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 2020-03-31 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 2020-06-11
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. Commitments and Contingencies
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-31.1 exhibit3112q2020.htm
EX-31.2 exhibit3122q2020.htm
EX-32.1 exhibit3212q2020.htm
EX-32.2 exhibit3222q2020.htm

Alico Earnings 2020-03-31

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
March 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 7,486,108 shares of common stock outstanding at May 8, 2020.
 






ALICO, INC.
FORM 10-Q
For the three and six months ended March 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)
 
 
 
 
March 31,
 
September 30,
 
 
2020
 
2019
 
 
(Unaudited)
 
 
 
ASSETS
 
 

 
Current assets:
 
 
 

 
Cash and cash equivalents
$
80,407

 
$
18,630

 
Accounts receivable, net
4,385

 
713

 
Inventories
28,503

 
40,143

 
Assets held for sale
1,366

 
1,442

 
Prepaid expenses and other current assets
1,521

 
1,049

 
Total current assets
116,182

 
61,977

 
 
 
 
 
 
Restricted cash
3,671

 
5,208

 
Property and equipment, net
347,816

 
345,648

 
Goodwill
2,246

 
2,246

 
Other non-current assets
2,369

 
2,309

 
Total assets
$
472,284

 
$
417,388

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Current liabilities:
 
 
 

 
Accounts payable
$
5,154

 
$
4,163

 
Accrued liabilities
4,943

 
7,769

 
Long-term debt, current portion
5,130

 
5,338

 
Deferred retirement obligations
5,226

 
5,226

 
Income taxes payable
2,660

 
5,536

 
Other current liabilities
554

 
919

 
Total current liabilities
23,667

 
28,951

 
 
 
 
 
 
Long-term debt:
 
 
 
 
Principal amount, net of current portion
148,499

 
158,111

 
Less: deferred financing costs, net
(1,240
)
 
(1,369
)
 
Long-term debt less current portion and deferred financing costs, net
147,259

 
156,742

 
Lines of credit
66,714

 

 
Deferred income tax liabilities, net
31,298

 
32,125

 
Other liabilities
278

 
172

 
Total liabilities
269,216

 
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 7,479,671 and 7,476,513 shares outstanding at March 31, 2020 and September 30, 2019, respectively
8,416

 
8,416

 
Additional paid in capital
20,174

 
19,781

 
Treasury stock, at cost, 936,474 and 939,632 shares held at March 31, 2020 and September 30, 2019, respectively
(31,784
)
 
(31,943
)
 
Retained earnings
201,065

 
198,049

 
Total Alico stockholders' equity
197,871

 
194,303

 
Noncontrolling interest
5,197

 
5,095

 
Total stockholders' equity
203,068

 
199,398

 
Total liabilities and stockholders' equity
$
472,284

 
$
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 March 31,
 
Six Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Operating revenues:
 
 
 
 
 
 
 
Alico Citrus
$
49,801

 
$
47,823

 
$
59,976

 
$
61,720

Water Resources and Other Operations
714

 
698

 
1,544

 
1,580

Total operating revenues
50,515

 
48,521

 
61,520

 
63,300

Operating expenses:
 

 
 

 
 
 
 
Alico Citrus
43,518

 
31,582

 
48,358

 
42,456

Water Resources and Other Operations
380

 
625

 
931

 
1,348

Total operating expenses
43,898

 
32,207

 
49,289

 
43,804

Gross profit
6,617

 
16,314

 
12,231

 
19,496

General and administrative expenses
2,953

 
4,654

 
5,713

 
8,104

Income from operations
3,664

 
11,660

 
6,518

 
11,392

Other income (expense), net:
 

 
 

 
 
 
 
Interest expense
(1,452
)
 
(1,963
)
 
(2,996
)
 
(3,880
)
Gain on sale of real estate, property and equipment and assets held for sale
2,838

 
1

 
2,863

 
23

Change in fair value of derivatives

 
(33
)
 

 
(989
)
Other income (expense)
12

 
23

 
(64
)
 
10

Total other income (expense), net
1,398

 
(1,972
)
 
(197
)
 
(4,836
)
Income before income taxes
5,062

 
9,688

 
6,321

 
6,556

Income tax provision
1,496

 
2,228

 
1,857

 
1,599

Net income
3,566

 
7,460

 
4,464

 
4,957

Net loss (income) attributable to noncontrolling interests
5

 
87

 
(102
)
 
123

Net income attributable to Alico, Inc. common stockholders
$
3,571

 
$
7,547

 
$
4,362

 
$
5,080

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

 
 

 
 
 
 
Basic
$
0.48

 
$
1.01

 
$
0.58

 
$
0.68

Diluted
$
0.48

 
$
1.01

 
$
0.58

 
$
0.68

Weighted-average number of common shares outstanding:
 

 
 

 
 
 
 
Basic
7,480

 
7,463

 
7,478

 
7,471

Diluted
7,496

 
7,469

 
7,494

 
7,506

 
 
 
 
 
 
 
 
Cash dividends declared per common share
$
0.09

 
$
0.06

 
$
0.18

 
$
0.12


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, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2019
8,416

$
8,416

 
$
19,857

 
$
(31,956
)
 
