UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ		Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2008

or

o		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.

Florida		59-0906081
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
P.O. Box 338, LaBelle, FL		33975
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 863-675-2966

N/A

(Former name, former address and former fiscal year, if changed since last report.)

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.

þ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated file o		Accelerated filer þ		Non-accelerated filer o		Smaller reporting company o
				(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes þ No

There were 7,374,074 shares of common stock, par value $1.00 per share, outstanding at May 7, 2008

 

 

Index

Alico, Inc.
Form 10-Q
For the quarter ended March 31, 2008

Part I. Financial Information
Item 1. Financial Statements and footnotes			3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			20
Item 3. Quantitative and Qualitative Disclosures about Market Risk			28
Item 4. Controls and Procedures			29
Part II. Other Information
Item 1. Legal Proceedings			30
Item 2. Unregistered Sales of Equity Securities			30
Item 3. Defaults Upon Senior Securities			30
Item 4. Submission of Matters to a Vote of Security Holders			30
Item 5. Other Information			30
Item 6. Exhibits			30
Exhibit 11
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2

Part I. Financial Information

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)

		Three months ended March 31,								Six months ended March 31,
		2008				2007				2008				2007
Operating revenue
Agricultural operations		$	48,553			$	54,766			$	67,562			$	78,177
Non-agricultural operations			722				889				1,398				1,559
Real estate operations			—				803				3,869				3,250
Total operating revenue			49,275				56,458				72,829				82,986
Operating expenses
Agricultural operations			42,613				42,459				60,828				62,679
Non-agricultural operations			136				126				244				239
Real estate operations			542				1,204				1,433				1,444
Total operating expenses			43,291				43,789				62,505				64,362
Gross profit			5,984				12,669				10,324				18,624
Corporate general and administrative			3,981				3,405				6,982				6,572
Income from operations			2,003				9,264				3,342				12,052
Other income (expenses):
Profit on sales of bulk real estate:
Sales			—				(511	)			817				1,359
Cost of sales			—				(257	)			—				321
Profit on sales of bulk real estate, net			—				(254	)			817				1,038
Interest & investment income			1,987				1,902				6,320				3,528
Interest expense			(1,103	)			(1,309	)			(3,569	)			(2,570	)
Other			(239	)			92				26				166
Total other income, (expense) net			645				431				3,594				2,162
Income before income taxes			2,648				9,695				6,936				14,214
Provision for income taxes			1,110				4,192				2,608				6,131
Net income		$	1,538			$	5,503			$	4,328			$	8,083
Weighted-average number of shares outstanding			7,364				7,371				7,362				7,372
Weighted-average number of shares outstanding assuming dilution			7,380				7,388				7,377				7,392
Per share amounts:
Basic		$	0.21			$	0.75			$	0.59			$	1.10
Diluted			0.21				0.74				0.59				1.09
Dividends		$	0.28			$	0.28			$	0.55			$	0.55

See accompanying Notes to Condensed Consolidated Financial Statements.

ALICO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

		March 31,				September 30,
		2008				2007
		(unaudited)				(unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	44,461			$	31,599
Marketable securities available for sale			42,578				46,511
Accounts receivable			14,725				14,848
Federal income tax — refundable			3,761				5,696
Mortgage and notes receivable			3,705				3,832
Inventories			24,161				27,232
Current deferred tax asset			2,811				2,661
Other current assets			1,747				2,719
Total current assets			137,949				135,098
Mortgages and notes receivable, net of current portion			4,748				6,688
Investments, deposits and other			4,772				3,237
Deferred tax asset			3,812				3,805
Cash surrender value of life insurance, designated			7,383				7,656
Property, buildings and equipment			179,469				178,968
Less: accumulated depreciation			(53,077	)			(50,422	)
Total assets		$	285,056			$	285,030

(continued)

ALICO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(in thousands)

		March 31,				September 30,
		2008				2007
		(unaudited)				(unaudited)
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	6,468			$	1,943
Income taxes payable			9,905				9,114
Current portion of notes payable			1,353				1,350
Accrued expenses			4,638				4,425
Dividend payable			2,027				4,048
Accrued ad valorem taxes			370				2,105
Other current liabilities			1,203				2,153
Total current liabilities			25,964				25,138
Notes payable, net of current portion			131,082				134,534
Deferred retirement benefits, net of current portion			5,138				5,098
Commissions and deposits payable			4,367				4,265
Total liabilities			166,551				169,035
Stockholders’ equity:
Common stock			7,376				7,376
Additional paid in capital			9,997				10,199
Treasury stock			(459	)			(891	)
Accumulated other comprehensive income			32				49
Retained earnings			101,559				99,262
Total stockholders’ equity			118,505				115,995
Total liabilities and stockholders’ equity		$	285,056			$	285,030

See accompanying Notes to Condensed Consolidated Financial Statements.

