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As Of Filer Filing For·On·As Docs:Size 5/11/20 Alico, Inc. 10-Q 3/31/20 81:8.1M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.19M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 30K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 30K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 25K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 25K 68: R1 Cover Page HTML 78K 46: R2 Condensed Consolidated Balance Sheets HTML 133K 17: R3 Condensed Consolidated Balance Sheets HTML 40K (Parenthetical) 61: R4 Condensed Consolidated Statements of Operations HTML 104K (Unaudited) 69: R5 Condensed Consolidated Statements of Changes in HTML 76K Equity (Unaudited) 48: R6 Condensed Consolidated Statements of Changes in HTML 25K Equity (Unaudited) (Parenthetical) 18: R7 Condensed Consolidated Statements of Cash Flows HTML 121K (Unaudited) 59: R8 Description of Business and Basis of Presentation HTML 146K 72: R9 Inventories HTML 37K 63: R10 Assets Held for Sale HTML 35K 74: R11 Property and Equipment, Net HTML 45K 41: R12 Long-Term Debt and Lines of Credit HTML 130K 14: R13 Accrued Liabilities HTML 42K 64: R14 Derivative Asset and Derivative HTML 34K Liabilities/Deferred Gain on Sale 75: R15 Income Taxes HTML 27K 42: R16 Earnings Per Common Share HTML 58K 15: R17 Segment Information HTML 91K 65: R18 Stockholders' Equity HTML 87K 73: R19 Commitments and Contingencies HTML 29K 31: R20 Related Party Transactions HTML 34K 22: R21 Subsequent Event HTML 26K 49: R22 Description of Business and Basis of Presentation HTML 59K (Policies) 76: R23 Description of Business and Basis of Presentation HTML 115K (Tables) 32: R24 Inventories (Tables) HTML 34K 23: R25 Assets Held for Sale (Tables) HTML 38K 50: R26 Property and Equipment, Net (Tables) HTML 40K 77: R27 Long-Term Debt and Lines of Credit (Tables) HTML 111K 30: R28 Accrued Liabilities (Tables) HTML 42K 24: R29 Earnings Per Common Share (Tables) HTML 56K 21: R30 Segment Information (Tables) HTML 90K 45: R31 Stockholders' Equity (Tables) HTML 44K 71: R32 Description of Business and Basis of Presentation HTML 68K - (Details) 60: R33 Description of Business and Basis of Presentation HTML 44K - Disaggregated Revenue (Details) 20: R34 Description of Business and Basis of Presentation HTML 29K - Operating Leases (Details) 44: R35 Description of Business and Basis of Presentation HTML 27K - Components of Lease Cost (Details) 70: R36 Description of Business and Basis of Presentation HTML 38K - Maturities of Operating Lease Obligations (Details) 57: R37 Description of Business and Basis of Presentation HTML 27K - Lease Terms (Details) 16: R38 Description of Business and Basis of Presentation HTML 29K - Supplemental Cash Flow (Details) 47: R39 Inventories - Components (Details) HTML 30K 27: R40 Inventories - Narrative (Details) HTML 35K 35: R41 Assets Held for Sale - Components (Details) HTML 30K 81: R42 Assets Held for Sale - Narrative (Details) HTML 30K 54: R43 Property and Equipment, Net - Components (Details) HTML 44K 26: R44 Property and Equipment, Net - Narrative (Details) HTML 61K 34: R45 Long-Term Debt and Lines of Credit - Schedule of HTML 52K Long-term Debt, Net of Current Portion (Details) 80: R46 Long-Term Debt and Lines of Credit - Schedule of HTML 39K Lines of Credit (Details) 53: R47 Long-Term Debt and Lines of Credit - Schedule of HTML 44K Future Maturities of Debt and Lines of Credit (Details) 25: R48 Long-Term Debt and Lines of Credit - Schedule of HTML 30K Interest Costs Expensed and Capitalized (Details) 36: R49 Long-Term Debt and Lines of Credit - Narrative HTML 185K (Details) 39: R50 Accrued Liabilities (Details) HTML 51K 11: R51 Derivative Asset and Derivative HTML 77K Liabilities/Deferred Gain on Sale - Narrative (Details) 55: R52 Income Taxes - Narrative (Details) HTML 32K 66: R53 Earnings Per Common Share (Details) HTML 56K 40: R54 Segment Information - Narrative (Details) HTML 24K 12: R55 Segment Information - Information by Operating HTML 62K Segment (Details) 56: R56 Stockholders' Equity - Narrative (Details) HTML 222K 67: R57 Stockholders' Equity - Schedule of Stock Options HTML 39K Using Valuation Assumptions (Details) 38: R58 Stockholders' Equity - Schedule of Treasury Stock HTML 45K Purchases and Issuance (Details) 13: R59 Commitments and Contingencies - Letters of Credit HTML 27K (Details) 51: R60 Commitments and Contingencies - Purchase HTML 24K Commitments (Details) 78: R61 Related Party Transactions - Henry R. Slack and HTML 30K George R. Brokaw (Details) 37: R62 Related Party Transactions - Remy Trafelet HTML 29K (Details) 28: R63 Related Party Transactions - Shared Services HTML 30K Agreement (Details) 52: R64 Related Party Transactions - Distribution of HTML 27K Shares by Alicos Largest Shareholder (Details) 79: R65 Subsequent Event (Details) HTML 29K 43: R9999 Uncategorized Items - alco-33120x10q.htm HTML 26K 62: XML IDEA XML File -- Filing Summary XML 144K 33: XML XBRL Instance -- alco-33120x10q_htm XML 2.03M 58: EXCEL IDEA Workbook of Financial Reports XLSX 85K 7: EX-101.CAL XBRL Calculations -- alco-20200331_cal XML 209K 8: EX-101.DEF XBRL Definitions -- alco-20200331_def XML 587K 9: EX-101.LAB XBRL Labels -- alco-20200331_lab XML 1.49M 10: EX-101.PRE XBRL Presentations -- alco-20200331_pre XML 891K 6: EX-101.SCH XBRL Schema -- alco-20200331 XSD 165K 19: JSON XBRL Instance as JSON Data -- MetaLinks 326± 473K 29: ZIP XBRL Zipped Folder -- 0000003545-20-000065-xbrl Zip 260K
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) | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current
assets: | ||||||||
Cash and cash equivalents | $ | i 80,407 | $ | i 18,630 | ||||
Accounts
receivable, net | i 4,385 | i 713 | ||||||
Inventories | i 28,503 | i 40,143 | ||||||
Assets
held for sale | i 1,366 | i 1,442 | ||||||
Prepaid
expenses and other current assets | i 1,521 | i 1,049 | ||||||
Total
current assets | i 116,182 | i 61,977 | ||||||
Restricted
cash | i 3,671 | i 5,208 | ||||||
Property
and equipment, net | i 347,816 | i 345,648 | ||||||
Goodwill | i 2,246 | i 2,246 | ||||||
Other
non-current assets | i 2,369 | i 2,309 | ||||||
Total
assets | $ | i 472,284 | $ | i 417,388 | ||||
LIABILITIES AND
STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | i 5,154 | $ | i 4,163 | ||||
Accrued
liabilities | i 4,943 | 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 2,660 | i 5,536 | ||||||
Other
current liabilities | i 554 | i 919 | ||||||
Total
current liabilities | i 23,667 | i 28,951 | ||||||
Long-term
debt: | ||||||||
Principal amount, net of current portion | i 148,499 | i 158,111 | ||||||
Less:
deferred financing costs, net | ( i 1,240 | ) | ( i 1,369 | ) | ||||
Long-term
debt less current portion and deferred financing costs, net | i 147,259 | i 156,742 | ||||||
Lines
of credit | i 66,714 | i — | ||||||
Deferred
income tax liabilities, net | i 31,298 | i 32,125 | ||||||
Other
liabilities | i 278 | i 172 | ||||||
Total
liabilities | i 269,216 | 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 7,479,671 and 7,476,513 shares outstanding at March 31, 2020 and September 30, 2019, respectively | i 8,416 | i 8,416 | ||||||
Additional
paid in capital | i 20,174 | i 19,781 | ||||||
Treasury
stock, at cost, 936,474 and 939,632 shares held at March 31, 2020 and September 30, 2019, respectively | ( i 31,784 | ) | ( i 31,943 | ) | ||||
Retained
earnings | i 201,065 | i 198,049 | ||||||
Total
Alico stockholders' equity | i 197,871 | i 194,303 | ||||||
Noncontrolling
interest | i 5,197 | i 5,095 | ||||||
Total
stockholders' equity | i 203,068 | i 199,398 | ||||||
Total
liabilities and stockholders' equity | $ | i 472,284 | $ | i 417,388 |
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 | $ | i 49,801 | $ | i 47,823 | $ | i 59,976 | $ | i 61,720 | |||||||
Water
Resources and Other Operations | i 714 | i 698 | i 1,544 | i 1,580 | |||||||||||
Total
operating revenues | i 50,515 | i 48,521 | i 61,520 | i 63,300 | |||||||||||
Operating
expenses: | |||||||||||||||
Alico Citrus | i 43,518 | i 31,582 | i 48,358 | i 42,456 | |||||||||||
Water
Resources and Other Operations | i 380 | i 625 | i 931 | i 1,348 | |||||||||||
Total
operating expenses | i 43,898 | i 32,207 | i 49,289 | i 43,804 | |||||||||||
Gross
profit | i 6,617 | i 16,314 | i 12,231 | i 19,496 | |||||||||||
General
and administrative expenses | i 2,953 | i 4,654 | i 5,713 | i 8,104 | |||||||||||
Income
from operations | i 3,664 | i 11,660 | i 6,518 | i 11,392 | |||||||||||
Other
income (expense), net: | |||||||||||||||
