ALICO, INC. Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) filed on August 10, 2009, announces the financial results for ALICO, INC. for the third quarter ended June 30, 2009, and the nine-month period ended June 30, 2009.
Key Financial Metrics
| Metric | Q3 2009 | Q3 2008 | 9 Months 2009 | 9 Months 2008 |
|---|---|---|---|---|
| Operating Revenues | $31.2 million | $42.1 million | $84.8 million | $113.0 million |
| Net Income | $609 thousand ($0.08/share) | $5.0 million ($0.68/share) | $2.5 million ($0.34/share) | $8.8 million ($1.19/share) |
| Operating Profit/Loss | $2.1 million | $2.8 million | ($400 thousand) | $6.4 million |
The filing text does not provide specific values for cash flow, debt levels, or liquidity ratios.
Material Changes
- Revenue Decline: Operating revenues decreased by approximately 26% in Q3 and 25% for the nine-month period compared to the prior year.
- Profitability Drop: Net income fell significantly year-over-year. Notably, the company shifted from an operating profit of $6.4 million in the first nine months of 2008 to an operating loss of $400 thousand in the same period of 2009.
- Cause: The decreases in revenue and gross profits were primarily attributed to lower revenues and profits from agriculture operations, driven by lower citrus prices compared to the prior year.
Management Commentary and Outlook
Steven M. Smith, President and Principal Executive Officer, stated that while earnings from operations are down substantially, the Company remains profitable in difficult economic times. Management noted that cost savings measures are beginning to take effect and expressed confidence that the organization is well-positioned to move forward efficiently. The filing does not contain specific forward-looking guidance or numerical forecasts.
Investor Verification Checklist
- Verify the specific impact of citrus price fluctuations on the agriculture segment's revenue and margins.
- Confirm the details of the cost savings measures implemented and their projected long-term impact on operating expenses.
- Review the full financial statements to assess cash flow, debt obligations, and liquidity positions, as these were not detailed in this 8-K summary.
- Monitor future filings for updates on the turnaround of the agriculture operations and the sustainability of the operating loss trend.