|
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
||
|
For the fiscal year ended September 30, 2018
|
||
|
or
|
||
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
||
|
For the transition period
|
||
|
from____________________
|
to______________________
|
|
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)
|
Title of class:
|
|
Name of each exchange on which registered:
|
COMMON CAPITAL STOCK, $1.00 Par value
|
|
NASDAQ
|
Large accelerated filer
|
¨
|
Accelerated filer
|
þ
|
Non-accelerated filer
|
¨
|
Smaller Reporting Company
|
¨
|
|
|
Emerging Growth Company
|
¨
|
|
|
•
|
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.
|
•
|
Water Resources and Other Operations
consists of activities related to water conservation, leasing of grazing rights, mining royalties and other less significant 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.
|
|
Gross Acreage
|
|
Operating Activities
|
|
Alico Citrus
|
|
|
|
|
Citrus Groves
|
44,983
|
|
|
Citrus Cultivation
|
Citrus Nursery
|
22
|
|
|
Citrus Tree Development
|
|
45,005
|
|
|
|
|
|
|
|
|
Water Resources and Other Operations
|
|
|
|
|
Ranch
|
70,322
|
|
|
Leasing and Conservation
|
Other Land
|
1,434
|
|
|
Mining lease; Office
|
|
|
|
|
|
Total
|
116,761
|
|
|
|
|
Net Plantable
|
|
|
|
||||||||
|
Producing
|
Developing
|
Fallow
|
Total Plantable
|
Support & Other
|
Gross
|
||||||
DeSoto County
|
14,980
|
|
1,096
|
|
482
|
|
16,558
|
|
4,650
|
|
21,208
|
|
Polk County
|
4,576
|
|
—
|
|
—
|
|
4,576
|
|
2,229
|
|
6,805
|
|
Collier County
|
4,261
|
|
—
|
|
—
|
|
4,261
|
|
2,905
|
|
7,166
|
|
Hendry County
|
3,546
|
|
57
|
|
175
|
|
3,778
|
|
1,707
|
|
5,485
|
|
Charlotte County
|
1,729
|
|
—
|
|
138
|
|
1,867
|
|
676
|
|
2,543
|
|
Highlands County
|
1,063
|
|
—
|
|
—
|
|
1,063
|
|
161
|
|
1,224
|
|
Hardee County
|
403
|
|
—
|
|
—
|
|
403
|
|
171
|
|
574
|
|
Total
|
30,558
|
|
1,153
|
|
795
|
|
32,506
|
|
12,499
|
|
45,005
|
|
|
Acreage
|
|
Hendry County
|
67,208
|
|
Glades County
|
526
|
|
Collier County
|
4,022
|
|
Total
|
71,756
|
|
|
Fiscal Year
|
|||||||||||
|
Q1
|
Q2
|
Q3
|
Q4
|
||||||||
|
Ending 12/31
|
Ending 3/31
|
Ending 6/30
|
Ending 9/30
|
||||||||
|
Oct
|
Nov
|
Dec
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sept
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvest Fresh and Early/Mid Varieties of Oranges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvest Valencia Oranges
|
|
|
|
|
|
|
|
|
|
|
|
|
Alico Citrus
|
212
|
Water Resources and Other Operations
|
0
|
Corporate, General, Administrative and Other
|
21
|
Total employees
|
233
|
|
Total
|
Hendry
|
Polk
|
Collier
|
DeSoto
|
Glades
|
Charlotte
|
Hardee
|
Highlands
|
|||||||||
Alico Citrus:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Citrus Groves
|
44,983
|
|
5,485
|
|
6,805
|
|
7,166
|
|
21,186
|
|
—
|
|
2,543
|
|
574
|
|
1,224
|
|
Citrus Nursery
|
22
|
|
—
|
|
—
|
|
—
|
|
22
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total Citrus Groves
|
45,005
|
|
5,485
|
|
6,805
|
|
7,166
|
|
21,208
|
|
—
|
|
2,543
|
|
574
|
|
1,224
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Water Resources and Other Operations
|
70,322
|
|
66,300
|
|
—
|
|
4,022
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Mining
|
526
|
|
—
|
|
—
|
|
—
|
|
—
|
|
526
|
|
—
|
|
—
|
|
—
|
|
Other
|
908
|
|
908
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total
|
116,761
|
|
72,693
|
|
6,805
|
|
11,188
|
|
21,208
|
|
526
|
|
2,543
|
|
574
|
|
1,224
|
|
Declaration Date
|
Record Date
|
Payment Date
|
Per Common Share
|
December 11, 2015
|
December 31, 2015
|
January 15, 2016
|
$0.06
|
March 8, 2016
|
March 31, 2016
|
April 15, 2016
|
$0.06
|
May 11, 2016
|
June 30, 2016
|
July 15, 2016
|
$0.06
|
September 6, 2016
|
September 30, 2016
|
October 14, 2016
|
$0.06
|
November 30, 2016
|
December 30, 2016
|
January 16, 2017
|
$0.06
|
February 23, 2017
|
March 31, 2017
|
April 14, 2017
|
$0.06
|
May 23, 2017
|
June 30, 2017
|
July 15, 2017
|
$0.06
|
September 15, 2017
|
September 29, 2017
|
October 16, 2017
|
$0.06
|
November 6, 2017
|
December 29, 2017
|
January 16, 2018
|
$0.06
|
March 14, 2018
|
March 30, 2018
|
April 13, 2018
|
$0.06
|
June 11, 2018
|
June 29, 2018
|
July 13, 2018
|
$0.06
|
September 4, 2018
|
September 28, 2018
|
October 12, 2018
|
$0.06
|
|
|
|
|
INDEXED RETURNS
|
|||||||||
|
|
Base Period Sept 13
|
|
|
|
|
|
|
|||||
|
|
|
Years Ending
|
||||||||||
Company Name / Index
|
|
|
Sept 14
|
|
Sept 15
|
|
Sept 16
|
Sept 17
|
Sept 18
|
||||
Alico, Inc.
|
|
100
|
|
93.42
|
|
100.04
|
|
66.73
|
|
85.53
|
|
85.33
|
|
S&P 500 Index
|
|
100
|
|
119.73
|
|
119.00
|
|
137.36
|
|
162.92
|
|
192.10
|
|
S&P Agricultural Products Index
|
|
100
|
|
132.51
|
|
113.95
|
|
131.39
|
|
134.56
|
|
151.60
|
|
Peer Group
|
|
100
|
|
117.68
|
|
96.58
|
|
115.42
|
|
155.67
|
|
261.70
|
|
|
Number of securities to
be issued upon exercise of outstanding options, warrants and rights |
Weighted-average
exercise price of outstanding options, warrants and rights |
Number of securities
remaining available for future issuance under equity plans |
||||
Plan Category:
|
|
|
|
||||
Equity compensation plans approved by security holders
|
675,000
|
|
$
|
30.02
|
|
557,500
|
|
Equity compensation plans not approved by security holders
|
—
|
|
N/A
|
|
—
|
|
|
Total
|
675,000
|
|
$
|
30.02
|
|
557,500
|
|
|
Total Number of
Shares Purchased |
Average Price
Paid Per Share |
Total Shares Purchased As Part of Publicly Announced Plan or Program
|
Maximum
Number of Shares (or approximate dollar value) that May Yet Be Purchased Under the Plan or Program |
||||
Date (month ended):
|
|
|
|
|
|
|
|
|
July 31, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$1,676,443
|
August 31, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$1,676,443
|
September 30, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$1,676,443
|
(in thousands, except per share amounts)
|
|
|
|
|
|
||||||||||
|
September 30,
|
||||||||||||||
|
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||
Selected Statement of Operations Information:
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
81,281
|
|
$
|
129,829
|
|
$
|
144,196
|
|
$
|
153,126
|
|
$
|
104,003
|
|
Income (loss) from operations
|
$
|
10,535
|
|
$
|
(6,094
|
)
|
$
|
21,846
|
|
$
|
18,964
|
|
$
|
9,383
|
|
Net income (loss) attributable to common stockholders
|
$
|
13,050
|
|
$
|
(9,451
|
)
|
$
|
6,993
|
|
$
|
13,214
|
|
$
|
9,495
|
|
Basic earnings (loss) per common share
|
$
|
1.59
|
|
$
|
(1.14
|
)
|
$
|
0.84
|
|
$
|
1.64
|
|
$
|
1.29
|
|
Diluted earnings (loss) per common share
|
$
|
1.57
|
|
$
|
(1.14
|
)
|
$
|
0.84
|
|
$
|
1.64
|
|
$
|
1.29
|
|
Cash dividends declared per common share
|
$
|
0.24
|
|
$
|
0.24
|
|
$
|
0.24
|
|
$
|
0.24
|
|
$
|
0.24
|
|
|
|
|
|
|
|
||||||||||
Selected Balance Sheet Information:
|
|
|
|
|
|
||||||||||
Cash and cash equivalents and restricted cash
|
$
|
32,260
|
|
$
|
3,395
|
|
$
|
6,625
|
|
$
|
5,474
|
|
$
|
31,130
|
|
Property and equipment, net
|
$
|
340,403
|
|
$
|
349,337
|
|
$
|
379,247
|
|
$
|
381,099
|
|
$
|
142,610
|
|
Total assets
|
$
|
423,422
|
|
$
|
419,182
|
|
$
|
455,445
|
|
$
|
460,088
|
|
$
|
273,613
|
|
Current portion of long-term debt
|
$
|
5,275
|
|
$
|
4,550
|
|
$
|
4,493
|
|
$
|
4,511
|
|
$
|
3,581
|
|
Long-term debt, net of current portion
|
$
|
169,074
|
|
$
|
181,926
|
|
$
|
192,726
|
|
$
|
200,970
|
|
$
|
58,444
|
|
Total Alico, Inc. stockholders' equity
|
$
|
172,117
|
|
$
|
160,641
|
|
$
|
173,490
|
|
$
|
170,704
|
|
$
|
162,487
|
|
Noncontrolling interest
|
$
|
5,478
|
|
$
|
4,728
|
|
$
|
4,773
|
|
$
|
4,807
|
|
$
|
—
|
|
•
|
Business Overview.
