Core Points - Alico, Inc. will present at the Sidoti Small Cap Virtual Conference on June 11 and 12, 2025, with CEO John Kiernan hosting one-on-one meetings with investors [1][2] - The presentation is scheduled to start at 12:15 PM ET on June 11, 2025, and will be accessible live [2] - Alico is a Florida-based agribusiness and land management company with over 125 years of experience, operating approximately 51,300 acres across 8 Florida counties [3] Company Overview - Alico focuses on strategic land development opportunities and diversified agricultural operations, aiming to create long-term shareholder value [3] - The company emphasizes responsible land stewardship and conservation as part of its operational strategy [3]

Group 1: Earnings Performance - E.l.f. Beauty reported quarterly earnings of $0.78 per share, exceeding the Zacks Consensus Estimate of $0.73 per share, and up from $0.53 per share a year ago, representing an earnings surprise of 6.85% [1] - The company posted revenues of $332.65 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.92%, compared to year-ago revenues of $321.14 million [2] - Over the last four quarters, E.l.f. Beauty has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - E.l.f. Beauty shares have declined approximately 27% since the beginning of the year, while the S&P 500 has gained 0.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.95 on revenues of $353.22 million, and for the current fiscal year, it is $3.36 on revenues of $1.44 billion [7] - The estimate revisions trend for E.l.f. Beauty is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Cosmetics industry, to which E.l.f. Beauty belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Viewpoint - Seaboard Corporation has announced a share repurchase program authorizing the repurchase of up to $100 million of its outstanding shares through December 31, 2027, which can be modified or terminated at the company's discretion [1][2]. Company Overview - Seaboard Corporation is a diversified international agribusiness, energy, and transportation company, primarily engaged in domestic pork processing, biofuel production, and cargo shipping. It also operates in commodity merchandising, flour and feed milling, produce farming, electric power generation, and sugar and alcohol production overseas [4]. Share Repurchase Program Details - The share repurchase program allows the company to repurchase shares through various means, including open-market purchases, block trades, and privately negotiated purchases, in compliance with federal securities laws [1]. - The program does not obligate the company to acquire a minimum amount of shares and can be modified, suspended, or terminated at any time [2]. - Repurchased shares will be retired and will resume the status of authorized and unissued shares [2]. Reporting and Compliance - Information regarding share repurchases will be disclosed in the company's periodic reports on Form 10-Q and Form 10-K filed with the SEC as required by applicable rules [2].

Core Viewpoint - Tejon Ranch Company has successfully re-elected the majority of its Board of Directors and welcomed Andrew Dakos, reflecting shareholder confidence in the company's long-term strategy and commitment to maximizing asset value [1][2][4][6]. Group 1: Board Election Results - Tejon Ranch shareholders voted to re-elect Steven Betts, Gregory Bielli, Denise Gammon, Anthony Leggio, Jeffrey McCall, Norman Metcalfe, Eric Speron, Daniel Tisch, and Kenneth Yee, while also electing Andrew Dakos to the Board [1]. - The election results indicate strong support for the existing Board, reaffirming their experience and strategic vision [2][3]. Group 2: Company Strategy and Future Outlook - The company emphasizes its commitment to successful land entitlement and master-planned community development, aiming to unlock the full potential of its assets [2][4]. - Andrew Dakos expressed belief that Tejon Ranch's stock is undervalued and looks forward to collaborating with the Board to enhance shareholder value [6]. Group 3: Company Background - Tejon Ranch Co. is a diversified real estate development and agribusiness company, holding approximately 270,000 acres of land located about 60 miles north of Los Angeles and 30 miles south of Bakersfield [7].

