Business Context and Reporting Period
This Form 8-K Current Report was filed by Alico, Inc. on March 31, 2005. Alico is an agribusiness company operating in Central and Southwest Florida with approximately 141,000 acres of real estate holdings. The company's operations include citrus fruit production, cattle ranching, sugarcane, sod production, forestry, and real estate development.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period. The only specific financial figure disclosed relates to a single transaction:
- Asset Sale Contract: $5.6 million for the sale of approximately 280 acres of citrus grove land.
Material Changes
The primary material event reported is the execution of a contract to sell 280 acres of citrus grove land located south of LaBelle, Florida, in Hendry County. The transaction is scheduled to close in October 2005. Alico will retain operating rights to the grove until development begins. No other material changes to financial position or operations were disclosed in this filing.
Guidance, Outlook, and Management Commentary
CEO John R. Alexander stated that the property is located near the company's 50-acre greenhouse operation, Alico Plant World, in an area of expanding growth. Management views the current market conditions as an opportune time to market the land and indicated that Alico will continue to assess similar market opportunities. The filing does not contain formal financial guidance or specific risk factors beyond the general nature of real estate development.
Investor Verification Checklist
- Verify the closing date of the $5.6 million land sale (scheduled for October 2005).
- Confirm the terms regarding the retention of operating rights on the 280-acre grove prior to development.
- Review subsequent filings for the actual proceeds recognized upon closing and any associated tax implications.
- Assess the impact of this sale on the company's total 141,000-acre land portfolio and future development pipeline.