This section provides a general description of our business, as well as other matters that we believe are important in understanding our results of operations and financial condition.
|
•
|
Consolidated Results of Operations.
This section provides an analysis of our results of operations for the three fiscal years ended
September 30, 2018
. Our discussion is presented on a consolidated basis and includes discussion on future trends by segment.
|
•
|
Liquidity and Capital Resources.
This section provides an analysis of our cash flows for the three fiscal years ended
September 30, 2018
and our outstanding debt, commitments and cash resources as of
September 30, 2018
.
|
•
|
Critical Accounting Policies.
This section identifies those accounting policies that we consider important to our results of operations and financial condition, require significant judgment and involve significant management estimates. Our significant accounting policies, including those considered to be critical accounting policies, are summarized in Note 2, "Summary of Significant Accounting Policies," to the accompanying Consolidated Financial Statements.
|
(in thousands)
|
Fiscal Year Ended
|
|
|
|
|
|
Fiscal Year Ended
|
|
|
|
|
||||||||||||||||||
|
September 30,
|
|
Change
|
|
September 30,
|
|
Change
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Alico Citrus
|
$
|
78,121
|
|
|
$
|
123,441
|
|
|
$
|
(45,320
|
)
|
|
(36.7
|
)%
|
|
$
|
123,441
|
|
|
$
|
137,282
|
|
|
$
|
(13,841
|
)
|
|
(10.1
|
)%
|
Water Resources and Other Operations
|
3,160
|
|
|
6,388
|
|
|
(3,228
|
)
|
|
(50.5
|
)%
|
|
6,388
|
|
|
6,914
|
|
|
(526
|
)
|
|
(7.6
|
)%
|
||||||
Total operating revenues
|
81,281
|
|
|
129,829
|
|
|
(48,548
|
)
|
|
(37.4
|
)%
|
|
129,829
|
|
|
144,196
|
|
|
(14,367
|
)
|
|
(10.0
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Alico Citrus
|
26,412
|
|
|
11,494
|
|
|
14,918
|
|
|
129.8
|
%
|
|
11,494
|
|
|
34,935
|
|
|
(23,441
|
)
|
|
(67.1
|
)%
|
||||||
Water Resources and Other Operations
|
(819
|
)
|
|
(2,564
|
)
|
|
1,745
|
|
|
(68.1
|
)%
|
|
(2,564
|
)
|
|
124
|
|
|
(2,688
|
)
|
|
NM
|
|
||||||
Total gross profit
|
25,593
|
|
|
8,930
|
|
|
16,663
|
|
|
186.6
|
%
|
|
8,930
|
|
|
35,059
|
|
|
(26,129
|
)
|
|
(74.5
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
15,058
|
|
|
15,024
|
|
|
34
|
|
|
0.2
|
%
|
|
15,024
|
|
|
13,213
|
|
|
1,811
|
|
|
13.7
|
%
|
||||||
Income (loss) from operations
|
10,535
|
|
|
(6,094
|
)
|
|
16,629
|
|
|
(272.9
|
)%
|
|
(6,094
|
)
|
|
21,846
|
|
|
(27,940
|
)
|
|
(127.9
|
)%
|
||||||
Total other income (expense), net
|
2,655
|
|
|
(7,248
|
)
|
|
9,903
|
|
|
(136.6
|
)%
|
|
(7,248
|
)
|
|
(9,366
|
)
|
|
2,118
|
|
|
(22.6
|
)%
|
||||||
Income (loss) before income taxes
|
13,190
|
|
|
(13,342
|
)
|
|
26,532
|
|
|
(198.9
|
)%
|
|
(13,342
|
)
|
|
12,480
|
|
|
(25,822
|
)
|
|
(206.9
|
)%
|
||||||
Provision (benefit) for income taxes
|
390
|
|
|
(3,846
|
)
|
|
4,236
|
|
|
(110.1
|
)%
|
|
(3,846
|
)
|
|
5,521
|
|
|
(9,367
|
)
|
|
(169.7
|
)%
|
||||||
Net income (loss)
|
12,800
|
|
|
(9,496
|
)
|
|
22,296
|
|
|
(234.8
|
)%
|
|
(9,496
|
)
|
|
6,959
|
|
|
(16,455
|
)
|
|
(236.5
|
)%
|
||||||
Net loss attributable to noncontrolling interests
|
250
|
|
|
45
|
|
|
205
|
|
|
NM
|
|
|
45
|
|
|
34
|
|
|
11
|
|
|
32.4
|
%
|
||||||
Net income (loss) attributable to Alico, Inc. common stockholders
|
$
|
13,050
|
|
|
$
|
(9,451
|
)
|
|
$
|
22,501
|
|
|
(238.1
|
)%
|
|
$
|
(9,451
|
)
|
|
$
|
6,993
|
|
|
$
|
(16,444
|
)
|
|
(235.1
|
)%
|
|
Fiscal Year Ended
|
|||||||
|
September 30,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Operating revenues:
|
|
|
|
|
|
|
|
|
Alico Citrus
|
96.1
|
%
|
|
95.1
|
%
|
|
95.2
|
%
|
Water Resources and Other Operations
|
3.9
|
%
|
|
4.9
|
%
|
|
4.8
|
%
|
Total operating revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(in thousands, except per box and per pound solids data)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Fiscal Year Ended
|
|
|
|
|
|
Fiscal Year Ended
|
|
|
|
|
||||||||||||||||||
|
September 30,
|
|
Change
|
|
September 30,
|
|
Change
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
Unit
|
|
%
|
|
2017
|
|
2016
|
|
Unit
|
|
%
|
||||||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Early and Mid-Season
|
$
|
24,309
|
|
|
$
|
45,999
|
|
|
$
|
(21,690
|
)
|
|
(47.2
|
)%
|
|
$
|
45,999
|
|
|
$
|
43,909
|
|
|
$
|
2,090
|
|
|
4.8
|
%
|
Valencias
|
48,865
|
|
|
67,146
|
|
|
(18,281
|
)
|
|
(27.2
|
)%
|
|
67,146
|
|
|
75,311
|
|
|
(8,165
|
)
|
|
(10.8
|
)%
|
||||||
Fresh Fruit
|
2,054
|
|
|
5,735
|
|
|
(3,681
|
)
|
|
(64.2
|
)%
|
|
5,735
|
|
|
5,173
|
|
|
562
|
|
|
10.9
|
%
|
||||||
Purchase and Resale of Fruit
|
809
|
|
|
2,331
|
|
|
(1,522
|
)
|
|
(65.3
|
)%
|
|
2,331
|
|
|
8,188
|
|
|
(5,857
|
)
|
|
(71.5
|
)%
|
||||||
Other
|
2,084
|
|
|
2,230
|
|
|
(146
|
)
|
|
(6.5
|
)%
|
|
2,230
|
|
|
4,701
|
|
|
(2,471
|
)
|
|
(52.6
|
)%
|
||||||
Total
|
$
|
78,121
|
|
|
$
|
123,441
|
|
|
$
|
(45,320
|
)
|
|
(36.7
|
)%
|
|
$
|
123,441
|
|
|
$
|
137,282
|
|
|
$
|
(13,841
|
)
|
|
(10.1
|
)%
|
Boxes Harvested:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Early and Mid-Season
|
1,811
|
|
|
3,215
|
|
|
(1,404
|
)
|
|
(43.7
|
)%
|
|
3,215
|
|
|
3,634
|
|
|
(419
|
)
|
|
(11.5
|
)%
|
||||||
Valencias
|
2,891
|
|
|
4,044
|
|
|
(1,153
|
)
|
|
(28.5
|
)%
|
|
4,044
|
|
|
5,195
|
|
|
(1,151
|
)
|
|
(22.2
|
)%
|
||||||
Total Processed
|
4,702
|
|
|
7,259
|
|
|
(2,557
|
)
|
|
(35.2
|
)%
|
|
7,259
|
|
|
8,829
|
|
|
(1,570
|
)
|
|
(17.8
|
)%
|
||||||
Fresh Fruit
|
125
|
|
|
328
|
|
|
(203
|
)
|
|
(61.9
|
)%
|
|
328
|
|
|
402
|
|
|
(74
|
)
|
|
(18.4
|
)%
|
||||||
Total
|
4,827
|
|
|
7,587
|
|
|
(2,760
|
)
|
|
(36.4
|
)%
|
|
7,587
|
|
|
9,231
|
|
|
(1,644
|
)
|
|
(17.8
|
)%
|
||||||
Pound Solids Produced:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Early and Mid-Season
|
9,194
|
|
|
17,950
|
|
|
(8,756
|
)
|
|
(48.8
|
)%
|
|
17,950
|
|
|
20,167
|
|
|
(2,217
|
)
|
|
(11.0
|
)%
|
||||||
Valencias
|
17,319
|
|
|
24,661
|
|
|
(7,342
|
)
|
|
(29.8
|
)%
|
|
24,661
|
|
|
31,237
|
|
|
(6,576
|
)
|
|
(21.1
|
)%
|
||||||
Total
|
26,513
|
|
|
42,611
|
|
|
(16,098
|
)
|
|
(37.8
|
)%
|
|
42,611
|
|
|
51,404
|
|
|
(8,793
|
)
|
|
(17.1
|
)%
|
||||||
Pound Solids per Box:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Early and Mid-Season
|
5.07
|
|
|
5.58
|
|
|
(0.51
|
)
|
|
(9.1
|
)%
|
|
5.58
|
|
|
5.55
|
|
|
0.03
|
|
|
0.5
|
%
|
||||||
Valencias
|
5.99
|
|
|
6.10
|
|
|
(0.11
|
)
|
|
(1.8
|
)%
|
|
6.10
|
|
|
6.01
|
|
|
0.09
|
|
|
1.5
|
%
|
||||||
Price per Pound Solids:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Early and Mid-Season