ALICO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

		Six months ended
		March 31,
		2008				2007
Cash flows from operating activities:
Net cash provided by operating activities		$	17,163			$	835
Cash flows from investing activities:
Real estate deposits and accrued commissions			71				1,600
Purchases of property and equipment			(3,274	)			(5,611	)
Purchases of other investments			(957	)			—
Proceeds from sale of real estate			—				600
Proceeds from sales of property and equipment			1,353				1,366
Purchases of marketable securities			(34,222	)			(33,206	)
Proceeds from sales of marketable securities			38,138				32,169
Note receivable collections			2,858				1,704
Other			—				(1	)
Net cash provided by (used for) investing activities			3,967				(1,379	)
Cash flows from financing activities:
Repayment of loans			(20,949	)			(5,943	)
Proceeds from loans			17,500				14,324
Proceeds from stock transactions			31				16
Proceeds used for stock transactions			(802	)			(524	)
Dividends paid			(4,048	)			(4,056	)
Net cash (used for) provided by financing activities			(8,268	)			3,817
Net increase in cash and cash equivalents		$	12,862			$	3,273
Cash and cash equivalents:
At beginning of period		$	31,599			$	25,158
At end of period		$	44,461			$	28,431

(continued)

		Six months ended
		March 31,
		2008				2007
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized		$	4,676			$	2,334
Cash paid for income taxes		$	—			$	2,075
Net non cash investing activities:
Issuance of mortgage notes		$	—			$	13,341
Fair value adjustments to securities available for sale net of tax effects		$	(17	)		$	40
Reclassification of breeding herd to property and equipment		$	458			$	566

See accompanying Notes to Condensed Consolidated Financial Statements.

ALICO, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands except for per share data)

1. Basis of financial statement presentation:

On September 28, 2007, the Board of Directors of the Company approved a change in the Company’s fiscal year end from August 31 to September 30. The fiscal year change is effective beginning with the Company’s 2008 fiscal year. The Company’s 2008 fiscal year began on October 1, 2007 and will end September 30, 2008, resulting in a one month transition period that began September 1, 2007 and ended September 30, 2007. This Form 10-Q includes the unaudited results for the three and six months ended March 31, 2008 and 2007. The unaudited results for the one month ended September 30, 2007 were included in the Form 10-Q filed on February 15, 2008. The audited results for the one month ended September 30, 2007 will be included separately in the Company’s Annual Report on Form 10-K for the fiscal year ending September 30, 2008.

The accompanying condensed consolidated financial statements (“Financial Statements”) include the accounts of Alico, Inc. (“Alico”) and its wholly owned subsidiaries, Alico Land Development Company, Agri-Insurance Company, Ltd. (“Agri”), Alico-Agri, Ltd., Alico Plant World, LLC and Bowen Brothers Fruit, LLC (“Bowen”) (collectively referred to as the “Company”) after elimination of all significant intercompany balances and transactions.

The following Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading.

The accompanying unaudited condensed consolidated financial statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s annual report for the year ended August 31, 2007. In the opinion of Management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of its consolidated financial position at March 31, 2008 and September 30, 2007 and the consolidated results of operations and cash flows for the three and six month periods ended March 31, 2008 and 2007.

The Company is involved in agriculture, which is of a seasonal nature and subject to the influence of natural phenomena and wide price fluctuations. Fluctuation in the market prices for citrus fruit has caused the Company to recognize adjustments to revenue from the prior year’s crop totaling $474 thousand for the quarter ended March 31, 2008, $53 thousand for the quarter ended December 31, 2007, $555 thousand for the quarter ended March 31, 2007 and $(20) thousand for the quarter ended December 31, 2006.

The results of operations for the stated periods are not necessarily indicative of results to be expected for the full year. Certain items from 2007 have been reclassified to conform to the 2008 presentation.

Real estate sales are recorded under the accrual method of accounting. Under this method, a sale is not recognized until certain criteria are met including whether the profit is determinable, collectibility of the sales price is reasonably assured or the earnings process is complete.

Real estate project costs incurred for the acquisition, development and construction of real estate projects and costs to obtain regulatory approval for the project are capitalized. Additionally, costs to market real estate are capitalized if they are reasonably expected to be realized upon the sale of the project. An allowance is provided to reduce capitalized project costs to estimated realizable value. Costs to preserve existing rights pertaining to projects are expensed as incurred and costs previously capitalized to projects that are not expected to be ultimately realized are expensed when the project is no longer expected to be completed.

During the fourth quarter of fiscal year 2006, the Company established a real estate department to manage its real estate assets. Gains or losses resulting from real estate transactions entered into before the establishment of the Company’s real estate department, which have not been substantially modified as defined by GAAP, have been recorded as non-operating items. Gains or losses resulting from contracts substantially modified or initiated by the Company’s real estate department are classified as operating items.

Properties are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment losses are recognized when the carrying amount of a property exceeds its fair value. Such events or changes in circumstances include significant decreases in the market price of such properties; significant adverse changes in legal factors, the business climate or the extent or manner in which the asset is being used; an accumulation of costs significantly in excess of amounts originally expected for the property; continuing operating cash flow losses associated with the property or an expectation that it is more likely than not that the property will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. Impairment losses are measured as the amount by which the carrying amount of a property exceeds its fair value.

