Alico Improves Profit Position

LA BELLE, FL-Alico Inc., founded by the late cattle, citrus and land baron Ben Hill Griffin Jr., is reporting net income of $16.1 million or $2.29 per share for fiscal 2001 ended Aug. 31. That performance compares with $14.1 million or $2.01 per share for the comparable 2000 period.

Profits from real estate sales were $11.4 million versus $13.3 million last year. “While down, compared to last year, they were a significant part of the company’s pre-tax earnings,” Ben Hill Griffin III, the founder’s son and Alico’s chairman, says in a prepared statement.

Total revenue for 2001 was $68.3 million compared to $103.5 million last year. Earnings from agriculture activities increased 3.5%, “primarily the result of improved market prices for sugar and beef,” Griffin says.

Citlrus earnings were down 24%, “largely due to a decrease in citrus market prices,” the Alico chairman says.