc. common stockholders:            
Earnings per common share:            
Basic $   1.96     $   1.23     $   2.69    
Diluted $   1.96     $   1.23     $   2.67    
Weighted-average number of common shares outstanding:            
Basic    8,056        7,336        7,313    
Diluted    8,061        7,354        7,357    
             
Cash dividends declared per common share $   0.24     $   0.24     $   0.36    
             



ALICO, INC. AND SUBSIDIARIES  
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS  
(in thousands)  
             
  Fiscal Year Ended September 30,  
    2015       2014       2013    
Cash flows from operating activities:            
Net income $   15,733     $   9,033     $   19,646    
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization    14,637        8,946        9,675    
Gain on sale of assets    (17,139 )      (4,371 )      (20,894 )  
Gain on settlement of contingent consideration arrangement          (6,000 )        
Deferred income taxes    12,351        5,311        9,062    
Gain on bargain purchase    (1,145 )              
Stock-based compensation    1,126        1,661        923    
Loss on extinguishment of debt    1,051                
Asset impairment    541                
Other non-cash gains and losses    1,183        (135 )      (78 )  
Changes in operating assets and liabilities:            
Accounts receivable    5,468        (3,276 )      (1,195 )  
Inventories    9,708        13,666        (2,113 )  
Income tax receivable    (2,088 )              
Other assets    (30 )      621          
Accounts payable and accrued expenses    2,029        (7,935 )      (3,727 )  
Income tax payable    (4,572 )      3,401        2,014    
Other liabilities    (4,987 )      7,069        113    
Net cash provided by operating activities    33,866        27,991        13,426    
             
Cash flows from investing activities:            
Acquisition of citrus businesses, net of cash acquired    (282,717 )      (16,517 )        
Purchases of property and equipment    (11,948 )      (13,243 )      (18,924 )  
Proceeds from disposals of property and equipment    105,363        14,479        24,381    
Return on investment in Magnolia Fund    675        3,814        1,179    
Cash received in common control acquisition          2,669          
Other    228        (10 )      35    
Net cash (used in) provided by investing activities    (188,399 )      (8,808 )      6,671    
             
Cash flows from financing activities:            
Proceeds from term loans    195,500                
Repayments on revolving line of credit    (84,333 )      (1,600 )      (5,661 )  
Borrowings on revolving line of credit    81,173              5,661    
Repayment of term loan    (34,000 )              
Principal payments on term loans    (17,759 )              
Treasury stock purchases    (4,013 )      (4,844 )      (2,894 )  
Financing costs    (3,583 )              
Dividends paid    (1,879 )      (3,386 )      (2,048 )  
Capital lease payments    (233 )      (426 )        
Principal payments on notes payable          (2,490 )      (3,900 )  
Net cash provided by (used in) financing activities    130,873        (12,746 )      (8,842 )  
             
Net (decrease) increase in cash and cash equivalents    (23,660 )      6,437        11,255    
Cash and cash equivalents at beginning of year    31,020        24,583        13,328    
             
Cash and cash equivalents at end of year $   7,360     $   31,020     $   24,583    

 


 

 

 

Investor Contact:
John Kiernan
Chief Financial Officer and Senior Vice President
239-226-2000

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Source: Alico, Inc.