ALICO, INC. (ALCO): auditor change — Alico restates deferred tax liabilities 2015-2019; FY2022 net income $12.5M, hit by $23M Hurricane Ian losses

ALICO, INC.

Restatement of deferred tax liabilities for fiscal years 2015-2019, cumulative increase in retained earnings of ~$2.5M; no impact on operations or cash flows.
FY2022 net income $12.5M ($1.65 diluted EPS) vs $34.9M ($4.64) in FY2021; EBITDA $32.1M vs $65.5M.
Hurricane Ian caused ~$23M in inventory and casualty losses, leading to results below guidance; adjusted net loss per share $0.21.
Sold ~9,400 acres of Alico Ranch for ~$41.9M; used proceeds to return ~$15M via dividends and prepay debt.
No FY2023 guidance provided due to uncertainty from Hurricane Ian.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

ALICO, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On December 12, 2022, the audit committee (the “Audit Committee”) of the board of directors of the Company concluded that the Company’s previously issued Financial Statements can no longer be relied upon due to an error identified during the completion of the 2022 10-K.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ALICO, INC. reported the fourth quarter and fiscal year ended September 30, 2022 results: net income net income attributable to Alico, Inc. common stockholders of $12.5 million, EPS earnings of $1.65 per diluted common share.

Period: the fourth quarter and fiscal year ended September 30, 2022
Net income: net income attributable to Alico, Inc. common stockholders of $12.5 million
EPS: earnings of $1.65 per diluted common share
Result: reported results

Exact text from the filing

Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2022

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ALICO, INC. filing history →

Source: SEC EDGAR

accession 0000950170-22-026457

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