Strategic Transformation - Alico announced the wind-down of its Alico Citrus division after the 2024/2025 harvest, transforming into a diversified land company[19, 21] - The company is shifting its focus to non-citrus agricultural revenue opportunities and strategic land development[21] - This transformation addresses ongoing citrus industry challenges, aiming to reduce operational volatility and maximize shareholder value[22] - The citrus industry has seen a 73% decline in production over the last decade, making it no longer economically viable for Alico in Florida[23] Land Portfolio and Development - Alico owns approximately 53,371 acres of land in Florida[6, 9] - The estimated land value ranges from $650 million to $750 million[28, 29] - 76% of the land (40,771 acres) will remain in agriculture, while 25% is identified for development potential[28, 30, 33] - 10% of the land (5,500 acres) is targeted for near-term development within 5 years, with a potential value of $140 million to $170 million[28, 31] - 14% of the land (7,100 acres) has long-term development potential beyond 5 years, valued at $175 million to $200 million[30, 32] Financial Position and Shareholder Value - Alico expects positive cash flow for the remainder of FY2025 and has sufficient cash reserves for over 2 years of operations[28] - The company has a Met Life credit line through 2034, with $95 million drawn as of September 2024[34] - Alico has returned $189 million in total capital since FY2015, including $87 million since FY2021, and has maintained consistent quarterly dividends since 1974[36, 41]