NEWS RELEASE
January 19, 2005
National Circuit
La Belle, Florida
Mr. John R. Alexander, Chairman of Alico, Inc. (ALCO), a La Belle agribusiness company, announced that net earnings for the three months ended November 30, 2004, the first quarter of fiscal 2005, were $965 thousand or $.13 per share. This compares to $49 thousand or $.01 per share, during the same period a year ago.
Operating revenues for the first quarter of fiscal 2005 totaled $7.6 million, compared to $8.4 million during the first quarter of fiscal 2004. Stockholders equity as of November 30, 2004 was $148.1 million, compared to $123.5 million at November 30, 2003.
Mr. Alexander noted that the increase in net income was due to an increase in earnings from agribusiness operations during the first quarter of fiscal 2005, compared to the same period a year ago.
Mr. Alexander stated that citrus prices have increased during the first quarter of fiscal 2005, due to a lower Florida crop forecast resulting from recent hurricanes, causing citrus profits to increase.
Sugarcane earnings have decreased, compared to the first quarter of fiscal 2004, due to reduced per acre yields and lower prices for raw sugarcane.
Ranch earnings have decreased compared to a year ago due to a decrease in the number of animals sold.
For further information contact: W. Bernard Lester
La Belle, Florida
(863) 675-2966