Alico at Sidoti’s Small-Cap Virtual Conference: Strategic Land Shift

On Wednesday, 11 June 2025, Alico Incorporated (NASDAQ:ALCO) presented a strategic transformation at Sidoti’s Small-Cap Virtual Conference. CEO John Kiernan outlined Alico’s transition from citrus operations to a land-focused strategy, emphasizing real estate development and land management. While the company faces challenges due to environmental issues in citrus farming, it aims to enhance shareholder value through diversified land use.

Key Takeaways

• Alico is shifting focus from citrus to real estate development, targeting 25% of its land for this purpose.
• The company projects $20 million in EBITDA for the fiscal year ending September.
• A $50 million share buyback program has been approved.
• Alico’s land portfolio is valued between $650 million and $750 million, surpassing its market cap.
• The company maintains a $25 million cash balance and $60 million net debt projection.

Financial Results

• EBITDA: Alico anticipates $20 million for the fiscal year, supported by land sales and citrus harvest results.
• Cash Balance: Expected to be $25 million by fiscal year-end, sufficient for operations through 2027 without further land sales.
• Net Debt: Projected to reduce to approximately $60 million.
• Land Sales: $20 million in sales announced, with potential for an additional $30 million in 2025.

Operational Updates

• Citrus Business: Operations wound down, with a 90% reduction in citrus acreage. Alico will maintain 3,000 acres and lease over 5,000 acres.
• Land Portfolio: Alico owns 51,000 acres in Florida, with 25% targeted for development and 75% for agriculture.
• Development Projects: Four projects are in the entitlement process, including Corkscrew Grove Village, which features a 1,500-acre panther corridor for environmental conservation.
• Credit Line: Alico has a $95 million untapped credit line with MetLife.

Future Outlook

• Strategic Focus: Continued agricultural land management on 75% of its land, with aggressive re-entitlement for development on 25%.
• Capital Allocation: The board has approved a $50 million share buyback program, prioritizing shareholder returns through buybacks or dividends.
• Long-Term Vision: Alico aims to deliver shareholder value through strategic land management and development, maintaining transparency and meeting milestones.

Q&A Highlights

• Expansion Beyond Florida: Alico is not actively pursuing acquisitions outside Florida but remains open to beneficial opportunities.
• Increase in Land Valuation: The rise from $450 million to $650-750 million reflects potential development value.
• Corkscrew Grove West Village Timeline: Construction is expected to start in over a decade.
• Market Cap vs. Fair Value: Investor skepticism and the need to execute the real estate strategy contribute to the perceived disconnect.

For a detailed overview, refer to the full conference call transcript below.

Full transcript - Sidoti’s Small-Cap Virtual Conference:

Daniel Harriman, Analyst, Sidoti: Everybody to Sidoti’s June conference. My name is Daniel Harriman, and I’m an analyst here at Sidoti. This afternoon, we’re gonna get to hear from Alico Incorporated, that’s ticker ALCO. We’re welcoming back the company’s CEO, John Kiernan, who’s now with us, I think, for at least the time in the past year. We’re going to give John about twenty minutes to go through the presentation, after which time, I’m going to open it up for Q and A.

If you do have any questions at any time during the presentation, please feel free to type those into the Q and A box. And time permitting, John and I will get to as many as we can. But thank you for joining us. And on behalf of Sidoti and those in attendance, John, thank you so much, and we’ll hand it over to you.

John Kiernan, CEO, Alico Incorporated: Daniel, thank you. And thank you, Sidoti, for having us having us come back for this conference. It’s always a treat to talk to all the companies that that come to these Sidoti conferences. So we feel most welcome and and are grateful for this opportunity. As Daniel had mentioned, Alico is a public company.

We trade on the Nasdaq with the ticker ALCO. We actually don’t have direct research with raw with with Sidoti, but we are covered by Roth through Jerry Sweeney. And we have a market cap around $240,000,000. So we put up a little bit of cautionary tales here for for the lawyers in the crowd. But if you’re unfamiliar with the story in the simplest terms, Alico is a land company.