Interest expense | ( i 1,452 | ) | ( i 1,963 | ) | ( i 2,996 | ) | ( i 3,880 | ) | |||||||
Gain
on sale of real estate, property and equipment and assets held for sale | i 2,838 | i 1 | i 2,863 | i 23 | |||||||||||
Change
in fair value of derivatives | i — | ( i 33 | ) | i — | ( i 989 | ) | |||||||||
Other
income (expense) | i 12 | i 23 | ( i 64 | ) | i 10 | ||||||||||
Total
other income (expense), net | i 1,398 | ( i 1,972 | ) | ( i 197 | ) | ( i 4,836 | ) | ||||||||
Income
before income taxes | i 5,062 | i 9,688 | i 6,321 | i 6,556 | |||||||||||
Income
tax provision | i 1,496 | i 2,228 | i 1,857 | i 1,599 | |||||||||||
Net
income | i 3,566 | i 7,460 | i 4,464 | i 4,957 | |||||||||||
Net
loss (income) attributable to noncontrolling interests | i 5 | i 87 | ( i 102 | ) | i 123 | ||||||||||
Net
income attributable to Alico, Inc. common stockholders | $ | i 3,571 | $ | i 7,547 | $ | i 4,362 | $ | i 5,080 | |||||||
Per
share information attributable to Alico, Inc. common stockholders: | |||||||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | i 0.48 | $ | i 1.01 | $ | i 0.58 | $ | i 0.68 | |||||||
Diluted | $ | i 0.48 | $ | i 1.01 | $ | i 0.58 | $ | i 0.68 | |||||||
Weighted-average
number of common shares outstanding: | |||||||||||||||
Basic | i 7,480 | i 7,463 | i 7,478 | i 7,471 | |||||||||||
Diluted | i 7,496 | i 7,469 | i 7,494 | i 7,506 | |||||||||||
Cash
dividends declared per common share | $ | i 0.09 | $ | i 0.06 | $ | i 0.18 | $ | i 0.12 |
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 | i 8,416 | $ | i 8,416 | $ | i 19,857 | $ | ( i 31,956 | ) | $ | i 198,169 | $ | i 194,486 | $ | i 5,202 | $ | i 199,688 | |||||||||||||
Net
income (loss) | — | — | — | — | i 3,571 | i 3,571 | ( i 5 | ) | i 3,566 | ||||||||||||||||||||
Dividends
($0.09/share) | — | — | — | — | ( i 675 | ) | ( i 675 | ) | — | ( i 675 | ) | ||||||||||||||||||
Stock-based
compensation: | |||||||||||||||||||||||||||||
Directors | — | — | ( i 10 | ) | i 172 | — | i 162 | — | i 162 | ||||||||||||||||||||
Executives | — | — | i 327 | — | — | i 327 | — | i 327 | |||||||||||||||||||||
Balance
at March 31, 2020 | i 8,416 | $ | i 8,416 | $ | i 20,174 | $ | ( i 31,784 | ) | $ | i 201,065 | $ | i 197,871 | $ | i 5,197 | $ | i 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 | 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 4,362 | i 4,362 | i 102 | i 4,464 | |||||||||||||||||||||
Dividends
($0.18/share) | — | — | — | — | ( i 1,346 | ) | ( i 1,346 | ) | — | ( i 1,346 | ) | ||||||||||||||||||
Treasury
stock purchases | — | — | — | ( i 238 | ) | — | ( i 238 | ) | — | ( i 238 | ) | ||||||||||||||||||
Stock-based
compensation: | |||||||||||||||||||||||||||||
Directors | — | — | ( i 42 | ) | i 397 | — | i 355 | — | i 355 | ||||||||||||||||||||
Executives | — | — | i 435 | — | — | i 435 | — | i 435 | |||||||||||||||||||||
Balance
at March 31, 2020 | i 8,416 | $ | i 8,416 | $ | i 20,174 | $ | ( i 31,784 | ) | $ | i 201,065 | $ | i 197,871 | $ | i 5,197 | $ | i 203,068 | |||||||||||||
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 | i 8,416 | $ | i 8,416 | $ | i 20,384 | $ | ( i 32,817 | ) | $ | i 159,094 | $ | i 155,077 | $ | i 5,442 | $ | i 160,519 | |||||||||||||
Net
income (loss) | — | — | — | — | i 7,547 | i 7,547 | ( i 87 | ) | i 7,460 | ||||||||||||||||||||
Dividends
($0.06/share) | — | — | — | — | ( i 448 | ) | ( i 448 | ) | — | ( i 448 | ) | ||||||||||||||||||
Stock-based
compensation: | — | ||||||||||||||||||||||||||||
Directors | — | — | ( i 83 | ) | i 321 | — | i 238 | — | i 238 | ||||||||||||||||||||
Executives | — | — | i 255 | — | — | i 255 | — | i 255 | |||||||||||||||||||||
Executive
forfeiture | — | — | ( i 823 | ) | i — | i — | ( i 823 | ) | i — | ( i 823 | ) | ||||||||||||||||||
Balance
at March 31, 2019 | i 8,416 | $ | i 8,416 | $ | i 19,733 | $ | ( i 32,496 | ) | $ | i 166,193 | $ | i 161,846 | $ | i 5,355 | $ | i 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 | 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
income (loss) | — | — | — | — | i 5,080 | i 5,080 | ( i 123 | ) | i 4,957 | ||||||||||||||||||||
Dividends
($0.12/share) | — | — | — | — | ( i 895 | ) | ( i 895 | ) | — | ( i 895 | ) | ||||||||||||||||||
Treasury
stock purchases | — | — | — | ( i 25,576 | ) | — | ( i 25,576 | ) | — | ( i 25,576 | ) | ||||||||||||||||||
ASC