|
$
|
2.64
|
|
|
$
|
2.56
|
|
|
$
|
0.08
|
|
|
3.1
|
%
|
|
$
|
2.56
|
|
|
$
|
2.18
|
|
|
$
|
0.38
|
|
|
17.4
|
%
|
Valencias
|
$
|
2.82
|
|
|
$
|
2.72
|
|
|
$
|
0.10
|
|
|
3.7
|
%
|
|
$
|
2.72
|
|
|
$
|
2.41
|
|
|
$
|
0.31
|
|
|
12.9
|
%
|
Price per Box:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fresh Fruit
|
$
|
16.43
|
|
|
$
|
17.48
|
|
|
$
|
(1.05
|
)
|
|
(6.0
|
)%
|
|
$
|
17.48
|
|
|
$
|
12.85
|
|
|
$
|
4.63
|
|
|
36.0
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Sales
|
$
|
46,477
|
|
|
$
|
84,909
|
|
|
$
|
(38,432
|
)
|
|
(45.3
|
)%
|
|
$
|
84,909
|
|
|
$
|
64,824
|
|
|
$
|
20,085
|
|
|
31.0
|
%
|
Harvesting and Hauling
|
12,921
|
|
|
21,520
|
|
|
(8,599
|
)
|
|
(40.0
|
)%
|
|
21,520
|
|
|
25,949
|
|
|
(4,429
|
)
|
|
(17.1
|
)%
|
||||||
Purchase and Resale of Fruit
|
562
|
|
|
2,134
|
|
|
(1,572
|
)
|
|
(73.7
|
)%
|
|
2,134
|
|
|
7,815
|
|
|
(5,681
|
)
|
|
(72.7
|
)%
|
||||||
Other
|
(8,251
|
)
|
|
3,384
|
|
|
(11,635
|
)
|
|
(343.8
|
)%
|
|
3,384
|
|
|
3,759
|
|
|
(375
|
)
|
|
(10.0
|
)%
|
||||||
Total
|
$
|
51,709
|
|
|
$
|
111,947
|
|
|
$
|
(60,238
|
)
|
|
(53.8
|
)%
|
|
$
|
111,947
|
|
|
$
|
102,347
|
|
|
$
|
9,600
|
|
|
9.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross Profit
|
$
|
26,412
|
|
|
$
|
11,494
|
|
|
$
|
14,918
|
|
|
|
|
$
|
11,494
|
|
|
$
|
34,935
|
|
|
$
|
(23,441
|
)
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Fiscal Year Ended September 30,
|
|
Change
|
|
Fiscal Year Ended September 30,
|
|
Change
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
$
|
|
%
|
||||||||||||||
Revenue From:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and other leasing
|
$
|
2,872
|
|
|
$
|
2,294
|
|
|
$
|
578
|
|
|
25.2
|
%
|
|
$
|
2,294
|
|
|
$
|
2,097
|
|
|
$
|
197
|
|
|
9.4
|
%
|
Sale of Calves and Culls
|
57
|
|
|
3,732
|
|
|
(3,675
|
)
|
|
(98.5
|
)%
|
|
3,732
|
|
|
4,604
|
|
|
(872
|
)
|
|
(18.9
|
)%
|
||||||
Other
|
231
|
|
|
362
|
|
|
(131
|
)
|
|
(36.2
|
)%
|
|
362
|
|
|
213
|
|
|
149
|
|
|
70.0
|
%
|
||||||
Total
|
$
|
3,160
|
|
|
$
|
6,388
|
|
|
$
|
(3,228
|
)
|
|
(50.5
|
)%
|
|
$
|
6,388
|
|
|
$
|
6,914
|
|
|
$
|
(526
|
)
|
|
(7.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and other leasing
|
$
|
1,072
|
|
|
$
|
466
|
|
|
$
|
606
|
|
|
130.0
|
%
|
|
$
|
466
|
|
|
$
|
695
|
|
|
$
|
(229
|
)
|
|
(32.9
|
)%
|
Sale of Calves and Culls
|
1,075
|
|
|
3,527
|
|
|
(2,452
|
)
|
|
(69.5
|
)%
|
|
3,527
|
|
|
3,694
|
|
|
(167
|
)
|
|
(4.5
|
)%
|
||||||
Water Conservation
|
1,619
|
|
|
1,794
|
|
|
(175
|
)
|
|
(9.8
|
)%
|
|
1,794
|
|
|
2,322
|
|
|
(528
|
)
|
|
(22.7
|
)%
|
||||||
Other
|
213
|
|
|
3,165
|
|
|
(2,952
|
)
|
|
(93.3
|
)%
|
|
3,165
|
|
|
79
|
|
|
3,086
|
|
|
NM
|
|
||||||
Total
|
$
|
3,979
|
|
|
$
|
8,952
|
|
|
$
|
(4,973
|
)
|
|
(55.6
|
)%
|
|
$
|
8,952
|
|
|
$
|
6,790
|
|
|
$
|
2,162
|
|
|
31.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross Profit
|
$
|
(819
|
)
|
|
$
|
(2,564
|
)
|
|
$
|
1,745
|
|
|
(68.1
|
)%
|
|
$
|
(2,564
|
)
|
|
$
|
124
|
|
|
$
|
(2,688
|
)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NM - Not Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
September 30,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Cash and cash equivalents and restricted cash
|
$
|
32,260
|
|
|
$
|
3,395
|
|
|
$
|
28,865
|
|
Total current assets
|
$
|
72,240
|
|
|
$
|
66,489
|
|
|
$
|
5,751
|
|
Total current liabilities
|
$
|
21,498
|
|
|
$
|
15,983
|
|
|
$
|
5,515
|
|
Working capital
|
$
|
50,742
|
|
|
$
|
50,506
|
|
|
$
|
236
|
|
Total assets
|
$
|
423,422
|
|
|
$
|
419,182
|
|
|
$
|
4,240
|
|
Term loans and line of credit
|
$
|
177,034
|
|
|
$
|
186,476
|
|
|
$
|
(9,442
|
)
|
Current ratio
|
3.36 to 1
|
|
|
4.16 to 1
|
|
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
|
% Change
|
||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018 vs 2017
|
|
2017 vs 2016
|
||||||||
Net cash provided by operating activities
|
$
|
19,055
|
|
|
$
|
28,229
|
|
|
$
|
30,357
|
|
|
(32.5
|
)%
|
|
(7.0
|
)%
|
Net cash provided by (used in) investing activities
|
22,447
|
|
|
(10,085
|
)
|
|
(13,034
|
)
|
|
(322.6
|
)%
|
|
(22.6
|
)%
|
|||
Net cash used in financing activities
|
(12,637
|
)
|
|
(21,374
|
)
|
|
(16,172
|
)
|
|
(40.9
|
)%
|
|
32.2
|
%
|
|||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
$
|
28,865
|
|
|
$
|
(3,230
|
)
|
|
$
|
1,151
|
|
|
|
|
|
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
|
|
|
Fiscal Year Ended September 30,
|
|
|
||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Net income (loss)
|
$
|
12,800
|
|
|
$
|
(9,496
|
)
|
|
$
|
22,296
|
|
|
$
|
(9,496
|
)
|
|
$
|
6,959
|
|
|
$
|
(16,455
|
)
|
Gain on sale of sugarcane land
|
(967
|
)
|
|
(538
|
)
|
|
(429
|
)
|
|
(538
|
)
|
|
(618
|
)
|
|
80
|
|
||||||
Depreciation, depletion and amortization
|
13,756
|
|
|
15,226
|
|
|
(1,470
|
)
|
|
15,226
|
|
|
15,382
|
|
|
(156
|
)
|
||||||
Loss on breeding herd sales
|
13
|
|
|
337
|
|
|
(324
|
)
|
|
337
|
|
|
296
|
|
|
41
|
|
||||||
Deferred income tax (benefit) expense
|
(1,955
|
)
|
|
(3,948
|
)
|
|
1,993
|
|
|
(3,948
|
)
|
|
5,277
|
|
|
(9,225
|
)
|
||||||
Cash surrender value
|
(27
|
)
|
|
(15
|
)
|
|
(12
|
)
|
|
(15
|
)
|
|
(20
|
)
|
|
5
|
|
||||||
Deferred retirement benefits
|
(41
|
)
|
|
(102
|
)
|
|
61
|
|
|
(102
|
)
|
|
65
|
|
|
(167
|
)
|
||||||
Magnolia Fund undistributed (earnings) loss
|
(8
|
)
|
|
202
|
|
|
(210
|
)
|
|
202
|
|
|
103
|
|
|
99
|
|
||||||
(Gain) loss on sale of real estate, property and equipment and assets held for sale
|
(10,281
|
)
|
|
(1,373
|
)
|
|
(8,908
|
)
|
|
(1,373
|
)
|
|
147
|
|
|
(1,520
|
)
|
||||||
Inventory casualty loss
|
—
|
|
|
13,489
|
|
|
(13,489
|
)
|
|
13,489
|
|
|
—
|
|
|
13,489
|
|
||||||
Inventory net realizable value adjustment
|
1,115
|
|
|
1,199
|
|
|
(84
|
)
|
|
1,199
|
|
|
—
|
|
|
1,199
|
|
||||||
Impairment of long-lived assets and assets held for sale
|
2,234
|
|
|
9,346
|
|
|
(7,112
|
)
|
|
9,346
|
|
|
—
|
|
|
9,346
|
|
||||||
Loss on disposal of property and equipment
|
207
|
|
|
—
|
|
|
207
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Non-cash interest expense on deferred gain on sugarcane land
|
1,361
|
|
|
1,413
|
|
|
(52
|
)
|
|
1,413
|
|
|
1,406
|
|
|
7
|
|
||||||
Bad debt expense
|
24
|
|
|
312
|
|
|
(288
|
)
|
|
312
|
|
|
—
|
|
|
312
|
|
||||||
Stock-based compensation expense
|
2,613
|
|
|
1,653
|
|
|
960
|
|
|
1,653
|
|
|
924
|
|
|
729
|
|
||||||
Other, including working capital changes
|
(1,789
|
)
|
|
524
|
|
|
(2,313
|
)
|
|
524
|
|
|
436
|
|
|
88
|
|
||||||
Net cash provided by operating activities
