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Alico Inc. (ALCO-1.40%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing an increase in operating revenues to $46,643,000 from $39,846,000 in the previous year. This increase is attributed to higher citrus production and improved pricing.
Operating expenses rose significantly to $103,026,000 from $33,400,000, primarily due to inventory adjustments related to lower-than-expected harvests.
The company reported a gross loss of $56,383,000, compared to a gross profit of $6,446,000 in the previous year, with the decline attributed to increased operating expenses.
Net income for the year was $6,355,000, up from $1,658,000 in the previous year. After accounting for noncontrolling interests, net income attributable to common stockholders was $6,973,000, compared to $1,835,000 in the previous year.
Cash used in operating activities was $30,497,000, while cash provided by investing activities was $68,178,000, mainly from land sales.
Alico had a working capital of $29,976,000 as of September 30, 2024. The company continues to focus on land management and citrus production.
The filing also details the company's amended credit agreement with Metropolitan Life Insurance Company (MET+1.56%), which increased the revolving line of credit to $95,000,000 and extended the maturity date to May 1, 2034.
Alico does not anticipate significant changes to its dividend policy, maintaining a quarterly dividend of $0.05 per common share.
The company identified a material weakness in its internal controls over financial reporting related to inventory calculations and is implementing remediation plans.
Alico continues to manage its citrus groves and land holdings, with recent developments including the extension of a citrus grove management agreement and the impact of Hurricane Milton on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alico Inc. annual 10-K report dated December 2, 2024. To report an error, please email earnings@qz.com.