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As Of Filer Filing For·On·As Docs:Size 2/06/20 Alico, Inc. 10-Q 12/31/19 77:6.8M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 898K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 29K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 29K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 25K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 24K 76: R1 Cover Page HTML 77K 33: R2 Condensed Consolidated Balance Sheets HTML 128K 27: R3 Condensed Consolidated Balance Sheets HTML 40K (Parenthetical) 46: R4 Condensed Consolidated Statements of Operations HTML 101K (Unaudited) 75: R5 Condensed Consolidated Statements of Changes in HTML 55K Equity (Unaudited) 32: R6 Condensed Consolidated Statements of Cash Flows HTML 115K (Unaudited) 24: R7 Description of Business and Basis of Presentation HTML 119K 49: R8 Inventories HTML 35K 72: R9 Assets Held for Sale HTML 33K 13: R10 Property and Equipment, Net HTML 43K 39: R11 Long-Term Debt and Lines of Credit HTML 119K 59: R12 Accrued Liabilities HTML 42K 51: R13 Derivative Asset and Derivative HTML 34K Liabilities/Deferred Gain on Sale 14: R14 Income Taxes HTML 26K 40: R15 Earnings Per Common Share HTML 42K 60: R16 Segment Information HTML 64K 52: R17 Stockholders' Equity HTML 81K 15: R18 Commitments and Contingencies HTML 28K 38: R19 Related Party Transactions HTML 33K 74: R20 Description of Business and Basis of Presentation HTML 54K (Policies) 47: R21 Description of Business and Basis of Presentation HTML 93K (Tables) 25: R22 Inventories (Tables) HTML 34K 31: R23 Assets Held for Sale (Tables) HTML 38K 77: R24 Property and Equipment, Net (Tables) HTML 39K 48: R25 Long-Term Debt and Lines of Credit (Tables) HTML 101K 26: R26 Accrued Liabilities (Tables) HTML 41K 34: R27 Earnings Per Common Share (Tables) HTML 41K 73: R28 Segment Information (Tables) HTML 64K 50: R29 Stockholders' Equity (Tables) HTML 43K 55: R30 Description of Business and Basis of Presentation HTML 54K - (Details) 63: R31 Description of Business and Basis of Presentation HTML 39K - Disaggregated Revenue (Details) 37: R32 Description of Business and Basis of Presentation HTML 28K - Operating Leases (Details) 12: R33 Description of Business and Basis of Presentation HTML 32K - Components of Lease Cost (Details) 54: R34 Description of Business and Basis of Presentation HTML 41K - Maturities of Operating Lease Obligations (Details) 62: R35 Description of Business and Basis of Presentation HTML 29K - Supplemental Cash Flow (Details) 36: R36 Inventories - Components (Details) HTML 29K 11: R37 Inventories - Narrative (Details) HTML 34K 53: R38 Assets Held for Sale - Components (Details) HTML 30K 64: R39 Assets Held for Sale - Narrative (Details) HTML 29K 45: R40 Property and Equipment, Net - Components (Details) HTML 43K 69: R41 Property and Equipment, Net - Narrative (Details) HTML 58K 30: R42 Long-Term Debt and Lines of Credit - Schedule of HTML 49K Long-term Debt, Net of Current Portion (Details) 23: R43 Long-Term Debt and Lines of Credit - Schedule of HTML 38K Lines of Credit (Details) 44: R44 Long-Term Debt and Lines of Credit - Schedule of HTML 44K Future Maturities of Debt and Lines of Credit (Details) 68: R45 Long-Term Debt and Lines of Credit - Schedule of HTML 29K Interest Costs Expensed and Capitalized (Details) 29: R46 Long-Term Debt and Lines of Credit - Narrative HTML 161K (Details) 22: R47 Accrued Liabilities (Details) HTML 51K 43: R48 Derivative Asset and Derivative HTML 68K Liabilities/Deferred Gain on Sale - Narrative (Details) 70: R49 Income Taxes - Narrative (Details) HTML 31K 66: R50 Earnings Per Common Share (Details) HTML 55K 56: R51 Segment Information - Narrative (Details) HTML 24K 18: R52 Segment Information - Information by Operating HTML 58K Segment (Details) 41: R53 Stockholders' Equity - Narrative (Details) HTML 200K 67: R54 Stockholders' Equity - Schedule of Stock Options HTML 38K Using Valuation Assumptions (Details) 57: