Mr. Ben Hill Griffin III, Chairman of Alico, Inc. (ALCO), a La Belle agribusiness company, announced that net earnings for the three months ended November 30, 2000, the first quarter of fiscal 2001, were $805 thousand or $.11 per share. This compares to $8.6 million or $1.23 per share, during the same period a year ago.
Operating revenues for the first quarter totaled $9.6 million, compared to $6.9 million during the first quarter of last year.
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Stockholders’ equity as of November 30, 2000 was $96.9 million, compared to $98.0 million at November 30, 1999.
Mr. Griffin noted that the decrease in net income was primarily due to the decrease in earnings from real estate sales, during the first quarter of fiscal 2001, compared to the same period a year ago. During the first quarter of fiscal 2000, the Company sold 1,270 acres of land surrounding the Florida Gulf Coast University, generating a pre-tax gain of $13.4 million.
Mr. Griffen stated that citrus earnings have decreased, when compared to the same quarter last year, due to a decrease in fresh fruit revenue.
Sugarcane earnings have increased, compared to the first quarter of last year, due to an increase in producing acres, combined with improved sugar yields and market prices.
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By GlobalDataRanch earnings have increased from a year ago due to improved market prices for beef.
