Business Services Industry
Alico Inc. Announces Net Income for the Year Ended Aug. 31, 1997
Business Wire, Nov 21, 1997
LABELLE, Fla.--(BUSINESS WIRE)--Nov. 21, 1997--Ben Hill Griffin III, chairman of Alico Inc. (ALCO), a LaBelle agribusiness company, announced that net income for the year ended Aug. 31, 1997 was $11.2 million, or $1.59 per share, an all time high, compared to $4.4 million, or $.63 per share for the year ended Aug. 31, 1996.
Total revenues for the 1997 and 1996 fiscal years were $47.4 million and $36.1 million, respectively.
Stockholders' equity at Aug. 31, 1997 was $88.2 million, compared to $77.4 million at Aug. 31, 1996.
Griffin stated that the company sold 21,700 acres in Hendry County, Fla., resulting in an $11.1 million pre-tax gain, compared to minor real estate sales during fiscal 1996. Additionally, gross earnings from agribusiness and all other activities, except land sales, compared favorably to the prior year.
CONTACT: Alico Inc., LaBelle
W. Bernard Lester, 941/675-2966
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