Alico Inc. (ALCO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Alico Inc. has a market cap of $180.84 million; its shares were traded at around $24.52 with and P/S ratio of 2.02. ALCO is in the portfolios of Third Avenue Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Bowens operations generated revenues of $10.9 million and $27.9 million for the three and nine months ended June 30, 2010, respectively, and $10.8 million and $27.5 million for the three and nine months ended June 30, 2009, respectively. Gross profits were $173 thousand and $384 thousand during the three and nine months ended June 30, 2010, respectively, and $858 thousand and $1.6 million during the three and nine months ended June 30, 2009, respectively. Bowens operations include the purchase and resale of citrus fruit. Rising citrus prices for purchased product during the current fruit season caused margins to tighten when compared to the prior year, resulting in reduced profitability for Bowen during the three and nine months ended June 30, 2010 when compared with the three and nine months ended June 30, 2009.
The Citrus Groves division recorded gross revenues of $15.1 million and $36.1 million and gross profits of $5.0 million and $10.1 million, for the three and nine months ended June 30, 2010 and gross revenues of $14.9 million and $35.7 million and gross profits of $4.0 million and $8.5 million, for the three and nine months ended June 30, 2009, respectively. The increase in revenue and gross profits for the quarter and nine months ended June 30, 2010 compared with the comparable periods ended June 30, 2009 was due to an increase in citrus prices during the current year caused by a series of freezes which impacted Florida citrus production.
Alicos sugarcane operations consist of cultivating raw sugarcane for sale to a sugar processor. Alicos sugarcane harvest was completed during the second fiscal quarter ended March 31, 2010. Sugarcane revenues were ($17 thousand) and $3.9 million during the three and nine months ended June 30, 2010 and $307 thousand and $7.4 million during the three and nine months ended June 30, 2009, respectively. Sugarcane generated losses of $17 thousand and $22 thousand during the three and nine months ended June 30, 2010 and losses of $416 thousand and $2.3 million during the three and nine months ended June 30, 2009, respectively.
Cattle revenues were $116 thousand and $609 thousand and profits from cattle operations were $44 thousand and $175 thousand for the three and nine months ended June 30, 2010, respectively. Cattle revenues were $2.8 million and $5.2 million and profits (losses) from cattle operations were $133 thousand and ($885 thousand) for the three and nine months ended June 30, 2009, respectively. The decline in revenue for the three and nine months ended June 30, 2010 compared with June 30, 2009, is due to the timing of Alicos calf sales. Alico expects to sell the majority of its current calf production during the quarter ending September 30, 2010. The Company sold the majority of its calves before June 30, 2009 during the prior fiscal year. The Company has implemented cost cutting measures in its cattle operations and is currently striving to refocus itself as a low cost high quality cattle producer.
Revenues from the sale of vegetables were $1.6 million and $3.4 million for the three and nine months ended June 30, 2010, respectively. Revenues from the sale of vegetables were $1.4 million and $4.7 million for the three and nine months ended June 30, 2009, respectively. Gross losses from the vegetable divisio
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Alico Inc. has a market cap of $180.84 million; its shares were traded at around $24.52 with and P/S ratio of 2.02. ALCO is in the portfolios of Third Avenue Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Alico did not purchase any shares during the quarter ended June 30, 2010, but purchased 16,000 shares in the open market at an average price of $28.50 during the nine months ended June 30, 2010. During the quarter and nine months ended June 30, 2009, the Company purchased 3,000 and 25,500 shares, at an average price of $27.21 and $36.63 per share, respectively.Bowens operations generated revenues of $10.9 million and $27.9 million for the three and nine months ended June 30, 2010, respectively, and $10.8 million and $27.5 million for the three and nine months ended June 30, 2009, respectively. Gross profits were $173 thousand and $384 thousand during the three and nine months ended June 30, 2010, respectively, and $858 thousand and $1.6 million during the three and nine months ended June 30, 2009, respectively. Bowens operations include the purchase and resale of citrus fruit. Rising citrus prices for purchased product during the current fruit season caused margins to tighten when compared to the prior year, resulting in reduced profitability for Bowen during the three and nine months ended June 30, 2010 when compared with the three and nine months ended June 30, 2009.
The Citrus Groves division recorded gross revenues of $15.1 million and $36.1 million and gross profits of $5.0 million and $10.1 million, for the three and nine months ended June 30, 2010 and gross revenues of $14.9 million and $35.7 million and gross profits of $4.0 million and $8.5 million, for the three and nine months ended June 30, 2009, respectively. The increase in revenue and gross profits for the quarter and nine months ended June 30, 2010 compared with the comparable periods ended June 30, 2009 was due to an increase in citrus prices during the current year caused by a series of freezes which impacted Florida citrus production.
Alicos sugarcane operations consist of cultivating raw sugarcane for sale to a sugar processor. Alicos sugarcane harvest was completed during the second fiscal quarter ended March 31, 2010. Sugarcane revenues were ($17 thousand) and $3.9 million during the three and nine months ended June 30, 2010 and $307 thousand and $7.4 million during the three and nine months ended June 30, 2009, respectively. Sugarcane generated losses of $17 thousand and $22 thousand during the three and nine months ended June 30, 2010 and losses of $416 thousand and $2.3 million during the three and nine months ended June 30, 2009, respectively.
Cattle revenues were $116 thousand and $609 thousand and profits from cattle operations were $44 thousand and $175 thousand for the three and nine months ended June 30, 2010, respectively. Cattle revenues were $2.8 million and $5.2 million and profits (losses) from cattle operations were $133 thousand and ($885 thousand) for the three and nine months ended June 30, 2009, respectively. The decline in revenue for the three and nine months ended June 30, 2010 compared with June 30, 2009, is due to the timing of Alicos calf sales. Alico expects to sell the majority of its current calf production during the quarter ending September 30, 2010. The Company sold the majority of its calves before June 30, 2009 during the prior fiscal year. The Company has implemented cost cutting measures in its cattle operations and is currently striving to refocus itself as a low cost high quality cattle producer.
Revenues from the sale of vegetables were $1.6 million and $3.4 million for the three and nine months ended June 30, 2010, respectively. Revenues from the sale of vegetables were $1.4 million and $4.7 million for the three and nine months ended June 30, 2009, respectively. Gross losses from the vegetable divisio
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