So we’ve been around for more than one hundred and twenty five years, and we own land all within the state of Florida. We’ve got a long history of conducting agribusinesses and land management businesses all within the state of Florida, and we’ve got very, very strong roots within the conservation legacy where we protect our natural resources while also being tied to the communities that we serve. And we do that because it’s part of our DNA. That’s very important as we’re migrating the company beyond just pure agribusiness into more commercial and residential real estate for portions of our land because it demonstrates that we have ties to the community and have been for more than a century as opposed to just investors coming to town to kinda slash and burn and and and put up some towers. Our portfolio has always been agriculture related, but we’ve transitioned our business beyond what was traditionally citrus operations to where we’ve determined about 25% of our land holdings are probably better suited for something more in the strategic commercial or residential development.

And we’ve done that really to balance the near term and long term potential on the land where we can get cash on some of the agricultural operations in the near term. But in the long term, if we develop them, we’ll be in a much better position to return larger sums of capital back to shareholders. And that’s really why we’re here. We’re here to really provide investors with the benefits and stability of the conventional agricultural investment with the optionality that comes from that active man land management. And here’s what the land looks like.

So everybody’s familiar that the state of Florida is a peninsula. And you see that nearly all of the land holdings that Alico has are in the center of the state. So we are not along the coastline. You know, I think the closest we have is down in our in our Collier properties, and that’s probably about ten, fifteen miles in. But we are in 31 different locations across eight different counties, and we own today about 51,000 acres of land.

So I mean, more than that, but about 51,000 acres going from 15 acres in one spot to we’ve got one parcel that’s about 20,500 acres. So all shapes and sizes. Until January, it was all basically active citrus. Going forward, we’re gonna shrink our citrus operations about 90% for one more season. We’ll run about 3,000 acres of citrus, and we’ll lease out another, I think, 5,000 plus acres to to parties who are gonna run some citrus on that.

But for the most part, we’ve kinda wound down our citrus. We talked briefly about our connections with the community, and it it’s it’s it’s not a cliche for us. It’s not something that we’re just saying is is something for anybody. You know, we’ve been around for more than a hundred years, and you’ll see from the slide that we have up here, we’ve got very, very strong roots to all the different counties to which we operate today. We’ve invested in a leadership team.

I’ve been with the company now for a little more than ten years. I joined in June of of two thousand fifteen. I spent four years as the CFO. Definitely one of the ropes. Did some COO type work of integrating and restructuring some of the business lines.

And we jettisoned a lot of expenses back then and really got some very strong operational efficiencies, But we’ve migrated the business to to really encapsulate a lot of the long term real estate potential. So a little more than a year and a half ago, we recruited Mitch Hutchcraft, who joined as our executive vice president, who has about four decades of experience all basically located in the state of Florida doing entitlement work. And if you haven’t heard this before, I’ll let you in on a secret. Entitlement is is secret Florida code for for rezoning. So in Florida, you need to have the zoning rights.

Everything that we own today is is basically zoned for agricultural purposes. To change beyond agriculture, you need permissions from the the federal government in some cases, the state government in some cases, the local government in some cases, to basically get their permission to entitle it to have another purpose. And that is Mitch Hutchcraft’s specialty. We think he’s the best in the world at what he does at that, and we’ve been extremely pleased with the progress that he’s made on our projects over the last year. But more to come about Mitch in a minute.

It goes without saying that we can’t function as a public company without very, very strong back office support. And Brad Heine has been with us for a few years now, and we’re very, very pleased. Not only does he bring experience, but he’s very hands on and is really keeping us on straight and narrow. So we’re very delighted that Brad is a member of our our finance staff leading it as our CFO. In January of this past year, so six months ago, on January 6, we announced that we were going to wind down our citrus business.