R55 Stockholders' Equity - Schedule of Treasury Stock HTML 44K Purchases and Issuance (Details) 20: R56 Commitments and Contingencies - Letters of Credit HTML 26K (Details) 42: R57 Commitments and Contingencies - Purchase HTML 23K Commitments (Details) 65: R58 Related Party Transactions - Henry R. Slack and HTML 29K George R. Brokaw (Details) 58: R59 Related Party Transactions - Remy Trafelet HTML 28K (Details) 21: R60 Related Party Transactions - Shared Services HTML 29K Agreement (Details) 28: R61 Related Party Transactions - Distribution of HTML 26K Shares by Alicos Largest Shareholder (Details) 17: R9999 Uncategorized Items - alco-123119x10q.htm HTML 25K 71: XML IDEA XML File -- Filing Summary XML 137K 19: XML XBRL Instance -- alco-123119x10q_htm XML 1.58M 35: EXCEL IDEA Workbook of Financial Reports XLSX 77K 7: EX-101.CAL XBRL Calculations -- alco-20191231_cal XML 206K 8: EX-101.DEF XBRL Definitions -- alco-20191231_def XML 574K 9: EX-101.LAB XBRL Labels -- alco-20191231_lab XML 1.45M 10: EX-101.PRE XBRL Presentations -- alco-20191231_pre XML 872K 6: EX-101.SCH XBRL Schema -- alco-20191231 XSD 156K 16: JSON XBRL Instance as JSON Data -- MetaLinks 317± 460K 61: ZIP XBRL Zipped Folder -- 0000003545-20-000039-xbrl Zip 232K
Document |
i ☑ | Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
For the Quarterly Period Ended | |||
or |
i ☐ | Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||
For the transition period | ||||
from____________________ | to_________________________ |
i ALICO, INC. |
(Exact name of registrant as specified in its charter) |
i (239) | i 226-2000 |
(Registrant’s
telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
i Common
Stock | i ALCO | i Nasdaq Global Select Market |
Large Accelerated Filer | ☐ | i Accelerated
Filer | ☑ |
Non-accelerated filer | ☐ | Smaller Reporting Company | i ☐ |
Emerging Growth Company | i ☐ |
Page | |
ALICO,
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) | ||||||||
December 31, | ||||||||
2019 | 2019 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current
assets: | ||||||||
Cash and cash equivalents | $ | i 5,546 | $ | i 18,630 | ||||
Accounts
receivable, net | i 1,852 | i 713 | ||||||
Inventories | i 43,288 | i 40,143 | ||||||
Assets
held for sale | i 1,442 | i 1,442 | ||||||
Prepaid
expenses and other current assets | i 1,526 | i 1,049 | ||||||
Total
current assets | i 53,654 | i 61,977 | ||||||
Restricted
cash | i 719 | i 5,208 | ||||||
Property
and equipment, net | i 345,572 | i 345,648 | ||||||
Goodwill | i 2,246 | i 2,246 | ||||||
Other
non-current assets | i 2,878 | i 2,309 | ||||||
Total
assets | $ | i 405,069 | $ | i 417,388 | ||||
LIABILITIES AND
STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | i 1,493 | $ | i 4,163 | ||||
Accrued
liabilities | i 4,449 | i 7,769 | ||||||
Long-term
debt, current portion | i 5,130 | i 5,338 | ||||||
Deferred
retirement obligations | i 5,226 | i 5,226 | ||||||
Income
taxes payable | i 5,897 | i 5,536 | ||||||
Other
current liabilities | i 797 | i 919 | ||||||
Total
current liabilities | i 22,992 | i 28,951 | ||||||
Long-term
debt: | ||||||||
Principal amount, net of current portion | i 151,187 | i 158,111 | ||||||
Less:
deferred financing costs, net | ( i 1,286 | ) | ( i 1,369 | ) | ||||
Long-term
debt less current portion and deferred financing costs, net | i 149,901 | i 156,742 | ||||||
Deferred
income tax liabilities, net | i 32,125 | i 32,125 | ||||||
Other
liabilities | i 363 | i 172 | ||||||
Total
liabilities | i 205,381 | i 217,990 | ||||||
Commitments
and Contingencies (Note 12) | i | i | ||||||
Stockholders'
equity: | ||||||||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | i — | i — | ||||||
Common
stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,475,200 and 7,476,513 shares outstanding at December 31, 2019 and September 30, 2019, respectively | i 8,416 | i 8,416 | ||||||
Additional
paid in capital | i 19,857 | i 19,781 | ||||||
Treasury
