Company Quick10K Filing
Alico
Price29.77 EPS5
Shares7 P/E6
MCap223 P/FCF5
Net Debt140 EBIT51
TEV363 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
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 2020-08-06 Other Events, Exhibits
8-K 2020-08-06 Earnings, Exhibits
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. Derivative Asset and Derivative Liabilities/Deferred Gain on Sale
Note 8. Income Taxes
Note 9. Earnings per Common Share
Note 10. Segment Information
Note 11. Stockholders' Equity
Note 12.
Note 13. Related Party Transactions
Note 14. Subsequent Events
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-10.1 alco-ex101_301.htm
EX-10.4 alco-ex104_323.htm
EX-31.1 alco-ex311_11.htm
EX-31.2 alco-ex312_10.htm
EX-32.1 alco-ex321_8.htm
EX-32.2 alco-ex322_9.htm

Alico Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4803842881929602012201420172020
Assets, Equity
75553515-5-252012201420172020
Rev, G Profit, Net Income
1609428-38-104-1702012201420172020
Ops, Inv, Fin

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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, 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 7,491,642 shares of common stock outstanding at August 5, 2020.

 


 

ALICO, INC.

FORM 10-Q

For the three and nine months ended June 30, 2020 and 2019

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

25

Item 3. Quantitative and Qualitative Disclosures About Market Risk

36

Item 4. Controls and Procedures

36

Part II - OTHER INFORMATION

37

Item 1. Legal Proceedings

37

Item 1A. Risk Factors

37

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

38

Item 3. Defaults Upon Senior Securities

38

Item 4. Mine Safety Disclosures

38

Item 5. Other Information

38

Item 6. Exhibits

39

Signatures

40

 

 


 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

 

Page

Condensed Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and September 30, 2019

1

Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2020 and 2019 (Unaudited)

2

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 30, 2020 and 2019 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2020 and 2019 (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,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

80,426

 

 

$

18,630

 

Accounts receivable, net

 

 

909

 

 

 

713

 

Inventories

 

 

29,253

 

 

 

40,143

 

Assets held for sale

 

 

1,366

 

 

 

1,442

 

Prepaid expenses and other current assets

 

 

1,645

 

 

 

1,049

 

Total current assets

 

 

113,599

 

 

 

61,977

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

784

 

 

 

5,208

 

Property and equipment, net

 

 

351,077

 

 

 

345,648

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

2,226

 

 

 

2,309

 

Total assets

 

$

469,932

 

 

$

417,388

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,503

 

 

$

4,163

 

Accrued liabilities

 

 

5,803

 

 

 

7,769

 

Long-term debt, current portion

 

 

5,130

 

 

 

5,338

 

Deferred retirement obligations

 

 

5,226

 

 

 

5,226

 

Income taxes payable

 

 

2,802

 

 

 

5,536

 

Other current liabilities

 

 

1,139

 

 

 

919

 

Total current liabilities

 

 

24,603

 

 

 

28,951

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

Principal amount, net of current portion

 

 

145,810

 

 

 

158,111

 

Less: deferred financing costs, net

 

 

(1,195

)

 

 

(1,369

)

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

 

 

144,615

 

 

 

156,742

 

Lines of credit

 

 

64,380

 

 

 

 

Deferred income tax liabilities, net

 

 

31,353

 

 

 

32,125

 

Other liabilities

 

 

246

 

 

 

172

 

Total liabilities

 

 

265,197

 

 

 

217,990

 

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 7,486,108 and 7,476,513 shares outstanding at June 30, 2020 and September 30, 2019, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

20,181

 

 

 

19,781

 

Treasury stock, at cost, 930,037 and 939,632 shares held at June 30, 2020 and September 30, 2019, respectively

 

 

(31,539

)

 

 

(31,943

)

Retained earnings

 

 

202,488

 

 

 

198,049

 

Total Alico stockholders' equity

 

 

199,546

 

 

 

194,303

 

Noncontrolling interest

 

 

5,189

 

 

 

5,095

 

Total stockholders' equity

 

 