|
$
|
19,055
|
|
|
$
|
28,229
|
|
|
$
|
(9,174
|
)
|
|
$
|
28,229
|
|
|
$
|
30,357
|
|
|
$
|
(2,128
|
)
|
(in thousands)
|
Fiscal Year Ended September 30,
|
|
|
|
Fiscal Year Ended September 30,
|
|
|
||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Capital expenditures
|
$
|
(16,352
|
)
|
|
$
|
(13,353
|
)
|
|
$
|
(2,999
|
)
|
|
$
|
(13,353
|
)
|
|
$
|
(14,305
|
)
|
|
$
|
952
|
|
Net proceeds from sale of real estate, property and equipment and assets held for sale
|
39,780
|
|
|
2,944
|
|
|
36,836
|
|
|
2,944
|
|
|
799
|
|
|
2,145
|
|
||||||
Other
|
(981
|
)
|
|
324
|
|
|
(1,305
|
)
|
|
324
|
|
|
472
|
|
|
(148
|
)
|
||||||
Net cash provided by (used in) investing activities
|
$
|
22,447
|
|
|
$
|
(10,085
|
)
|
|
$
|
32,532
|
|
|
$
|
(10,085
|
)
|
|
$
|
(13,034
|
)
|
|
$
|
2,949
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
|
|
|
Fiscal Year Ended September 30,
|
|
|
||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Proceeds from term loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,500
|
|
|
$
|
(2,500
|
)
|
Principal payments on revolving line of credit
|
(25,600
|
)
|
|
(70,770
|
)
|
|
45,170
|
|
|
(70,770
|
)
|
|
(53,882
|
)
|
|
(16,888
|
)
|
||||||
Borrowings on revolving line of credit
|
28,285
|
|
|
65,770
|
|
|
(37,485
|
)
|
|
65,770
|
|
|
58,882
|
|
|
6,888
|
|
||||||
Principal payments on term loans
|
(12,127
|
)
|
|
(10,743
|
)
|
|
(1,384
|
)
|
|
(10,743
|
)
|
|
(10,761
|
)
|
|
18
|
|
||||||
Contingent consideration paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,500
|
)
|
|
7,500
|
|
||||||
Treasury stock purchases
|
(2,215
|
)
|
|
(3,064
|
)
|
|
849
|
|
|
(3,064
|
)
|
|
(3,141
|
)
|
|
77
|
|
||||||
Dividends paid
|
(1,972
|
)
|
|
(1,987
|
)
|
|
15
|
|
|
(1,987
|
)
|
|
(1,993
|
)
|
|
6
|
|
||||||
Capital contribution received from noncontrolling interest
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Capital lease obligation principal payments
|
(8
|
)
|
|
(580
|
)
|
|
572
|
|
|
(580
|
)
|
|
(277
|
)
|
|
(303
|
)
|
||||||
Net cash used in financing activities
|
$
|
(12,637
|
)
|
|
$
|
(21,374
|
)
|
|
$
|
8,737
|
|
|
$
|
(21,374
|
)
|
|
$
|
(16,172
|
)
|
|
$
|
(5,202
|
)
|
(in thousands)
|
|
|
|
|
|
||||||||||
|
Payments Due by Period
|
||||||||||||||
|
Total
|
<1 Year
|
1-3 Years
|
3-5 Years
|
5+ Years
|
||||||||||
Long-Term Debt
|
$
|
177,034
|
|
$
|
5,275
|
|
$
|
25,953
|
|
$
|
24,195
|
|
$
|
121,611
|
|
Interest on Long-Term Debt
|
53,195
|
|
7,290
|
|
12,784
|
|
10,689
|
|
22,432
|
|
|||||
Retirement Benefits
|
5,739
|
|
345
|
|
5,394
|
|
—
|
|
—
|
|
|||||
Consulting/Non-Compete Agreement
|
25
|
|
25
|
|
—
|
|
—
|
|
—
|
|
|||||
Operating Leases
|
843
|
|
319
|
|
335
|
|
189
|
|
—
|
|
|||||
Tree Purchase Commitments
|
2,161
|
|
2,161
|
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
238,997
|
|
$
|
15,415
|
|
$
|
44,466
|
|
$
|
35,073
|
|
$
|
144,043
|
|
|
Page
|
|
|
Consolidated Financial Statements:
|
|
|
|
|
|
All schedules are omitted for the reason that they are not applicable or the required information is included in the financial statements or notes.
|
|
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
|
|||
Cash and cash equivalents
|
$
|
25,260
|
|
|
$
|
3,395
|
|
Accounts receivable, net
|
2,544
|
|
|
4,286
|
|
||
Inventories
|
41,033
|
|
|
36,204
|
|
||
Assets held for sale
|
1,391
|
|
|
20,983
|
|
||
Prepaid expenses and other current assets
|
2,012
|
|
|
1,621
|
|
||
Total current assets
|
72,240
|
|
|
66,489
|
|
||
|
|
|
|
||||
Restricted cash
|
7,000
|
|
|
—
|
|
||
Property and equipment, net
|
340,403
|
|
|
349,337
|
|
||
Goodwill
|
2,246
|
|
|
2,246
|
|
||
Deferred financing costs, net of accumulated amortization
|
136
|
|
|
262
|
|
||
Other non-current assets
|
1,397
|
|
|
848
|
|
||
Total assets
|
$
|
423,422
|
|
|
$
|
419,182
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
3,764
|
|
|
$
|
3,192
|
|
Accrued liabilities
|
9,226
|
|
|
6,781
|
|
||
Income taxes payable
|
2,320
|
|
|
—
|
|
||
Long-term debt, current portion
|
5,275
|
|
|
4,550
|
|
||
Other current liabilities
|
913
|
|
|
1,460
|
|
||
Total current liabilities
|
21,498
|
|
|
15,983
|
|
||
|
|
|
|
||||
Long-term debt:
|
|
|
|
||||
Principal
|
169,074
|
|
|
181,926
|
|
||
Less: deferred financing costs, net
|
(1,563
|
)
|
|
(1,767
|
)
|
||
Long-term debt less deferred financing costs, net
|
167,511
|
|
|
180,159
|
|
||
Lines of credit
|
2,685
|
|
|
—
|
|
||
Deferred income tax liability
|
25,153
|
|
|
27,108
|
|
||
Deferred gain on sale
|
24,928
|
|
|
26,440
|
|
||
Deferred retirement obligations, net of current portion
|
4,052
|
|
|
4,123
|
|
||
Total liabilities
|
245,827
|
|
|
253,813
|
|
||
Commitments and Contingencies (Note 16)
|
|
|
|
|
|
||
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 and 8,416,145 shares issued and 8,199,957 and 8,238,830 shares outstanding at September 30, 2018 and 2017, respectively
|
8,416
|
|
|
8,416
|
|
||
Additional paid in capital
|
20,126
|
|
|
18,694
|
|
||
Treasury stock, at cost, 216,188 and 177,315 shares held at September 30, 2018 and 2017, respectively
|
(7,536
|
)
|
|
(6,502
|
)
|
||
Retained earnings
|
151,111
|
|
|
140,033
|
|
||
Total Alico stockholders' equity
|
172,117
|
|
|
160,641
|
|
||
Noncontrolling interest
|
5,478
|
|
|
4,728
|
|
||
Total stockholders' equity
|
177,595
|
|
|
165,369
|
|
||
Total liabilities and stockholders' equity
|
$
|
423,422
|
|
|
$
|
419,182
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Operating revenues:
|
|
|
|
|
|
||||||
Alico Citrus
|
$
|
78,121
|
|
|
$
|
123,441
|
|
|
$
|
137,282
|
|
Water Resources and Other Operations
|
3,160
|
|
|
6,388
|
|
|
6,914
|
|
|||
Total operating revenues
|
81,281
|
|
|
129,829
|
|
|
144,196
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
||||
Alico Citrus
|
51,709
|
|
|
111,947
|
|
|
102,347
|
|
|||
Water Resources and Other Operations
|
3,979
|
|
|
8,952
|
|
|
6,790
|
|
|||
Total operating expenses
|
55,688
|
|
|
120,899
|
|
|
109,137
|
|
|||
Gross profit
|
25,593
|
|
|
8,930
|
|
|
35,059
|
|
|||
General and administrative expenses
|
15,058
|
|
|
15,024
|
|
|
13,213
|
|
|||
Income (loss) from operations
|
10,535
|
|
|
(6,094
|
)
|
|
21,846
|
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
||||
Investment and interest (loss) income, net
|
39
|
|
|
(148
|
)
|
|
—
|
|
|||
Interest expense
|
(8,561
|
)
|
|
(9,141
|
)
|
|
(9,893
|
)
|
|||
Gain on sale of real estate, property and equipment and assets held for sale
|
11,041
|
|
|
2,181
|
|
|
618
|
|
|||
Other income (expense), net
|
136
|
|
|
(140
|
)
|
|
(91
|
)
|
|||
Total other income (expense), net
|
