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FORT MYERS -- Alico Inc. (symbol: ALCO) earned $7.1 million in net income in its 2011 fiscal year (ended Sept. 30), a full turnaround from last year's performance, when the company lost $623,000.
Revenues grew more than 27%, from $77.2 million in 2010 to $98.6 million this year.
“Our agricultural operations benefitted from increased selling prices and increased production during fiscal year 2011,” explains Alico CEO JD Alexander in a statement.
The Fort Myers-based company owns approximately 139,600 acres of land in Southwest Florida, and is involved in citrus, sugarcane, cattle and other agricultural operations, as well as real estate activities.
In addition to announcing its strong growth in 2011, Alico says it has reached a settlement with the IRS over claims involving up to $31.1 million in taxes owed. The company will pay the IRS $1.6 million in taxes and interest to settle the issue.
“We have maintained that the tax positions we took were supportable and believe this settlement agreement in principle reflects that,” Alexander explains.
In early Thursday trading, shares of Alico stock were down about 1%, to roughly $18 a share.
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