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Technically, second quarter revenue and net income decreased at Alico Inc. compared to last year's totals. But a single transaction is conflating the actual results.
Alico posted a net income of $1.9 million for the second quarter of 2010, down 9.5% from its reported 2009 total gain of $2.1 million. However, a one-time vendor settlement payment of $7 million boosted last year's amount, according to a company release.
Taking out that transaction sharply reduces last year's numbers and makes 2010's performance look much stronger by comparison.
Indeed, profits from company operations totaled $2.3 million for the most recent quarter, a stark turnaround from last year's $1.8 million loss.
“Our ongoing commitment to cost reductions in every area of the company is beginning to yield results,” explained JD Alexander, president at Alico. “Additionally, we have seen price improvements for several of our commodities, most notable citrus, sugarcane, and cattle.”
The net income total for the quarter translates to an earnings of $0.26 per share for the La Belle-based land management company.
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