Company Quick10K Filing
Alco
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 2020-12-31 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 Earnings, Exhibits
8-K 2021-01-14 Amend Bylaw, Exhibits
8-K 2020-12-15 Regulation FD, Other Events, Exhibits
8-K 2020-12-08 Earnings, Exhibits
8-K 2020-12-02 Other Events
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-10.1 alco-ex101_447.htm
EX-10.2 alco-ex102_446.htm
EX-31.1 alco-ex311_8.htm
EX-31.2 alco-ex312_7.htm
EX-32.1 alco-ex321_6.htm
EX-32.2 alco-ex322_9.htm

Alco Earnings 2020-12-31

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 December 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 7,513,413 shares of common stock outstanding at February 2, 2021.

 


 

 

ALICO, INC.

FORM 10-Q

For the three months ended December 31, 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

21

Item 3. Quantitative and Qualitative Disclosures About Market Risk

30

Item 4. Controls and Procedures

30

Part II - OTHER INFORMATION

31

Item 1. Legal Proceedings

31

Item 1A. Risk Factors

31

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

31

Item 3. Defaults Upon Senior Securities

31

Item 4. Mine Safety Disclosure

31

Item 5. Other Information

31

Item 6. Exhibits

32

Signatures

33

 

 


 

 

PART I

Item 1. Condensed Consolidated Financial Statements

 

Index to Condensed Consolidated Financial Statements

 

Condensed Consolidated Balance Sheets as of December 31, 2020 (Unaudited) and September 30, 2020

1

Condensed Consolidated Statements of Operations for the three months ended December 31, 2020 and 2019 (Unaudited)

2

Condensed Consolidated Statements of Changes in Equity for the three months ended December 31, 2020 and 2019 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2020 and 2019 (Unaudited)

4

Notes to Condensed Consolidated Financial Statements (Unaudited)

5

 

 

 


 

 

ALICO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,601

 

 

$

3,163

 

Accounts receivable, net

 

 

5,598

 

 

 

4,347

 

Inventories

 

 

46,430

 

 

 

40,855

 

Income tax receivable

 

 

 

 

781

 

Assets held for sale

 

 

1,410

 

 

 

1,366

 

Prepaid expenses and other current assets

 

 

1,755

 

 

 

1,387

 

Total current assets

 

 

57,794

 

 

 

51,899

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

 

 

 

16,524

 

Property and equipment, net

 

 

367,221

 

 

 

350,061

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

2,921

 

 

 

3,207

 

Total assets

 

$

430,182

 

 

$

423,937

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,950

 

 

$

3,533

 

Accrued liabilities

 

 

5,473

 

 

 

7,095

 

Long-term debt, current portion

 

 

9,090

 

 

 

9,145

 

Income taxes payable

 

 

469

 

 

 

 

Other current liabilities

 

 

1,031

 

 

 

1,385

 

Total current liabilities

 

 

18,013

 

 

 

21,158

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

Principal amount, net of current portion

 

 

136,472

 

 

 

139,106

 

Less: deferred financing costs, net

 

 

(1,109

)

 

 

(1,151

)

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

 

 

135,363

 

 

 

137,955

 

Lines of credit

 

 

12,204

 

 

 

2,942

 

Deferred income tax liabilities, net

 

 

39,728

 

 

 

39,728

 

Other liabilities

 

 

332

 

 

 

372

 

Total liabilities

 

 

205,640

 

 

 

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 7,506,160 and 7,492,524 shares outstanding at December 31, 2020 and September 30, 2020, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,634

 

 

 

19,685

 

Treasury stock, at cost, 909,985 and 923,621 shares held at December 31, 2020 and September 30, 2020, respectively

 

 

(30,421

)

 

 

(30,779

)

Retained earnings

 

 

221,513

 

 

 

219,019

 

Total Alico stockholders' equity

 

 

219,142

 

 

 

216,341

 

Noncontrolling interest

 

 

5,400

 

 

 

5,441

 

Total stockholders' equity

 

 

224,542

 

 

 

221,782

 

Total liabilities and stockholders' equity

 

$

430,182

 

 

$

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

December 31,

 

 

 

2020

 

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

Alico Citrus

 

$

12,926

 

 

$

10,175

 

Land Management and Other Operations

 

 

806

 

 

 

830

 

Total operating revenues

 

 

13,732

 

 

 

11,005

 