610-20 adoption | — | — | — | — | i 10,897 | i 10,897 | — | i 10,897 | |||||||||||||||||||||
Stock-based
compensation: | |||||||||||||||||||||||||||||
Directors | — | — | ( i 140 | ) | i 616 | — | i 476 | — | i 476 | ||||||||||||||||||||
Executives | — | — | i 570 | — | — | i 570 | — | i 570 | |||||||||||||||||||||
Executive
forfeiture | — | — | ( i 823 | ) | — | — | ( i 823 | ) | — | ( i 823 | ) | ||||||||||||||||||
Balance
at March 31, 2019 | i 8,416 | $ | i 8,416 | $ | i 19,733 | $ | ( i 32,496 | ) | $ | i 166,193 | $ | i 161,846 | $ | i 5,355 | $ | i 167,201 |
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 | $ | i 4,464 | $ | i 4,957 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | i 7,199 | i 6,951 | |||||
Deferred
income tax (benefit) expense | ( i 827 | ) | i 73 | ||||
Gain
on sale of real estate, property and equipment and assets held for sale | ( i 2,863 | ) | ( i 23 | ) | |||
Change
in fair value of derivatives | i — | i 989 | |||||
Impairment
of long-lived assets | i 723 | i — | |||||
Impairment
of right-of-use asset | i 87 | — | |||||
Stock-based compensation expense | i 790 | i 223 | |||||
Other | ( i 36 | ) | ( i 51 | ) | |||
Changes
in operating assets and liabilities: | |||||||
Accounts receivable | ( i 3,672 | ) | ( i 11,453 | ) | |||
Inventories | i 11,640 | i 4,922 | |||||
Prepaid
expenses | ( i 234 | ) | i 92 | ||||
Other
assets | ( i 387 | ) | i — | ||||
Accounts
payable and accrued liabilities | ( i 2,061 | ) | i 370 | ||||
Income
tax payable | ( i 2,876 | ) | ( i 852 | ) | |||
Other
liabilities | ( i 259 | ) | ( i 130 | ) | |||
Net
cash provided by operating activities | i 11,688 | i 6,068 | |||||
Cash
flows from investing activities: | |||||||
Purchases of property and equipment | ( i 9,960 | ) | ( i 9,524 | ) | |||
Net
proceeds from sale of property and equipment and assets held for sale | i 2,994 | i 202 | |||||
Change
in deposits on purchase of citrus trees | ( i 57 | ) | ( i 515 | ) | |||
Deposit
on purchase of citrus grove | ( i 25 | ) | i — | ||||
Advances
on notes receivables, net | i 87 | i 50 | |||||
Net
cash used in investing activities | ( i 6,961 | ) | ( i 9,787 | ) | |||
Cash
flows from financing activities: | |||||||
Repayments on revolving lines of credit | ( i 18,805 | ) | ( i 41,360 | ) | |||
Borrowings
on revolving lines of credit | i 85,519 | i 63,637 | |||||
Principal
payments on term loans | ( i 9,820 | ) | ( i 5,437 | ) | |||
Treasury
stock purchases | ( i 238 | ) | ( i 25,576 | ) | |||
Payment
on termination of sugarcane agreement | i — | ( i 11,300 | ) | ||||
Dividends
paid | ( i 1,120 | ) | ( i 895 | ) | |||
Deferred
financing costs | ( i 23 | ) | i — | ||||
Net
cash provided by (used in) financing activities | i 55,513 | ( i 20,931 | ) | ||||
Net
increase (decrease) in cash and cash equivalents and restricted cash | i 60,240 | ( i 24,650 | ) | ||||
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 84,078 | $ | i 7,610 |
(in thousands) | |||||||||||||||
Three
Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Alico Citrus | |||||||||||||||
Early
and Mid-Season | $ | i 22,237 | $ | i 27,929 | $ | i 31,303 | $ | i 39,574 | |||||||
Valencias | i 25,810 | i 18,746 | i 25,810 | i 18,746 | |||||||||||
Fresh
Fruit | i 802 | i 671 | i 1,537 | i 2,577 | |||||||||||
Other | i 952 | i 477 | i 1,326 | i 823 | |||||||||||
Total | $ | i 49,801 | $ | i 47,823 | $ | i 59,976 | $ | i 61,720 | |||||||
Water
Resources and Other Operations | |||||||||||||||
Land and other leasing | $ | i 679 | $ | i 658 | $ | i 1,342 | $ | i 1,392 | |||||||
Other | i 35 | i 40 | i 202 | i 188 | |||||||||||
Total | $ | i 714 | $ | i 698 | $ | i 1,544 | $ | i 1,580 | |||||||
Total
Revenues | $ | i 50,515 | $ | i 48,521 | $ | i 61,520 | $ | i 63,300 |
(in thousands) | ||||||
Operating
lease components | Classification | |||||
Right-of-use assets | Other non-current assets | $ | i 329 | |||
Current
lease liabilities | Other current liabilities | $ | i 167 | |||
Non-current lease liabilities | Other
liabilities | $ | i 252 |
(in thousands) | ||||||||||
Three
Months Ended | Six Months Ended | |||||||||
Operating lease components | Classification | |||||||||
Operating lease costs | General
and administrative expenses | $ | i 52 | $ | i 104 | |||||
Operating
lease right-of-use asset impairment | Other expense | $ | i — | $ | i 87 |