And, again, we were the leading citrus company in The United States, so this was kind of a very large decision for us to make. And we did that for for purely tactical and financial reasons to transform Owego into a diversified land company. We looked at every single inch of every property that we had. We spent about a year and a half prior to this doing analysis with parties, appraisers, consultants, contractors who really helped us determine as part of a master plan what every inch of our property was best suited for, what would be the highest and best use for the acres of land that we own. And that allowed us to really create a blueprint to determine which acres had the potential for something in commercial, which acres had the potential for something in residential, and which acres really in a bucket would be best suited in the long term surely for agricultural purposes.

And once we completed that, we were able to actually execute a strategy because economically for the last several seasons, Alika was losing money due to environmental and disease related impacts to the citrus industry in Florida. Basically, we had the most trees, and they were declining due to the disease called greening. But, also, the impacts of hurricanes that came through in 2022 and 02/2024, unfortunately, limited our ability to produce meaningful amounts of fruit, which wasn’t sufficient to cover our overhead and the basically, the caretaking costs throughout the year, so we were losing money. So this was not an arbitrary kinda capitalist type decision that we thought we can make an extra dollar doing real estate versus versus agriculture. It was quite the opposite.

Allowing us to go in the real estate path for a small portion of the land that we owned allows us to really focus some of our resources to keep the 75% of the acres we think are better suited for agriculture in agriculture for another couple generations. And that’s kinda where we came out today. We have given guidance at the close of the the harvest season, which concluded in April. We now project that we will have about $20,000,000 of EBITDA for the fiscal year that ends this September. We should wind up with about $25,000,000 of cash on our books, and we’ll have reduced our net debt balance to somewhere around $60,000,000.

Those are three very positive milestones for us. That’s based on only $20,000,000 of previously announced land sales, which are going to close in 02/2025. But we did flag that there is the potential that we can have an additional $30,000,000 that could close as well. And we talked about basically launching a buyback program that if we had disposable cash flow or discretionary cash flow, what would we do with that cash return to shareholders? The buyback program is a pretty good indication that’s probably a path for something in those sums.

The takeaway on this page should be that the land sales and the harvest, so the cash balance that we have, the $25,000,000, will be more than sufficient to fund our operations. Assuming we don’t sell another acre of land, should be sufficient to fund our operations for two additional fiscal years. That gets us through 02/1927. So as we looked at our real estate portfolio, and, again, this is the total of the 51,000 acres that we own today, We determined that the present value of these acres is somewhere between 650 and $750,000,000. Remember we said we’re trading for about $240,000,000 today on a on an equity value, and we’re probably gonna have $60,000,000 of net debt at the end of this fiscal year.

So it’s not too difficult to see that we’re probably, according to these numbers, trading for a discount to what we think the the market value potentially could be if we realize highest and best use for these assets. So we’ve identified really three buckets for our land. We calculated with the outsiders and the appraisers to build this master plan that about 5,500 acres, which represents about four projects, could be realized within five years to the tune of somewhere between 335 and $380,000,000 in present value dollars today, and that’s discounted somewhere between 1015%. We’ve never actually given the exact hurdle rate, but somewhere between 1015%. Present value dollars today, 335 to $380,000,000.

Additionally, there’s another 7,000 plus acres that we think are worth between a 140 and 170 in present value dollars, but that’s outside of five years. So it’s somewhere between, I don’t know, between five and twenty. And then everything else we think remains related to agriculture. And from an agricultural perspective, we use basically simple ag prices. Those 40,700 acres are somewhere between 175 and $200,000,000.

And we have been able to achieve higher prices than that for some ag sales, but we’re not forecasting that through this analysis as something that we expect that we can deliver year in and year out for the foreseeable future. So right now, we’re just gonna say it’s somewhere between 175 and 200. Add all that up, 650 to $750,000,000 for a company that’s trading for probably about $300,000,000 today. So, again, very methodical. Prior to 02/2025, we went through this set of analysis to develop a plan for every acre, and we really prioritize where the maximum value could be created.