Operating expenses:

 

 

 

 

 

 

 

 

Alico Citrus

 

 

8,147

 

 

 

4,840

 

Land Management and Other Operations

 

188

 

 

 

551

 

Total operating expenses

 

 

8,335

 

 

 

5,391

 

Gross profit

 

 

5,397

 

 

 

5,614

 

General and administrative expenses

 

 

2,528

 

 

 

2,760

 

Income from operations

 

 

2,869

 

 

 

2,854

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,189

)

 

 

(1,544

)

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

 

 

3,364

 

 

 

25

 

Other income (expense)

 

 

10

 

 

 

(76

)

Total other income (expense), net

 

 

2,185

 

 

 

(1,595

)

Income before income taxes

 

 

5,054

 

 

 

1,259

 

Income tax provision

 

 

1,250

 

 

 

361

 

Net income

 

 

3,804

 

 

 

898

 

Net loss (income) attributable to noncontrolling interests

 

 

41

 

 

 

(107

)

Net income attributable to Alico, Inc. common stockholders

 

$

3,845

 

 

$

791

 

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

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.51

 

 

$

0.11

 

Diluted

 

$

0.51

 

 

$

0.11

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

7,503

 

 

 

7,477

 

Diluted

 

 

7,503

 

 

 

7,491

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.18

 

 

$

0.09

 

 

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 December 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, 2020

 

 

8,416

 

 

$

8,416

 

 

$

19,685

 

 

$

(30,779

)

 

$

219,019

 

 

$

216,341

 

 

$

5,441

 

 

$

221,782

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,845

 

 

 

3,845

 

 

 

(41

)

 

 

3,804

 

Dividends ($0.18/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,351

)

 

 

(1,351

)

 

 

 

 

 

(1,351

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

20

 

 

 

202

 

 

 

 

 

 

222

 

 

 

 

 

 

222

 

Executives and Managers

 

 

 

 

 

 

 

 

(71

)

 

 

156

 

 

 

 

 

 

85

 

 

 

 

 

 

85

 

Balance at December 31, 2020

 

 

8,416

 

 

$

8,416

 

 

$

19,634

 

 

$

(30,421

)

 

$

221,513

 

 

$

219,142

 

 

$

5,400

 

 

$

224,542

 

 

 

For the Three Months Ended December 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, 2019

 

 

8,416

 

 

$

8,416

 

 

$

19,781

 

 

$

(31,943

)

 

$

198,049

 

 

$

194,303

 

 

$

5,095

 

 

$

199,398

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

791

 

 

 

791

 

 

 

107

 

 

 

898

 

Dividends ($0.09/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(671

)

 

 

(671

)

 

 

 

 

 

(671

)

Treasure stock purchases

 

 

 

 

 

 

 

 

 

 

 

(238

)

 

 

 

 

 

(238

)

 

 

 

 

 

(238

)

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 

 

 

 

 

 

 

(32

)

 

 

225

 

 

 

 

 

 

193

 

 

 

 

 

 

193

 

Executives and Managers

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

108

 

Balance at December 31, 2019

 

 

8,416

 

 

$

8,416

 

 

$

19,857

 

 

$

(31,956

)

 

$

198,169

 

 

$

194,486

 

 

$

5,202

 

 

$

199,688

 

 

 

See accompanying notes to the condensed consolidated financial statements.

3


 

ALICO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

December 31,

 

 

 

2020

 

 

2019

 

Net cash used in operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

3,804

 

 

$

898

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

3,851

 

 

 

3,609

 

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

 

 

(3,364

)

 

 

(25

)

Loss on disposal of long-lived assets

 

 

443

 

 

 

88

 

Impairment of right-of-use asset

 

 

 

 

87

 

Stock-based compensation expense

 

 

307

 

 

 

301

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,251

)

 

 

(1,139

)

Inventories

 

 

(5,575

)

 

 

(3,145

)

Prepaid expenses

 

 

(432

)

 

 

(477

)

Income tax receivable

 

 

781

 

 

 

 

Other assets

 

 

134

 

 

 

(457

)

Accounts payable and accrued liabilities

 

 

(3,882

)

 

 

(6,213

)

Income taxes payable

 

 

469

 

 

 

361

 

Other liabilities

 

 

(394

)

 

 

69

 

Net cash used in operating activities

 

 

(5,109

)

 

 

(6,043

)