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA reached $36 million, marking a 60% year-over-year decrease [18][19] - Net sales totaled $324 million, an 8% increase year-over-year, driven by higher volumes sold, mainly ethanol [18] - Net debt amounted to $679 million, a 6% increase year-over-year, attributed to an increase in short-term debt [32] Business Line Data and Key Metrics Changes - In the Sugar, Ethanol, and Energy business, crushing volume was down 31% year-over-year due to a slower milling pace [19][20] - Farming division production reported a 25% year-over-year increase, driven by higher planted area and record productivity in rice operations [19] - Adjusted EBITDA for the Farming business totaled $17 million, a $27 million year-over-year decrease, primarily due to lower international prices and higher costs [28] Market Data and Key Metrics Changes - Ethanol sales increased by 15% year-over-year, attributed to a commercial strategy that capitalized on significant price recovery [21] - Sugar prices are expected to depend on Brazil's production, with some upside anticipated due to current market conditions [24] Company Strategy and Development Direction - The company aims to leverage cutting-edge technologies to transform traditional agribusiness and explore new projects [6][10] - Tether's investment is focused on supporting sustainable developments and maximizing long-term value through disciplined capital allocation [12] - The company is exploring organic and inorganic growth opportunities in Latin America, particularly in energy and agricultural inputs [11][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery of sugarcane yields due to recent rainfall, expecting a 5-10% increase compared to last year [48] - The economic environment in Argentina is perceived as improving, with a more favorable export dollar situation [82][84] - The management team emphasized a careful approach to project execution, prioritizing thorough analysis over speed [86] Other Important Information - Tether has become the largest shareholder, holding 70% of the company's equity, marking a new era for the company [5][10] - The company is committed to maintaining a minimum distribution policy of 40% of cash generated from operations [30] Q&A Session Summary Question: Expectations for sugarcane crushing volumes - Management expects to meet last year's sugarcane crushing volumes through improved yields and potentially increased harvested area [37][46] Question: Unit economics for different crops - The management explained that crop economics should be analyzed over a campaign rather than a single quarter, with corn currently prioritized [38][50] Question: Opportunities for growth in Latin America - Tether's strategic direction includes exploring both organic and inorganic growth opportunities across all business segments [39][45] Question: Transparency and governance under new control - The new control group is committed to maintaining high standards of transparency and corporate governance, with additional protections for minority shareholders [56][61] Question: Use of cash flow and dividend policy - The company plans to continue its dividend policy while also considering share repurchases and acquisitions to improve return on equity [62][63] Question: Plans for land monetization - Management acknowledged the challenge of undervalued land assets and is exploring mechanisms to unlock value [72][75] Question: Liquidity of the stock - The management believes that liquidity will not be adversely affected by the recent changes in ownership and is focused on maximizing stock price [73][78] Question: Timeline for new investment projects - Projects will be carefully analyzed and executed without haste, with results expected over the next twelve months [80][89] Question: Size and capital requirements for future growth - The company is open to significant capital deployment for growth, supported by Tether's financial capabilities [94][97]

Financial Highlights - Gross Revenues for Q1 2025 were $324 million, a 28% increase compared to Q1 2024[20, 23] - Adjusted EBITDA for Q1 2025 was $36 million, a 60% decrease compared to Q1 2024[21, 25] Sugar, Ethanol & Energy Business - Adjusted EBITDA decreased by 42%, from $51855 thousand in Q1 2024 to $29851 thousand in Q1 2025[45] - Sugarcane milled decreased by 31%, from 2167 thousand tons in Q1 2024 to 1489 thousand tons in Q1 2025[30] - Sugar production decreased by 47%, from 119431 tons in Q1 2024 to 63644 tons in Q1 2025[33] - Ethanol sales volume increased by 106%, from 78511 cubic meters in Q1 2024 to 161609 cubic meters in Q1 2025[40] Farming Business - Farming revenues decreased by 62%, from $44014 thousand in Q1 2024 to $16647 thousand in Q1 2025[56] - Rice revenues decreased by 70%, from $6447 thousand in Q1 2024 to $1943 thousand in Q1 2025[56] Capital Allocation - The company has a distribution policy of a minimum of 40% of the cash generated during the previous year to shareholders[59] - $175 million is planned for distribution as dividends, with a DPS of $01750[60] - Net debt increased by 6%[63]

Core Viewpoint - Tejon Ranch Co. is urging shareholders to vote for its 10 director nominees in the upcoming Annual Meeting, emphasizing the importance of maintaining a qualified board for the company's long-term growth and strategic value creation [1][2][6]. Group 1: Company Strategy and Governance - The Board of Directors and executive team have positioned Tejon for long-term growth, highlighting the critical nature of the upcoming vote for shareholders [2]. - Tejon's directors possess essential expertise in California's commercial and residential real estate industry, which is vital for the company's success [4]. - Independent third-party proxy advisory firms, including ISS, Glass Lewis, and Egan-Jones, have endorsed Tejon's director nominees, recognizing their capability to drive the company forward [5]. Group 2: Opposition and Risks - Bulldog Investors is attempting to replace Tejon's directors with individuals lacking relevant experience in real estate development, which could jeopardize the company's growth [3]. - Bulldog's campaign is characterized by a lack of a credible plan, raising concerns about its potential impact on Tejon's strategic initiatives [3]. Group 3: Voting Information - Shareholders are encouraged to vote for Tejon's 10 director nominees using the WHITE proxy card, with the company emphasizing that every vote is important regardless of the number of shares owned [6][7].

