Company Quick10K Filing
Alico
10-Q 2021-06-30 Filed 2021-08-05
10-Q 2021-03-31 Filed 2021-05-05
10-Q 2020-12-31 Filed 2021-02-04
10-K 2020-09-30 Filed 2020-12-08
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-06
10-K 2019-09-30 Filed 2019-12-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-31 Filed 2019-02-11
10-K 2018-09-30 Filed 2018-12-06
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-31 Filed 2018-02-06
10-K 2017-09-30 Filed 2017-12-11
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-06
10-K 2016-09-30 Filed 2016-12-06
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-Q 2015-12-31 Filed 2016-02-08
10-K 2015-09-30 Filed 2015-12-10
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-11
10-Q 2014-12-31 Filed 2015-02-09
10-K 2014-09-30 Filed 2014-12-12
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-06
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-12-09
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-09-30 Filed 2012-12-05
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-12-31 Filed 2012-02-09
10-K 2011-09-30 Filed 2011-12-14
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-12-31 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-12-14
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-Q 2009-12-31 Filed 2010-02-09
8-K 2021-02-04
8-K 2021-01-14
8-K 2020-12-15
8-K 2020-12-08
8-K 2020-12-02
8-K 2020-10-30
8-K 2020-09-11
8-K 2020-09-10
8-K 2020-08-06
8-K 2020-08-06
8-K 2020-06-11
8-K 2020-05-28
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-03-13
8-K 2020-02-28
8-K 2020-02-06
8-K 2020-01-14
8-K 2020-01-03
8-K 2019-12-16
8-K 2019-12-05
8-K 2019-12-05
8-K 2019-11-08
8-K 2019-09-13
8-K 2019-08-06
8-K 2019-06-14
8-K 2019-05-07
8-K 2019-05-01
8-K 2019-04-12
8-K 2019-04-11
8-K 2019-03-15
8-K 2019-02-27
8-K 2019-02-11
8-K 2019-02-11
8-K 2019-01-14
8-K 2018-12-14
8-K 2018-12-13
8-K 2018-12-06
8-K 2018-11-19
8-K 2018-11-13
8-K 2018-09-21
8-K 2018-09-05
8-K 2018-09-05
8-K 2018-09-04
8-K 2018-08-06
8-K 2018-06-12
8-K 2018-05-07
8-K 2018-03-15
8-K 2018-02-28
8-K 2018-02-06

ALCO 10Q Quarterly Report

Part I
Item 1. Condensed Consolidated Financial Statements
Note 1. Description of Business and Basis of Presentation
Note 2. Inventories
Note 3. Assets Held for Sale
Note 4. Property and Equipment, Net
Note 5. Long - Term Debt and Lines of Credit
Note 6. Accrued Liabilities
Note 7. Income Taxes
Note 8. Earnings per Common Share
Note 9. Segment Information
Note 10. Leases
Note 11. Stockholders' Equity
Note 12. Commitments and Contingencies
Note 13. Related Party Transactions
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-31.1 alco-ex311_8.htm
EX-31.2 alco-ex312_7.htm
EX-32.1 alco-ex321_9.htm
EX-32.2 alco-ex322_6.htm

Alico Earnings 2021-06-30

Balance SheetIncome StatementCash Flow

alco-10q_20210630.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 June 30, 2021

 

 

 

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 7,526,004 shares of common stock outstanding at August 3, 2021.

 


 

 

ALICO, INC.

FORM 10-Q

For the three and nine months ended June 30, 2021 and 2020

Table of Contents

 

Part I - FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements

 

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

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

35

Item 4. Controls and Procedures

35

Part II - OTHER INFORMATION

36

Item 1. Legal Proceedings

36

Item 1A. Risk Factors

36

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

36

Item 3. Defaults Upon Senior Securities

36

Item 4. Mine Safety Disclosure

36

Item 5. Other Information

36

Item 6. Exhibits

37

Signatures

38

 

 


 

 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

Condensed Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and September 30, 2020

1

Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2021 and 2020 (Unaudited)

2

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 30, 2021 and 2020 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2021 and 2020 (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,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,410

 

 

$

3,163

 

Accounts receivable, net

 

 

6,484

 

 

 

4,347

 

Inventories

 

 

31,564

 

 

 

40,855

 

Income tax receivable

 

 

 

 

781

 

Assets held for sale

 

944

 

 

 

1,366

 

Prepaid expenses and other current assets

 

 

1,516

 

 

 

1,387

 

Total current assets

 

 

71,918

 

 

 

51,899

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

 

 

 

16,524

 

Property and equipment, net

 

 

370,138

 

 

 

350,061

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

2,765

 

 

 

3,207

 

Total assets

 

$

447,067

 

 

$

423,937

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,998

 

 

$

3,533

 

Accrued liabilities

 

 

8,558

 

 

 

7,095

 

Long-term debt, current portion

 

 

8,355

 

 

 

9,145

 

Income taxes payable

 

 

7,081

 

 

 

 

Other current liabilities

 

 

885

 

 

 

1,385

 

