$ALCO
ALICO, INC.

2021 Q1 Form 10-Q Financial Statement

#000156459021023630 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $55.94M $50.52M
YoY Change 10.75% 4.11%
Cost Of Revenue $45.72M $43.90M
YoY Change 4.15% 36.3%
Gross Profit $10.23M $6.617M
YoY Change 54.54% -59.44%
Gross Profit Margin 18.28% 13.1%
Selling, General & Admin $2.650M $2.950M
YoY Change -10.17% -36.56%
% of Gross Profit 25.91% 44.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.811M $3.590M
YoY Change 6.16% 2.78%
% of Gross Profit 37.27% 54.25%
Operating Expenses $2.650M $2.950M
YoY Change -10.17% -36.56%
Operating Profit $7.576M $3.664M
YoY Change 106.77% -68.58%
Interest Expense -$1.090M -$1.450M
YoY Change -24.83% -27.5%
% of Operating Profit -14.39% -39.57%
Other Income/Expense, Net -$1.104M $1.398M
YoY Change -178.97% -170.89%
Pretax Income $6.469M $5.062M
YoY Change 27.8% -47.75%
Income Tax $1.579M $1.496M
% Of Pretax Income 24.41% 29.55%
Net Earnings $4.867M $3.571M
YoY Change 36.29% -52.68%
Net Earnings / Revenue 8.7% 7.07%
Basic Earnings Per Share $0.65 $0.48
Diluted Earnings Per Share $0.65 $0.48
COMMON SHARES
Basic Shares Outstanding 7.513M 7.480M
Diluted Shares Outstanding 7.513M 7.496M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.40M $80.40M
YoY Change -87.06% 13300.0%
Cash & Equivalents $10.37M $80.41M
Short-Term Investments
Other Short-Term Assets $3.400M $2.900M
YoY Change 17.24% 26.09%
Inventory $30.04M $28.50M
Prepaid Expenses
Receivables $11.00M $4.385M
Other Receivables $0.00 $0.00
Total Short-Term Assets $54.90M $116.2M
YoY Change -52.75% 118.95%
LONG-TERM ASSETS
Property, Plant & Equipment $369.0M $347.8M
YoY Change 6.1% 1.42%
Goodwill $2.246M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $2.369M
YoY Change 9.75% -15.45%
Total Long-Term Assets $373.9M $356.1M
YoY Change 4.99% 0.3%
TOTAL ASSETS
Total Short-Term Assets $54.90M $116.2M
Total Long-Term Assets $373.9M $356.1M
Total Assets $428.8M $472.3M
YoY Change -9.21% 15.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.80M $5.154M
YoY Change 128.95% -30.09%
Accrued Expenses $5.118M $4.943M
YoY Change 3.54% -17.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.400M $5.130M
YoY Change 63.74% -3.44%
Total Short-Term Liabilities $27.00M $23.67M
YoY Change 14.08% 15.01%
LONG-TERM LIABILITIES
Long-Term Debt $134.5M $214.0M
YoY Change -37.15% 30.81%
Other Long-Term Liabilities $268.0K $278.0K
YoY Change -3.6% -19.65%
Total Long-Term Liabilities $268.0K $278.0K
YoY Change -3.6% -99.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.00M $23.67M
Total Long-Term Liabilities $268.0K $278.0K
Total Liabilities $200.4M $269.2M
YoY Change -25.57% 11.76%
SHAREHOLDERS EQUITY
Retained Earnings $225.0M $201.1M
YoY Change 11.92% 20.98%
Common Stock $28.18M $28.59M
YoY Change -1.45% 1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $30.22M $31.78M
YoY Change -4.91% -2.19%
Treasury Stock Shares $902.7K 936.5K shares
Shareholders Equity $223.0M $197.9M
YoY Change
Total Liabilities & Shareholders Equity $428.8M $472.3M
YoY Change -9.21% 15.73%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $4.867M $3.571M
YoY Change 36.29% -52.68%
Depreciation, Depletion And Amortization $3.811M $3.590M
YoY Change 6.16% 2.78%
Cash From Operating Activities $30.74M $17.73M
YoY Change 73.38% -1.88%
INVESTING ACTIVITIES
Capital Expenditures -$5.280M -$6.300M
YoY Change -16.19% 5.88%
Acquisitions
YoY Change
Other Investing Activities -$1.450M $3.030M
YoY Change -147.85% 7475.0%
Cash From Investing Activities -$6.720M -$3.270M
YoY Change 105.5% -44.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.24M 63.35M
YoY Change -125.64% -635.5%
NET CHANGE
Cash From Operating Activities 30.74M 17.73M
Cash From Investing Activities -6.720M -3.270M
Cash From Financing Activities -16.24M 63.35M
Net Change In Cash 7.780M 77.81M
YoY Change -90.0% 23478.79%
FREE CASH FLOW
Cash From Operating Activities $30.74M $17.73M
Capital Expenditures -$5.280M -$6.300M
Free Cash Flow $36.02M $24.03M
YoY Change 49.9% 0.04%

