$ALCO
ALICO, INC.

2022 Q1 Form 10-Q Financial Statement

#000156459022018882 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $49.64M $55.94M
YoY Change -11.27% 10.75%
Cost Of Revenue $45.64M $45.72M
YoY Change -0.17% 4.15%
Gross Profit $3.999M $10.23M
YoY Change -60.89% 54.54%
Gross Profit Margin 8.06% 18.28%
Selling, General & Admin $2.538M $2.650M
YoY Change -4.23% -10.17%
% of Gross Profit 63.47% 25.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.832M $3.811M
YoY Change 0.55% 6.16%
% of Gross Profit 95.82% 37.27%
Operating Expenses $2.538M $2.650M
YoY Change -4.23% -10.17%
Operating Profit $1.461M $7.576M
YoY Change -80.72% 106.77%
Interest Expense -$870.0K -$1.090M
YoY Change -20.18% -24.83%
% of Operating Profit -59.55% -14.39%
Other Income/Expense, Net $1.000K -$1.104M
YoY Change -100.09% -178.97%
Pretax Income $27.20M $6.469M
YoY Change 320.41% 27.8%
Income Tax $6.579M $1.579M
% Of Pretax Income 24.19% 24.41%
Net Earnings $20.70M $4.867M
YoY Change 325.35% 36.29%
Net Earnings / Revenue 41.7% 8.7%
Basic Earnings Per Share $2.74 $0.65
Diluted Earnings Per Share $2.74 $0.65
COMMON SHARES
Basic Shares Outstanding 7.552M 7.513M
Diluted Shares Outstanding 7.556M 7.513M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.52M $10.40M
YoY Change 126.12% -87.06%
Cash & Equivalents $26.18M $10.37M
Short-Term Investments
Other Short-Term Assets $1.356M $3.400M
YoY Change -60.12% 17.24%
Inventory $33.18M $30.04M
Prepaid Expenses
Receivables $12.53M $11.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $70.58M $54.90M
YoY Change 28.56% -52.75%
LONG-TERM ASSETS
Property, Plant & Equipment $373.9M $369.0M
YoY Change 1.31% 6.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.221M $2.600M
YoY Change 139.27% 9.75%
Total Long-Term Assets $382.3M $373.9M
YoY Change 2.26% 4.99%
TOTAL ASSETS
Total Short-Term Assets $70.58M $54.90M
Total Long-Term Assets $382.3M $373.9M
Total Assets $452.9M $428.8M
YoY Change 5.63% -9.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.582M $11.80M
YoY Change -35.75% 128.95%
Accrued Expenses $7.986M $5.118M
YoY Change 56.04% 3.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.285M $8.400M
YoY Change -48.99% 63.74%
Total Short-Term Liabilities $24.53M $27.00M
YoY Change -9.14% 14.08%
LONG-TERM LIABILITIES
Long-Term Debt $119.9M $134.5M
YoY Change -10.88% -37.15%
Other Long-Term Liabilities $638.0K $268.0K
YoY Change 138.06% -3.6%
Total Long-Term Liabilities $638.0K $268.0K
YoY Change 138.06% -3.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.53M $27.00M
Total Long-Term Liabilities $638.0K $268.0K
Total Liabilities $181.4M $200.4M
YoY Change -9.49% -25.57%
SHAREHOLDERS EQUITY
Retained Earnings $266.9M $225.0M
YoY Change 18.62% 11.92%
Common Stock $28.38M $28.18M
YoY Change 0.72% -1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.03M $30.22M
YoY Change -3.96% -4.91%
Treasury Stock Shares $863.5K $902.7K
Shareholders Equity $266.3M $223.0M
YoY Change
Total Liabilities & Shareholders Equity $452.9M $428.8M
YoY Change 5.63% -9.21%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $20.70M $4.867M
YoY Change 325.35% 36.29%
Depreciation, Depletion And Amortization $3.832M $3.811M
YoY Change 0.55% 6.16%
Cash From Operating Activities $18.41M $30.74M
YoY Change -40.12% 73.38%
INVESTING ACTIVITIES
Capital Expenditures -$6.134M -$5.280M
YoY Change 16.17% -16.19%
Acquisitions
YoY Change
Other Investing Activities $28.05M -$1.450M
YoY Change -2034.69% -147.85%
Cash From Investing Activities $21.92M -$6.720M
YoY Change -426.18% 105.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.22M -16.24M
YoY Change -12.45% -125.64%
NET CHANGE
Cash From Operating Activities 18.41M 30.74M
Cash From Investing Activities 21.92M -6.720M
Cash From Financing Activities -14.22M -16.24M
Net Change In Cash 26.11M 7.780M
YoY Change 235.57% -90.0%
FREE CASH FLOW
Cash From Operating Activities $18.41M $30.74M
Capital Expenditures -$6.134M -$5.280M
Free Cash Flow $24.54M $36.02M
YoY Change -31.87% 49.9%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q1 us-gaap Commitments And Contingencies
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CY2022Q1 us-gaap Preferred Stock Value
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us-gaap Depreciation Depletion And Amortization
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us-gaap Debt Related Commitment Fees And Debt Issuance Costs
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us-gaap Debt Related Commitment Fees And Debt Issuance Costs
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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alco Increase Decreasein Prepaid Guaranteed Payments
IncreaseDecreaseinPrepaidGuaranteedPayments
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alco Increase Decreasein Prepaid Guaranteed Payments
IncreaseDecreaseinPrepaidGuaranteedPayments
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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alco Payments For Deposits On Purchase Of Productive Assets
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alco Payments For Deposits On Purchase Of Productive Assets
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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alco Payments For Proceeds From Deposits On Purchase Of Productive Assets
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us-gaap Number Of Operating Segments
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us-gaap Use Of Estimates
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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>
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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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us-gaap Interest Costs Incurred
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49641000
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CY2021Q1 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7513000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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7543000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7508000
CY2021Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
618000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
287000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
348000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7556000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7513000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7548000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7508000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.74
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
240000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
132000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7986000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9872000
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
580314
CY2021Q4 us-gaap Area Of Land
AreaOfLand
1638
CY2021Q4 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
6300000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1400000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.74
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
55944000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64978000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69676000
CY2022Q1 us-gaap Cost Of Revenue
CostOfRevenue
45642000
CY2021Q1 us-gaap Cost Of Revenue
CostOfRevenue
45718000
us-gaap Cost Of Revenue
CostOfRevenue
59168000
us-gaap Cost Of Revenue
CostOfRevenue
54053000
CY2022Q1 us-gaap Gross Profit
GrossProfit
3999000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
41000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
54000
us-gaap Operating Lease Cost
OperatingLeaseCost
78000
us-gaap Operating Lease Cost
OperatingLeaseCost
107000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y5M8D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0180
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
169000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
348000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
222000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
444000
CY2021Q1 us-gaap Gross Profit
GrossProfit
10226000
us-gaap Gross Profit
GrossProfit
5810000
us-gaap Gross Profit
GrossProfit
15623000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3832000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3811000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7668000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7617000
CY2022Q1 us-gaap Assets
Assets
452912000
CY2021Q3 us-gaap Assets
Assets
433217000
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
890141
CY2021Q3 us-gaap Treasury Stock Value
TreasuryStockValue
29853000
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
26665
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-826000
CY2022Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
863476
CY2022Q1 us-gaap Treasury Stock Value
TreasuryStockValue
29027000
CY2022Q1 us-gaap Purchase Obligation
PurchaseObligation
6578000

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