Alico Inc. announces net earnings for the three months ended Nov. 30, 1995

Business Wire, Jan 16, 1996

LA BELLE, Fla.--(BUSINESS WIRE)--Jan. 16, 1996--Ben Hill Griffin III, chairman of Alico Inc. (ALCO), a La Belle agribusiness company, announced that net earnings for the three months ended Nov. 30, 1995, the first quarter of fiscal 1996, were $647,000, or $.09 per share.

This compared to $421,000, or $.06 per share, during the same period a year ago.

Operating revenues for the first quarter totaled $7.5 million, compared to $5.6 million during the first quarter of last year.

Stockholders' equity as of Nov. 30, 1995 was $73.6 million, compared to $66.6 million at Nov. 30, 1994.

Griffin noted that the increase in net income was due to an overall increase in earnings from agriculture during the first quarter of fiscal 1996, compared to the same period a year ago.

Griffin stated that market prices for citrus products were improved over last year, increasing earnings for that division. Additionally, earnings from sugarcane operations were approximately the same as a year ago and ranch earnings were lower than last year due to reduced market prices for beef.

CONTACT: Alico Inc., La Belle

W. Bernard Lester, 941/675-2966