$
198,169

 
$
194,486

 
$
5,202

 
$
199,688

Net income (loss)


 

 

 
3,571

 
3,571

 
(5
)
 
3,566

Dividends ($0.09/share)


 

 

 
(675
)
 
(675
)
 

 
(675
)
Stock-based compensation:
 

 

 
 

 
 

 
 

 
 
 
 
 
 
  Directors


 
(10
)
 
172

 

 
162

 

 
162

  Executives


 
327

 

 

 
327

 

 
327

Balance at March 31, 2020
8,416

$
8,416

 
$
20,174

 
$
(31,784
)
 
$
201,065

 
$
197,871

 
$
5,197

 
$
203,068

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended March 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, 2019
8,416

$
8,416

 
$
19,781

 
$
(31,943
)
 
$
198,049

 
$
194,303

 
$
5,095

 
$
199,398

Net income


 

 

 
4,362

 
4,362

 
102

 
4,464

Dividends ($0.18/share)


 

 

 
(1,346
)
 
(1,346
)
 

 
(1,346
)
Treasury stock purchases


 

 
(238
)
 

 
(238
)
 

 
(238
)
Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Directors


 
(42
)
 
397

 

 
355

 

 
355

  Executives


 
435

 

 

 
435

 

 
435

Balance at March 31, 2020
8,416

$
8,416

 
$
20,174

 
$
(31,784
)
 
$
201,065

 
$
197,871

 
$
5,197

 
$
203,068

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3



ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 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 December 31, 2018
8,416

$
8,416

 
$
20,384

 
$
(32,817
)
 
$
159,094

 
$
155,077

 
$
5,442

 
$
160,519

Net income (loss)


 

 

 
7,547

 
7,547

 
(87
)
 
7,460

Dividends ($0.06/share)


 

 

 
(448
)
 
(448
)
 

 
(448
)
Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 

  Directors


 
(83
)
 
321

 

 
238

 

 
238

  Executives


 
255

 

 

 
255

 

 
255

  Executive forfeiture


 
(823
)
 

 

 
(823
)
 

 
(823
)
Balance at March 31, 2019
8,416

$
8,416

 
$
19,733

 
$
(32,496
)
 
$
166,193

 
$
161,846

 
$
5,355

 
$
167,201

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended March 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, 2018
8,416

$
8,416

 
$
20,126

 
$
(7,536
)
 
$
151,111

 
$
172,117

 
$
5,478

 
$
177,595

Net income (loss)


 

 

 
5,080

 
5,080

 
(123
)
 
4,957

Dividends ($0.12/share)


 

 

 
(895
)
 
(895
)
 

 
(895
)
Treasury stock purchases


 

 
(25,576
)
 

 
(25,576
)
 

 
(25,576
)
ASC 610-20 adoption


 

 

 
10,897

 
10,897

 

 
10,897

Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Directors


 
(140
)
 
616

 

 
476

 

 
476

  Executives


 
570

 

 

 
570

 

 
570

  Executive forfeiture


 
(823
)
 

 

 
(823
)
 

 
(823
)
Balance at March 31, 2019
8,416

$
8,416

 
$
19,733

 
$
(32,496
)
 
$
166,193

 
$
161,846

 
$
5,355

 
$
167,201


See accompanying notes to the condensed consolidated financial statements.

4



ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 
 
 
 
 
Six Months Ended March 31,
 
2020
 
2019
Net cash provided by operating activities:


 


Net income
$
4,464

 
$
4,957

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation, depletion and amortization
7,199

 
6,951

Deferred income tax (benefit) expense
(827
)
 
73

Gain on sale of real estate, property and equipment and assets held for sale
(2,863
)
 
(23
)
Change in fair value of derivatives

 
989

Impairment of long-lived assets
723

 

Impairment of right-of-use asset
87

 

Stock-based compensation expense
790

 
223

Other
(36
)
 
(51
)
Changes in operating assets and liabilities:
 

 
 

Accounts receivable
(3,672
)
 
(11,453
)
Inventories
11,640

 
4,922

Prepaid expenses
(234
)
 
92

Other assets
(387
)
 

Accounts payable and accrued liabilities
(2,061
)
 
370

Income tax payable
(2,876
)
 
(852
)
Other liabilities
(259
)
 
(130
)
Net cash provided by operating activities
11,688

 
6,068

 
 
 
 
Cash flows from investing activities:
 

 
 

Purchases of property and equipment
(9,960
)
 
(9,524
)
Net proceeds from sale of property and equipment and assets held for sale
2,994

 
202

Change in deposits on purchase of citrus trees
(57
)
 
(515
)
Deposit on purchase of citrus grove
(25
)
 

Advances on notes receivables, net
87

 
50

Net cash used in investing activities
(6,961
)
 
(9,787
)
 
 
 
 
Cash flows from financing activities:
 

 
 

Repayments on revolving lines of credit
(18,805
)
 
(41,360
)
Borrowings on revolving lines of credit
85,519

 
63,637

Principal payments on term loans
(9,820
)
 
(5,437
)
Treasury stock purchases
(238
)
 
(25,576
)
Payment on termination of sugarcane agreement

 
(11,300
)
Dividends paid
(1,120
)
 
(895
)
Deferred financing costs
(23
)