The following is a summary of the Alico, Inc. (ALCO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Alico reported a Q1 revenue increase of $3.3 million due to a 24.9% increase in pound solids and a 30.1% increase in process yield.

• An inventory write-down of approximately $10.8 million led to increased operating expenses of $28.2 million.

• General and administrative expenses rose due to an increase in salaries and wages of $0.6 million.

• The company reported a significant turnaround with a net income of $42.9 million, up from a net loss of $3.2 million in the same period last fiscal year.

• Following the sale of 17,229 acres of Alico Ranch, total debt was reduced by $44 million and net debt by $62 million.

Business Progress:

• Alico has started recovery from Hurricane Ian with full recovery expected in another season.

• Over 35% of Alico's producing trees were treated with an OTC trunk injection, expecting full benefits after the 2023-'24 harvest.

• The company plans to apply the OTC therapy to all producing trees in 2024.

• The sale of land to the State of Florida significantly increased other income expense.

• Alico has full access to $95 million of undrawn credit, providing ample liquidity.

• Evaluations of properties to determine their highest-value use are ongoing, aiming to create long-term shareholder value.

More details: Alico IR

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