(in thousands) | |||||
2020 | $ | i 82 | |||
2021 | i 169 | ||||
2022 | i 175 | ||||
2023 | i 15 | ||||
Total
noncancelable future lease obligations | $ | i 441 | |||
Less: Interest | ( i 22 | ) | |||
Present
value of lease obligations | $ | i 419 |
Weighted-average remaining lease term | i 2.58 | years |
Weighted-average
discount rate | i 3.89 | % |
Cash flow information
related to leases consists of the following: | |||||
(in thousands) | Six Months Ended | ||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating
cash flows from operating leases | $ | i 101 | |||
Right-of-use
assets obtained in exchange for lease obligations: | |||||
Operating leases | $ | i 511 |
(in thousands) | March 31, | ||||||
2020 | 2019 | ||||||
Unharvested
fruit crop on the trees | $ | i 27,054 | $ | i 39,276 | |||
Other | i 1,449 | i 867 | |||||
Total
inventories | $ | i 28,503 | $ | i 40,143 |
(in
thousands) | Carrying Value | ||||||
March 31, | |||||||
2020 | 2019 | ||||||
East Ranch | $ | i 1,366 | $ | i 1,442 | |||
Total
Assets Held for Sale | $ | i 1,366 | $ | i 1,442 |
(in thousands) | March 31, | ||||||
2020 | 2019 | ||||||
Citrus
trees | $ | i 287,238 | $ | i 281,149 | |||
Equipment
and other facilities | i 56,216 | i 54,622 | |||||
Buildings
and improvements | i 8,189 | i 8,224 | |||||
Total
depreciable properties | i 351,643 | i 343,995 | |||||
Less:
accumulated depreciation and depletion | ( i 109,662 | ) | ( i 104,169 | ) | |||
Net
depreciable properties | i 241,981 | i 239,826 | |||||
Land
and land improvements | i 105,835 | i 105,822 | |||||
Property
and equipment, net | $ | i 347,816 | $ | 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 86,563 | $ | i 672 | $ | i 89,688 | $ | i 724 | |||||||
Met
Variable-Rate Term Loans | i 42,406 | i 309 | i 43,844 | i 334 | |||||||||||
Met
Citree Term Loan | i 4,638 | i 38 | i 4,750 | i 40 | |||||||||||
Pru
Loans A & B | i 15,677 | i 221 | i 16,257 | i 224 | |||||||||||
Pru
Loan E | i 4,345 | i — | i 4,455 | i 9 | |||||||||||
Pru
Loan F | i — | i — | i 4,455 | i 38 | |||||||||||
i 153,629 | i 1,240 | i 163,449 | i 1,369 | ||||||||||||
Less
current portion | i 5,130 | — | i 5,338 | — | |||||||||||
Long-term
debt | $ | i 148,499 | $ | i 1,240 | $ | i 158,111 | $ | i 1,369 |
(in thousands) | Principal | Deferred Financing Costs, Net | Principal | Deferred Financing Costs, Net | |||||||||||
Lines
of Credit: | |||||||||||||||
RLOC | $ | i 20,000 | $ | i 149 | $ | i — | $ | i 8 | |||||||
WCLC | i 46,714 | i — | i — | i — | |||||||||||
Lines
of Credit | $ | i 66,714 | $ | i 149 | $ | i — | $ | i 8 |
(in thousands) | |||
Due within one year | $ | i 5,130 | |
Due
between one and two years | i 61,374 | ||
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 122,234 | ||
Total future maturities | $ | i 220,343 |
(in thousands) | |||||||||||||||
Three
Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Interest expense | $ | i 1,452 | $ | i 1,963 | $ | i 2,996 | $ | i 3,880 | |||||||
Interest
capitalized | i 303 | i 229 | i 572 | i 445 | |||||||||||
Total | $ | i 1,755 | $ | i 2,192 | $ | i 3,568 | $ | i 4,325 |
(in thousands) | March 31, | ||||||
2020 | 2019 | ||||||
Ad
valorem taxes | $ | i 692 | $ | i 2,117 | |||
Accrued
interest | i 1,063 | i 1,110 | |||||
Accrued
employee wages and benefits | i 1,372 | i 2,525 | |||||
Accrued
dividends | i 673 | i 448 | |||||
Accrued
contractual obligation associated with sale of real estate | i — | i 402 | |||||
Accrued
harvest and haul | i 431 | i — | |||||
Consulting
and separation charges | i 346 | i 400 | |||||
Accrued
insurance | i — | i 544 | |||||
Other
accrued liabilities | i 366 | i 223 | |||||
Total
accrued liabilities | $ | i 4,943 | $ | i 7,769 |
(in thousands except per share amounts) | |||||||||||||||
Three
Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net
income attributable to Alico, Inc. common stockholders | $ | i 3,571 | $ | i 7,547 | $ | i 4,362 | $ | i 5,080 | |||||||
Weighted
average number of common shares outstanding - basic | i 7,480 | i 7,463 | i 7,478 | i 7,471 | |||||||||||
Dilutive
effect of equity-based awards | i 16 | i 6 | i 16 | i 35 | |||||||||||
Weighted
average number of common shares outstanding - diluted | i 7,496 | i 7,469 | i 7,494 | i 7,506 | |||||||||||
Net