3. Marketable Securities Available for Sale:

The Company has classified 100% of investments in marketable securities as available for sale and, as such, the securities are carried at estimated fair value. Unrealized gains and losses determined to be temporary are recorded as other comprehensive income, net of related deferred taxes, until realized. Unrealized losses determined to be other than temporary are recognized in the period the determination is made.

The cost and estimated fair value of marketable securities available for sale at March 31, 2008 and September 30, 2007 were as follows:

		March 31, 2008																September 30, 2007
						(Unaudited)																(Unaudited)
						Gross								Estimated								Gross								Estimated
						Unrealized								Fair								Unrealized								Fair
		Cost				Gains				Losses				Value				Cost				Gains				Losses				Value
Debt securities
Municipal bonds		$	28,159			$	50			$	(8	)		$	28,201			$	29,213			$	23			$	(2	)		$	29,234
Mutual funds			2,000				—				—				2,000				2,000				—				—				2,000
Fixed maturity funds			12,216				19				(5	)			12,230				12,569				49				(2	)			12,616
Corporate bonds			150				—				(3	)			147				2,670				—				(9	)			2,661
Marketable securities available for sale		$	42,525			$	69			$	(16	)		$	42,578			$	46,452			$	72			$	(13	)		$	46,511

The aggregate fair value of investments in debt instruments (net of mutual funds of $2,000) as of March 31, 2008 and September 30, 2007 by contractual maturity date consisted of the following:

		Aggregate Fair Value
		March 31,				September 30,
		2008				2007
Due within 1 year		$	27,752			$	30,596
Due between 1 and 2 years			2,715				4,702
Due between 2 and 3 years			—				219
Due between 3 and 4 years			1,515				—
Due between 4 and 5 years			—				1,512
Due beyond five years			8,596				7,482
Total		$	40,578			$	44,511

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at:

		March 31, 2008
		Less than 12 months								12 months or greater								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
Fixed maturity funds		$	4,118			$	(5	)		$	—			$	—			$	4,118			$	(5	)
Corporate bonds			—				—				147				(3	)			147				(3	)
Municipal Bonds			2,919				(7	)			870				(1	)			3,789				(8	)
Total		$	7,037			$	(12	)		$	1,017			$	(4	)		$	8,054			$	(16	)

Net realized gain (loss) on the sale of securities for the six months ended March 31, 2008 and 2007 were $40 thousand and ($29 thousand), respectively.

Debt instruments and funds. The unrealized losses on fixed maturity funds, corporate bonds and municipal bonds were primarily due to changes in interest rates. At March 31, 2008 the Company held loss positions in 32 debt instruments. Because the decline in market values of these securities is attributable to changes in interest rates and not credit quality and because the Company has the ability and intent to hold these investments until a recovery of fair value, which may be maturity, the Company does not believe any of the unrealized losses represent other than temporary impairment based on the evaluation of available evidence as of March 31, 2008.

4. Mortgages and notes receivable:

The balances of the Company’s mortgages and notes receivable were as follows:

		March 31,				September 30,
		2008				2007
		(unaudited)				(unaudited)
Mortgage notes receivable on retail land sales		$	262			$	299
Mortgage notes receivable on bulk land sales			65,518				65,963
Total mortgage and notes receivable			65,780				66,262
Less: Deferred revenue			(57,034	)			(53,253	)
Discount on notes to impute market interest			(293	)			(2,489	)
Current portion			(3,705	)			(3,832	)
Non-current portion		$	4,748			$	6,688

Mortgage notes receivable related to retail land sales are generated from the sale of lots by the Company’s Alico Land Development subsidiary. Mortgage notes related to bulk land sales were generated by the sale of the Company’s Lee County properties through the Company’s Alico-Agri subsidiary. Real estate sales are recorded under the accrual method of accounting. Gains from commercial or bulk land sales are not recognized until payments received for property to be developed within two years after the sale equal a continuing interest of at least 20% or 25% for property to be developed after two years.

Profits from commercial real estate sales are discounted to reflect the market rate of interest when the stated rate of the mortgage note is less than the market rate. The recorded imputed interest discounts are realized as the balances due are collected. In the event of early liquidation, interest is recognized on the simple interest method.

In December of 2006, and again in October 2007, the Company restructured a contract originally entered into in July 2005, related to the Company’s Alico-Agri subsidiary sale of property in Lee County, Florida for $62.9 million. In December 2006, the Company restructured the contract and received $3.8 million upon execution. The major provisions of the restructuring were the extension of the principal payments and an increase in the interest rate to 4.0% annually, causing readjustment of the note discount.

