Alico reports Q1 adjusted EPS (84c) vs. (24c) a year ago

Reports Q1 revenue $10,588M vs. $15.227M a year ago. As of December 31, 2022 and 2021, the Company had long-term debt, including lines of credit, net of cash and cash equivalents, of approximately $124.7M and $134.5M, respectively. The Company, as of December 31, 2022, had approximately $75.7M of availability under its two lines of credit. John Kiernan, President and CEO, commented, "As we start FY23, the Company continues to maintain a strong balance sheet, which will enable the company to navigate through the lingering impacts of Hurricane Ian on our 2023 harvest season. As a reminder, at the end of September 2022, Hurricane Ian struck southwestern Florida with 150 mph winds. The slow-moving storm moved across the state and caused substantial fruit drop at the majority of our groves. For FY23, we will see lower levels of revenue because we have less fruit available to sell. Based upon our prior experiences with storms of this nature, we anticipate it may take up to two full seasons, or more, for our groves to recover to pre-hurricane production levels. The Early and Mid-Season harvest ended earlier with lower production volume than in the prior year due to the increased rate of fruit drop as a result of Hurricane Ian. We will start the Valencia harvest in mid-February. We maintain crop insurance and are working closely with our insurers and adjusters to determine the amount of insurance recovery we may be entitled to, if any, which is measured at the completion of each harvest."