2,655
|
|
|
(7,248
|
)
|
|
(9,366
|
)
|
|||
Income (loss) before income taxes
|
13,190
|
|
|
(13,342
|
)
|
|
12,480
|
|
|||
Provision (benefit) for income taxes
|
390
|
|
|
(3,846
|
)
|
|
5,521
|
|
|||
Net income (loss)
|
12,800
|
|
|
(9,496
|
)
|
|
6,959
|
|
|||
Net loss attributable to noncontrolling interests
|
250
|
|
|
45
|
|
|
34
|
|
|||
Net income (loss) attributable to Alico, Inc. common stockholders
|
$
|
13,050
|
|
|
$
|
(9,451
|
)
|
|
$
|
6,993
|
|
Per share information attributable to Alico, Inc. common stockholders:
|
|
|
|
|
|
||||||
Earnings (loss) per common share:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
1.59
|
|
|
$
|
(1.14
|
)
|
|
$
|
0.84
|
|
Diluted
|
$
|
1.57
|
|
|
$
|
(1.14
|
)
|
|
$
|
0.84
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|||||
Basic
|
8,232
|
|
|
8,300
|
|
|
8,303
|
|
|||
Diluted
|
8,301
|
|
|
8,300
|
|
|
8,311
|
|
|||
|
|
|
|
|
|
||||||
Cash dividends declared per common share
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
Common Stock
|
Additional Paid In Capital
|
Treasury Stock
|
Retained Earnings
|
Total Alico, Inc. Equity
|
Noncontrolling Interest
|
Total Equity
|
||||||||||||||||
|
Shares
|
Amount
|
|||||||||||||||||||||
Balance at September 30, 2015
|
8,416
|
|
$
|
8,416
|
|
$
|
19,795
|
|
$
|
(3,962
|
)
|
$
|
146,455
|
|
$
|
170,704
|
|
$
|
4,807
|
|
$
|
175,511
|
|
Net income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
6,993
|
|
6,993
|
|
(34
|
)
|
6,959
|
|
|||||||
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,990
|
)
|
(1,990
|
)
|
—
|
|
(1,990
|
)
|
|||||||
Treasury stock purchases
|
—
|
|
—
|
|
—
|
|
(3,141
|
)
|
—
|
|
(3,141
|
)
|
—
|
|
(3,141
|
)
|
|||||||
Contingent consideration
|
—
|
|
—
|
|
(1,483
|
)
|
1,483
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Directors
|
—
|
|
—
|
|
(307
|
)
|
1,035
|
|
46
|
|
774
|
|
—
|
|
774
|
|
|||||||
Executives
|
—
|
|
—
|
|
150
|
|
—
|
|
—
|
|
150
|
|
—
|
|
150
|
|
|||||||
Balance at September 30, 2016
|
8,416
|
|
8,416
|
|
18,155
|
|
(4,585
|
)
|
151,504
|
|
173,490
|
|
4,773
|
|
178,263
|
|
|||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,451
|
)
|
(9,451
|
)
|
(45
|
)
|
(9,496
|
)
|
|||||||
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,987
|
)
|
(1,987
|
)
|
—
|
|
(1,987
|
)
|
|||||||
Treasury stock purchases
|
—
|
|
—
|
|
—
|
|
(3,064
|
)
|
—
|
|
(3,064
|
)
|
—
|
|
(3,064
|
)
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Directors
|
—
|
|
—
|
|
(374
|
)
|
1,147
|
|
—
|
|
773
|
|
—
|
|
773
|
|
|||||||
Executives
|
—
|
|
—
|
|
880
|
|
—
|
|
—
|
|
880
|
|
—
|
|
880
|
|
|||||||
Other
|
—
|
|
—
|
|
33
|
|
—
|
|
(33
|
)
|
—
|
|
—
|
|
—
|
|
|||||||
Balance at September 30, 2017
|
8,416
|
|
8,416
|
|
18,694
|
|
(6,502
|
)
|
140,033
|
|
160,641
|
|
4,728
|
|
165,369
|
|
|||||||
Net income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
13,050
|
|
13,050
|
|
(250
|
)
|
12,800
|
|
|||||||
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,972
|
)
|
(1,972
|
)
|
—
|
|
(1,972
|
)
|
|||||||
Treasury stock purchases
|
—
|
|
—
|
|
—
|
|
(2,215
|
)
|
—
|
|
(2,215
|
)
|
—
|
|
(2,215
|
)
|
|||||||
Capital contribution received from noncontrolling interest funding
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,000
|
|
1,000
|
|
|||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Directors
|
—
|
|
—
|
|
(322
|
)
|
1,181
|
|
—
|
|
859
|
|
—
|
|
859
|
|
|||||||
Executives
|
—
|
|
—
|
|
1,754
|
|
—
|
|
—
|
|
1,754
|
|
—
|
|
1,754
|
|
|||||||
Balance at September 30, 2018
|
8,416
|
|
$
|
8,416
|
|
$
|
20,126
|
|
$
|
(7,536
|
)
|
$
|
151,111
|
|
$
|
172,117
|
|
$
|
5,478
|
|
$
|
177,595
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
12,800
|
|
|
$
|
(9,496
|
)
|
|
$
|
6,959
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||
Gain on sale of sugarcane land
|
(967
|
)
|
|
(538
|
)
|
|
(618
|
)
|
|||
Depreciation, depletion and amortization
|
13,756
|
|
|
15,226
|
|
|
15,382
|
|
|||
Loss on breeding herd sales
|
13
|
|
|
337
|
|
|
296
|
|
|||
Deferred income tax (benefit) expense
|
(1,955
|
)
|
|
(3,948
|
)
|
|
5,277
|
|
|||
Cash surrender value
|
(27
|
)
|
|
(15
|
)
|
|
(20
|
)
|
|||
Deferred retirement benefits
|
(41
|
)
|
|
(102
|
)
|
|
65
|
|
|||
Magnolia Fund undistributed (earnings) loss
|
(8
|
)
|
|
202
|
|
|
103
|
|
|||
(Gain) loss on sale of real estate, property and equipment and assets held for sale
|
(10,281
|
)
|
|
(1,373
|
)
|
|
147
|
|
|||
Inventory casualty loss
|
—
|
|
|
13,489
|
|
|
—
|
|
|||
Inventory net realizable value adjustment
|
1,115
|
|
|
1,199
|
|
|
—
|
|
|||
Impairment of long-lived assets and assets held for sale
|
2,234
|
|
|
9,346
|
|
|
—
|
|
|||
Loss on disposal of property and equipment
|
207
|
|
|
—
|
|
|
—
|
|
|||
Non-cash interest expense on deferred gain on sugarcane land
|
1,361
|
|
|
1,413
|
|
|
1,406
|
|
|||
Bad debt expense
|
24
|
|
|
312
|
|
|
—
|
|
|||
Stock-based compensation expense
|
2,613
|
|
|
1,653
|
|
|
924
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|||||
Accounts receivable
|
1,718
|
|
|
142
|
|
|
(1,707
|
)
|
|||
Inventories
|
(6,554
|
)
|
|
3,724
|
|
|
(196
|
)
|
|||
Prepaid expenses
|
177
|
|
|
(604
|
)
|
|
(1,758
|
)
|
|||
Income tax receivable
|
(15
|
)
|
|
1,013
|
|
|
1,074
|
|
|||
Other assets
|
23
|
|
|
333
|
|
|
821
|
|
|||
Accounts payable and accrued expenses
|
2,987
|
|
|
(2,895
|
)
|
|
3,720
|
|
|||
Income tax payable
|
2,320
|
|
|
—
|
|
|
—
|
|
|||
Other liabilities
|
(2,445
|
)
|
|
(1,189
|
)
|
|
(1,518
|
)
|
|||
Net cash provided by operating activities
|
$
|
19,055
|
|
|
$
|
28,229
|
|
|
$
|
30,357
|
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment
|
$
|
(16,352
|
)
|
|
$
|
(13,353
|
)
|
|
$
|
(14,305
|
)
|
Return on investment in Magnolia Fund
|
25
|
|
|
324
|
|
|
171
|
|
|||
Net proceeds from sales of property and equipment and assets held for sale
|
37,969
|
|
|
760
|
|
|
799
|
|
|||
Proceeds from surrender of life insurance policies
|
—
|
|
|
—
|
|
|
297
|
|
|||
Net proceeds from sales of real estate
|
1,811
|
|
|
2,184
|
|
|
—
|
|
|||
Deposit on purchase of citrus trees
|
(431
|
)
|
|
—
|
|
|
—
|
|
|||
Notes receivable
|
(575
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
—
|
|
|
—
|
|
|
4
|
|
|||
Net cash provided by (used in) investing activities
|
$
|
22,447
|
|
|
$
|
(10,085
|
)
|
|
$
|
(13,034
|
)
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
Proceeds from term loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,500
|
|
Principal payments on revolving line of credit
|
(25,600
|
)
|
|
(70,770
|
)
|
|
(53,882
|
)
|
|||
Borrowings on revolving line of credit
|