Major provisions of the October 2007 restructuring included a reduction of the scheduled principal payments due in September of 2008 and 2009; an increased interest rate based on LIBOR plus a percentage to be applied forward from July 2005; and quarterly interest payments equal to the applicable quarterly interest rate as described above on the outstanding principal balance for the term of the note. Further provisions include increased flexibility of the Company to receive lots in the event of default. The Company received a payment of $6.8 million related to the renegotiated contract consisting of $0.4 million of principal, $6.1 million of interest and the balance as an expense reimbursement. As a result of the changed interest terms from the October 2007 restructure, the note discount originally recorded in July 2005 and modified in December 2006, was eliminated.

In December 2006, the Company sold property in Lee County, Florida for $12.0 million. The Company recognized revenue of $0.6 million and recorded a mortgage note receivable for $11.4 million and deferred revenue of $10.2 million. The mortgage note receivable, which accrues interest at the rate of 6% annually, was discounted by $0.3 million to adjust to the market rate of interest at the time of the sale. Interest only will be collected annually on the note for the first four years, followed by four equal annual payments of principal and interest.

5. Inventories:

A summary of the Company’s inventories is shown below:

		March 31,				September 30,
		2008				2007
		(unaudited)				(unaudited)
Unharvested fruit crop on trees		$	12,511			$	12,982
Unharvested sugarcane			2,920				5,410
Beef cattle			5,884				5,757
Unharvested sod			1,648				1,476
Plants and vegetables			1,147				1,484
Rock, fill and other			51				123
Total inventories		$	24,161			$	27,232

The Company records its inventory at the lower of cost or net realizable value. Due to changing market conditions, the Company adjusted its cattle and its plant and vegetable inventories down by $747 thousand and $73 thousand, respectively during the second quarter of fiscal year 2008 and $1.0 million and $261 thousand, respectively for the six months ended March 31, 2008. The Company recorded a write down of $383 thousand for beef cattle during the second quarter of fiscal 2007 and $383 thousand, $338 thousand and $216 thousand for its beef, sugarcane and vegetable inventories, respectively, during the six months ended March 31, 2007. The adjustments were included as costs of sales in the period of adjustment.

6. Income taxes:

The provision for income taxes for the three and six months ended March 31, 2008 and March 31, 2007 is summarized as follows:

		Three months ended March 31,								Six months ended March 31,
		(unaudited)								(unaudited)
		2008				2007				2008				2007
Current:
Federal income tax		$	733			$	2,146			$	1,935			$	3,139
State income tax			152				367				409				537
			885				2,513				2,344				3,676
Deferred:
Federal income tax			(74	)			1,516				(98	)			2,217
State income tax			299				163				362				238
			225				1,679				264				2,455
Total provision for income taxes		$	1,110			$	4,192			$	2,608			$	6,131

The Internal Revenue Service (IRS) issued a thirty day letter dated August 14, 2006 pertaining to audits of Alico for the tax years 2000 through 2004. In the thirty day letter, the IRS proposed several alternative theories as a basis for its argument that Alico should have reported additional taxable income in the years under audit. These theories principally related to the formation and capitalization of the Company’s Agri Insurance subsidiary and its tax exempt status during the years under audit. The Company has been working with IRS appeals to resolve the case. In order to stop additional interest from accruing on this liability, the Company paid $66.2 million to the IRS from its revolving credit line. Based on the estimated Federal settlement amount, the Company estimated additional state taxes and interest of approximately $10.3 million at March 31, 2008 which will be due and payable when the IRS audit is concluded. Further details regarding the settlement, including the future of Agri, are in ongoing negotiations with the IRS and a closing document has been executed by the Company and provided to IRS Appeals for review. The Company expects a full resolution of this matter soon; however, the Company has executed statute extensions with the IRS for the tax returns affected until December 31, 2008.

Alico capitalized Agri by contributing real estate located in Lee County Florida. The real estate was transferred at its historical cost basis. As the Lee County real estate was sold, substantial gains were generated in Agri, creating differences between amounts recorded on Agri’s books and the related tax returns. For property transferred to Agri but not sold during the years under audit, the outbound transfers were taxed as a sale. For book purposes, the historical tax basis will be stepped-up to the fair market value of the property at the time of transfer. The Company has estimated the amount of basis step-up based on discussions with the IRS and classified the step ups resulting from the transfer of property not sold as of August 31, 2004 based on their estimated tax benefits as a deferred tax asset. Should the actual IRS settlement differ from the estimated amounts, the deferred taxes related to the basis step-ups could fluctuate from the amounts recorded.

The Company adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“Interpretation No. 48”), on October 1, 2007. Among other things, FIN 48 requires application of a “more likely than not” threshold to the recognition and non-recognition of tax positions. It further requires that a change in judgment related to prior years’ tax positions be recognized in the quarter of such change.

At October 1, 2007, the Company had $441,000 of potential tax exposure related to uncertain tax positions, which was recorded as a one time adjustment to retained earnings. All of this amount would, if recognized, impact the effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense and records the interest and penalties in the liability for uncertain tax positions. Interest and penalties accrued as of the date of adoption were approximately $57,000. As of March 31, 2008, the Company had approximately $86,000 accrued for the payment of interest and penalties related to uncertain tax positions.

