Please ensure Javascript is enabled for purposes of website accessibility

IRS: Alico owes $26.8 million

  • By
  • | 10:09 p.m. March 17, 2011
  • News
  • Share

LABELLE β€” The Internal Revenue Service is arguing that LaBelle-based Alico Inc. (symbol: ALCO) owes $26.8 million in unpaid taxes and accrued penalties from business operations that took place between 2005 and 2007.

Specifically, the IRS is challenging the operations of two Alico subsidiaries: Agri-Insurance Company Ltd. and Alico-Agri Ltd. Those two entities may owe $14.5 million in unpaid taxes β€” plus $12.3 million in associated penalties.

But Alico continues to dispute the IRS' claims, making eventual costs impossible to gauge. β€œThe cost of any potential settlement associated with the ultimate resolution of these matters has not been estimated at this time,” the company says in a prepared statement.

Over its past three fiscal years, Alico has generated roughly $440,000 in profits on $284.7 million in revenues. The company's stock price is up 2.47% so far in 2011, to just under $24.50 per share.


Related Articles