And we can we show you where the acres are county by county and really wanna reiterate that we did this in a painstaking objective fashion, and we did this long time before we got to kind of our January decision. So this has been going on for at least a year and a half, close to two years now. So the four projects in the bucket between 335 and $380,000,000, One is in Collier County. That’s basically the the crown jewel today, which is our Corkscrew Grove Village project. That comprises about 400 4,600 acres.

Collier County is down where Naples, Florida is if if you wanna kinda follow along. But we have three other projects that are in the entitlement process as well. One is Bonnet Lake, which is a little further north. That’s about 600 acres. We’ve got another one in the Northern County.

That’s Polk County. That’s about 240 acres. And finally, closer to Collier, but a little more rural outside of the town of Lobel, we’ve got a group we call right now Plant World. Actually, we we’re running some cattle on it for agricultural purposes, but that’s about 80 acres. So let’s talk about each of those because they’re the the the the four that are currently being entitled and probably the most important for driving some of this value.

So the Corkscrew Grove, we’re very, very pleased. It’s launched as far as the entitlement work goes. It’s gonna be two mixed use villages, but we applied locally for the village, but we’ve apprised the state and the federal kind of what the plans are going to be for for both together. So we’ll present all the information, but we’re really only gonna approve the East Village That’ll have a lot of commercial. It’s got some good road frontage, but it’s got a a 1,500 acre environmentally free friendly panther corridor, which we think is critical to kinda preserve some of the environmental importance of of what’s going on and and kind of the sensitive barrier related to the endangered species, the Florida panther that that is in Collier County.

And we hopefully are gonna be able to protect them by granting this 1,500 acre corridor that just increases the safety for the panther overall, but it is also going to give our the residents of these towns, hopefully, a more panther free environment. To be as explicitly transparent as we can be, we developed our own stand alone website for the Coorscrew Grove village projects. And all the information, all the filings, maps, studies, all of that kind of information, we’re using that as really a portal. And we’ve got a QR code in the back of this presentation. It’s also located online, and it’s connected on our website at aweekgoing.com.

I encourage you if you if you wanna get as granular as you want to get real time up to date information. Please please see that website, and we can have follow-up conversations offline if if you wanna dig it even further. So, again, very, very strong strategy. I talked about the Panther Corridor for 1,500 acres, but we, in total, are gonna have probably 4,500 acres on top of that in Collier County. So all told, for 3,000 acres of development, we’ll probably have somewhere around 6,000 acres tied to kinda conservation restricted areas, and we think that is extremely important for the environment.

This is what the maps would look like. Again, we’ve got this on our website, but we’re gonna do the East Village And you see on the far right hand side, the hatched is gonna show you kinda where that panther habitat corridor is gonna be, it’s kinda connecting to kinda wildlife areas. Again, very, very, very key part of this design. Moving further north, since we’re pressed for time in in this presentation, we’ll talk a little bit about Bonnet Lake. Probably lower price points, fewer issues.

We’re not gonna have any environmental issues, we don’t think. Certainly not related to the Florida panther. So, potentially, this could get reviewed and approved quicker, but it is a smaller property. It’s not gonna have commercial. It’s probably gonna have some lower price points.

But we did start this entitlement process by launching our permits back in December. All the permits for what we had just talked about for the Corkscrew Groves were submitted in February, March, and April of this year. So at the local, state, and federal levels, Corkscrew is out there in in the permitting process, and we’re moving through. Same thing for Bonnet Lake up in in Highlands County. Saddlebag up in the the Polk County is also gonna be a residential development.

It’s got about 240 acres, master planned community. Not a whole bunch of commercial, but it’s it’s in very, very good locations. You can see some lake action, some some lake frontage here, but we have not submitted permits for that just yet. So we don’t have very specific that we can kinda spell out, but these are kind of broad brush strokes of what we’re intending. And then lastly, the the the Plant World project near the town of La Belle is about 80 plus acres.