stock, at cost, 940,945 and 939,632 shares held at December 31, 2019 and September 30, 2019, respectively | ( i 31,956 | ) | ( i 31,943 | ) | ||||
Retained
earnings | i 198,169 | i 198,049 | ||||||
Total
Alico stockholders' equity | i 194,486 | i 194,303 | ||||||
Noncontrolling
interest | i 5,202 | i 5,095 | ||||||
Total
stockholders' equity | i 199,688 | i 199,398 | ||||||
Total
liabilities and stockholders' equity | $ | i 405,069 | $ | i 417,388 |
ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) | |||||||
Three
Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Operating revenues: | |||||||
Alico Citrus | $ | i 10,175 | $ | i 13,897 | |||
Water
Resources and Other Operations | i 830 | i 882 | |||||
Total
operating revenues | i 11,005 | i 14,779 | |||||
Operating
expenses: | |||||||
Alico Citrus | i 4,840 | i 10,874 | |||||
Water
Resources and Other Operations | i 551 | i 723 | |||||
Total
operating expenses | i 5,391 | i 11,597 | |||||
Gross
profit | i 5,614 | i 3,182 | |||||
General
and administrative expenses | i 2,760 | i 3,450 | |||||
Income
(loss) from operations | i 2,854 | ( i 268 | ) | ||||
Other
(expense) income: | |||||||
Interest expense | ( i 1,544 | ) | ( i 1,917 | ) | |||
Gain
on sale of real estate, property and equipment and assets held for sale | i 25 | i 22 | |||||
Change
in fair value of derivatives | i — | ( i 956 | ) | ||||
Other
expense | ( i 76 | ) | ( i 13 | ) | |||
Total
other expenses, net | ( i 1,595 | ) | ( i 2,864 | ) | |||
Income
(loss) before income taxes | i 1,259 | ( i 3,132 | ) | ||||
Income
tax provision (benefit) | i 361 | ( i 629 | ) | ||||
Net
income (loss) | i 898 | ( i 2,503 | ) | ||||
Net
(income) loss attributable to noncontrolling interests | ( i 107 | ) | i 36 | ||||
Net
income (loss) attributable to Alico, Inc. common stockholders | $ | i 791 | $ | ( i 2,467 | ) | ||
Per
share information attributable to Alico, Inc. common stockholders: | |||||||
Earnings (loss) per common share: | |||||||
Basic | $ | i 0.11 | $ | ( i 0.33 | ) | ||
Diluted | $ | i 0.11 | $ | ( i 0.33 | ) | ||
Weighted-average
number of common shares outstanding: | |||||||
Basic | i 7,477 | i 7,479 | |||||
Diluted | i 7,491 | i 7,479 | |||||
Cash
dividends declared per common share | $ | i 0.09 | $ | i 0.06 |
ALICO,
INC. | |||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
For
the Three Months Ended December 31, 2019 | |||||||||||||||||||||||||||||
Common
stock | Additional Paid-In | Treasury | Retained | Total Alico, Inc. | Non-controlling | Total | |||||||||||||||||||||||
Shares | Amount | Capital | Stock | Earnings | Equity | Interest | Equity | ||||||||||||||||||||||
Balance
at September 30, 2019 | i 8,416 | $ | i 8,416 | $ | i 19,781 | $ | ( i 31,943 | ) | $ | i 198,049 | $ | i 194,303 | $ | i 5,095 | $ | i 199,398 | |||||||||||||
Net
income | — | — | — | — | i 791 | i 791 | i 107 | i 898 | |||||||||||||||||||||
Dividends | — | — | — | — | ( i 671 | ) | ( i 671 | ) | — | ( i 671 | ) | ||||||||||||||||||
Treasury
stock purchases | — | — | — | ( i 238 | ) | — | ( i 238 | ) | — | ( i 238 | ) | ||||||||||||||||||
Stock-based
compensation: | |||||||||||||||||||||||||||||
Directors | — | — | ( i 32 | ) | i 225 | — | i 193 | — | i 193 | ||||||||||||||||||||
Executives | — | — | i 108 | — | — | i 108 | — | i 108 | |||||||||||||||||||||
Balance
at December 31, 2019 | i 8,416 | $ | i 8,416 | $ | i 19,857 | $ | ( i 31,956 | ) | $ | i 198,169 | $ | i 194,486 | $ | i 5,202 | $ | i 199,688 | |||||||||||||
For
the Three Months Ended December 31, 2018 | |||||||||||||||||||||||||||||
Common
stock | Additional Paid-In | Treasury | Retained | Total Alico, Inc. | Non-controlling | Total | |||||||||||||||||||||||
Shares | Amount | Capital | Stock | Earnings | Equity | Interest | Equity | ||||||||||||||||||||||
Balance
at September 30, 2018 | i 8,416 | $ | i 8,416 | $ | i 20,126 | $ | ( i 7,536 | ) | $ | i 151,111 | $ | i 172,117 | $ | i 5,478 | $ | i 177,595 | |||||||||||||
Net
loss | — | — | — | — | ( i 2,467 | ) | ( i 2,467 | ) | ( i 36 | ) | ( i 2,503 | ) | |||||||||||||||||
