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FORT MYERS — Citrus production giant Alico posted sales gains in the first quarter compared with the same quarter one year ago, but it reported a net loss on expenses partially related to exploring more acquisitions.
Alico reported a net loss of $3 million on total operating revenues of $20.6 million in the first quarter. That compares with net income of $5.2 million on total operating revenues of $19.1 million in the first quarter of 2015.
Fort Myers-based Alico says it incurred expenses in the first quarter partially related to costs associated with exploring more acquisitions. Last year, the company became the nation's largest citrus producer with the acquisitions of Orange-Co and Silver Nip.
In a statement, Alico executives say citrus production and prices rose in the first quarter, but it forecast declines in the upcoming season. “These declines are believed to be attributable to various factors, including changes in weather, such as the El Niño weather pattern, and the effects of diseases and pests, including citrus greening,” the company says in a statement.
“The USDA, in its Jan. 12 citrus crop forecast for the 2015/2016 harvest season, indicated that the Florida orange crop will decrease from 96.8 million boxes for the 2014/2015 crop year to 69 million boxes for the 2015/2016 crop year, a decrease of 28.7%,” the company adds in the statement. “Alico expects to outperform the state and believes that the decrease in its crop will be less than the overall state average.”
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