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FORT MYERS -- Alico Inc. (symbol: ALCO) sold $25 million worth of citrus and sugarcane in the first quarter of its 2012 fiscal year, newly updated earnings figures show.
The Fort Myers-based land management company enjoyed a 60% over-the-year increase in agricultural revenues, and the explanation for the growth was fairly simple: the harvest season began earlier, and 4,000 additional acres of sugarcane were planted.
As a result, Alico was able to book a $1.9 million quarterly profit. A year ago, the company lost about $93,000 to start its 2011 fiscal year.
Alico CEO JD Alexander provided a more detailed description of his company's farming improvements within the official earnings release.
“The increase of citrus crop production is the result of better production practices with minimal increase in corresponding costs,” Alexander says. “With these improvements taking place across all citrus operations, and the continued expansion of our sugarcane acreage, we remain optimistic about our future outlook and our position in the marketplace.”
Alico owns approximately 139,600 acres of land located in Collier, Glades, Hendry, Lee and Polk counties. Despite its recent gains, the firm's stock is down more than 9% over the past year, to a per share price around $22.60.
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