Dividends | — | — | — | — | ( i 447 | ) | ( i 447 | ) | — | ( i 447 | ) | ||||||||||||||||||
Treasury
stock purchases | — | — | — | ( i 25,576 | ) | — | ( i 25,576 | ) | — | ( i 25,576 | ) | ||||||||||||||||||
ASC
610-20 adoption | — | — | — | — | i 14,601 | i 14,601 | — | i 14,601 | |||||||||||||||||||||
Stock-based
compensation: | |||||||||||||||||||||||||||||
Directors | — | — | ( i 57 | ) | i 295 | — | i 238 | — | i 238 | ||||||||||||||||||||
Executives | — | — | i 315 | — | — | i 315 | — | i 315 | |||||||||||||||||||||
Balance
at December 31, 2018 | i 8,416 | $ | i 8,416 | $ | i 20,384 | $ | ( i 32,817 | ) | $ | i 162,798 | $ | i 158,781 | $ | i 5,442 | $ | i 164,223 |
ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
Three
Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Net cash used in operating activities: | |||||||
Net income (loss) | $ | i 898 | $ | ( i 2,503 | ) | ||
Adjustments
to reconcile net income (loss) to net cash used in operating activities: | |||||||
Depreciation, depletion and amortization | i 3,609 | i 3,458 | |||||
Deferred
income tax expense (benefit) | i — | ( i 629 | ) | ||||
Gain
on sale of real estate, property and equipment and assets held for sale | ( i 25 | ) | ( i 22 | ) | |||
Change
in fair value of derivatives | i — | i 956 | |||||
Impairment
of long-lived assets | i 88 | i — | |||||
Impairment
of right-of-use asset | i 87 | — | |||||
Stock-based compensation expense | i 301 | i 553 | |||||
Other | i — | ( i 7 | ) | ||||
Changes
in operating assets and liabilities: | |||||||
Accounts receivable | ( i 1,139 | ) | ( i 4,298 | ) | |||
Inventories | ( i 3,145 | ) | ( i 1,425 | ) | |||
Prepaid
expenses | ( i 477 | ) | ( i 343 | ) | |||
Income
tax receivable | i — | ( i 469 | ) | ||||
Other
assets | ( i 457 | ) | i — | ||||
Accounts
payable and accrued liabilities | ( i 6,213 | ) | ( i 5,636 | ) | |||
Income
tax payable | i 361 | ( i 1,691 | ) | ||||
Other
liabilities | i 69 | i 55 | |||||
Net
cash used in operating activities | ( i 6,043 | ) | ( i 12,001 | ) | |||
Cash
flows from investing activities: | |||||||
Purchases of property and equipment | ( i 3,541 | ) | ( i 3,458 | ) | |||
Net
proceeds from sale of property and equipment and assets held for sale | i 42 | i 202 | |||||
Change
in deposits on purchase of citrus trees | ( i 194 | ) | ( i 632 | ) | |||
Advances
on notes receivables, net | i 4 | i 4 | |||||
Net
cash used in investing activities | ( i 3,689 | ) | ( i 3,884 | ) | |||
Cash
flows from financing activities: | |||||||
Repayments on revolving lines of credit | i — | ( i 6,948 | ) | ||||
Borrowings
on revolving lines of credit | i — | i 26,577 | |||||
Principal
payments on term loans | ( i 7,132 | ) | ( i 2,707 | ) | |||
Treasury
stock purchases | ( i 238 | ) | ( i 25,576 | ) | |||
Dividends
paid | ( i 448 | ) | ( i 447 | ) | |||
Deferred
financing costs | ( i 23 | ) | i — | ||||
Net
cash used in financing activities | ( i 7,841 | ) | ( i 9,101 | ) | |||
Net
decrease in cash and cash equivalents and restricted cash | ( i 17,573 | ) | ( i 24,986 | ) | |||
Cash
and cash equivalents and restricted cash at beginning of the period | i 23,838 | i 32,260 | |||||
Cash
and cash equivalents and restricted cash at end of the period | $ | i 6,265 | $ | i 7,274 |
(in thousands) | |||||||
Three Months Ended December
31, | |||||||
2019 | 2018 | ||||||
Alico Citrus | |||||||
Early and Mid-Season | $ | i 9,066 | $ | i 11,645 | |||
Fresh
Fruit | i 735 | i 1,906 | |||||
Other | i 374 | i 346 | |||||
Total | $ | i 10,175 | $ | i 13,897 | |||
Water
Resources and Other Operations | |||||||
Land and other leasing | $ | i 663 | $ | i 734 | |||
Other | i 167 | i 148 | |||||
Total | $ | i 830 | $ | i 882 | |||
Total
Revenues | $ | i 11,005 | $ | i 14,779 |
(in thousands) | ||||||
Operating
lease components | Classification | |||||
Right-of-use assets | Other non-current assets | $ | i 376 | |||
Current
lease liabilities | Other current liabilities | $ | i 175 | |||