The statute of limitations for the Company’s 2000 — 2004 tax returns has been extended. Additionally, the tax years ended August 31, 2005 and August 31, 2006 remain open to examination. The state income tax returns have not been audited and are subject to audit for the same tax periods open for federal tax purposes. The Company plans to file amended tax returns within the next twelve months after the IRS audits are ultimately settled. These amended returns are expected to result in tax payments that will eliminate the Company’s unrecognized tax liabilities.

Pursuant to recent Securities Exchange Commission guidance, the Company has not provided the tabular reconciliation disclosures required by FIN 48. The Company will provide all required FIN 48 disclosures in its 2008 Annual Report on Form 10-K.

7. Indebtedness:

Alico, Inc. has a Credit Facility with Farm Credit of Southwest Florida that provides a $175.0 million revolving line of credit which was recently amended to extend the maturity date to August 1, 2011. Funds from the Credit Facility may be used for general corporate purposes including: (i) the normal operating needs of the Company and its operating divisions, (ii) the purchase of capital assets and (iii) the payment of dividends. The Credit Facility also allows for an annual extension at the lender’s option.

The Credit Facility contains numerous restrictive covenants described more fully in the Company’s annual report on Form 10-K. In the opinion of Management, the Company was in compliance with all of the covenants and provisions of the amended Credit Facility at March 31, 2008.

The Company’s Chief Executive Officer, John R. Alexander, is a member of the Board of Directors of the Company’s primary lender, Farm Credit of Southwest Florida. Mr. Alexander abstains from voting on matters that directly affect the Company.

The following table reflects outstanding debt under the Company’s various loan agreements:

		Principal Balance
		March 31,				September 30,				Interest
		2008				2007				Rate (e)				Collateral
a) Revolving Credit Facility		$	124,719			$	127,519			Libor +1.50%				Real estate
b) Mortgage note payable			7,600				8,234				6.68	%		Real estate
c) Mortgage note payable			52				52				7.00	%		Real estate
d) Vehicle financing			64				79				0%-2.90	%		3 Vehicles
Total		$	132,435			$	135,884

Maturities of the Company’s debt at March 31, 2008 and September 30, 2007 were as follows:

		March 31,				September 30,
		2008				2007
Due within 1 year		$	1,353			$	1,350
Due between 1 and 2 years			1,283				1,297
Due between 2 and 3 years			1,273				128,794
Due between 3 and 4 years			125,992				1,273
Due between 4 and 5 years			1,267				1,270
Due beyond five years			1,267				1,900
Total		$	132,435			$	135,884

Interest costs expensed and capitalized to property, buildings and equipment were as follows:

		Three months ended								Six months ended
		March 31,								March 31,
		2008				2007				2008				2007
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Interest expense		$	1,103			$	1,309			$	3,569			$	2,570
Interest capitalized			3				15				15				27
Total interest cost		$	1,106			$	1,324			$	3,584			$	2,597

As an agricultural credit cooperative, Farm Credit of Southwest Florida is owned by the member-borrowers who purchase stock/participation certificates in the cooperative. Allocations of patronage are made to members on an annual basis according to the proportionate amount of interest paid by the member. Allocations are made in cash and non-cash participation certificates. The Company has recorded the cash allocations as received as a reduction of interest expense. Non cash patronage receivables of $854 thousand have been included as interest and investment income in the accompanying condensed consolidated statements of operations for the six months ended March 31, 2008. Such amounts relate to cumulative non-cash allocations at October 1, 2007, which are considered by management to have both a qualitatively and quantitatively immaterial effect on any prior period. During the second quarter of 2008, Farm Credit notified the Company that a patronage allocation was made for calendar year 2007. Based on this notification, a net patronage receivable of $992 thousand was recorded resulting in a reduction in interest expense.

8. Dividends:

At its meeting on April 25, 2008, the Board of Directors declared a quarterly dividend of $0.275 per share payable to stockholders of record as of July 31, 2008 with payment expected on or around August 15, 2008.

9. Disclosures about reportable segments:

The Company has four reportable segments: Bowen, Citrus Groves, Sugarcane, and Cattle. Bowen provides harvesting and marketing services for citrus producers including Alico’s Citrus Grove division. Additionally, Bowen purchases citrus fruit and resells the fruit to citrus processors and fresh packing facilities. The Citrus Groves segment produces citrus fruit for sale to citrus processors and fresh packing facilities. The Sugarcane segment produces sugarcane for delivery to the sugar mill and refinery. The Cattle division raises beef cattle for sale to western feedlots and meat packing facilities. The goods and services produced by these segments are sold to wholesalers and processors in the United States who prepare the products for consumption. The Company’s operations are located in Florida.

