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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
 

__X__ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the three month period ended November 30, 2004.
 
OR
 
_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
For the transition period from _____________________ to ____________________.
  
Commission file number 0-261.

ALICO, INC.
(Exact name of registrant as specified in its charter)
 
Florida               < /FONT>                                   59-0906081
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation of organization)                     Identification No.)
  
P. O. Box 338, La Belle, FL                    33975
(Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code 863/675-2966
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes X         No
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
 
Yes X         No

There were 7,316,357 shares of common stock, par value $1.00 per share, outstanding at January 10, 2004.

 
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

ALICO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)


   
Three months ended November 30,
  
       
2004
  
2003
  
               
Revenue:
              
Citrus
       
$
879
 
$
1,354
 
Sugarcane
          
2,453
   
2,591
 
Ranch
          
2,135
   
3,344
 
Rock & sand royalties
          
880
   
765
 
Oil lease & land rentals
          
476
   
289
 
Plants and trees
          
628
   
82
 
Retail land sales
          
187
   
14
 
                     
Operating revenue
          
7,638
   
8,439
 
                     
Cost of sales:
                    
Citrus production, harvesting & marketing
         
483
   
2,254
 
Sugarcane production, harvesting and hauling
          
2,079
   
2,107
 
Ranch
          
1,902
   
2,620
 
Plants and trees
          
555
   
-
 
Retail land sales
          
102
   
16
 
                     
Total costs of sales
          
5,121
   
6,997
 
                     
Gross profit
          
2,517
   
1,442
 
                     
General & administrative expenses
          
1,734
   
1,409
 
                     
Income from operations
          
783
   
33
 
                     
Other income (expenses):
                    
Interest & investment income
          
1,264
   
450
 
Interest expense
          
(508
)
  
(488
)
Other
          
(32
)
  
79
 
                     
Total other income, net
          
724
   
41
 
                     
Income before income taxes
          
1,507
   
74
 
Provision for income taxes
          
542
   
25
 
                     
Net income
        
$
965
 
$
49
 
 

 
  2  
 

                     
Weighted-average number of shares outstanding
          
7,312
   
7,140
 
                     
Per share amounts:
                    
Basic
        
$
0.13
 
$
0.01
 
Fully diluted
        
$
0.13
 
$
0.01
 
Dividends
        
$
-
 
$
0.60
 
                     
 
See accompanying Notes to Condensed Consolidated Financial Statements.































 
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ALICO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
           
   
November 30,
    
   
2004
  
August 31,
  
   
(unaudited)
 
2004
  
ASSETS
              
               
Current assets:
              
Cash and cash investments
  
$
11,483
  
$
24,299
  
Marketable securities
    
66,563
   
55,570
 
Accounts receivable
    
6,224
   
9,118
 
Mortgages and notes receivable
    
10,026
   
9,983
 
Inventories
    
22,576
   
20,772
 
Land held for development and sale
    
4,426
   
5,501
 
Prepaid expenses
    
1,109
   
682
 
               
Total current assets
    
122,407
   
125,925
 
               
               
Mortgages and note receivable
    
736
   
662
 
Land held for development and sale
    
1,117
   
-
 
Investments
    
742
   
1,069
 
Cash surrender value of life insurance
    
5,032
   
4,900
 
Property, buildings and equipment
    
155,122
   
147,756
 
Less: accumulated depreciation
    
(43,193
)
  
(42,070
)
               
Total assets
  
$
241,963
  
$
238,242
  
               

See accompanying Notes to Condensed Consolidated Financial Statements.
 



 
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</
ALICO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
           
               
               
   November 30,     
     
2004
    
August 31,
  
 
     (unaudited)     
2004
  
LIABILITIES & STOCKHOLDERS' EQUITY
              
               
Current liabilities:
              
Accounts payable
  
$
1,371
  
$
1,743
  
Current portion of notes payable
    
3,315
   
3,319
 
Accrued expenses
    
1,843
   
2,746
 
Income taxes payable
    
1,204
   
753
 
Deferred income taxes
    
681
   
376
 
Due to profit sharing
    
-
   
434
 
Donation payable
    
786
   
765
 
               
Total current liabilities
    
9,200
   
10,136
 
               
Deferred revenue
    
88
   
266
 
Notes payable
    
50,046
   
48,266
 
Deferred income taxes
    
11,546
   
11,445
 
Deferred retirement benefits
    
4,549
   
4,464
 
Other non-current liability
    
16,954
   
16,954