Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Common Stock
Our common stock is traded on the Nasdaq Global Select Market under the symbol ALCO.
Holders
On December 4, 2020, our stock transfer records indicated there were 216 holders of record of our common stock. A greater number of holders of our common stock are “street name” or beneficial holders, whose shares are held by banks, brokers and other financial institutions.
Dividend Policy
The declaration and amount of any actual cash dividend are in the sole discretion of our Board of Directors and are subject to numerous factors that ordinarily affect dividend policy, including the results of our operations and financial position, as well as general economic and business conditions.
The following table presents cash dividends per share of our common stock declared in fiscal years ended September 30, 2020, 2019 and 2018:
Declaration Date
Record Date
Payment Date
Per Common Share
November 6, 2017
December 29, 2017
January 16, 2018
$
0.06
March 14, 2018
March 30, 2018
April 13, 2018
$
0.06
June 11, 2018
June 29, 2018
July 13, 2018
$
0.06
September 4, 2018
September 28, 2018
October 12, 2018
$
0.06
December 14, 2018
December 28, 2018
January 11, 2019
$
0.06
March 15, 2019
March 29, 2019
April 12, 2019
$
0.06
June 14, 2019
June 28, 2019
July 12, 2019
$
0.06
September 13, 2019
September 27, 2019
October 11, 2019
$
0.06
December 5, 2019
December 27, 2019
January 10, 2020
$
0.09
March 13, 2020
March 27, 2020
April 10, 2020
$
0.09
June 11, 2020
June 26, 2020
July 10, 2020
$
0.09
September 11, 2020
September 25, 2020
October 9, 2020
$
0.09
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Stock Performance Graph
The graph below represents our common stock performance, comparing the value of $100 invested on September 30, 2015 in our common stock, the S&P 500 Index, the S&P Agricultural Products Index and a Company-constructed peer group, which includes Forestar Group, Inc., Limoneira Company, The St. Joe Company, Tejon Ranch Co. and Texas Pacific Land Trust.
INDEXED RETURNS
Base
Period
Years Ending
Company Name / Index
Sept 15
Sept 16
Sept 17
Sept 18
Sept 19
Sept 20
Alico, Inc.
100
66.71
85.51
85.29
86.54
73.67
S&P 500 Index
100
115.43
136.91
161.43
168.30
193.80
S&P Agricultural Products Index
100
115.30
118.08
133.04
112.52
133.78
Peer Group
100
121.43
163.75
267.21
212.60
173.86
(Includes reinvestment of dividends)
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Recent Sale of Unregistered Securities
None.
Issuer Repurchases of Equity Securities
We adopted Rule 10b5-1 share repurchase plan under the Securities Exchange Act of 1934 (the “Plan”) in connection with share repurchase authorizations. The Plan allows us to repurchase our shares of common stock at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Because repurchases under the Plan are subject to certain pricing parameters, there is no guarantee as to the exact number of common shares that will be repurchased under the Plan or that there will be any repurchases pursuant to the Plan.
(a)
(b)
(c)
(d)
Period
Total number of shares (or units) purchased (1)
Average price paid per share (or unit)
Total number of shares (or units) purchased as part of publicly announced plans or programs
Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
10/01/2019 - 10/31/2019
7,000
$
33.95
—
—
Total
7,000
$
33.95
—
—
(1)
On October 10, 2019, the Board of Directors authorized the repurchase of up to 7,000 shares of the Company's common stock from 734 Investors in a privately negotiated repurchase of shares. The Company entered into a repurchase agreement with 734 Investors to repurchase 7,000 shares of the Company's common stock on October 15, 2019.
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Item 6. Selected Financial Data
The following tables present selected historical consolidated financial information as of and for each of the fiscal years in the five-year period ended September 30, 2020. The Consolidated Financial Statements as of and for the fiscal years ended September 30, 2020, 2019, 2018, 2017 and 2016.
