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Hot Stocks
Alico cuts dividend by 90% to 5c due to Hurricane Ian » 10:37
12/14/22
12/14
10:37
12/14/22
10:37
ALCO

Alico

$25.00 /

-2.75 (-9.91%)

in its Q4 earnings report…

in its Q4 earnings report last night, citrus producer Alico announced a quarterly dividend cut to 5c per per share from 50c. The company said, "Alico has paid common dividends to shareholders consistently since it became publicly held more than 6 decades ago. The rate of increased dividend payments since 2019 has been a source of pride as ranch sales proceeds and operations enabled significant amounts of capital to be returned to shareholders. However, taking into account the impact of the recent storm, Alico's Board of Directors unanimously voted to reduce its next quarterly common dividend to $0.05 per share. As the Company recovers from the effects of the recent hurricane, future capital allocation decisions will be evaluated in an effort to maximize returns to shareholders, which may include but are not limited to pursuing opportunities to acquire additional citrus acreage at attractive prices, repurchasing common shares, making other acquisitions, or even considering special dividends as asset sales, such as additional portions of the Alico Ranch, are realized." Alico also did not provide investors with financial guidance for the 2023 "due to uncertainty related to Hurricane Ian."

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ALCO Alico
$25.00 /

-2.75 (-9.91%)

ALCO Alico
$25.00 /

-2.75 (-9.91%)

Earnings
Alico says company needs additional time to complete audit of results » 07:23
12/07/22
12/07
07:23
12/07/22
07:23
ALCO

Alico

$26.38 /

-3 (-10.21%)

Alico announced on…

Alico announced on December 6, 2022 that although the Company had planned to be able to report its financial results for the period ended September 30, 2022 on December 6, 2022, the Company and its independent public accounting firm determined they need additional time to complete the audit of such financial results. The key item that is requiring such additional time involves evaluation of the proper amount of the Company's Deferred Tax Liability, particularly certain portions of that Deferred Tax Liability arising in prior fiscal years, including those going back to fiscal year 2019 or possibly several years before fiscal year 2019. Potential adjustments related to this portion of the Deferred Tax Liability, if required, would be a decrease in the Deferred Tax Liability and an increase in Retained Earnings for the prior period or an out of period adjustment increasing Net Income for fiscal year 2022. Although it remains uncertain as to whether the time needed to complete the evaluation will require an extension of time to file the Company's Form 10-K for its fiscal year 2022, the Company is optimistic that the evaluation will be completed early enough to be able to file before the applicable filing deadline.

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ALCO Alico
$26.38 /

-3 (-10.21%)

Over a quarter ago
Hot Stocks
Alico provides initial impact assessment from Hurricane Ian » 16:05
09/30/22
09/30
16:05
09/30/22
16:05
ALCO

Alico

$28.17 /

-0.13 (-0.46%)

Alico reported that the…

Alico reported that the full impact of Hurricane Ian on Alico's assets and operations is still being assessed at this time. Its 48,900 acres of citrus groves, which are located in Charlotte, Collier, DeSoto, Hardee, Hendry, Highlands and Polk Counties, sustained hurricane or tropical storm force winds for varying durations of time. Field assessments are ongoing, but initial observations include significant drop of fruit from trees and the magnitude of this drop will be formally calculated by staff our insurance companies over the coming weeks. As of the time of this press release, initial inspections indicate that substantially all its trees remain intact, with the exception of a single grove in Charlotte County that was in the direct path of the storm. The company believes this indicates that company-wide, the greater impact of the storm will be on production in the current season, and possibly next season, rather than on long-term production. Alico did not experience any significant flooding at its properties. The company's leased office headquarters in Fort Myers in Lee County was not damaged, and other property and equipment also was not materially impacted. Alico maintains insurance for catastrophic loss of trees, which is not likely to be significant from this storm. Alico also maintains property and casualty insurance for any structures damaged from this storm. The company will work closely with Florida Citrus Mutual, the citrus industry trade group, and government agencies on potential federal relief funds and will seek any and all federal, state or local assistance programs to aid in our recovery. Alico will still be supplying Tropicana, Peace River, Cutrale and Florida's Natural with all available fruit during the upcoming harvest season, which will begin later this year. There are no minimum quantities required to be delivered under its supply contracts, so there is no exposure to penalties due to the anticipated diminished crop size this year. The company expects it will take at least two seasons for the groves to recover to pre-hurricane production levels. Although past experience is not a predictor of future results, Alico saw its production increase 9% above pre-hurricane levels within a single season following Hurricane Irma in September 2017.

