Alico Inc. announces net earnings for the six months ended Feb. 29, 1996

Business Wire, April 23, 1996

LA BELLE, Fla.--(BUSINESS WIRE)--April 23, 1996--Ben Hill Griffin III, Chairman of Alico Inc. (ALCO), a La Belle agribusiness company, announced that net earnings for the six months ended Feb. 29, 1996, were $2.0 million, or $.29 per share.

This compares to $1.9 million, or $.28 per share, during the six months period ended Feb. 28, 1995.

Operating revenues during the first six months of fiscal 1996 totaled $19.2 million, compared to $17.0 million during the same period in fiscal 1995.

Operating revenues during the three months ended Feb. 29, 1996 (second quarter of fiscal 1996) totaled $11.8 million, compared to $11.4 million during the same period a year ago. Net earnings for the second quarter of fiscal 1996 were $1.4 million, or $.20 per share, compared to $1.5 million, or $.22 per share, during the same period a year ago.

Stockholders' equity as of Feb. 29, 1996, was $75.1 million, compared to $68.2 million at Feb. 28, 1995.

Griffin stated that increased citrus earnings were offset by a corresponding decrease in ranch earnings. The changes in earnings for each division was the result in changes in market prices for the respective commodities. Additionally, Griffin stated that sugarcane earnings remained at the same level as the prior year.

CONTACT: Alico Inc., La Belle

W. Bernard Lester, 941/675-2966