28,285
|
|
|
65,770
|
|
|
58,882
|
|
|||
Principal payments on term loans
|
(12,127
|
)
|
|
(10,743
|
)
|
|
(10,761
|
)
|
|||
Contingent consideration paid
|
—
|
|
|
—
|
|
|
(7,500
|
)
|
|||
Treasury stock purchases
|
(2,215
|
)
|
|
(3,064
|
)
|
|
(3,141
|
)
|
|||
Dividends paid
|
(1,972
|
)
|
|
(1,987
|
)
|
|
(1,993
|
)
|
|||
Capital contribution received from noncontrolling interest
|
1,000
|
|
|
—
|
|
|
—
|
|
|||
Capital lease obligation principal payments
|
(8
|
)
|
|
(580
|
)
|
|
(277
|
)
|
|||
Net cash used in financing activities
|
$
|
(12,637
|
)
|
|
$
|
(21,374
|
)
|
|
$
|
(16,172
|
)
|
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
$
|
28,865
|
|
|
$
|
(3,230
|
)
|
|
$
|
1,151
|
|
Cash and cash equivalents and restricted cash at beginning of the year
|
3,395
|
|
|
6,625
|
|
|
5,474
|
|
|||
|
|
|
|
|
|
||||||
Cash and cash equivalents and restricted cash at end of the year
|
$
|
32,260
|
|
|
$
|
3,395
|
|
|
$
|
6,625
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
||||
Cash paid for interest, net of amount capitalized
|
$
|
7,654
|
|
|
$
|
7,534
|
|
|
$
|
7,530
|
|
Cash paid (refunded) for income taxes, net of income tax
|
$
|
25
|
|
|
$
|
(911
|
)
|
|
$
|
(878
|
)
|
|
|
|
|
|
|
||||||
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
|
|
|
|||||
Dividend declared but unpaid
|
$
|
492
|
|
|
$
|
494
|
|
|
$
|
498
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Accounts receivable
|
$
|
2,577
|
|
|
$
|
4,314
|
|
Allowance for doubtful accounts
|
(33
|
)
|
|
(28
|
)
|
||
Accounts receivable, net
|
$
|
2,544
|
|
|
$
|
4,286
|
|
(in thousands)
|
Accounts Receivable
|
|
Revenue
|
|
% of Total Revenue
|
||||||||||||||||||
|
2018
|
2017
|
|
2018
|
2017
|
2016
|
|
2018
|
2017
|
2016
|
|||||||||||||
Tropicana
|
$
|
1,797
|
|
$
|
2,506
|
|
|
$
|
70,396
|
|
$
|
111,197
|
|
$
|
46,898
|
|
|
86.6
|
%
|
85.6
|
%
|
32.5
|
%
|
Cutrale Citrus Juice
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
1,364
|
|
$
|
22,735
|
|
|
—
|
%
|
1.1
|
%
|
15.8
|
%
|
Minute Maid
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
49,271
|
|
|
—
|
%
|
—
|
%
|
34.2
|
%
|
Citrus trees
|
25 years
|
Equipment and other facilities
|
3-20 years
|
Buildings and improvements
|
25-39 years
|
(in thousands)
|
Fiscal Year Ended September 30,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Weighted Average Common Shares Outstanding - Basic
|
8,232
|
|
|
8,300
|
|
|
8,303
|
|
Effect of dilutive securities - stock options and unrestricted stock
|
69
|
|
|
—
|
|
|
8
|
|
Weighted Average Common Shares Outstanding - Diluted
|
8,301
|
|
|
8,300
|
|
|
8,311
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Stock compensation expense:
|
|
|
|
|
|
|
|
|
|||
Executives
|
$
|
1,754
|
|
|
$
|
880
|
|
|
$
|
150
|
|
Board of Directors
|
859
|
|
|
773
|
|
|
774
|
|
|||
Total stock compensation expense
|
$
|
2,613
|
|
|
$
|
1,653
|
|
|
$
|
924
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Unharvested fruit crop on the trees
|
$
|
39,888
|
|
|
$
|
32,145
|
|
Beef cattle
|
—
|
|
|
1,954
|
|
||
Other
|
1,145
|
|
|
2,105
|
|
||
Total inventories
|
$
|
41,033
|
|
|
$
|
36,204
|
|
(in thousands)
|
|
|
|
||||
|
Carrying Value
|
||||||
|
Twelve Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Office Building
|
$
|
—
|
|
|
$
|
3,214
|
|
Nursery - Gainesville
|
—
|
|
|
6,500
|
|
||
Chancey Bay
|
—
|
|
|
4,179
|
|
||
Gal Hog
|
—
|
|
|
70
|
|
||
Breeding Herd
|
—
|
|
|
5,858
|
|
||
Trailers
|
456
|
|
|
1,162
|
|
||
Frostproof Parcels
|
176
|
|
|
—
|
|
||
East Ranch Parcels
|
759
|
|
|
—
|
|
||
Total Assets Held For Sale
|
$
|
1,391
|
|
|
$
|
20,983
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Citrus trees
|
$
|
264,714
|
|
|
$
|
258,949
|
|
Equipment and other facilities
|
53,544
|
|
|
54,592
|
|
||
Buildings and improvements
|
8,052
|
|
|
8,835
|
|
||
Total depreciable properties
|
326,310
|
|
|
322,376
|
|
||
Less: accumulated depreciation and depletion
|
(91,858
|
)
|
|
(82,443
|
)
|
||
Net depreciable properties
|
234,452
|
|
|
239,933
|
|
||
Land and land improvements
|
105,951
|
|
|
109,404
|
|
||
Net property and equipment
|
$
|
340,403
|
|
|
$
|
349,337
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt, net of current portion:
|
|
|
|
|
|
|
|
||||||||
Met Fixed-Rate Term Loans
|
$
|
95,938
|
|
|
$
|
836
|
|
|
$
|
99,062
|
|
|
$
|
954
|
|
Met Variable-Rate Term Loans
|
46,719
|
|
|
385
|
|
|
49,594
|
|
|
439
|
|
||||
Met Citree Term Loan
|
4,925
|
|
|
44
|
|
|
5,000
|
|
|
49
|
|
||||
Pru Loans A & B
|
17,417
|
|
|
241
|
|
|
23,030
|
|
|
258
|
|
||||
Pru Loan E
|
4,675
|
|
|
17
|
|
|
4,895
|
|
|
25
|
|
||||
Pru Loan F
|
4,675
|
|
|
40
|
|
|
4,895
|
|
|
42
|
|
||||
|
174,349
|
|
|
1,563
|
|
|
186,476
|
|
|
1,767
|
|
||||
Less current portion
|
5,275
|
|
|
—
|
|
|
4,550
|
|
|
—
|
|
||||
Long-term debt
|
$
|
169,074
|
|
|
$
|
1,563
|
|
|
$
|
181,926
|
|
|
$
|
1,767
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||
|
Principal
|
|
Deferred Financing Costs, Net
|
|
Principal
|
|
Deferred Financing Costs, Net
|
||||||||
|
(in thousands)
|
||||||||||||||
Lines of Credit:
|
|
|
|
|
|
|
|
||||||||
RLOC
|
$
|
—
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
109
|
|
WCLC
|
2,685
|
|
|
78
|
|
|
—
|
|
|
153
|
|
||||
Lines of Credit
|
$
|
2,685
|
|
|
$
|
136
|
|
|
$
|
—
|
|
|
$
|
262
|
|
(in thousands)
|
|
|
|
|
|
||||||
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Interest expense
|
$
|
8,561
|
|
|
$
|
9,141
|
|
|
$
|
9,893
|
|
Interest capitalized
|
933
|
|
|
294
|
|
|
172
|
|
|||
Total
|
$
|
9,494
|
|
|
$
|
9,435
|
|
|
$
|
10,065
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Ad valorem taxes
|
$
|
2,196
|
|
|
$
|
2,648
|
|
Accrued interest
|
1,191
|
|
|
1,165
|
|
||
Accrued employee wages and benefits
|
3,115
|
|
|
1,320
|
|
||
Inventory received but not invoiced
|
726
|
|
|
—
|
|
||
Accrued dividends
|
492
|
|
|
494
|
|
||
Current portion of deferred retirement obligations
|
345
|
|
|
315
|
|
||
Accrued insurance
|
223
|
|
|
166
|
|
||
Accrued tender offer consulting charges
|
274
|
|
|
—
|
|
||
Other accrued liabilities
|
664
|
|
|
673
|
|
||
Total accrued liabilities
|
$
|
9,226
|
|
|
$
|
6,781
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Deferred gain on sale
|
$
|
26,167
|
|
|
$
|
27,482
|
|
Annual guarantee payment, net
|
(1,239
|
)
|
|
(1,042
|
)
|
||
Total deferred gain on sale
|
$
|
24,928
|
|
|
$
|
26,440
|
|
•
|
Level 1- Observable inputs such as quoted prices in active markets;
|
•
|
Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
|
•
|
Level 3- Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions.
