Alico swings to profit

FORT MYERS — Alico posted a profitable fourth quarter after it sold 11,600 acres in Hendry County to the U.S. Department of Agriculture for $20.7 million.

As a result, the cattle and citrus company booked a gain on the sale of $20.3 million, boosting net income to $11.8 million in the fourth quarter ending Sept. 30. That compares with a loss of $465,000 in the same quarter one year ago.

Because of the seasonal nature of agriculture, sales in the fourth quarter are typically lower than at other times of the year. Total operating revenues in the fourth quarter totaled $6.7 million, 0.4% more than the same quarter in 2012 due to an increase in cattle sales.