ALCO - Alico Inc. to Attend 3rd Annual AGTech Answers Conference | Benzinga
FORT MYERS, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico" or the "Company") (NASDAQ:ALCO) announced today that John Kiernan, the Company's Chief Executive Officer and President, and Bradley Heine, the Company's Chief Financial Officer, will attend the 3rd Annual AGTech Answers Conference, held in New York, NY, on November 14, 2023.
COMPANY HISTORY
- Over 125 years of experience, currently managing approximately 50,000 acres of citrus groves in 31 locations across 7 counties.
- Top citrus grower in the US and primary supplier to Tropicana, a leading orange juice brand in the US.
- Recognized within the citrus industry for exceptional caretaking practices, one result being a new partnership with a large citrus grower to manage another 2,500 acres of citrus groves, with expenses reimbursed and a management fee paid per acre for its services.
CITRUS OPERATIONS
- Alico is still recovering from the aftermath of Hurricane Ian in 2022, which damaged half of its crops intended for the 2023 harvest season. Alico hopes to receive federal disaster relief funds from the Consolidated Appropriations Act that was passed into law December 2022, but cannot determine the amount of relief for which it may be eligible. Alico continues to support Florida Citrus Mutual, its industry trade group, and government agencies as they work to finalize federal relief programs.
- Over 35% of Alico's trees have been treated with an oxytetracycline or ‘OTC' injection since January 2023 to combat citrus greening with the goal to improve fruit quality and decrease fruit drop rate. Full extent of its benefits will not be measurable until after the 2024 harvest.
- Alico is confident that its crop recovery in the 2024 harvest season will be significant because of its exceptional caretaking practices, proactive OTC treatment, and the maturing of over 2 million trees planted by the Company since 2017.
REAL ESTATE
- On September 18, 2023, Alico signed a contract with the State of Florida to sell its remaining 17,000 acres of the Alico Ranch for roughly $77.6 million. The deal is anticipated to close before February of 2024. Once closed, the pending contract will result in a total of approximately 69,000 acres of the Alico Ranch sold for $226 million to over 25 buyers since 2018. Plans for use of proceeds are being finalized, with reducing balances on revolving and working capital credit lines incurred since Hurricane Ian in September 2022 a priority. Repayment of variable rate debt balances without penalty is also a ...