|
|
Fair Value Hierarchy
|
Carrying Value
|
Adjustment to Fair Value
|
Fair Value
|
||||||
Trailers
|
Level 3
|
$
|
606
|
|
$
|
150
|
|
$
|
456
|
|
|
Fair Value Hierarchy
|
Carrying Value
|
Adjustment to Fair Value
|
Fair Value
|
||||||
Nursery - Gainesville
|
Level 3
|
$
|
10,107
|
|
$
|
3,607
|
|
$
|
6,500
|
|
Chancey Bay
|
Level 3
|
$
|
4,587
|
|
$
|
408
|
|
$
|
4,179
|
|
Trailers
|
Level 3
|
$
|
1,278
|
|
$
|
116
|
|
$
|
1,162
|
|
Nonvested Shares
|
|
Shares
|
|
|
Weighted-Average Grant Date Fair Value
|
|
||
Nonvested Shares at September 30, 2015
|
|
12,500
|
|
|
$
|
49.49
|
|
|
Granted during fiscal year 2016
|
|
—
|
|
|
—
|
|
||
Vested during fiscal year 2016
|
|
(2,233
|
)
|
|
$
|
49.50
|
|
|
Forfeited during fiscal year 2016
|
|
—
|
|
|
—
|
|
||
Nonvested Shares at September 30, 2016
|
|
10,267
|
|
|
$
|
49.49
|
|
|
Granted during fiscal year 2017
|
|
—
|
|
|
—
|
|
||
Vested during fiscal year 2017
|
|
(4,933
|
)
|
|
$
|
49.58
|
|
|
Forfeited during fiscal year 2017
|
|
—
|
|
|
—
|
|
||
Nonvested Shares at September 30, 2017
|
|
5,334
|
|
|
$
|
49.39
|
|
|
Granted during fiscal year 2018
|
|
5,000
|
|
|
$
|
31.95
|
|
|
Vested during fiscal year 2018
|
|
(3,001
|
)
|
|
$
|
39.70
|
|
|
Forfeited during fiscal year 2018
|
|
—
|
|
|
—
|
|
||
Nonvested Shares at September 30, 2018
|
|
7,333
|
|
|
$
|
41.46
|
|
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value
|
|||||
Balance - September 30, 2016
|
|
—
|
|
|
$
|
—
|
|
|
0.00
|
|
—
|
|
|
Granted during fiscal year 2017
|
|
750,000
|
|
|
$
|
27.15
|
|
|
3.33
|
|
—
|
|
|
Forfeitures/expired in fiscal year 2017
|
|
—
|
|
|
$
|
—
|
|
|
0.00
|
|
—
|
|
|
Exercised during fiscal year 2017
|
|
—
|
|
|
$
|
—
|
|
|
0.00
|
|
—
|
|
|
Balance - September 30, 2017
|
|
750,000
|
|
|
$
|
27.15
|
|
|
2.58
|
|
—
|
|
|
Granted during fiscal year 2018
|
|
300,000
|
|
|
$
|
33.60
|
|
|
3.25
|
|
—
|
|
|
Forfeitures/expired in fiscal year 2018
|
|
(375,000
|
)
|
|
$
|
27.15
|
|
|
1.86
|
|
—
|
|
|
Exercised during fiscal year 2018
|
|
—
|
|
|
$
|
—
|
|
|
0.00
|
|
—
|
|
|
Balance - September 30, 2018
|
|
675,000
|
|
|
$
|
30.02
|
|
|
2.22
|
|
—
|
|
Expected Volatility
|
30.0
|
%
|
Expected Term (in years)
|
3.32
|
|
Risk Free Rate
|
2.80
|
%
|
Expected Volatility
|
32.19
|
%
|
Expected Term (in years)
|
2.6 - 4.0
|
|
Risk Free Rate
|
2.45
|
%
|
(in thousands, except share amounts)
|
Total Number of
Shares Purchased |
|
Average Price
Paid Per Share |
|
Total Shares Purchased as Part of Publicly Announced Plan or Program
|
|
Total Dollar Value of Shares Purchased
|
||||||
Fiscal Year Ended September 30,:
|
|
|
|
|
|
|
|
|
|
|
|||
2018
|
72,266
|
|
|
$
|
30.65
|
|
|
722,406
|
|
|
$
|
2,215
|
|
2017
|
104,145
|
|
|
$
|
29.42
|
|
|
650,140
|
|
|
$
|
3,064
|
|
2016
|
78,446
|
|
|
$
|
40.04
|
|
|
545,995
|
|
|
$
|
3,141
|
|
(in thousands, except share amounts)
|
Shares
|
|
Cost
|
|||
|
|
|
|
|||
Balance at September 30, 2015
|
90,565
|
|
|
$
|
3,962
|
|
Purchased
|
78,446
|
|
|
3,141
|
|
|
Issued to Employees and Directors
|
(35,478
|
)
|
|
(1,035
|
)
|
|
Issued to former Silver Nip Citrus equity holders
|
(32,923
|
)
|
|
(1,483
|
)
|
|
|
|
|
|
|||
Balance at September 30, 2016
|
100,610
|
|
|
4,585
|
|
|
Purchased
|
104,145
|
|
|
3,064
|
|
|
Issued to Employees and Directors
|
(27,440
|
)
|
|
(1,147
|
)
|
|
|
|
|
|
|||
Balance at September 30, 2017
|
177,315
|
|
|
6,502
|
|
|
Purchased
|
72,266
|
|
|
2,215
|
|
|
Issued to Employees and Directors
|
(33,393
|
)
|
|
(1,181
|
)
|
|
|
|
|
|
|||
Balance at September 30, 2018
|
216,188
|
|
|
$
|
7,536
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Current:
|
|
|
|
|
|
|
|
|
|||
Federal income tax
|
$
|
1,961
|
|
|
$
|
102
|
|
|
$
|
244
|
|
State income tax
|
384
|
|
|
—
|
|
|
—
|
|
|||
Total current
|
2,345
|
|
|
102
|
|
|
244
|
|
|||
|
|
|
|
|
|
||||||
Deferred:
|
|
|
|
|
|
|
|
|
|||
Federal income tax
|
(3,917
|
)
|
|
(3,286
|
)
|
|
4,538
|
|
|||
State income tax
|
1,962
|
|
|
(662
|
)
|
|
739
|
|
|||
Total deferred
|
(1,955
|
)
|
|
(3,948
|
)
|
|
5,277
|
|
|||
Provision (benefit) for income taxes
|
$
|
390
|
|
|
$
|
(3,846
|
)
|
|
$
|
5,521
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Tax at the statutory federal rate
|
$
|
3,198
|
|
|
$
|
(4,670
|
)
|
|
$
|
4,382
|
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|
|
|
|||
State income taxes, net of federal benefit
|
857
|
|
|
(402
|
)
|
|
457
|
|
|||
Permanent and other reconciling items, net
|
221
|
|
|
548
|
|
|
773
|
|
|||
Expiration of capital loss carryforward
|
5,634
|
|
|
581
|
|
|
—
|
|
|||
Reduction in deferred tax liability resulting from the Act
|
(9,847
|
)
|
|
—
|
|
|
—
|
|
|||
Stock option cancellation
|
347
|
|
|
—
|
|
|
—
|
|
|||
Other
|
(20
|
)
|
|
97
|
|
|
(91
|
)
|
|||
Provision (benefit) for income taxes
|
$
|
390
|
|
|
$
|
(3,846
|
)
|
|
$
|
5,521
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Deferred tax assets:
|
|
|
|
|
|
||
Deferred retirement benefits
|
$
|
1,114
|
|
|
$
|
1,712
|
|
Investment in Citree
|
89
|
|
|
45
|
|
||
Deferred gain recognition
|
6,318
|
|
|
10,199
|
|
||
Goodwill
|
20,095
|
|
|
33,233
|
|
||
Inventories
|
711
|
|
|
6,435
|
|
||
Stock compensation
|
261
|
|
|
292
|
|
||
Accrued bonus
|
612
|
|
|
248
|
|
||
Capital loss carryforwards
|
—
|
|
|
9,462
|
|
||
Tax credits
|
28
|
|
|
293
|
|
||
Net operating losses
|
—
|
|
|
3,160
|
|
||
Intangibles
|
620
|
|
|
1,027
|
|
||
Other
|
190
|
|
|
332
|
|
||
Total deferred tax assets
|
30,038
|
|
|
66,438
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Revenue recognized from citrus and sugarcane
|
162
|
|
|
357
|
|
||
Property and equipment
|
54,925
|
|
|
91,995
|
|
||
Accrual-to-cash method
|
—
|
|
|
950
|
|
||
Prepaid insurance
|
104
|
|
|
220
|
|
||
Investment in Magnolia
|
—
|
|
|
24
|
|
||
Total deferred tax liabilities
|
55,191
|
|
|
93,546
|
|
||
Net deferred income tax liabilities
|
$
|
(25,153
|
)
|
|
$
|
(27,108
|
)
|
(in thousands)
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Alico Citrus
|
$
|
78,121
|
|
|
$
|
123,441
|
|
|
$
|
137,282
|
|
Water Resources and Other Operations
|
3,160
|
|
|
6,388
|
|
|
6,914
|
|
|||
Total revenues
|
81,281
|
|
|
129,829
|
|
|
144,196
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Alico Citrus
|
51,709
|
|
|
111,947
|
|
|
102,347
|
|
|||
Water Resources and Other Operations
|
3,979
|
|
|
8,952
|
|
|
6,790
|
|
|||
Total operating expenses
|
55,688
|
|
|
120,899
|
|
|
109,137
|
|
|||
|
|
|
|
|
|
||||||
Gross profit (loss):
|
|
|
|
|
|
||||||
Alico Citrus
|
26,412
|
|
|
11,494
|
|
|
34,935
|
|
|||
Water Resources and Other Operations
|
(819
|
)
|
|
(2,564
|
)
|
|
124
|
|
|||
Total gross profit (loss)
|
$
|
25,593
|
|
|
$
|
8,930
|
|
|
$
|
35,059
|
|
|
|
|
|
|
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Alico Citrus
|
$
|
15,968
|
|
|
$
|
11,738
|
|
|
$
|
10,393
|
|
Water Resources and Other Operations
|
304
|
|
|
646
|
|
|
2,293
|
|
|||
Other Capital Expenditures
|
80
|
|
|
969
|
|
|
1,619
|
|
|||
Total capital expenditures
|
$
|
16,352
|
|
|
$
|
13,353
|
|
|
$
|
14,305
|
|
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization:
|
|
|
|
|
|
||||||
Alico Citrus
|
$
|
13,467
|
|
|
$
|
14,054
|
|
|
$
|
13,982
|
|
Water Resources and Other Operations
|
219
|
|
|
652
|
|
|
932
|
|
|||
Other Depreciation, Depletion and Amortization
|
70
|
|
|
520
|
|
|
468
|
|
|||
Total depreciation, depletion and amortization