Total current liabilities

 

 

32,877

 

 

 

21,158

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

Principal amount, net of current portion

 

 

123,080

 

 

 

139,106

 

Less: deferred financing costs, net

 

 

(1,027

)

 

 

(1,151

)

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

 

 

122,053

 

 

 

137,955

 

Lines of credit

 

 

 

 

 

2,942

 

Deferred income tax liabilities, net

 

 

39,728

 

 

 

39,728

 

Other liabilities

 

 

312

 

 

 

372

 

Total liabilities

 

 

194,970

 

 

 

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 7,520,938 and 7,492,524 shares outstanding at June 30, 2021 and September 30, 2020, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,862

 

 

 

19,685

 

Treasury stock, at cost, 895,207 and 923,621 shares held at June 30, 2021 and September 30, 2020, respectively

 

 

(30,004

)

 

 

(30,779

)

Retained earnings

 

 

248,386

 

 

 

219,019

 

Total Alico stockholders' equity

 

 

246,660

 

 

 

216,341

 

Noncontrolling interest

 

 

5,437

 

 

 

5,441

 

Total stockholders' equity

 

 

252,097

 

 

 

221,782

 

Total liabilities and stockholders' equity

 

$

447,067

 

 

$

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

June 30,

 

 

Nine Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

34,262

 

 

$

25,360

 

 

$

102,456

 

 

$

85,336

 

Land Management and Other Operations

 

 

626

 

 

 

762

 

 

 

2,108

 

 

 

2,306

 

Total operating revenues

 

 

34,888

 

 

 

26,122

 

 

 

104,564

 

 

 

87,642

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

26,156

 

 

 

19,508

 

 

 

79,821

 

 

 

67,866

 

Land Management and Other Operations

 

 

222

 

 

 

394

 

 

 

610

 

 

 

1,325

 

Total operating expenses

 

 

26,378

 

 

 

19,902

 

 

 

80,431

 

 

 

69,191

 

Gross profit

 

 

8,510

 

 

 

6,220

 

 

 

24,133

 

 

 

18,451

 

General and administrative expenses

 

 

1,911

 

 

 

2,556

 

 

 

7,092

 

 

 

8,269

 

Income from operations

 

 

6,599

 

 

 

3,664

 

 

 

17,041

 

 

 

10,182

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(907

)

 

 

(1,603

)

 

 

(3,185

)

 

 

(4,599

)

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

 

 

30,288

 

 

 

154

 

 

 

33,635

 

 

 

3,017

 

Other income (expense), net

 

 

6

 

 

 

44

 

 

 

18

 

 

 

(20

)

Total other income (expense), net

 

 

29,387

 

 

 

(1,405

)

 

 

30,468

 

 

 

(1,602

)

Income before income taxes

 

 

35,986

 

 

 

2,259

 

 

 

47,509

 

 

 

8,580

 

Income tax provision

 

 

8,853

 

 

 

171

 

 

 

11,682

 

 

 

2,028

 

Net income

 

 

27,133

 

 

 

2,088

 

 

 

35,827

 

 

 

6,552

 

Net (income) loss attributable to noncontrolling interests

 

 

(14

)

 

 

8

 

 

 

4

 

 

 

(94

)

Net income attributable to Alico, Inc. common stockholders

 

$

27,119

 

 

$

2,096

 

 

$

35,831

 

 

$

6,458

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

3.61

 

 

$

0.28

 

 

$

4.77

 

 

$

0.86

 

Diluted

 

$

3.61

 

 

$

0.28

 

 

$

4.77

 

 

$

0.86

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,521

 

 

 

7,486

 

 

 

7,512

 

 

 

7,481

 

Diluted

 

 

7,521

 

 

 

7,493

 

 

 

7,512

 

 

 

7,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.50

 

 

$

0.09

 

 

$

0.86

 

 

$

0.27

 

 

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, 2021

 

 

 

 

 

 

 

 

 

 

 

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, 2021

 

 

8,416

 

 

$

8,416

 

 

$

19,759

 

 

$

(30,223

)

 

$

225,028

 

 

$

222,980

 

 

$

5,423

 

 

$

228,403

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,119

 

 

 

27,119

 

 

 

14

 

 

 

27,133

 

Dividends ($0.50/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,761

)

 

 

(3,761

)

 

 

 

 

 

(3,761

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

3

 

 

 

219

 

 

 

 

 

 

222

 

 

 

 

 

 

222

 

Executives and Managers

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

100

 

Balance at June 30, 2021

 

 

8,416

 

 

$

8,416

 

 

$

19,862

 

 

$

(30,004

)

 

$

248,386

 

 

$

246,660

 

 

$

5,437

 

 

$

252,097

 

 

 

For the Nine Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,831

 

 

 

 

 

35,831

 

 

 

(4

)

 

 

35,827

 

Dividends ($0.86/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,464

)

 

 

 

 

(6,464

)

 

 

 

 

 

(6,464

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

47

 

 

 

619

 

 

 

 

 

 

 

 

666

 

 

 

 

 

 

666