income per common shares attributable to Alico, Inc. common stockholders: | |||||||||||||||
Basic | $ | i 0.48 | $ | i 1.01 | $ | i 0.58 | $ | i 0.68 | |||||||
Diluted | $ | i 0.48 | $ | i 1.01 | $ | i 0.58 | $ | i 0.68 |
(in thousands) | Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues: | |||||||||||||||
Alico
Citrus | $ | i 49,801 | $ | i 47,823 | $ | i 59,976 | $ | i 61,720 | |||||||
Water
Resources and Other Operations | i 714 | i 698 | i 1,544 | i 1,580 | |||||||||||
Total
revenues | i 50,515 | i 48,521 | i 61,520 | i 63,300 | |||||||||||
Operating
expenses: | |||||||||||||||
Alico Citrus | i 43,518 | i 31,582 | i 48,358 | i 42,456 | |||||||||||
Water
Resources and Other Operations | i 380 | i 625 | i 931 | i 1,348 | |||||||||||
Total
operating expenses | i 43,898 | i 32,207 | i 49,289 | i 43,804 | |||||||||||
Gross
profit: | |||||||||||||||
Alico Citrus | i 6,283 | i 16,241 | i 11,618 | i 19,264 | |||||||||||
Water
Resources and Other Operations | i 334 | i 73 | i 613 | i 232 | |||||||||||
Total
gross profit | i 6,617 | i 16,314 | i 12,231 | i 19,496 | |||||||||||
Depreciation,
depletion and amortization: | |||||||||||||||
Alico Citrus | i 3,416 | i 3,334 | i 6,853 | i 6,621 | |||||||||||
Water
Resources and Other Operations | i 46 | i 37 | i 92 | i 87 | |||||||||||
Other
Depreciation, Depletion and Amortization | i 128 | i 122 | i 254 | i 243 | |||||||||||
Total
depreciation, depletion and amortization | $ | i 3,590 | $ | i 3,493 | $ | i 7,199 | $ | i 6,951 |
(in
thousands) | March 31, | ||||||
2020 | 2019 | ||||||
Assets: | |||||||
Alico
Citrus | $ | i 452,581 | $ | i 401,212 | |||
Water
Resources and Other Operations | i 18,325 | i 15,332 | |||||
Other
Corporate Assets | i 1,378 | i 844 | |||||
Total
Assets | $ | i 472,284 | $ | 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 10,158 | ) | ( i 397 | ) | ||
Balance
as of March 31, 2020 | i 936,474 | $ | i 31,784 |
• | 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 March 31, | Change | Six Months Ended March 31, | Change | ||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Operating
revenues: | |||||||||||||||||||||||||||||
Alico
Citrus | $ | 49,801 | $ | 47,823 | $ | 1,978 | 4.1 | % | $ | 59,976 | $ | 61,720 | $ | (1,744 | ) | (2.8 | )% | ||||||||||||
Water
Resources and Other Operations | 714 | 698 | 16 | 2.3 | % | 1,544 | 1,580 | (36 | ) | (2.3 | )% | ||||||||||||||||||
Total
operating revenues | 50,515 | 48,521 | 1,994 | 4.1 | % | 61,520 | 63,300 | (1,780 | ) | (2.8 | )% | ||||||||||||||||||
Gross
profit: | |||||||||||||||||||||||||||||
Alico
Citrus | 6,283 | 16,241 | (9,958 | ) | (61.3 | )% | 11,618 | 19,264 | (7,646 | ) | (39.7 | )% | |||||||||||||||||
Water
Resources and Other Operations | 334 | 73 | 261 | NM | 613 | 232 | 381 | 164.2 | % | ||||||||||||||||||||
Total
gross profit | 6,617 | 16,314 | (9,697 | ) | (59.4 | )% | 12,231 | 19,496 | (7,265 | ) | (37.3 | )% | |||||||||||||||||
General
and administrative expenses | 2,953 | 4,654 | (1,701 | ) | (36.5 | )% | 5,713 | 8,104 | (2,391 | ) | (29.5 | )% | |||||||||||||||||
Income
from operations | 3,664 | 11,660 | (7,996 | ) | (68.6 | )% | 6,518 | 11,392 | (4,874 | ) | (42.8 | )% | |||||||||||||||||
Total
other income (expense), net | 1,398 | (1,972 | ) | 3,370 | NM | (197 | ) | (4,836 | ) | 4,639 | (95.9 | )% | |||||||||||||||||
Income
before income taxes | 5,062 | 9,688 | (4,626 | ) | (47.7 | )% | 6,321 | 6,556 | (235 | ) | (3.6 | )% | |||||||||||||||||
Income
tax provision | 1,496 | 2,228 | (732 | ) | (32.9 | )% | 1,857 | 1,599 | 258 | 16.1 | % | ||||||||||||||||||
Net
income | 3,566 | 7,460 | (3,894 | ) | (52.2 | )% | 4,464 | 4,957 | (493 | ) | (9.9 | )% | |||||||||||||||||
Net
loss (income) attributable to noncontrolling interests | 5 | 87 | (82 | ) | (94.3 | )% | (102 | ) | 123 | (225 | ) | NM | |||||||||||||||||
Net
income attributable to Alico, Inc. common stockholders | $ | 3,571 | $ | 7,547 | $ | (3,976 | ) | (52.7 | )% | $ | 4,362 | $ | 5,080 | $ | (718 | ) | (14.1 | )% |
(in
thousands, except per box and per pound solids data) | |||||||||||||||||||||||||||||
Three
Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
March 31, | Change | March
31, | Change | ||||||||||||||||||||||||||
2020 | 2019 | Unit | % | 2020 | 2019 | Unit | % | ||||||||||||||||||||||
Operating
Revenues: | |||||||||||||||||||||||||||||
Early