It’s probably about 250 homes. Again, we’re gonna have some some neighbors that are working through some some residential development projects at the same time. So this should fit in nicely with kinda what’s going on in that vicinity. So if you’re unfamiliar with the story of a week ago, we have a long track record of returning capital to shareholders. Again, I’ve been with the company for ten years, so we’re only gonna talk about the ten years since that account I started with.

But in those ten years, we have returned more than $190,000,000 of capital both by voluntarily prepaying some debt as well as putting it back in shareholders’ pockets. And how have we done that? We paid common dividends almost consecutively since 1960. We say since 1974 because we skipped two quarters in 1974 when people were very excited about an oil embargo. But since 2015 in the last ten years, we’ve paid more than $40,000,000 worth of common dividends out.

We’ve done close to a $10,000,000 10 b five share buyback program several, several years ago. We have a new $50,000,000,000 shareholder buyback program that’s been approved by our board a few months. And as we get discretionary cash flow, that probably is where we will use that as a mechanism to return capital. We have voluntarily prepaid and and paid mandatory to tune of about a $114,000,000 worth of principal payments against our debt. When I got here, we had more than $200,000,000 worth of debt that came through a couple acquisitions in ’13 ’14.

And as I mentioned, by the end of this fiscal year, we believe we should be down to about $60,000,000 of net debt, so significant delevering. And, again, from a tender offer perspective, we did about $25,600,000, I think, back in 02/2018. So add that up, and you get about a $191,000,000. We respect shareholders and debt holders, and we intend to return capital as we get capital coming into the company. So why?

We got a strategic vision. Obviously, we were fully committed to this real estate strategy by shutting down our citrus operations. It’s not as simple as as basically shutting everything down because we’re still actively managing 75% of our land for agricultural purposes. We’re primarily doing that as a land leaseholder. So we’re leasing out our land to other agricultural operators, people that are doing sod and vegetables like like green beans and and and fruits like like berries and watermelons and things like that, some cattle guys, but it is still being tied to agricultural purposes.

The other 25%, we’re aggressively moving quickly down a path of of what is the best, most efficient way that we can basically get it reentitled, and we’re working through that process. We’ve got a very strong pen foundation with our management team. We talked a little bit about that. As we’ve given you guidance, we’ve improved our cash flow position. We have more than ample liquidity.

I did not mention that on top of the cash we have and relatively low burn rate as far as operations go and and overhead. We’ve got $95,000,000 of untapped credit through working capital line of credit with MetLife. And by the end of this fiscal year, they’ll probably have 2 and a half million dollars on that, which is kind of the minimum. But that gives us substantial untapped liquidity should we need it. So liquidity in a week ago are are not at risk.

From a financial perspective, we talked about the 191,000,000. We’ve got a buyback program that’s been approved. Approved. And, again, we we think we’re trading at a discount to some of our peers, but certainly from a replacement or fair market value, we think we’re significantly under undervalued there. And, again, nobody asked, but we had a question of how did you return so much capital?

Well, one of the assets that that Oueco had when I joined the company was we had a 69,000 acre cattle ranch that was nonstrategic to us, and we are actually losing some money on on cattle operations. So that was one of the exercises we had in our ability to kind of refocus the business. So we calmly and strategically sold the cattle. We actually sold this to somebody who wound up buying a chunk of the ranch and then opportunistically sold remaining parcels of the ranch over five or six years. And we did that in 26 different transactions.

We wound up realizing close to $226,000,000 between 2017 and 02/2024. And the price to the last price to private buyers tripled in those six years. So we’ve got a track record of basically being disciplined and being prudent, and we know how to sell real estate strategically. And that’s the process that we’re gonna go through as we’re looking at kind of our Citrus holdings that we’re not in a rush. We certainly have the liquidity that we’re gonna be around for quite a while.

