Alico Inc releases 2nd quarter earnings report and boasts about the future of Corkscrew Grove Villages
John Kiernan, President and Chief Executive Officer of the Company, stated, “We believe our second quarter results, including net income attributable to Alico, Inc. common stockholders of $11.4 million and Adjusted EBITDA of $16.9 million demonstrate the continued execution of our Strategic Transformation and our commitment to delivering on our stated goals. The $26.9 million land sale for 2,950 acres of citrus grove that we closed in January, combined with the $10.0 million of common shares that were repurchased through our stock repurchase program, reflect our balanced approach to capital allocation and value creation. We're particularly pleased that our strengthened cash position extends our expected financial runway through fiscal year 2028, providing the liquidity, stability and flexibility to advance our long-term real estate development initiatives.”
Mr. Kiernan continued, “The Collier County entitlement approvals in April represent a significant regulatory milestone for Corkscrew Grove East Villages. With local approvals now secured, we're focused on the remaining federal and state permitting processes. Our diversified land utilization strategy continues to perform as intended, with approximately 97% of our farmable acreage generating revenue through agricultural partnerships. We believe this combination of near-term cash generation and long-term development optionality positions Alico to pursue substantial value creation from our approximately 46,000-acre Florida portfolio while maintaining our commitment to responsible land stewardship and conservation. We believe our track record of consistent execution, financial discipline, and strategic progress validates the business model we've built."
Most significantly, in late April, we received unanimous approval from the Collier County Board of County Commissioners for Corkscrew Grove East Village. This local entitlement represents a meaningful regulatory milestone for what we believe has the potential to be a significant development project for Southwest Florida. The approved East Village encompasses 1,446 acres and authorizes up to 4,502 dwelling units, including 362 affordable housing units for essential workers and approximately 238,000 sq ft of neighborhood-scaled retail and office space. The project aligns with Collier County’s Rural Land Stewardship Area program and reflects our commitment to responsible development that balances growth with conservation. Corkscrew Grove East Village will enhance public infrastructure while permanently protecting thousands of acres of sensitive land and restoring wetlands and uplands to native habitat.
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