The selected historical financial data presented below should be reviewed in conjunction with our Consolidated Financial Statements and the accompanying Notes thereto, included elsewhere in this Annual Report on Form 10-K.
(in thousands, except per share amounts)
September 30,
2020
2019
2018
2017
2016
Selected Statements of Operations Information:
Operating revenues
$
92,507
$
122,251
$
81,281
$
129,829
$
144,196
Income (loss) from operations
$
6,921
$
45,214
$
10,535
$
(6,094
)
$
21,846
Net income (loss) attributable to common stockholders
$
23,662
$
37,833
$
13,050
$
(9,451
)
$
6,993
Basic earnings (loss) per common share
$
3.16
$
5.06
$
1.59
$
(1.14
)
$
0.84
Diluted earnings (loss) per common share
$
3.16
$
5.05
$
1.57
$
(1.14
)
$
0.84
Cash dividends declared per common share
$
0.36
$
0.24
$
0.24
$
0.24
$
0.24
Selected Balance Sheet Information:
Cash and cash equivalents and restricted cash
$
19,687
$
23,838
$
32,260
$
3,395
$
6,625
Property and equipment, net
$
350,061
$
345,648
$
340,403
$
349,337
$
379,247
Total assets
$
423,937
$
417,388
$
423,422
$
419,182
$
455,445
Current portion of long-term debt
$
9,145
$
5,338
$
5,275
$
4,550
$
4,493
Long-term debt, net of current portion
$
139,106
$
158,111
$
169,074
$
181,926
$
192,726
Total Alico, Inc. stockholders' equity
$
216,341
$
194,303
$
172,117
$
160,641
$
173,490
Noncontrolling interest
$
5,441
$
5,095
$
5,478
$
4,728
$
4,773
For the fiscal year ended September 30, 2016, net income includes the gain on sale of assets of approximately $618,000 related to the sale of real estate and approximately $9,893,000 of interest expense.
For the fiscal year ended September 30, 2017, net loss includes inventory casualty loss and net realizable adjustment of approximately $14,688,000 as a result of Hurricane Irma, additional asset impairments of long-lived assets of approximately $9,346,000, and interest expense of approximately $9,141,000. The net loss was partially offset by a gain on sale of assets of approximately $2,181,000.
For the fiscal year ended September 30, 2018, net income includes the gain on sale of assets of approximately $11,041,000 related to the sale of real estate, property and equipment and assets held for sale, and insurance proceeds received in the amount of approximately $9,429,000 relating to damages from Hurricane Irma. Net income also includes a one-time non-cash deferred income tax benefit of approximately $9,847,000, which resulted from the remeasurement of the Company's net deferred tax liabilities due to the 21% corporate tax rate that was enacted December 22, 2017, and the expiration of a capital loss carryforward, which expired at September 30, 2018, of approximately $5,634,000, resulting in an additional income tax expense. Additionally, net income includes approximately $8,561,000 of interest expense and $3,349,000 of impairments relating to net realizable adjustment on inventory and long-lived assets.
For the fiscal year ended September 30, 2019, net income includes a gain on sale of assets of approximately $13,166,000 related to the sale of real estate, property and equipment and assets held for sale. Net income also includes insurance proceeds received of approximately $486,000 in additional property and casualty claims reimbursement relating to Hurricane Irma and federal relief proceeds of approximately $15,597,000 under the Florida Citrus Recovery Block Grant (“CRBG”) program relating to Hurricane Irma. Additionally, net income includes approximately $7,180,000 of interest expense and $1,204,000 relating to net realizable adjustment on inventory and impairments of long-lived assets.
For the fiscal year ended September 30, 2020, net income includes a gain on sale of assets of approximately $30,424,000 related to the sale of real estate, property and equipment and assets held for sale. Net income also includes federal relief proceeds of approximately $4,629,000 under the Florida CRBG program relating to Hurricane Irma. Additionally, net income includes approximately $5,981,000 of interest expense and $1,321,000 relating to impairments of long-lived assets.
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