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>
us-gaap Revenue Performance Obligation Description Of Timing
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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.
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<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 Condensed Consolidated 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>
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GainsLossesOnSalesOfInvestmentRealEstate
18230000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8410000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4285000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4285000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4285000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
4285000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
117324000
CY2021Q1 alco Long Term Debt And Line Of Credit
LongTermDebtAndLineOfCredit
142874000
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1089000
CY2020Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1452000
us-gaap Interest Expense Debt
InterestExpenseDebt
2278000
us-gaap Interest Expense Debt
InterestExpenseDebt
2996000
CY2021Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
349000
CY2020Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
303000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
661000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
572000
CY2021Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
1438000
CY2020Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
1755000
us-gaap Interest Costs Incurred
InterestCostsIncurred
2939000
us-gaap Interest Costs Incurred
InterestCostsIncurred
3568000
CY2021Q1 alco Debt Instrument Covenant Minimum Debt Coverage Ratio
DebtInstrumentCovenantMinimumDebtCoverageRatio
1.10
CY2021Q1 alco Debt Instrument Covenant Minimum Tangible Net Worth
DebtInstrumentCovenantMinimumTangibleNetWorth
160000000
alco Debt Instrument Covenant Percentage Annual Increase
DebtInstrumentCovenantPercentageAnnualIncrease
0.10
alco Debt Instrument Covenant Minimum Tangible Networth Annual Increase
DebtInstrumentCovenantMinimumTangibleNetworthAnnualIncrease
169730000
CY2021Q1 alco Lineof Credit Facility Covenant Terms Minimum Current Ratio
LineofCreditFacilityCovenantTermsMinimumCurrentRatio
1.50
CY2021Q1 us-gaap Ratio Of Indebtedness To Net Capital1
RatioOfIndebtednessToNetCapital1
0.625
CY2021Q1 alco Debt Instrument Covenant Maximum Capital Expenditure
DebtInstrumentCovenantMaximumCapitalExpenditure
30000000
alco Increase In Income Tax Benefit Due To Difference In Federal Income Tax Rate
IncreaseInIncomeTaxBenefitDueToDifferenceInFederalIncomeTaxRate
82000
CY2020Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
146000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
636000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
364000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
348000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5118000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7095000
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
605000
CY2021Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
686000
CY2020Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
2057000
CY2021Q1 us-gaap Interest Payable Current
InterestPayableCurrent
931000
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
1020000
CY2021Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1363000
CY2020Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2214000
CY2021Q1 alco Accrued Harvest And Haul Current
AccruedHarvestAndHaulCurrent
422000
CY2021Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
1352000
CY2020Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
674000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
4867000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
3571000
us-gaap Net Income Loss
NetIncomeLoss
8712000
us-gaap Net Income Loss
NetIncomeLoss
4362000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7513000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7480000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7508000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7478000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7513000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7496000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7508000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7494000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
55944000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50515000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69676000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61520000
CY2021Q1 us-gaap Cost Of Revenue
CostOfRevenue
45718000
CY2020Q1 us-gaap Cost Of Revenue
CostOfRevenue
43898000
us-gaap Cost Of Revenue
CostOfRevenue
54053000
us-gaap Cost Of Revenue
CostOfRevenue
49289000
CY2021Q1 us-gaap Gross Profit
GrossProfit
10226000
CY2020Q1 us-gaap Gross Profit
GrossProfit
6617000
us-gaap Gross Profit
GrossProfit
15623000
us-gaap Gross Profit
GrossProfit
12231000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3857000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3590000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7708000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7199000
CY2021Q1 us-gaap Assets
Assets
428783000
CY2020Q3 us-gaap Assets
Assets
423937000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
132000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
52000
us-gaap Operating Lease Cost
OperatingLeaseCost
264000
us-gaap Operating Lease Cost
OperatingLeaseCost
104000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
87000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y1M9D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0320
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
222000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
444000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
162000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
355000
CY2019Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
7000
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
923621
CY2020Q3 us-gaap Treasury Stock Value
TreasuryStockValue
30779000
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
20889
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-556000
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
902732
CY2021Q1 us-gaap Treasury Stock Value
TreasuryStockValue
30223000
CY2021Q1 us-gaap Purchase Obligation
PurchaseObligation
2581000

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