and Mid-Season | $ | 22,237 | $ | 27,929 | $ | (5,692 | ) | (20.4 | )% | $ | 31,303 | $ | 39,574 | $ | (8,271 | ) | (20.9 | )% | |||||||||||
Valencias | 25,810 | 18,746 | 7,064 | 37.7 | % | 25,810 | 18,746 | 7,064 | 37.7 | % | |||||||||||||||||||
Fresh
Fruit | 802 | 671 | 131 | 19.5 | % | 1,537 | 2,577 | (1,040 | ) | (40.4 | )% | ||||||||||||||||||
Purchase
and Resale of Fruit | 556 | 221 | 335 | 151.6 | % | 603 | 246 | 357 | 145.1 | % | |||||||||||||||||||
Other | 396 | 256 | 140 | 54.7 | % | 723 | 577 | 146 | 25.3 | % | |||||||||||||||||||
Total | $ | 49,801 | $ | 47,823 | $ | 1,978 | 4.1 | % | $ | 59,976 | $ | 61,720 | $ | (1,744 | ) | (2.8 | )% | ||||||||||||
Boxes
Harvested: | |||||||||||||||||||||||||||||
Early
and Mid-Season | 2,266 | 2,120 | 146 | 6.9 | % | 3,146 | 3,114 | 32 | 1.0 | % | |||||||||||||||||||
Valencias | 2,260 | 1,298 | 962 | 74.1 | % | 2,260 | 1,298 | 962 | 74.1 | % | |||||||||||||||||||
Total
Processed | 4,526 | 3,418 | 1,108 | 32.4 | % | 5,406 | 4,412 | 994 | 22.5 | % | |||||||||||||||||||
Fresh
Fruit | 108 | 33 | 75 | NM | 203 | 136 | 67 | 49.3 | % | ||||||||||||||||||||
Total | 4,634 | 3,451 | 1,183 | 34.3 | % | 5,609 | 4,548 | 1,061 | 23.3 | % | |||||||||||||||||||
Pound
Solids Produced: | |||||||||||||||||||||||||||||
Early
and Mid-Season | 13,091 | 11,735 | 1,356 | 11.6 | % | 17,947 | 16,873 | 1,074 | 6.4 | % | |||||||||||||||||||
Valencias | 13,661 | 7,831 | 5,830 | 74.4 | % | 13,661 | 7,831 | 5,830 | 74.4 | % | |||||||||||||||||||
Total | 26,752 | 19,566 | 7,186 | 36.7 | % | 31,608 | 24,704 | 6,904 | 27.9 | % | |||||||||||||||||||
Pound
Solids per Box: | |||||||||||||||||||||||||||||
Early
and Mid-Season | 5.78 | 5.54 | 0.24 | 4.3 | % | 5.70 | 5.42 | 0.28 | 5.2 | % | |||||||||||||||||||
Valencias | 6.04 | 6.04 | — | — | % | 6.04 | 6.04 | — | — | % | |||||||||||||||||||
Price
per Pound Solids: | |||||||||||||||||||||||||||||
Early
and Mid-Season | $ | 1.70 | $ | 2.38 | $ | (0.68 | ) | (28.6 | )% | $ | 1.74 | $ | 2.35 | $ | (0.61 | ) | (26.0 | )% | |||||||||||
Valencias | $ | 1.89 | $ | 2.39 | $ | (0.50 | ) | (20.9 | )% | $ | 1.89 | $ | 2.39 | $ | (0.50 | ) | (20.9 | )% | |||||||||||
Price
per Box: | |||||||||||||||||||||||||||||
Fresh
Fruit | $ | 7.43 | $ | 20.17 | $ | (12.74 | ) | (63.2 | )% | $ | 7.57 | $ | 18.95 | $ | (11.38 | ) | (60.1 | )% | |||||||||||
Operating
Expenses: | |||||||||||||||||||||||||||||
Cost
of Sales | $ | 30,747 | $ | 21,886 | $ | 8,861 | 40.5 | % | $ | 37,374 | $ | 29,794 | $ | 7,580 | 25.4 | % | |||||||||||||
Harvesting
and Hauling | 12,290 | 9,404 | 2,886 | 30.7 | % | 14,755 | 12,148 | 2,607 | 21.5 | % | |||||||||||||||||||
Purchase
and Resale of Fruit | 392 | 147 | 245 | 166.7 | % | 424 | 168 | 256 | 152.4 | % | |||||||||||||||||||
Other | 89 | 145 | (56 | ) | (38.6 | )% | (4,195 | ) | 346 | (4,541 | ) | NM | |||||||||||||||||
Total | $ | 43,518 | $ | 31,582 | $ | 11,936 | 37.8 | % | $ | 48,358 | $ | 42,456 | $ | 5,902 | 13.9 | % |
(in
thousands) | |||||||||||||||||||||||||||||
Three
Months Ended March 31, | Change | Six Months Ended March 31, | Change | ||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | ||||||||||||||||||||||
Revenue
From: | |||||||||||||||||||||||||||||
Land
and other leasing | $ | 679 | $ | 658 | $ | 21 | 3.2 | % | $ | 1,342 | $ | 1,392 | $ | (50 | ) | (3.6 | )% | ||||||||||||
Other | 35 | 40 | (5 | ) | (12.5 | )% | 202 | 188 | 14 | 7.4 | % | ||||||||||||||||||
Total | $ | 714 | $ | 698 | $ | 16 | 2.3 | % | $ | 1,544 | $ | 1,580 | $ | (36 | ) | (2.3 | )% | ||||||||||||
Operating
Expenses: | |||||||||||||||||||||||||||||
Land
and other leasing | $ | 248 | $ | 238 | $ | 10 | 4.2 | % | $ | 449 | $ | 552 | $ | (103 | ) | (18.7 | )% | ||||||||||||
Water
conservation | 130 | 379 | (249 | ) | (65.7 | )% | 477 | 783 | (306 | ) | (39.1 | )% | |||||||||||||||||
Other | 2 | 8 | (6 | ) | (75.0 | )% | 5 | 13 | (8 | ) | (61.5 | )% | |||||||||||||||||
Total | $ | 380 | $ | 625 | $ | (245 | ) | (39.2 | )% | $ | 931 | $ | 1,348 | $ | (417 | ) | (30.9 | )% |
(in
thousands) | March 31, | ||||||||||
2020 | 2019 | Change | |||||||||
Cash and cash equivalents and
restricted cash | $ | 84,078 | $ | 23,838 | $ | 60,240 | |||||
Total current assets | $ | 116,182 | $ | 61,977 | $ | 54,205 | |||||
Total
current liabilities | $ | 23,667 | $ | 28,951 | $ | (5,284 | ) | ||||