Non-current lease liabilities | Other
liabilities | $ | i 290 |
(in thousands) | ||||||
Three
Months Ended | ||||||
Operating lease components | Classification | |||||
Operating lease costs | General and administration expenses | $ | i 52 | |||
Operating
lease right-of-use asset impairment | Other expenses | $ | i 87 |
(in thousands) | |||||
2020 | $ | i 189 | |||
2021 | i 186 | ||||
2022 | i 117 | ||||
2023 | i — | ||||
2024 | i — | ||||
2025
and thereafter | i — | ||||
Total noncancelable future lease obligations | $ | i 492 | |||
Less:
Interest | ( i 27 | ) | |||
Present value of lease obligations | $ | i 465 |
Weighted-average remaining lease term | i 2.83 | years | ||
Weighted-average
discount rate | i 3.89 | % |
Cash
flow information related to leases consists of the following: | |||||
(in thousands) | Three Months Ended | ||||
Cash paid for amounts included in the measurement of lease
liabilities: | |||||
Operating cash flows from operating leases | $ | i 50 | |||
Right-of-use
assets obtained in exchange for lease obligations: | |||||
Operating leases | $ | i 511 |
(in thousands) | December 31, | ||||||
2019 | 2019 | ||||||
Unharvested
fruit crop on the trees | $ | i 42,572 | $ | i 39,276 | |||
Other | i 716 | i 867 | |||||
Total
inventories | $ | i 43,288 | $ | i 40,143 |
(in thousands) | Carrying Value | ||||||
December
31, | |||||||
2019 | 2019 | ||||||
East Ranch | $ | i 1,442 | $ | i 1,442 | |||
Total
Assets Held For Sale | $ | i 1,442 | $ | i 1,442 |
(in thousands) | December 31, | ||||||
2019 | 2019 | ||||||
Citrus
trees | $ | i 284,578 | $ | i 281,149 | |||
Equipment
and other facilities | i 54,429 | i 54,622 | |||||
Buildings
and improvements | i 8,201 | i 8,224 | |||||
Total
depreciable properties | i 347,208 | i 343,995 | |||||
Less:
accumulated depreciation and depletion | ( i 107,471 | ) | ( i 104,169 | ) | |||
Net
depreciable properties | i 239,737 | i 239,826 | |||||
Land
and land improvements | i 105,835 | i 105,822 | |||||
Property
and equipment, net | $ | i 345,572 | $ | i 345,648 |
(in thousands) | Principal | Deferred Financing Costs, Net | Principal | Deferred Financing Costs, Net | |||||||||||
Long-term
debt, net of current portion: | |||||||||||||||
Met Fixed-Rate Term Loans | $ | i 88,125 | $ | i 699 | $ | i 89,688 | $ | i 724 | |||||||
Met
Variable-Rate Term Loans | i 43,125 | i 321 | i 43,844 | i 334 | |||||||||||
Met
Citree Term Loan | i 4,700 | i 39 | i 4,750 | i 40 | |||||||||||
Pru
Loans A & B | i 15,967 | i 220 | i 16,257 | i 224 | |||||||||||
Pru
Loan E | i 4,400 | i 7 | i 4,455 | i 9 | |||||||||||
Pru
Loan F | i — | i — | i 4,455 | i 38 | |||||||||||
i 156,317 | i 1,286 | i 163,449 | i 1,369 | ||||||||||||
Less
current portion | i 5,130 | — | i 5,338 | — | |||||||||||
Long-term
debt | $ | i 151,187 | $ | i 1,286 | $ | i 158,111 | $ | i 1,369 |
(in thousands) | Principal | Deferred Financing Costs, Net | Principal | Deferred Financing Costs, Net | |||||||||||
Lines
of Credit: | |||||||||||||||
RLOC | $ | i — | $ | i 153 | $ | i — | $ | i 8 | |||||||
WCLC | i — | i — | i — | i — | |||||||||||
Lines
of Credit | $ | i — | $ | i 153 | $ | i — | $ | i 8 |
(in thousands) | |||
Due within one year | $ | i 5,130 | |
Due
between one and two years | i 14,715 | ||
Due between two and three years | i 10,535 | ||
Due
between three and four years | i 10,535 | ||
Due between four and five years | i 10,535 | ||
Due
beyond five years | i 104,867 | ||
Total future maturities | $ | i 156,317 |
(in thousands) | Three Months Ended December 31, | ||||||
2019 | 2018 | ||||||
Interest expense | $ | i 1,544 | $ | i 1,917 | |||
Interest
capitalized | i 269 | i 216 | |||||
Total | $ | i 1,813 | $ | i 2,133 |
(in
thousands) | December 31, | ||||||
2019 | 2019 | ||||||
Ad valorem taxes | $ | i — | $ | i 2,117 | |||
Accrued
interest | i 1,033 | i 1,110 | |||||
Accrued
employee wages and benefits | i 927 | i 2,525 | |||||
Accrued
dividends | i 672 | i 448 | |||||
Accrued
