Alico abandons 90% of citrus acres, exits core citrus business due to greening disease

ALICO, INC.

Alico will wind down its Alico Citrus division, abandoning trees on ~90% of producing acres after current harvest.
Pro forma total assets fall to $177.5M from $397.6M; retained earnings reduced by ~$159M due to asset write-off.
Pro forma FY2024 net income attributable to Alico common stockholders would be $44.5M vs. historical $6.97M, excluding citrus operations.
Company shifts focus to long-term diversified land usage and real estate development strategy.
Citrus greening disease and environmental factors cited as reasons for no further material capital investment.

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