Working capital | $ | 92,515 | $ | 33,026 | $ | 59,489 | |||||
Total
assets | $ | 472,284 | $ | 417,388 | $ | 54,896 | |||||
Principal amount of term loans and lines of credit | $ | 220,343 | $ | 163,449 | $ | 56,894 | |||||
Current
ratio | 4.91 to 1 | 2.14 to 1 |
(in thousands) | Six Months Ended March 31, | ||||||||||
2020 | 2019 | Change | |||||||||
Net
income | $ | 4,464 | $ | 4,957 | $ | (493 | ) | ||||
Depreciation, depletion and amortization | 7,199 | 6,951 | 248 | ||||||||
Deferred
income tax (benefit) expense | (827 | ) | 73 | (900 | ) | ||||||
Gain on sale of real estate, property and equipment and assets held for sale | (2,863 | ) | (23 | ) | (2,840 | ) | |||||
Change
in fair value of derivatives | — | 989 | (989 | ) | |||||||
Impairment of long-lived assets | 723 | — | 723 | ||||||||
Impairment
of right-of-use asset | 87 | — | 87 | ||||||||
Stock-based compensation expense | 790 | 223 | 567 | ||||||||
Other | (36 | ) | (51 | ) | 15 | ||||||
Change
in working capital | 2,151 | (7,051 | ) | 9,202 | |||||||
Net cash provided by operating activities | $ | 11,688 | $ | 6,068 | $ | 5,620 |
(in thousands) | Six
Months Ended March 31, | ||||||||||
2020 | 2019 | Change | |||||||||
Capital expenditures: | |||||||||||
Citrus
trees | $ | (7,685 | ) | $ | (7,407 | ) | $ | (278 | ) | ||
Land | (34 | ) | (512 | ) | 478 | ||||||
Equipment
and other | (2,241 | ) | (1,605 | ) | (636 | ) | |||||
Total | (9,960 | ) | (9,524 | ) | (436 | ) | |||||
Net
proceeds from sale of property and equipment and assets held for sale | 2,994 | 202 | 2,792 | ||||||||
Change in deposits on purchase of citrus trees | (57 | ) | (515 | ) | 458 | ||||||
Deposit
on purchase of citrus grove | (25 | ) | — | (25 | ) | ||||||
Advances on notes receivables, net | 87 | 50 | 37 | ||||||||
Net
cash used in investing activities | $ | (6,961 | ) | $ | (9,787 | ) | $ | 2,826 |
(in
thousands) | Six Months Ended March 31, | ||||||||||
2020 | 2019 | Change | |||||||||
Repayments on revolving lines of credit | $ | (18,805 | ) | $ | (41,360 | ) | $ | 22,555 | |||
Borrowings
on revolving lines of credit | 85,519 | 63,637 | 21,882 | ||||||||
Principal payments on term loans | (9,820 | ) | (5,437 | ) | (4,383 | ) | |||||
Treasury
stock purchases | (238 | ) | (25,576 | ) | 25,338 | ||||||
Payment on termination of sugarcane agreement | — | (11,300 | ) | 11,300 | |||||||
Dividends
paid | (1,120 | ) | (895 | ) | (225 | ) | |||||
Deferred financing costs | (23 | ) | — | (23 | ) | ||||||
Net
cash provided by (used in) financing activities | $ | 55,513 | $ | (20,931 | ) | $ | 76,444 |
(a) | Evaluation
of Disclosure Controls and Procedures. |
(b) | Changes in Internal
Control over Financial Reporting. |
• | the duration and scope of the pandemic; |
• | governmental,
business and individual actions taken in response to the pandemic and the impact of those actions on economic activity; |
• | the actions of our customers, particularly Tropicana, and their respective abilities to continue their facility operations; |
• | our ability to secure the necessary products/chemicals from our vendors to allow us to continue to provide proper care to our citrus trees; |
• | our
ability to continue to obtain third-party resources, including laborers and truck drivers, to provide the harvesting and hauling of our citrus fruit including the extent to which the laborers and/or truck drivers are unable and/or refuse to work as a result of experiencing and/or caring for those experiencing the COVID-19 disease; |
• | our ability to avoid business disruptions as a result of our employees working remotely. |
Period | (a) Total number of shares (or units) purchased | (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 | |||||
1/1/2020 - 1/31/2020 | — | — | — | — | |||||
2/1/2020
- 2/29/2020 | — | — | — | — | |||||
3/1/2020 - 3/31/2020 | — | — | — | — | |||||
Total | — | $ | — | — | — |
Exhibit Number | ||
3.1 | ||
3.2 | ||
3.3 | ||
3.4 | ||
3.5 | ||
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 | ||||
Filed on: | 5/11/20 | 8-K | ||
5/8/20 | ||||
5/4/20 | ||||
4/10/20 | ||||
For Period end: | 3/31/20 | |||
3/27/20 | ||||
3/11/20 | ||||
2/27/20 | ||||
12/31/19 | 10-Q | |||
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 | ||||
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 |