contractual obligation associated with sale of real estate | i — | i 402 | |||||
Accrued
harvest and haul | i 277 | i — | |||||
Consulting
and separation charges | i 400 | i 400 | |||||
Accrued
insurance | i 871 | i 544 | |||||
Other
accrued liabilities | i 269 | i 223 | |||||
Total
accrued liabilities | $ | i 4,449 | $ | i 7,769 |
(in thousands except per share amounts) | |||||||
Three
Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | i 791 | $ | ( i 2,467 | ) | ||
Weighted
average number of common shares outstanding - basic | i 7,477 | i 7,479 | |||||
Dilutive
effect of equity-based awards | i 14 | i — | |||||
Weighted
average number of common shares outstanding - diluted | i 7,491 | i 7,479 | |||||
Net
income (loss) per common shares attributable to Alico, Inc. common stockholders: | |||||||
Basic | $ | i 0.11 | $ | ( i 0.33 | ) | ||
Diluted | $ | i 0.11 | $ | ( i 0.33 | ) |
(in thousands) | Three Months Ended December 31, | ||||||
2019 | 2018 | ||||||
Revenues: | |||||||
Alico
Citrus | $ | i 10,175 | $ | i 13,897 | |||
Water
Resources and Other Operations | i 830 | i 882 | |||||
Total
revenues | i 11,005 | i 14,779 | |||||
Operating
expenses: | |||||||
Alico Citrus | i 4,840 | i 10,874 | |||||
Water
Resources and Other Operations | i 551 | i 723 | |||||
Total
operating expenses | i 5,391 | i 11,597 | |||||
Gross
profit: | |||||||
Alico Citrus | i 5,335 | i 3,023 | |||||
Water
Resources and Other Operations | i 279 | i 159 | |||||
Total
gross profit | i 5,614 | i 3,182 | |||||
Depreciation,
depletion and amortization: | |||||||
Alico Citrus | i 3,437 | i 3,287 | |||||
Water
Resources and Other Operations | i 46 | i 50 | |||||
Other
Depreciation, Depletion and Amortization | i 126 | i 121 | |||||
Total
depreciation, depletion and amortization | $ | i 3,609 | $ | i 3,458 |
(in
thousands) | December 31, | ||||||
2019 | 2019 | ||||||
Assets: | |||||||
Alico
Citrus | $ | i 388,396 | $ | i 401,212 | |||
Water
Resources and Other Operations | i 15,267 | i 15,332 | |||||
Other
Corporate Assets | i 1,406 | i 844 | |||||
Total
Assets | $ | i 405,069 | $ | i 417,388 |
Expected Volatility | i 26.0 | % |
Expected
Term (in years) | i 3.61 | |
Risk Free Rate | i 1.60 | % |
Expected Volatility | i 25.0 | % |
Expected
Term (in years) | i 1.50 | |
Risk Free Rate | i 2.52 | % |
Expected Volatility | i 30.0 | % |
Expected
Term (in years) | i 4.09 | |
Risk Free Rate | i 2.95 | % |
(in
thousands, except share amounts) | ||||||
Shares | Cost | |||||
Balance as of September 30, 2019 | i 939,632 | $ | i 31,943 | |||
Purchased | i 7,000 | i 238 | ||||
Issued
to employees and directors | ( i 5,687 | ) | ( i 225 | ) | ||
Balance
as of December 31, 2019 | i 940,945 | $ | i 31,956 |
• | Alico
Citrus includes activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus; and |
• | Water Resources and Other Operations includes activities related to sod, native plant sales, grazing and hunting leasing, management and/or conservation of unimproved native pastureland and activities related to rock mining royalties and other insignificant lines of business. Also included are activities related to owning and/or leasing improved farmland.
Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which may have various improvements including irrigation, drainage and roads. |
(in thousands) | Three
Months Ended | |||||||||||||
December 31, | Change | |||||||||||||
2019 | 2018 | $ | % | |||||||||||
Operating
revenues: | ||||||||||||||
Alico Citrus | $ | 10,175 | $ | 13,897 | $ | (3,722 | ) | (26.8 | )% | |||||
Water
Resources and Other Operations | 830 | 882 | (52 | ) | (5.9 | )% | ||||||||
Total operating revenues | 11,005 | 14,779 | (3,774 | ) | (25.5 | )% | ||||||||
Gross
profit: | ||||||||||||||
Alico Citrus | 5,335 | 3,023 | 2,312 | 76.5 | % | |||||||||
Water
Resources and Other Operations | 279 | 159 | 120 | 75.5 | % | |||||||||
Total gross profit | 5,614 | 3,182 | 2,432 | 76.4 | % | |||||||||
General
and administrative expenses | 2,760 | 3,450 | (690 | ) | (20.0 | )% | ||||||||
