Alico, Inc. Files 2024 10-K Report

TL;DR

ALCO 10-K filed: Full year results for ag biz are in. Check it.

AI Summary

Alico, Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its agricultural operations. The company's primary business involves the production of citrus and other agricultural products. Key financial details and operational highlights for the period are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Alico's financial performance and business activities for the past fiscal year, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks beyond those typical for an agricultural company.

Key Numbers

• 20240930 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 20241202 — Filing Date (The date Alico, Inc. submitted this 10-K to the SEC.)

Key Players & Entities

• ALICO, INC. (company) — Filer of the 10-K report
• 20240930 (date) — Fiscal year end date for the report
• 20241202 (date) — Filing date of the report
• FT. MYERS, FL (location) — Location of Alico, Inc.'s business and mailing address
• 0930 (date) — Fiscal year end month and day

FAQ

Key Financial Figures

• $1.00 — were 7,633,069 shares of common stock, $1.00 par value per share outstanding. Docum
• $19,549 — 0, 2024, we recognized an adjustment of $19,549, to reduce inventory to its net realiza
• $25,000 — olving line of credit (the "RLOC") from $25,000 to $95,000 and (ii) now extends the mat
• $95,000 — of credit (the "RLOC") from $25,000 to $95,000 and (ii) now extends the maturity date
• $70,000 — . This Amendment replaces the Company's $70,000 working capital line of credit with Rab
• $1,805 — reated in fiscal year 2023. We received $1,805 of grant money from the Florida Citrus
• $1,157 — 023-24 harvest season OTC applications, $1,157 was received in third and fourth quarte
• $35 — n third and fourth quarters of 2024 and $35 received in October 2024, that will cov
• $7,183 — acres of citrus land for approximately $7,183 and recognized a gain of $4,391. Reve
• $4,391 — imately $7,183 and recognized a gain of $4,391. Revenues from our Alico Citrus opera

Filing Documents

• alco-20240930.htm (10-K) — 1567KB
• sixthamendmenttofirstame.htm (EX-10.16) — 3KB
• alico_employmentxofferx2.htm (EX-10.29) — 1KB
• alco-insidertradingpolic.htm (EX-19.1) — 10KB
• alicogtconsentex23_1.htm (EX-23.1) — 1KB
• alicorsmconsentex23_2.htm (EX-23.2) — 1KB
• alcoex31_12024.htm (EX-31.1) — 10KB
• alcoex31_22024.htm (EX-31.2) — 10KB
• alcoex32_12024.htm (EX-32.1) — 5KB
• alcoex32_22024.htm (EX-32.2) — 5KB
• alco-insidertradingpolic001.jpg (GRAPHIC) — 142KB
• alco-insidertradingpolic002.jpg (GRAPHIC) — 186KB
• alco-insidertradingpolic003.jpg (GRAPHIC) — 189KB
• alco-insidertradingpolic004.jpg (GRAPHIC) — 171KB
• alco-insidertradingpolic005.jpg (GRAPHIC) — 33KB
• alico_employmentxofferx2001.jpg (GRAPHIC) — 143KB
• alicogtconsentex23_1001.jpg (GRAPHIC) — 66KB
• alicorsmconsentex23_2001.jpg (GRAPHIC) — 53KB
• sixthamendmenttofirstame001.jpg (GRAPHIC) — 258KB
• sixthamendmenttofirstame002.jpg (GRAPHIC) — 243KB
• sixthamendmenttofirstame003.jpg (GRAPHIC) — 245KB
• sixthamendmenttofirstame004.jpg (GRAPHIC) — 241KB
• sixthamendmenttofirstame005.jpg (GRAPHIC) — 197KB
• sixthamendmenttofirstame006.jpg (GRAPHIC) — 139KB
• sixthamendmenttofirstame007.jpg (GRAPHIC) — 98KB
• sixthamendmenttofirstame008.jpg (GRAPHIC) — 105KB
• 0000003545-24-000128.txt ( ) — 11350KB
• alco-20240930.xsd (EX-101.SCH) — 55KB
• alco-20240930_cal.xml (EX-101.CAL) — 97KB
• alco-20240930_def.xml (EX-101.DEF) — 240KB
• alco-20240930_lab.xml (EX-101.LAB) — 694KB
• alco-20240930_pre.xml (EX-101.PRE) — 497KB
• alco-20240930_htm.xml (XML) — 988KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[ Reserved ]

Item 6. [ Reserved ] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures A bout Market Risk

Item 7A. Quantitative and Qualitative Disclosures A bout Market Risk 37

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 37

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 65

Controls and Procedures

Item 9A. Controls and Procedures 65

Other Information

Item 9B. Other Information 66

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 67

Executive Compensation

Item 11. Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 71

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 71 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 72

Form 10-K Summary

Item 16. Form 10-K Summary 74

Signatures

Signatures 75 2 Table of Content s Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (the "Annual Report") contains certain forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this Annual Report are forward-looking statements, including without limitation, statements regarding future actions, our strategic business plans, models and prospects, prospective products, trends, future performance or results of current and anticipated products, sales efforts, expenses, interest rates, the outcome of contingencies, plans relating to future land sales, dividends, government regulations, the adequacy of our liquidity to meet our needs for the foreseeable future, expectations regarding income taxes, expectations regarding the continued impact of natural disasters and hurricanes, expectations regarding future impairment charges, expectations regarding the remediation of our material weakness, and our expectations regarding market conditions. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as such as "may," "will," "could," "should," "would," "believes," "expects," "anticipates", "estimates", "projects," "intends," "plans" or the negative of these terms or other similar expressions. The forward-looking statements in this Annual Report are only predictions. We have based these forward-looking statements largely

Business

Item 1. Business Overview Alico was incorporated under the laws of the State of Florida in 1960. Alico is an agribusiness with a legacy of achievement and innovation in citrus and conservation. We own approximately 53,371 acres of land in eight Florida counties (Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands and Polk), and approximately 48,700 acres of oil, gas and mineral rights throughout Florida. We hold these oil, gas and mineral rights on substantially all our owned acres, with additional mineral rights on other leased acres. Our principal lines of business are citrus groves and land management. We are one of the largest citrus producers in the United States of America. We operate two divisions: Alico Citrus, a citrus producer on its own land and as a manager of citrus groves for third parties, and Land Management and Other Operations, which includes land conservation, encompassing environmental services, land leasing and related support operations. We manage our land based upon its primary usage and review its performance based upon two primary classifications - Alico Citrus and Land Management and Other Operations. The Alico Citrus division includes the production, cultivation and sale of citrus on our owned lands and as a manager of citrus groves for third parties. Land Management and Other Operations include leases for grazing rights, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties, and other miscellaneous operations generating income. We present our financial results and the related discussion based upon our two business segments: (i) Alico Citrus and (ii) Land Management and Other Operations. Recent Developments Florida Citrus Commission Development On November 21, 2024, the Florida Citrus Commission passed an emergency rule, based on requests from the Florida Citrus Processors Association and Florida Citrus Mutual, to reduce the minimum Brix value (a

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View this 10-K filing on SEC EDGAR