Although the Company’s Real Estate, Plant World, Vegetable and Sod segments do not meet the quantitative thresholds to be considered as reportable segments, information about these segments has been included in the schedules below. For a description of the business activities of the Plant World, Vegetables and Sod segments please refer to Item 1 of the Company’s annual report on Form 10-K for the year ended August 31, 2007.

The accounting policies of all of the segments are the same as those described in the summary of significant accounting policies in the Company’s annual report on Form 10-K for the year ended August 31, 2007. The Company evaluates performance based on direct margins from operations before general and administrative costs and income taxes not including nonrecurring gains and losses.

The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties; that is, at the then current market prices.

The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each business requires different knowledge, skills and marketing strategies.

Information concerning the various segments of the Company is summarized on the following pages:

		Three months ended								Six months ended
		March 31,								March 31,
		2008				2007				2008				2007
Revenues (from external customers except as noted)
Bowen		$	19,028			$	23,797			$	26,843			$	31,430
Intersegment fruit sales through Bowen			4,294				2,115				5,558				2,919
Citrus groves			18,486				20,917				23,151				27,089
Sugarcane			4,539				5,024				7,760				8,762
Cattle			2,916				1,547				3,402				5,200
Real Estate			—				803				3,869				3,250
Alico Plant World			1,093				992				1,995				1,741
Vegetables			2,214				1,788				3,938				2,905
Sod			277				701				473				1,050
Revenue from segments			52,847				57,684				76,989				84,346
Other operations			722				889				1,398				1,559
Less: intersegment revenues eliminated			(4,294	)			(2,115	)			(5,558	)			(2,919	)
Total operating revenue		$	49,275			$	56,458			$	72,829			$	82,986
Operating expenses
Bowen		$	18,272			$	23,348			$	25,984			$	30,772
Intersegment fruit sold through Bowen			4,294				2,115				5,558				2,919
Citrus groves			12,304				10,517				16,149				14,225
Sugarcane			4,367				4,245				7,618				8,389
Cattle			3,471				1,811				4,329				4,846
Real Estate			542				1,204				1,433				1,444
Alico Plant World			1,264				1,093				2,097				1,584
Vegetables			2,713				1,134				4,113				2,350
Sod			222				311				538				513
Segment operating expenses			47,449				45,778				67,819				67,042
Other operations			136				126				244				239
Less: intersegment expenses eliminated			(4,294	)			(2,115	)			(5,558	)			(2,919	)
Total operating expenses		$	43,291			$	43,789			$	62,505			$	64,362
Gross profit (loss):
Bowen Brothers Fruit		$	756			$	449			$	859			$	658
Citrus groves			6,182				10,400				7,002				12,864
Sugarcane			172				779				142				373
Cattle			(555	)			(264	)			(927	)			354
Real Estate			(542	)			(401	)			2,436				1,806
Alico Plant World			(171	)			(101	)			(102	)			157
Vegetables			(499	)			654				(175	)			555
Sod			55				390				(65	)			537
Gross profit from segments			5,398				11,906				9,170				17,304
Other			586				763				1,154				1,320
Gross profit		$	5,984			$	12,669			$	10,324			$	18,624

		Three months ended								Six months ended
		March 31,								March 31,
		2008				2007				2008				2007
Depreciation, depletion and amortization:
Bowen Brothers Fruit		$	116			$	102			$	178			$	170
Citrus Groves			555				599				1,111				1,205
Sugarcane			411				503				929				1,020
Cattle			543				502				941				989
Alico Plant World			158				162				320				325
Vegetables			29				16				59				29
Sod			58				50				112				98
Total segment depreciation and amortization			1,870				1,934				3,650				3,836
Other depreciation, depletion and amortization			286				250				527				464
Total depreciation, depletion and amortization		$	2,156			$	2,184			$	4,177			$	4,300

		March 31,				September 30,
		2008				2007
		(unaudited)				(unaudited)
Total Assets:
Bowen Brothers Fruit		$	6,765			$	2,891
Citrus groves			50,823				53,339
Sugarcane			42,925				45,128
Cattle			20,318				20,837
Alico Plant World			6,869				6,862
Vegetables			4,373				3,238
Sod			5,949				5,400
Segment assets			138,022				137,695
Other Corporate assets			147,034				147,335
Total assets		$	285,056			$	285,030

10. Stock Compensation Plans:

The Board of Directors of the Company may grant options, stock appreciation rights, and/or restricted stock to certain directors and employees. No stock options or stock appreciation rights were granted during the six months ended March 31, 2008 or the one month ended September 30, 2007.

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification.

At March 31, 2008 and September 30, 2007, there were 6,158 and 8,158, options respectively, fully vested and exercisable and 273,815 shares available for grant. The options outstanding had a fair value of $168 thousand and $208 thousand at March 31, 2008 and September 30, 2007, respectively. There was no unrecognized compensation expense related to outstanding stock option grants at September 30, 2007 or March 31, 2008.