Income (loss) from operations | 2,854 | (268 | ) | 3,122 | NM | |||||||||
Total
other expenses, net | (1,595 | ) | (2,864 | ) | 1,269 | (44.3 | )% | |||||||
Income (loss) before income taxes | 1,259 | (3,132 | ) | 4,391 | (140.2 | )% | ||||||||
Income
tax provision (benefit) | 361 | (629 | ) | 990 | (157.4 | )% | ||||||||
Net income (loss) | 898 | (2,503 | ) | 3,401 | (135.9 | )% | ||||||||
Net
(income) loss attributable to noncontrolling interests | (107 | ) | 36 | (143 | ) | NM | ||||||||
Net income (loss) attributable to Alico, Inc. common stockholders | $ | 791 | $ | (2,467 | ) | $ | 3,258 | (132.1 | )% |
(in
thousands, except per box and per pound solids data) | ||||||||||||||
Three Months Ended | ||||||||||||||
December
31, | Change | |||||||||||||
2019 | 2018 | Unit | % | |||||||||||
Operating Revenues: | ||||||||||||||
Early
and Mid-Season | $ | 9,066 | $ | 11,645 | $ | (2,579 | ) | (22.1 | )% | |||||
Fresh
Fruit | 735 | 1,906 | (1,171 | ) | (61.4 | )% | ||||||||
Purchase and Resale of Fruit | 47 | 25 | 22 | 88.0 | % | |||||||||
Other | 327 | 321 | 6 | 1.9 | % | |||||||||
Total | $ | 10,175 | $ | 13,897 | $ | (3,722 | ) | (26.8 | )% | |||||
Boxes
Harvested: | ||||||||||||||
Early and Mid-Season | 880 | 994 | (114 | ) | (11.5 | )% | ||||||||
Total
Processed | 880 | 994 | (114 | ) | (11.5 | )% | ||||||||
Fresh Fruit | 95 | 103 | (8 | ) | (7.8 | )% | ||||||||
Total | 975 | 1,097 | (122 | ) | (11.1 | )% | ||||||||
Pound
Solids Produced: | ||||||||||||||
Early and Mid-Season | 4,856 | 5,138 | (282 | ) | (5.5 | )% | ||||||||
Total | 4,856 | 5,138 | (282 | ) | (5.5 | )% | ||||||||
Pound
Solids per Box: | ||||||||||||||
Early and Mid-Season | 5.52 | 5.17 | 0.35 | 6.8 | % | |||||||||
Price
per Pound Solids: | ||||||||||||||
Early and Mid-Season | $ | 1.87 | $ | 2.27 | $ | (0.40 | ) | (17.6 | )% | |||||
Price
per Box: | ||||||||||||||
Fresh Fruit | $ | 7.74 | $ | 18.48 | $ | (10.74 | ) | (58.1 | )% | |||||
Operating
Expenses: | ||||||||||||||
Cost of Sales | $ | 6,627 | $ | 7,908 | $ | (1,281 | ) | (16.2 | )% | |||||
Harvesting
and Hauling | 2,465 | 2,744 | (279 | ) | (10.2 | )% | ||||||||
Purchase and Resale of Fruit | 32 | 21 | 11 | 52.4 | % | |||||||||
Other | (4,284 | ) | 201 | (4,485 | ) | NM | ||||||||
Total | $ | 4,840 | $ | 10,874 | $ | (6,034 | ) | (55.5 | )% |
(in
thousands) | ||||||||||||||
Three Months Ended December 31, | Change | |||||||||||||
2019 | 2018 | $ | % | |||||||||||
Revenue
From: | ||||||||||||||
Land and other leasing | $ | 663 | $ | 734 | $ | (71 | ) | (9.7 | )% | |||||
Other | 167 | 148 | 19 | 12.8 | % | |||||||||
Total | $ | 830 | $ | 882 | $ | (52 | ) | (5.9 | )% | |||||
Operating
Expenses: | ||||||||||||||
Land and other leasing | $ | 201 | $ | 314 | $ | (113 | ) | (36.0 | )% | |||||
Water
conservation | 347 | 404 | (57 | ) | (14.1 | )% | ||||||||
Other | 3 | 5 | (2 | ) | (40.0 | )% | ||||||||
Total | $ | 551 | $ | 723 | $ | (172 | ) | (23.8 | )% |
(in thousands) | |||||||||||
2019 | 2018 | Change | |||||||||
Cash
and cash equivalents and restricted cash | $ | 6,265 | $ | 7,274 | $ | (1,009 | ) | ||||
Total current assets | $ | 53,654 | $ | 55,674 | $ | (2,020 | ) | ||||
Total
current liabilities | $ | 22,992 | $ | 28,204 | $ | (5,212 | ) | ||||
Working capital | $ | 30,662 | $ | 27,470 | $ | 3,192 | |||||
Total
assets | $ | 405,069 | $ | 408,754 | $ | (3,685 | ) | ||||
Principal amount of term loans and lines of credit | $ | 156,317 | $ | 193,956 | $ | (37,639 | ) | ||||
Current
ratio | 2.33 to 1 | 1.97 to 1 |
(in
thousands) | Three Months Ended December 31, | ||||||||||
2019 | 2018 | Change | |||||||||
Net income (loss) | $ | 898 | $ | (2,503 | ) | $ | 3,401 | ||||
Depreciation,
depletion and amortization | 3,609 | 3,458 | 151 | ||||||||
Deferred income tax expense (benefit) | — | (629 | ) | 629 | |||||||
Gain
on sale of real estate, property and equipment and assets held for sale | (25 | ) | (22 | ) | (3 | ) | |||||
Change in fair value of derivatives | — | 956 | (956 | ) | |||||||
Impairment