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ALCO Alico
$28.17 /

-0.13 (-0.46%)

ALCO Alico
$28.17 /

-0.13 (-0.46%)

Hot Stocks
Alico appoints Perry Del Vecchio as CFO » 08:31
09/06/22
09/06
08:31
09/06/22
08:31
ALCO

Alico

$33.45 /

-0.14 (-0.42%)

Alico announced the…

Alico announced the hiring and appointment of Perry G. Del Vecchio as the Company's CFO, effective as of September 6. Del Vecchio will be responsible for all corporate finance, treasury and accounting functions of the Company and will report directly to John Kiernan, the Company's President and CEO. Del Vecchio most recently served as a Vice President and the Controller for Lexyl Travel Technologies in West Palm Beach, Florida. He spent the majority of his career in financial management positions within the Hertz organization. He earned his MBA degree from Montclair State University and earned CPA credentials while an auditor with Deloitte & Touche.

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ALCO Alico
$33.45 /

-0.14 (-0.42%)

ALCO Alico
$33.45 /

-0.14 (-0.42%)

Hot Stocks
Codorus Valley announces board, committee appointments » 09:09
04/19/22
04/19
09:09
04/19/22
09:09
CVLY

Codorus Valley Bancorp

$23.83 /

+0.25 (+1.06%)

, ALCO

Alico

$42.69 /

+2.46 (+6.11%)

Codorus Valley Bancorp…

Codorus Valley Bancorp (CVLY), parent company of PeoplesBank, A Codorus Valley Company, has appointed John Kiernan, Esq. to the Board of Directors effective April 12, 2022. Kiernan will serve the remainder of the term as a Class C Director of the Company until the annual meeting of shareholders in 2022. In addition, Kiernan has been appointed to the Corporate Governance and Nominating Committee, the Audit Committee, and the Compensation Committee of the Board. Kiernan serves as President and Chief Executive Officer of Alico (ALCO).

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CVLY Codorus Valley Bancorp
$23.83 /

+0.25 (+1.06%)

ALCO Alico
$42.69 /

+2.46 (+6.11%)

ALCO Alico
$42.69 /

+2.46 (+6.11%)

Earnings
Alico sees FY22 adjusted net income ($4.1M) - ($2.3M) » 08:43
03/31/22
03/31
08:43
03/31/22
08:43
ALCO

Alico

$35.97 /

-0.415 (-1.14%)

The Company is now…

The Company is now updating its financial guidance for the fiscal year ended September 30, 2022 to reflect the significantly lower box production anticipated this season, which has been exacerbated by the January 2022 freeze. In light of the latest ranchland sale for approximately $28.3M and other pending ranchland sales that are targeted to close before the end of fiscal year 2022, the Company is also updating its EBITDA and net income guidance to include expected real estate gains from these completed sales and the expected additional sales. The Company is now projecting for fiscal year 2022 net income to increase from its initial projection of between $6M-$7.9M to between $35.6M-$38.9M. The Company is now projecting for fiscal year 2022 adjusted net income is expected to decrease from the initial projection of $5.3M-$7.1M to between ($4.1M) - ($2.3M). The Company is now projecting for fiscal year 2022 EBITDA to increase from its initial projection of $26.9M-$30.1M to between $59M- $64.2M. The Company is now projecting for fiscal year 2022 adjusted EBITDA is expected to decrease from the initial projection of $26M-$29M to between $13M-$16M.

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ALCO Alico
$35.97 /

-0.415 (-1.14%)

ALCO Alico
$35.97 /

-0.415 (-1.14%)

Hot Stocks
Alico provides business update » 08:43
03/31/22
03/31
08:43
03/31/22
08:43
ALCO

Alico

$35.97 /

-0.415 (-1.14%)

