Harvest delays plague grower

FORT MYERS — Alico blamed a three-week delay in citrus harvesting and a drop in sugarcane prices for a 30% decline in revenues and a net loss in the first quarter.

For Alico's fiscal first quarter, which ends Dec. 31, the company says it recorded net loss of $700,000 on revenues of $15 million. That compares with net income of $1 million on revenues of $21.4 million in the first quarter of fiscal 2013.

In addition to the citrus-harvest delay and the drop in sugarcane prices, Alico says it suffered $1.7 million in costs related to the acquisition of 51% of Alico's shares by 734 Agriculture and its affiliates from the heirs of company patriarch Ben Hill Griffin.