|
$
|
13,756
|
|
|
$
|
15,226
|
|
|
$
|
15,382
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
||||
Alico Citrus
|
$
|
405,752
|
|
|
$
|
387,972
|
|
Water Resources and Other Operations
|
15,904
|
|
|
24,819
|
|
||
Other Corporate Assets
|
1,766
|
|
|
6,391
|
|
||
Total Assets
|
$
|
423,422
|
|
|
$
|
419,182
|
|
(in thousands)
|
Fiscal Year Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Service cost
|
$
|
—
|
|
|
$
|
200
|
|
|
$
|
213
|
|
Interest cost
|
293
|
|
|
140
|
|
|
210
|
|
|||
Recognized actuarial gain (loss) adjustment
|
16
|
|
|
(78
|
)
|
|
(5
|
)
|
|||
Total
|
$
|
309
|
|
|
$
|
262
|
|
|
$
|
418
|
|
(in thousands)
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Change in projected benefit obligation:
|
|
|
|
|
|
||
Benefit obligation at beginning of year
|
$
|
4,438
|
|
|
$
|
4,543
|
|
Service cost
|
—
|
|
|
200
|
|
||
Interest cost
|
293
|
|
|
140
|
|
||
Benefits paid
|
(350
|
)
|
|
(367
|
)
|
||
Recognized actuarial gain (loss) adjustment
|
16
|
|
|
(78
|
)
|
||
Benefit obligation at end of year
|
$
|
4,397
|
|
|
$
|
4,438
|
|
|
|
|
|
||||
Funded status at end of year
|
$
|
(4,397
|
)
|
|
$
|
(4,438
|
)
|
(in thousands, except per share amounts)
|
Fiscal Quarter Ended
|
||||||||||||||||||||||||||
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
||||||||||||||||||||
|
2017
|
2016
|
|
2018
|
2017
|
|
2018
|
2017
|
|
2018
|
2017
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total operating revenue
|
$
|
17,533
|
|
$
|
17,445
|
|
|
$
|
35,600
|
|
$
|
56,200
|
|
|
$
|
26,517
|
|
$
|
51,518
|
|
|
$
|
1,631
|
|
$
|
4,666
|
|
Total operating expenses
|
16,951
|
|
14,692
|
|
|
27,767
|
|
41,684
|
|
|
14,603
|
|
36,510
|
|
|
(3,633
|
)
|
28,013
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross profit
|
582
|
|
2,753
|
|
|
7,833
|
|
14,516
|
|
|
11,914
|
|
15,008
|
|
|
5,264
|
|
(23,347
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
General and administrative
|
3,886
|
|
3,788
|
|
|
3,073
|
|
3,399
|
|
|
2,955
|
|
3,709
|
|
|
5,144
|
|
4,128
|
|
||||||||
Other (expense) income, net
|
(375
|
)
|
(1,981
|
)
|
|
(2,140
|
)
|
(912
|
)
|
|
5,074
|
|
(2,162
|
)
|
|
96
|
|
(2,193
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) before income taxes
|
(3,679
|
)
|
(3,016
|
)
|
|
2,620
|
|
10,205
|
|
|
14,033
|
|
9,137
|
|
|
216
|
|
(29,668
|
)
|
||||||||
Income tax expense (benefit)
|
(12,417
|
)
|
(1,273
|
)
|
|
8,150
|
|
4,321
|
|
|
4,941
|
|
3,665
|
|
|
(284
|
)
|
(10,559
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss)
|
8,738
|
|
(1,743
|
)
|
|
(5,530
|
)
|
5,884
|
|
|
9,092
|
|
5,472
|
|
|
500
|
|
(19,109
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net loss attributable to noncontrolling interests
|
8
|
|
8
|
|
|
16
|
|
(51
|
)
|
|
8
|
|
7
|
|
|
218
|
|
81
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) attributable to Alico Inc. common stockholders
|
$
|
8,746
|
|
$
|
(1,735
|
)
|
|
$
|
(5,514
|
)
|
$
|
5,833
|
|
|
$
|
9,100
|
|
$
|
5,479
|
|
|
$
|
718
|
|
$
|
(19,028
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.06
|
|
$
|
(0.21
|
)
|
|
$
|
(0.67
|
)
|
$
|
0.70
|
|
|
$
|
1.11
|
|
$
|
0.66
|
|
|
$
|
0.09
|
|
$
|
(2.29
|
)
|
Diluted
|
$
|
1.05
|
|
$
|
(0.21
|
)
|
|
$
|
(0.67
|
)
|
$
|
0.70
|
|
|
$
|
1.09
|
|
$
|
0.66
|
|
|
$
|
0.09
|
|
$
|
(2.29
|
)
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
(b)
|
Changes in Internal Control over Financial Reporting.
|
(c)
|
Management Report on Internal Control Over Financial Reporting
|
(i)
|
pertain to the maintenance of records, that in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
(ii)
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
|
(iii)
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
|
(a)
|
Documents filed as part of this report
|
(1)
|
Financial Statements:
|
(2)
|
Financial Statement Schedules:
|
(3)
|
Exhibits
|
(b)
|
Exhibit Index
|
Exhibit
Number |
|
Exhibit Index
|
2.1
|
***
|
|
2.2
|
***
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
*
|
|
10.4
|
*
|
|
10.5
|
|
|
10.6
|
***
|
|
10.7
|
***
|
|
10.8
|
|
|
10.9
|
|
|
10.10
|
|
|
10.11
|
|
10.12
|
|
|
10.13
|
|
|
10.14
|
|
|
10.15
|
|
|
10.16
|
|
|
10.17
|
|
|
10.18
|
|
|
10.19
|
|
|
10.20
|
|
|
10.21
|
|
|
10.22
|
|
|
10.23
|
|
|
10.24
|
|
|
10.25
|
|
|
10.26
|
|
|
10.27
|
|
10.28
|
|
|
10.29
|
|
|
10.30
|
|
|
10.31
|
|
|
10.32
|
|
|
10.33
|
|
|
10.34
|
|
|
10.35
|
|
|
10.36
|
|
|
10.37
|
|
|
10.38
|
|
|
10.39
|
|
|
10.40
|
|
|
21.0
|
|
|
23.0
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101
|
|
|
101.INS
|
**
|
|
101.SCH
|
**
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
**
|
|
|
ALICO, INC. (Registrant)
|
|
|
|
|
|
December 6, 2018
|
|
By:
|
/s/ Henry R. Slack
|
|
|
|
Henry R. Slack
|
|
|
|
Executive Chairman
|
December 6, 2018
|
Executive Chairman and Director (Principal Executive Officer)
|
/s/ Henry R. Slack
|
|
|
Henry R. Slack
|
December 6, 2018
|
Chief Financial Officer and Executive Vice President (Principal Financial and Accounting Officer)
|
/s/ John E. Kiernan
|
|
|
John E. Kiernan
|
December 6, 2018
|
Director
|
/s/ George R. Brokaw
|
|
|
George R. Brokaw
|
December 6, 2018
|
Director
|
/s/ R. Greg Eisner
|
|
|
R. Greg Eisner
|
December 6, 2018
|
Director
|
/s/ Benjamin D. Fishman
|
|
|
Benjamin D. Fishman
|
December 6, 2018
|
Director
|
/s/ W. Andrew Krusen
|
|
|
W. Andrew Krusen
|
December 6, 2018
|
Director
|
/s/ Joseph S. Sambuco
|
|
|
Joseph S. Sambuco
|
1.
|
Amendments to Credit Agreement.
|
(a)
|
this Amendment duly executed by each Borrower, Guarantor and
|
(b)
|
all other documents, certificates, reports, statements, instruments
|
By:
|
Alico, Inc., a Florida corporation, its General Partner
|
By:
|
John E. Kiernan
|
By:
|
Alico, Inc., a Florida corporation, its Managing Member
|
By:
|
John E. Kiernan
|
By:
|
Alico, Inc., a Florida corporation, its Managing Member
|
By:
|
John E. Kiernan
|
By:
|
John
E.
Kiernan
|
By:
|
John E. Kiernan
|
By:
|
John E. Kiernan
|
(a)
|
this Amendment duly executed by
each
Borrower
,
Guarantor and
|
By:
|
Alico,
Inc.
,
a
F
lorid
a
corporation,
it
s
General Partner
|
By
:
|
Alico, Inc
.
, a Florida corporation
,
its Managing Member
|
By:
|
John E. Kiernan
|
By:
|
John E. Kiernan
|
By:
|
John E. Kiernan
|
(d)
|
payment to Lender of
a
renewal
fee
in the
amount of $17,500;
and
|
By:
|
Alico
,
Inc.
,
a Florida corporation,
its
General
Partner
|
By:
|
Name: John
E.
Kiernan
|
By:
|
Alico
,
Inc
.,
a Florida
corporation
,
its Managing Member
|
By:
|
Alico,
Inc.
,
a Florida corporation,
its
Managing Member
|
By:
|
Name: John E
.
Kiernan
|
By:
|
Name: John
E.
Kiernan
|
By:
|
Alico
,
Inc
.,
a Florida corporation
,
its Managing Member
|
By:
|
Alico
,
Inc.
,
a
Florida corporation
,
its Managing Member
|
Date: December 6, 2018
|
By:
|
/s/ Henry R. Slack
|
|
|
Henry R. Slack
|
|
|
Executive Chairman and Director (Principal Executive Officer)
|
Date: December 6, 2018
|
By:
|
/s/ John E. Kiernan
|
|
|
John E. Kiernan
|
|
|
Chief Financial Officer and Executive Vice President
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date: December 6, 2018
|
By:
|
/s/ Henry R. Slack
|
|
|
Henry R. Slack
|
|
|
Executive Chairman and Director (Principal Executive Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date: December 6, 2018
|
By:
|
/s/ John E. Kiernan
|
|
|
John E. Kiernan
|
|
|
Chief Financial Officer and Executive Vice President
|