Alico announces business…

Alico announces business activities that will continue to support its business strategy and generate greater returns for our shareholders. The current citrus harvest season has been a challenging one for Alico, as well as for the entire industry in Florida. In addition to a harvest season that was anticipated to produce less fruit than in the prior year, many of the state's citrus groves, including Alico's citrus groves, were impacted by a freeze event in late January 2022. Alico took precautionary measures to minimize the impact this weather event had on its groves and production. Alico currently estimates an 11% decrease in its annual box production this year, compared with the prior season. Pricing for citrus has increased for the second consecutive year and the Company expects its pricing will approach, and may even reach, the ceiling prices on its long-term supply contracts with Tropicana this season. The Company has entered into a Purchase Option Agreement with a third party, E.R. Jahna Industries for the sale of approximately 899 acres of land at a price of approximately $11,500 per acre. The acres subject to the Option Agreement, which are currently part of the Company's aggregate citrus grove acreage, consist of 340 net citrus acres, 130 acres of cane, 209 acres of pastureland and 220 support acres. This month, Alico exercised a right of first refusal to purchase approximately 85 undeveloped acres near the previously-owned Alico Plant World, which had been sold by Alico in 2017, for approximately $2.4 million. The Company owns approximately 90,000 acres of mineral rights, mostly comprised of oil and gas, sand and shell, but Alico has not been aggressively monetizing these rights. The Company is continuing with its citrus tree replanting program and as previously disclosed, has planted approximately 1.5 million trees since the beginning of fiscal year 2018 through the end of its fiscal year ended 2021.

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ALCO Alico
$35.97 /

-0.415 (-1.14%)

ALCO Alico
$35.97 /

-0.415 (-1.14%)

Earnings
Alico withdraws previously issued guidance for 2022 » 07:56
02/03/22
02/03
07:56
02/03/22
07:56
ALCO

Alico

$35.43 /

-0.27 (-0.76%)

In the last week of…

In the last week of January 2022, certain areas where the Company's citrus trees are located experienced below freezing conditions that are expected to have a material adverse effect on the yield of this season's Valencia crop. The Company is still in the process of assessing the extent of the damage and the expected impact on its current financial position, results of operations and cash flows and the extent to which there might be any expected long-term effects. At this time, given these uncertainties and the significantly lower anticipated box production and average pounds solids per box this season that was expected before the recent freeze, the Company is withdrawing its previously issued guidance for net income, EBITDA, adjusted net income and adjusted EBITDA for fiscal year 2022, and expects to update that guidance once it can secure more complete information about the impact of the freeze.

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ALCO Alico
$35.43 /

-0.27 (-0.76%)

ALCO Alico
$35.43 /

-0.27 (-0.76%)

Earnings
Alico reports Q1 adjusted EPS (24c), one est. (29c) » 07:55
02/03/22
02/03
07:55
02/03/22
07:55
ALCO

Alico

$35.43 /

-0.27 (-0.76%)

Reports Q1 revenue…

Reports Q1 revenue $15.3M, one est. $13M. John Kiernan, President and CEO, commented, "Almost two years after the COVID-19 pandemic began in March 2020, we remain encouraged that consumption of not-from-concentrate orange juice by retail consumers has remained strong. This trend has led to further improved market pricing for Early and Mid-Season fruit in the current harvest season, as compared to the prior year. We are confident this trend will also be beneficial to Valencia market pricing for this season. Our 2022 harvest season began in December, and unfortunately Alico is now anticipating a 12-15% decrease in processed box production with lower average pound solids per box for our Early and Mid-Season crop, as compared to last year. Regarding box production, the USDA estimates an approximate 23% decline of the 2022 Florida Early and Mid-Season crop, as compared to the prior year. As previously communicated, Alico has increased its grove density within our existing acreage and planted approximately 1.5 million trees in these acres since 2018. While we cannot determine what the future production levels will be, particularly as we assess the impact of the freeze on our existing citrus groves, we remain confident in our strategy of increasing density and believe that the first plantings of these trees from 2018 should start to generate meaningful production in fiscal 2023 and support higher levels of production for their useful lives. We continue to negotiate ranch land sales transactions. During the first quarter of fiscal 2022, the Company sold approximately 1,900 acres of ranch land, including a sale to the State of Florida for 1,638 acres. We are also engaged with multiple private parties for other ranch land sales transactions, which are either under contract or in final negotiations. While market pricing is stronger this season, we believe that box production and pound solids per box will be weaker as a result of these negative trends and the recent freeze."

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ALCO Alico
$35.43 /

-0.27 (-0.76%)

ALCO Alico
$35.43 /

-0.27 (-0.76%)

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