So, opportunistically, we’ll look at offers and and and monitor what potentially could be sold, but we’ll do it at attractive prices. So, again, patience will be rewarded. So we talked about our guidance. EBITDA, $20,000,000. That’s based on some previously announced land sales and the results of the latest citrus harvest as well as some insurance from citrus damage, and we should be cash flow positive going forward.

From a land sales perspective, we have 20,000,000 announced, potentially another 30 potentially could be realized in 02/2025. But, again, we’re not counting on it because lots of things can go can go sideways or or get dragged out with real estate sales in Florida. But we certainly have ample liquidity as we move through here, and that’s seen on $25,000,000 of cash on the books through the and that should be sufficient to basically carry us through 02/1927. And we said our net debt is somewhere around $60,000,000, and we’ll have maybe two and a half included in that number on $95,000,000 of credit lines. So, again, this is the QR code.

It’s gonna be up on the website if you’ve got any specific questions. And down below, you’ll see that we are eager to talk to investors at any time. We try to be as transparent as possible. So by all means, Daniel, do have anything anybody wants to ask?

Daniel Harriman, Analyst, Sidoti: Sure. Thank you so much, John. As a reminder, we do have a couple minutes. If you have any questions, please feel free to type them into the box. John, we’ve had a few come in so far.

And, again, you may have touched on this in the presentation and also in in prior conversations with investors. But an interesting one came in about, you know, with your decision to change the business model, if the company would ever consider expanding beyond Florida.

John Kiernan, CEO, Alico Incorporated: That’s a very good question, and I I guess I need to clarify that. Are you asking would we consider doing citrus outside of Florida, or are you asking would we expand into additional real estate acquisitions to buy more land outside of Florida?

Daniel Harriman, Analyst, Sidoti: With with the with the wind down of of Citrus, it would be, you know, land acquisitions outside of Florida.

John Kiernan, CEO, Alico Incorporated: Sure. We haven’t committed to very specific use of proceeds on land sales simply because we try to be as fair and opportunistic once land sales have been realized to make an immediate judgment on is there a reinvestment opportunity that will benefit shareholders in the long term? And if not, we return that capital. And, you know, whether it’s a buyback program, increasing the common dividend, or doing some sort of special dividend, we’re open to all those mechanisms. Historically, we’ve done tender offers and and common, and, obviously, we prepaid a bunch of debt.

Prepaying debt is probably not in the cards. We’ve got some non amortizing debt at this point, but it would have to be at attractive prices and would have to really represent an opportunity that our shareholders themselves couldn’t directly participate in. Otherwise, we’d probably lean more towards returning capital.

Daniel Harriman, Analyst, Sidoti: Perfect. Thank you so much. Another one, this one just came in, and this, you know, may be incorrect data. I’m not exactly sure. But an investor is asking, that a few years ago, he recalls that your land was estimated to be worth around 450,000,000 or so.

And they’re curious as to what’s led to the increase, you know, over the short term.

John Kiernan, CEO, Alico Incorporated: Absolutely. So the I think it was somewhere between me. He’s right. 350 to $450,000,000 we talked about for five or six years. As we were running our citrus operations, we, as management, gave that as an estimate of what the agricultural land value would be.

If we sold our assets to other citrus operators, what was the fair market value of those citrus assets? And what we’ve done subsequent to January is said, okay. What is the agricultural value for for the land that’s gonna remain tied to agriculture, which is about 40,000 acres? The remainder is what’s the fair value in present value today of what the extra 25% of the land, which is about 12,000 acres, is worth if it’s residential or commercial developed and then discounted back to present value today. So that’s how we got $6.50 to seven fifty as opposed to the four fifty.

It’s a portion is still agricultural today where previously all that was valued for agriculture.

Daniel Harriman, Analyst, Sidoti: Perfect. One question came in regarding the the development projects, specifically the Corkscrew Grove Villages. Just when do you expect to submit the application for West Village, and when would it be reasonable to expect to have construction start there?

