$ALCO
ALICO, INC.

2020 Q4 Form 10-Q Financial Statement

#000156459021004188 Filed on February 04, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $13.73M $11.01M $1.386M
YoY Change 24.78% -25.54% -15.02%
Cost Of Revenue $8.335M $5.391M -$13.47M
YoY Change 54.61% -53.51% 270.88%
Gross Profit $5.397M $5.614M $14.86M
YoY Change -3.87% 76.43% 182.29%
Gross Profit Margin 39.3% 51.01% 1072.15%
Selling, General & Admin $2.530M $2.760M $4.360M
YoY Change -8.33% -20.0% -15.18%
% of Gross Profit 46.88% 49.16% 29.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.806M $3.609M $3.480M
YoY Change 5.46% 4.37% 1.46%
% of Gross Profit 70.52% 64.29% 23.42%
Operating Expenses $2.520M $2.760M $4.360M
YoY Change -8.7% -20.0% -15.18%
Operating Profit $2.869M $2.854M $10.50M
YoY Change 0.53% -1164.93% 8367.74%
Interest Expense -$1.190M -$1.540M -$1.510M
YoY Change -22.73% -46.34% -17.93%
% of Operating Profit -41.48% -53.96% -14.38%
Other Income/Expense, Net $2.185M -$1.595M $11.48M
YoY Change -236.99% -44.31% 11856.25%
Pretax Income $5.054M $1.259M $21.98M
YoY Change 301.43% -140.2% 10075.0%
Income Tax $1.250M $361.0K $5.701M
% Of Pretax Income 24.73% 28.67% 25.94%
Net Earnings $3.845M $791.0K $16.51M
YoY Change 386.09% -132.06% 2199.3%
Net Earnings / Revenue 28.0% 7.19% 1191.13%
Basic Earnings Per Share $0.51 $0.11 $2.21
Diluted Earnings Per Share $0.51 $0.11 $2.21
COMMON SHARES
Basic Shares Outstanding 7.503M 7.477M 7.477M shares
Diluted Shares Outstanding 7.503M 7.491M

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $5.500M $18.60M
YoY Change -52.73% 1733.33% -26.48%
Cash & Equivalents $2.601M $5.546M $18.63M
Short-Term Investments
Other Short-Term Assets $3.200M $2.900M $2.400M
YoY Change 10.34% -48.21% 9.09%
Inventory $46.43M $43.29M $40.14M
Prepaid Expenses
Receivables $5.600M $1.852M $713.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $57.80M $53.65M $61.98M
YoY Change 7.73% -3.63% -12.78%
LONG-TERM ASSETS
Property, Plant & Equipment $367.2M $345.6M $350.1M
YoY Change 6.26% 1.47% 2.84%
Goodwill $2.246M $2.246M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $2.878M $2.309M
YoY Change 0.76% -9.55% -14.86%
Total Long-Term Assets $372.4M $351.4M $355.4M
YoY Change 5.97% -0.47% 0.87%
TOTAL ASSETS
Total Short-Term Assets $57.80M $53.65M $61.98M
Total Long-Term Assets $372.4M $351.4M $355.4M
Total Assets $430.2M $405.1M $417.4M
YoY Change 6.2% -0.9% -1.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $1.493M $4.163M
YoY Change 33.96% -50.27% 10.6%
Accrued Expenses $5.473M $4.449M $7.769M
YoY Change 23.02% 1.53% -12.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.100M $5.130M $5.338M
YoY Change 77.39% -3.21% 1.19%
Total Short-Term Liabilities $18.01M $22.99M $28.95M
YoY Change -21.66% -18.48% 34.81%
LONG-TERM LIABILITIES
Long-Term Debt $147.6M $151.2M $158.1M
YoY Change -2.37% -9.11% -6.48%
Other Long-Term Liabilities $332.0K $363.0K $172.0K
YoY Change -8.54% -90.93% 681.82%
Total Long-Term Liabilities $332.0K $151.6M $158.3M
YoY Change -99.78% -8.89% -6.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.01M $22.99M $28.95M
Total Long-Term Liabilities $332.0K $151.6M $158.3M
Total Liabilities $205.6M $205.4M $218.0M
YoY Change 0.13% -16.01% -11.32%
SHAREHOLDERS EQUITY
Retained Earnings $221.5M $198.2M $198.0M
YoY Change 11.78% 21.73% 31.06%
Common Stock $28.05M $28.27M $28.20M
YoY Change -0.79% -1.83% -1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $30.42M $31.96M $31.94M
YoY Change -4.8% -2.62% 323.87%
Treasury Stock Shares $910.0K 940.9K shares $939.6K
Shareholders Equity $219.1M $194.5M $194.3M
YoY Change
Total Liabilities & Shareholders Equity $430.2M $405.1M $417.4M
YoY Change 6.2% -0.9% -1.43%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $3.845M $791.0K $16.51M
YoY Change 386.09% -132.06% 2199.3%
Depreciation, Depletion And Amortization $3.806M $3.609M $3.480M
YoY Change 5.46% 4.37% 1.46%
Cash From Operating Activities -$5.109M -$6.043M $7.140M
YoY Change -15.46% -49.65% 190.24%
INVESTING ACTIVITIES
Capital Expenditures $5.062M $3.541M -$5.290M
YoY Change 42.95% 2.4% 13.76%
Acquisitions
YoY Change
Other Investing Activities -$25.00K $50.00K $14.67M
YoY Change -150.0% -76.19% 74.23%
Cash From Investing Activities -$17.88M -$3.689M $9.390M
YoY Change 384.58% -5.02% 149.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $238.0K
YoY Change -99.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.899M -7.841M -3.220M
YoY Change -175.23% -13.84% 519.23%
NET CHANGE
Cash From Operating Activities -5.109M -6.043M 7.140M
Cash From Investing Activities -17.88M -3.689M 9.390M
Cash From Financing Activities 5.899M -7.841M -3.220M
Net Change In Cash -17.09M -17.57M 13.31M
YoY Change -2.77% -29.67% 133.51%
FREE CASH FLOW
Cash From Operating Activities -$5.109M -$6.043M $7.140M
Capital Expenditures $5.062M $3.541M -$5.290M
Free Cash Flow -$10.17M -$9.584M $12.43M
YoY Change 6.12% -38.0% 74.82%

