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FORT MYERS — Alico blamed a three-week delay in citrus harvesting and a drop in sugarcane prices for a 30% decline in revenues and a net loss in the first quarter.
For Alico's fiscal first quarter, which ends Dec. 31, the company says it recorded net loss of $700,000 on revenues of $15 million. That compares with net income of $1 million on revenues of $21.4 million in the first quarter of fiscal 2013.
In addition to the citrus-harvest delay and the drop in sugarcane prices, Alico says it suffered $1.7 million in costs related to the acquisition of 51% of Alico's shares by 734 Agriculture and its affiliates from the heirs of company patriarch Ben Hill Griffin.
The citrus-harvest delay was intentional to allow fruit on the company's trees to mature, Alico says. “Historically, our agricultural operations have been seasonal in nature with the second and third quarters generally producing the majority of our annual revenue and the first and fourth quarters producing less revenue,” the company says in a statement announcing the financial results.
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