Fort Myers-based Alico Inc., a grower and land manager, reported lower profits for its fiscal first quarter.
In the quarter ending Dec. 31, the company posted net income of $1 million, or 14 cents a share, down from $1.9 million, or 26 cents a share, a year ago.
The company's total operating revenue in the quarter was $21.4 million, down about 18 percent from $26 million a year ago. The decrease was due to lower sales of citrus fruit by the Alico Fruit Co. and Citrus Groves. The decline was partially offset by an increase in sugarcane sales.
First-quarter results included Citrus Groves revenue of $7.4 million, down about 12 percent from $8.4 million a year ago. The decline in part reflected lower market prices.
Alico Fruit Co. had revenues of $5.3 million for the quarter, down about 50 percent from $10.5 million a year ago. The decrease was attributed to fewer boxes of fruit sold and lower market prices.
Sugarcane operations contributed revenues of $7.8 million for the quarter, compared to $6.1 million a year ago. The favorable result was due to a larger harvest.
JD Alexander, Alico's President and CEO, stated: "Our citrus crop appears to be in line with the state of Florida's estimated 13 percent decrease in total boxes compared to 2012. However, Alico's production per acre continues to outperform the state's average production at a rate similar to last year."
Alico owns 130,400 acres in five Florida counties: Collier, Glades, Hendry, Lee and Polk.