Alico breaks even in 2010

Alico Inc. earned $79.8 million in operating revenue during its 2010 fiscal year ending Sept. 30. But a dismal real estate market brought the LaBelle-based land management firm just below the breakeven point; its $623,000 net loss represented 0.7% of its revenues and was a sharp improvement from the $3.6 million it lost in 2009.

Its recent struggles have had an adverse impact on Alico's balance sheet. After ending the 2008 fiscal year with $273.9 million in total assets and $78.6 million in cash and liquid investments, today the firm lists $188.8 million in assets and $12.4 million in cash.

Going forward, a $12 million dollar investment in a new line of business might help boost future profits, even if Florida's real estate economy fails to recover rapidly. In May, Alico acquired a 39% stake in Magnolia TC 2 LLC, a company that purchases tax certificates on properties with tax delinquencies.