204,735

 

 

 

199,398

 

Total liabilities and stockholders' equity

 

$

469,932

 

 

$

417,388

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

25,360

 

 

$

56,819

 

 

$

85,336

 

 

$

118,539

 

Water Resources and Other Operations

 

 

762

 

 

 

746

 

 

 

2,306

 

 

 

2,326

 

Total operating revenues

 

 

26,122

 

 

 

57,565

 

 

 

87,642

 

 

 

120,865

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

19,508

 

 

 

31,141

 

 

 

67,866

 

 

 

73,597

 

Water Resources and Other Operations

 

 

394

 

 

 

420

 

 

 

1,325

 

 

 

1,768

 

Total operating expenses

 

 

19,902

 

 

 

31,561

 

 

 

69,191

 

 

 

75,365

 

Gross profit

 

 

6,220

 

 

 

26,004

 

 

 

18,451

 

 

 

45,500

 

General and administrative expenses

 

 

2,556

 

 

 

2,682

 

 

 

8,269

 

 

 

10,786

 

Income from operations

 

 

3,664

 

 

 

23,322

 

 

 

10,182

 

 

 

34,714

 

Other (expense) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,603

)

 

 

(1,745

)

 

 

(4,599

)

 

 

(5,625

)

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

 

 

154

 

 

 

114

 

 

 

3,017

 

 

 

137

 

Change in fair value of derivatives

 

 

 

 

 

 

 

 

 

(989

)

Other (expense) income

 

 

44

 

 

 

8

 

 

 

(20

)

 

 

18

 

Total other (expense) income, net

 

 

(1,405

)

 

 

(1,623

)

 

 

(1,602

)

 

 

(6,459

)

Income before income taxes

 

 

2,259

 

 

 

21,699

 

 

 

8,580

 

 

 

28,255

 

Income tax provision

 

 

171

 

 

 

5,483

 

 

 

2,028

 

 

 

7,082

 

Net income

 

 

2,088

 

 

 

16,216

 

 

 

6,552

 

 

 

21,173

 

Net loss (income) attributable to noncontrolling interests

 

 

8

 

 

 

28

 

 

 

(94

)

 

 

151

 

Net income attributable to Alico, Inc. common stockholders

 

$

2,096

 

 

$

16,244

 

 

$

6,458

 

 

$

21,324

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

$

2.17

 

 

$

0.86

 

 

$

2.85

 

Diluted

 

$

0.28

 

 

$

2.17

 

 

$

0.86

 

 

$

2.85

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,486

 

 

 

7,470

 

 

 

7,481

 

 

 

7,470

 

Diluted

 

 

7,493

 

 

 

7,471

 

 

 

7,493

 

 

 

7,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.09

 

 

$

0.06

 

 

$

0.27

 

 

$

0.18

 

 

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, 2020

 

 

 

 

 

 

 

 

 

 

 

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, 2020

 

 

8,416

 

 

$

8,416

 

 

$

20,174

 

 

$

(31,784

)

 

$

201,065

 

 

$

197,871

 

 

$

5,197

 

 

$

203,068

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,096

 

 

 

2,096

 

 

 

(8

)

 

 

2,088

 

Dividends ($0.09/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(673

)

 

 

(673

)

 

 

 

 

 

(673

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

(70

)

 

 

245

 

 

 

 

 

 

175

 

 

 

 

 

 

175

 

Executives and Managers

 

 

 

 

 

 

 

 

77

 

 

 

 

 

 

 

 

 

77

 

 

 

 

 

 

77

 

Balance at June 30, 2020

 

 

8,416

 

 

$

8,416

 

 

$

20,181

 

 

$

(31,539

)

 

$

202,488

 

 

$

199,546

 

 

$

5,189

 

 

$

204,735

 

 

For the Nine Months Ended June 30, 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, 2019

 

 

8,416

 

 

$

8,416

 

 

$

19,781

 

 

$

(31,943

)

 

$

198,049

 

 

$

194,303

 

 

$

5,095

 

 

$

199,398

 

Net income