In fiscal year 2006, the Company began granting restricted shares to certain key employees as long term incentives. The restricted shares vest in accordance with the table and description outlined below. The payment of each installment is subject to continued employment with the Company. At March 31, 2008 and September 30, 2007 there were 15,707 and 8,000 restricted shares, respectively, vested in accordance with these grants.

The table below summarizes the Company’s restricted share awards granted to date:

										Compensation				Weighted
										Expense Recognized				Average
										for the				Grant date
						Fair Market Value				six months ended				Fair value
Grant Date		Shares Granted				on Date of Grant				March 31, 2008				Per share
April 2006			20,000			$	908			$	86
October 2006			20,000				1,239				134
January 2008			25,562				1,040				417
Total			65,562			$	3,187			$	637			$	48.61

The shares granted in April 2006 vest 25% in April 2010 and 25% annually thereafter until fully vested. Four thousand of the shares granted in October 2006 related to past service and were immediately vested and an additional 4,000 shares vested August 31, 2007. The remaining shares granted in October 2006 vest 33% effective August 31, 2008 and 33% annually thereafter until fully vested. A grant of 25,562 was made to four senior executives in January 2008 at a price of $40.67 per share, in order to replace previous retirement benefits offered. 7,707 of the shares granted in January 2008 related to previously vested retirement benefits and vested immediately. The remaining 17,855 shares granted in January 2008 vest 20% annually in January of each year until fully vested.

The Company is recognizing compensation cost equal to the fair market value of the stock at the grant dates prorated over the vesting period of each award. The fair value of the unvested restricted stock awards at March 31, 2008 was $2.2 million and will be recognized over a weighted average period of 5 years.

During November 2007, the CEO and COO elected to receive a portion of their annual incentive bonus in Company stock. The CEO chose to receive 4,000 shares at a value of $177 thousand, while the COO chose to receive 500 shares at a value of $22 thousand. These shares do not contain any restrictions, but were issued under the Company’s Incentive Equity Plan. Compensation expense for these awards was accrued and recognized during the fourth quarter of the Company’s fiscal 2007 year.

11. Other Comprehensive Income:

Other comprehensive income, arising from market fluctuations in the Company’s securities portfolio, was as follows:

		For the three months ended								For the six months ended
		March 31,								March 31,
		2008				2007				2008				2007
Accumulated Other Comprehensive Income (loss) at beginning of period		$	36				11				49			$	(29	)
Change resulting from market fluctuations, net of tax, and realized gains and losses			(4	)			—				(17	)			40
Accumulated Other Comprehensive Income		$	32			$	11			$	32			$	11

12. Treasury Stock

The Company’s Board of Directors has authorized the repurchase of up to 131,000 shares of the Company’s common stock through August 31, 2010, for the purpose of funding restricted stock grants under its 1998 Incentive Equity Plan in order to provide restricted stock to eligible Directors and Senior Managers and align their interests with those of the Company’s shareholders.

The stock repurchases began in November 2005 and will be made on a quarterly basis until August 31, 2010 through open market transactions, at times and in such amounts as the Company’s broker determines subject to the provisions of a 10b5-1 Plan which the Company has adopted for such purchases. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. All purchases will be made subject to restrictions of Rule 10b-18 relating to volume, price and timing so as to minimize the impact of the purchases upon the market for the Company’s shares. The Company does not anticipate that any purchases under the Plan will be made from any officer, director or control person. There are currently no arrangements with any person for the purchase of the shares. In accordance with the approved plans, the Company may purchase an additional 69,030 shares. The Company purchased 6,200 and 12,000 shares in the open market during the second and first quarter of fiscal year 2008, at an average price of $44.24 and $43.98 per share, respectively.

The following table provides information relating to purchases of the Company’s common shares by the Company on the open market pursuant to the aforementioned plans for the quarter ended March 31, 2008:

										Total shares
										purchased as				Total dollar
										part of publicly				value of shares
		Total number of				Average price				announced plans				purchased
Date		shares purchased				paid per share				or programs				(thousands)
3/18/2008			2,500			$	43.50				2,500			$	109
3/19/2008			1,200				45.92				1,200				55
3/20/2008			2,500				44.17				2,500				110
Total			6,200			$	44.24				6,200			$	274

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Statement

Some of the statements in this document include statements about future expectations. Statements that are not historical facts are “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Exchange Act and Section 27A of the Securities Act. These forward-looking statements, which include references to one or more potential transactions, expectation of results and strategic alternatives under consideration are predictive in nature or depend upon or refer to future events or conditions, are subject to known, as well as unknown risks and uncertainties that may cause actual results to differ materially from Company expectations. There can be no assurance that any future transactions will occur or be structured in the manner suggested or that any such transaction will be completed. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

When used in this document, or in the documents incorporated by reference herein, the words “anticipate”, “believe”, “estimate”, “may”, “intend”, “expect”, “should”, “could” and other words of similar meaning, are likely to address the Company’s growth strategy, financial results and/or product development programs. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. The considerations listed herein represent certain important factors the Company believes could cause such results to differ. These considerations are not intended to represent a complete list of the general or specific risks that may affect the Company. It should be recognized that other risks, including general economic factors and expansion strategies, may be significant, presently or in the future, and the risks set forth herein may affect the Company to a greater or lesser extent than indicated.