John Kiernan, CEO, Alico Incorporated: On the West Village?

Daniel Harriman, Analyst, Sidoti: Mhmm.

John Kiernan, CEO, Alico Incorporated: West Village is probably decade plus. What we’re intending is to get the East Village basically constructed and basically learn where the market is and and what worked really, really well on the East Village and complement that with any changes that are necessary to the plans that we developed for the West Village before we we submit them. So, you know, the East Village has to go up which is probably in the next five years. And after that, probably five years plus for the East Village to be absorbed into the market. So I’m guessing 10 out before before the West Village potentially could be constructed.

Daniel Harriman, Analyst, Sidoti: Perfect. We’ve got just running up on time here, so I’ll I’ll ask one more, John, if that’s okay, and I’ll I’ll leave it to you to kinda close. But, you know, you’ve been here a few times now, and, obviously, this is very exciting, you know, the development wise, what you guys have been going on. You know, where do you think the disconnect is right now between, you know, the market capitalization and and the, you know, the fair value of the of the land, the assets and the citrus that you own?

John Kiernan, CEO, Alico Incorporated: So we’re a Florida based company, but I think there’s a little bit of Missouri bias here where you have to show me. You know, we’ve been operating citrus for, I don’t know, pick pick a year. You could say a hundred years. And now all of a sudden, we’ve got some crazy story that’s hitting the market for the time where we’re gonna be in the real estate game. As I explained, we’ve been active in land management for a hundred and twenty five years, so this really isn’t a new story for us.

But you’ve got a lot of potential investment opportunities to choose from in the microcap market today. So I’m sure anybody can stand up and say my stock is undervalued and we’re two to three times more. I’m not doing that. What we’re going to do is we’re laying out a road map and a strategic strategy. Strategic strategy is a oxymoron.

We are a strategic road map for you, and we’re executing on that strategy, and we’re very transparent. So we’ve weighed breadcrumbs since I joined the firm ten years ago every quarter, and we’ve told you what we’re going to do. What we’ve been unsuccessful is we have not been able to kinda control the impact of disease of of greening on citrus, and we’ve been unsuccessful to kinda mitigate damage from really devastating hurricanes. And we we paid that price in our citrus operations, and we’re we’re sorry that it’s led to this. But we really haven’t made other mistakes like that.

You know? So from from this sense going forward, we spelled out exactly what our intentions are, and every quarter, we’re coming back and telling you what we’ve achieved. We’re not gonna zigzag too much for now and decide we’re gonna do some other line of business. This is how we’re gonna deliver value for our shareholders. And as I said, you know, we’re very, very pleased to keep going back to Sidoti.

One big reason is we get to tell your your companies and your investors, hey. Remember what we said at our our conference in January and February? Well, this is what we’ve done. Right? We have $25,000,000.

We’ve reduced the debt. We’ve stabilized basically our our agricultural operations, and we’re making great progress on real estate. Now I’m gonna continue to prove that out. We think the value gap gets shrunk as we’ve basically delivered on all those kind of milestones, and you’ve seen major, major, major trading days when we have good news in the stock. So as we have good news to report, people tend to jump in.

Yeah. I would hope that they would jump in a little sooner, and they can basically ride it up, but it’s up to them. You know? I think we’re close to thirty one fifty today, and we weren’t thirty one fifty in January. So we look forward to basically, you know, delivering on the promises, continue to meet with your good investors, and basically returning capital to shareholders.

Daniel Harriman, Analyst, Sidoti: That’s excellent. Well, John, again, thank you so much for being here and sharing Aliko’s story and y’all’s strategy and vision for the future. For those of you who attended the presentation, thank you for being here. Thank you for your questions. And again, John, on behalf of Sidoti and the audience, just thank you again for your willingness to present today.

John Kiernan, CEO, Alico Incorporated: My pleasure. Hope everybody has a great day.

Daniel Harriman, Analyst, Sidoti: Bye, everyone. Thank you.

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