Core Viewpoint - Tejon Ranch Co. is supported by Kern County leaders in opposition to Bulldog Investors' efforts that threaten the development of Tejon's Master Planned Communities, which are deemed essential for the region's economic growth and sustainability [1][2][13]. Company Overview - Tejon Ranch Co. is a diversified real estate development and agribusiness company with a principal asset of 270,000 acres located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield [4]. Economic Impact - The letter from Kern County leaders highlights the long-standing partnership between Tejon and Kern County, emphasizing the critical role of Tejon's Master Planned Communities for sustainable growth in the region [2][12]. - Tejon's leadership has been integral to Kern County's economic success for nearly two centuries, and any disruption to this relationship could undermine the stability of the local economy [3][13]. Community Engagement - Tejon is recognized as an engaged corporate citizen and a forward-thinking partner, demonstrating ingenuity in navigating California's regulatory environment for land use and development [3][12]. - The success of Tejon's Master Planned Communities is linked to the future economic growth and community development of Kern County, making the current proxy contest a public policy concern [13][14]. Future Outlook - The Tejon Board and management are focused on delivering value for shareholders while ensuring the long-term success of the company and the region, contrasting with Bulldog's adversarial approach which lacks a concrete plan [14][15].

Core Insights - Tejon Ranch Co. reported financial results for Q1 2025, highlighting a net loss of $1.5 million, compared to a net loss of $0.9 million in Q1 2024, with a net loss per share of $0.05 [4][19] - The company achieved revenues of $9.6 million in Q1 2025, slightly up from $9.5 million in Q1 2024, driven primarily by the farming segment due to improved almond prices [5][19] - The company is focused on leveraging its land use approvals to unlock development opportunities and enhance long-term value for shareholders [2][8] Financial Performance - Total revenues for Q1 2025 were $8.2 million, an increase from $7.4 million in Q1 2024, with the farming segment showing significant growth [5][19] - Adjusted EBITDA for Q1 2025 was $2.8 million, compared to $2.1 million in the same period of 2024, indicating improved operational performance [12][25] - The company reported total capitalization of approximately $611.6 million as of March 31, 2025, with a debt to total capitalization ratio of 30.4% [7][29] Real Estate Development - The Tejon Ranch Commerce Center (TRCC) has successfully transitioned into a mixed-use community, with the opening of the Terra Vista at Tejon multi-family residential development, which includes 228 units [2][5] - The TRCC industrial portfolio consists of 2.8 million square feet of gross leasable area (GLA) and is fully leased, while the commercial/retail portfolio has a 95% occupancy rate [5][8] - Nestlé USA is constructing a new distribution facility at TRCC, which will span over 700,000 square feet upon completion [5] Market Outlook - The company anticipates fluctuations in net income due to regulatory delays, commodity prices, and the timing of land sales and leasing activities [9] - The 2025 California almond crop forecast is expected to be released soon, with potential challenges in production due to pollination issues and trade uncertainties [11] - Tejon Ranch is diversifying its farming operations by planting an olive orchard to better position itself against market changes [11]

Core Viewpoint - Tejon Ranch Co. urges shareholders to vote for its 10 director nominees on the WHITE proxy card, emphasizing the inexperience and potential risks associated with Bulldog Investors' nominees [1][2][3]. Group 1: Tejon's Position - Tejon's Annual Meeting is scheduled for May 13, 2025, and shareholders are encouraged to vote for the company's qualified director nominees [2][3]. - Tejon's Board highlights its commitment to shareholder engagement and value creation, contrasting with Bulldog's lack of constructive engagement [4][6]. - The company asserts that Bulldog's nominees lack relevant experience in real estate and management, which could disrupt the Board's effectiveness [5][7]. Group 2: Bulldog's Campaign - Bulldog Investors is characterized as a hedge fund with a history of proxy campaigns, attempting to install three unqualified individuals on Tejon's Board [3][6]. - Independent third parties, including major proxy advisory firms, have recognized deficiencies in Bulldog's campaign and the inexperience of its nominees [11][12]. - Bulldog's nominees are criticized for lacking experience in real estate and California's regulatory environment, which is essential for Tejon's operations [10][13]. Group 3: Shareholder Communication - Tejon plans to enhance shareholder communication through annual investor days and ongoing engagement with shareholders regarding governance practices [9]. - The company emphasizes the importance of voting for its nominees to protect the long-term value of investments in Tejon [16][17]. - Tejon's Board is committed to sustainable and long-term value creation, contrasting with Bulldog's unclear agenda and lack of a compelling case for change [18].