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable.</p>
CY2020Q4 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
Receivables under contracts, whereby pricing is based on contractual and market prices, are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices are collected or paid thirty to sixty days after final market pricing is published.
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13732000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11005000
CY2019Q4 alco Proceeds From Natural Disaster Relief
ProceedsFromNaturalDisasterRelief
330000
CY2020Q4 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on net income, equity, cash flows or working capital as previously reported.</p>
CY2020Q4 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
45925000
CY2020Q3 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
40265000
CY2020Q4 us-gaap Other Inventory
OtherInventory
505000
CY2020Q3 us-gaap Other Inventory
OtherInventory
590000
CY2020Q4 us-gaap Inventory Net
InventoryNet
46430000
CY2020Q3 us-gaap Inventory Net
InventoryNet
40855000
CY2020 alco Proceeds From Federal Relief Grants
ProceedsFromFederalReliefGrants
4629000
CY2019Q4 alco Proceeds From Federal Relief Grants
ProceedsFromFederalReliefGrants
4466000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
367221000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
350061000
CY2020Q4 alco Long Lived Assets Acres Of Land Purchased
LongLivedAssetsAcresOfLandPurchased
3280
CY2020Q4 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
16450000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9090000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10535000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
22739000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10535000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
10535000
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
94332000
CY2020Q4 alco Long Term Debt And Line Of Credit
LongTermDebtAndLineOfCredit
157766000
CY2020Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
1189000
CY2019Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
1544000
CY2020Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
312000
CY2019Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
269000
CY2020Q4 us-gaap Interest Costs Incurred
InterestCostsIncurred
1501000
CY2019Q4 us-gaap Interest Costs Incurred
InterestCostsIncurred
1813000
CY2020Q4 alco Debt Instrument Covenant Minimum Debt Coverage Ratio
DebtInstrumentCovenantMinimumDebtCoverageRatio
1.10
CY2020Q4 alco Debt Instrument Covenant Minimum Tangible Net Worth
DebtInstrumentCovenantMinimumTangibleNetWorth
160000000
CY2020Q4 alco Debt Instrument Covenant Percentage Annual Increase
DebtInstrumentCovenantPercentageAnnualIncrease
0.10
CY2020Q4 alco Debt Instrument Covenant Minimum Tangible Networth Annual Increase
DebtInstrumentCovenantMinimumTangibleNetworthAnnualIncrease
169730000
CY2020Q4 alco Lineof Credit Facility Covenant Terms Minimum Current Ratio
LineofCreditFacilityCovenantTermsMinimumCurrentRatio
1.50
CY2020Q4 us-gaap Ratio Of Indebtedness To Net Capital1
RatioOfIndebtednessToNetCapital1
0.625
CY2020Q4 alco Debt Instrument Covenant Maximum Capital Expenditure
DebtInstrumentCovenantMaximumCapitalExpenditure
30000000
CY2020Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
2057000
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
992000
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
1020000
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
945000
CY2020Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2214000
CY2020Q4 alco Accrued Harvest And Haul Current
AccruedHarvestAndHaulCurrent
671000
CY2020Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
1351000
CY2020Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
674000
CY2020Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
46000
CY2020Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
146000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1096000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
636000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
372000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
348000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5473000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7095000
CY2020Q4 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
605000
CY2020Q4 alco Increase In Income Tax Benefit Due To Difference In Federal Income Tax Rate
IncreaseInIncomeTaxBenefitDueToDifferenceInFederalIncomeTaxRate
82000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
3845000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
791000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7503000
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7477000
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
14000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7503000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7491000
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2020Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13732000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11005000
CY2020Q4 us-gaap Cost Of Revenue
CostOfRevenue
8335000
CY2019Q4 us-gaap Cost Of Revenue
CostOfRevenue
5391000
CY2020Q4 us-gaap Gross Profit
GrossProfit
5397000
CY2019Q4 us-gaap Gross Profit
GrossProfit
5614000
CY2020Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3851000
CY2019Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
7000
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
923621
CY2020Q4 us-gaap Purchase Obligation
PurchaseObligation
2955000
CY2019Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3609000
CY2020Q4 us-gaap Assets
Assets
430182000
CY2020Q3 us-gaap Assets
Assets
423937000
CY2020Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
132000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
52000
CY2019Q4 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
87000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M9D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0320
CY2020Q3 us-gaap Treasury Stock Value
TreasuryStockValue
30779000
CY2020Q4 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
13636
CY2020Q4 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-358000
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
909985
CY2020Q4 us-gaap Treasury Stock Value
TreasuryStockValue
30421000

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