Alico, Inc. Announces Financial Results for the First Quarter Ended December 31, 2018

<p align="justify">FORT MYERS, Fla., Feb. 11, 2019 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq:"ALCO") today announces financial results for the first quarter ended December 31, 2018. For the quarter ended, the Company recorded a net loss attributable to Alico common stockholders of $2.5 million and a loss of $0.33 per diluted common share, compared to net income attributable to Alico common stockholders of $8.7 million and earnings of $1.05 per diluted common share in the prior year. Net loss attributable to Alico common stockholders for the quarter ended December 31, 2018 is attributed to seasonality of when citrus is harvested. The majority of our citrus crop is harvested in the second and third quarters of the fiscal year; consequently, most of the Company's revenues and cash flows from operating activities is typically recognized in those quarters while our working capital requirements are greater in the first and fourth quarters. Net income attributable to Alico common stockholders in the first quarter of fiscal year 2018 also included higher gains from sales of real estate, property and equipment and assets held for sale and a one-time deferred tax benefit of approximately $11.3 million due to the federal corporate tax rate reduction enacted on December 22, 2017.<br></p>

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