of long-lived assets | 88 | — | 88 | ||||||||
Impairment of right-of-use asset | 87 | — | 87 | ||||||||
Stock-based
compensation expense | 301 | 553 | (252 | ) | |||||||
Other | — | (7 | ) | 7 | |||||||
Change
in working capital | (11,001 | ) | (13,807 | ) | 2,806 | ||||||
Net cash used in operating activities | $ | (6,043 | ) | $ | (12,001 | ) | $ | 5,958 |
(in
thousands) | Three Months Ended December 31, | ||||||||||
2019 | 2018 | Change | |||||||||
Capital expenditures: | |||||||||||
Citrus
trees | $ | (3,349 | ) | $ | (2,971 | ) | $ | (378 | ) | ||
Equipment and other | (158 | ) | (487 | ) | 329 | ||||||
Other | (34 | ) | — | (34 | ) | ||||||
Total | (3,541 | ) | (3,458 | ) | (83 | ) | |||||
Net
proceeds from sale of property and equipment and assets held for sale | 42 | 202 | (160 | ) | |||||||
Change in deposits on purchase of citrus trees | (194 | ) | (632 | ) | 438 | ||||||
Advances
on notes receivables, net | 4 | 4 | — | ||||||||
Net cash used in investing activities | $ | (3,689 | ) | $ | (3,884 | ) | $ | 195 |
(in thousands) | Three Months Ended December 31, | ||||||||||
2019 | 2018 | Change | |||||||||
Repayments
on revolving lines of credit | $ | — | $ | (6,948 | ) | $ | 6,948 | ||||
Borrowings on revolving lines of credit | — | 26,577 | (26,577 | ) | |||||||
Principal
payments on term loans | (7,132 | ) | (2,707 | ) | (4,425 | ) | |||||
Treasury stock purchases | (238 | ) | (25,576 | ) | 25,338 | ||||||
Dividends
paid | (448 | ) | (447 | ) | (1 | ) | |||||
Deferred financing costs | (23 | ) | — | (23 | ) | ||||||
Net
cash used in financing activities | $ | (7,841 | ) | $ | (9,101 | ) | $ | 1,260 |
(a) | Evaluation
of Disclosure Controls and Procedures. |
(b) | Changes in Internal
Control over Financial Reporting. |
Period | (a) Total number of shares (or units) purchased (1) | (b) Average price paid per share (or unit) | (c) Total number
of shares (or units) purchased as part of publicly announced plans or programs | (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs | |||||
10/01/2019 - 10/31/2019 | 7,000 | $ | 33.95 | — | — | ||||
11/01/2019
- 11/30/2019 | — | — | — | — | |||||
12/01/2019 - 12/31/2019 | — | — | — | — | |||||
Total | 7,000 | $ | 33.95 | — | — |
Exhibit Number | ||
3.1 | ||
3.2 | ||
3.3 | ||
3.4 | ||
3.5 | ||
10.1* | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | ||
101.INS | ** | XBRL
Instance Document |
101.SCH | ** | XBRL Taxonomy Extension Schema Document |
101.CAL | ** | |
101.DEF | ** | |
101.LAB | ||
101.PRE | ||
* | ||
** | In accordance with Rule 406T of Regulation S-T, these XBRL (eXtensible Business Reporting Language) documents are furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under these sections. |
ALICO, INC. (Registrant) | ||
By: | /s/ John
E. Kiernan | |
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
By: | /s/ Richard Rallo | |
Senior Vice President and Chief Financial Officer | ||
(Principal
Financial and Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/1/33 | ||||
11/1/29 | ||||
6/1/29 | ||||
12/31/22 | ||||
12/31/21 | ||||
11/1/21 | ||||
9/1/21 | ||||
10/1/20 | ||||
9/30/20 | ||||
2/27/20 | ||||
Filed on: | 2/6/20 | 8-K | ||
2/3/20 | ||||
1/10/20 | ||||
For Period end: | 12/31/19 | |||
12/15/19 | ||||
12/5/19 | 10-K, 8-K | |||
11/14/19 | 4, SC 13D/A | |||
11/12/19 | 4 | |||
11/1/19 | ||||
10/15/19 | 4 | |||
10/11/19 | 4 | |||
10/10/19 | ||||
10/1/19 | ||||
9/30/19 | 10-K, 5 | |||
9/27/19 | SC 13D/A | |||
9/1/19 | ||||
7/1/19 | ||||
5/1/19 | 3, 8-K | |||
3/31/19 | 10-Q | |||
3/11/19 | DEF 14A | |||
2/11/19 | 10-Q, 8-K | |||
12/31/18 | 10-Q | |||
12/7/18 | SC 13D/A | |||
10/30/18 | ||||
10/25/18 | 4 | |||
10/3/18 | 4, 4/A | |||
10/1/18 | ||||
9/30/18 | 10-K, 10-K/A | |||
9/20/18 | ||||
9/19/18 | ||||
9/7/18 | SC TO-I/A | |||
9/5/18 | 8-K, SC TO-I | |||
5/1/17 | ||||
1/1/17 | ||||
12/31/16 | 10-Q, 4, 8-K | |||
9/30/15 | 10-K | |||
2/15/15 | ||||
1/27/15 | DEFM14C | |||
12/11/14 | ||||
11/21/14 | 8-K | |||
9/4/14 | ||||
List all Filings |