Change in fiscal year

On September 28, 2007, the Board of Directors of the Company approved a change in the Company’s fiscal year end from August 31 to September 30. The fiscal year change is effective beginning with the Company’s 2008 fiscal year. The Company’s 2008 fiscal year began on October 1, 2007 and will end September 30, 2008, resulting in a one month transition period that began September 1, 2007 and ended September 30, 2007. This Form 10-Q includes the unaudited results for the three and six months ended March 31, 2008 and 2007. The unaudited results for the one month ended September 30, 2007 were included in the Form 10-Q filed on February 15, 2008. The audited results for the one month ended September 30, 2007 will be included separately in the Company’s Annual Report on Form 10-K for the fiscal year ending September 30, 2008.

LIQUIDITY AND CAPITAL RESOURCES:

Liquidity and Capital Resources

Working capital increased to $112.0 million at March 31, 2008 from $110.0 million at September 30, 2007. As of March 31, 2008, the Company had cash and cash equivalents of $44.5 million compared to $31.6 million at September 30, 2007. Marketable securities decreased to $42.6 million from $46.5 million during the same period. The ratio of current assets to current liabilities decreased to 5.31 to 1 at March 31, 2008 from 5.37 to 1 at September 30, 2007. Total assets at March 31, 2008 were $285.1 million compared to $285.0 million at September 30, 2007.

Management believes the Company will be able to meet its working capital requirements for the foreseeable future with internally generated funds. Management expects continued profitability from the Company’s operations. In addition, the Company has credit commitments to provide for revolving credit of up to $175.0 million, of which $50.3 million was available for the Company’s general use at March 31, 2008.

Cash outlays for land, equipment, buildings, and other improvements totaled $3.3 million during the six months ended March 31, 2008, compared with $5.6 million during the six months ended March 31, 2007.

IRS Audit

The Company, through its tax counsel, continues to work with IRS Appeals to reach a closing settlement. Details regarding the settlement, including the future of Agri Insurance (“Agri”), are in ongoing negotiations with the IRS. A closing document has been executed by the Company and provided to IRS Appeals for review. The Company expects a full resolution of this matter soon; however, the Company has executed statute extensions with the IRS for the tax returns affected until December 31, 2008.

The Internal Revenue Service (IRS) issued a thirty day letter dated August 14, 2006 pertaining to audits of Alico for the tax years 2000 through 2004. In the thirty day letter, the IRS proposed several alternative theories as a basis for its argument that Alico should have reported additional taxable income in the years under audit. These theories principally related to the formation and capitalization of the Company’s Agri Insurance subsidiary and its tax exempt status during the years under audit. The Company has been working with IRS appeals to resolve the case. In order to cease additional interest from accruing on this liability, the Company paid $66.2 million to the IRS from its revolving credit line. Based on the estimated Federal settlement amount, the Company estimated additional state taxes and interest of approximately $10.3 million at March 31, 2008 which will be due and payable when the IRS audit is concluded.

Alico capitalized Agri by contributing real estate located in Lee County Florida. The real estate was transferred at its historical cost basis. As the Lee County real estate was sold, substantial gains were generated in Agri, creating differences between amounts recorded on Agri’s books and the related tax returns. For property transferred to Agri but not sold during the years under audit, the outbound transfers were taxed as a sale. For book purposes, the historical tax basis will be stepped-up to the fair market value of the property at the time of transfer. The Company has estimated the amount of basis step-up based on discussions with the IRS and classified the step ups resulting from the transfer of property not sold as of August 31, 2004 based on their estimated tax benefits as a deferred tax asset. Should the actual IRS settlement differ from the estimated amounts, the deferred taxes related to the basis step-ups could fluctuate from the amounts recorded.

Real estate activities

Due to complications in the permitting process and an overall slowdown in the real estate market, the Company agreed to restructure a contract in connection with a previous land sale in Octoer 2007, with the terms to be effective as of the original closing in July 2005. Under the terms of the restructure, the Company received $6.8 million on October 22, 2007 representing $0.4 million of principal with the remaining proceeds classified as interest. Additionally, under the terms of the renegotiated agreement, Alico will receive quarterly interest payments based upon LIBOR, plus a percentage, as well as $3.6 million of principal on September 28, 2008, $12.0 million principal payments on September 28, 2009 & 2010, and the remaining principal of $26.5 million on September 28, 2011. Alico received two timely quarterly interest payments totaling $1.6 million during the six months ended March 31, 2008.

The Company received an extension payment of $3.6 million in connection with an option contract for a gross sales price of $63.5 million during October, 2007. Under the terms of this contract, the buyer has four annual options with up to three additional annual extensions. The next option will expire on September 28, 2008, unless it is extended. In order to extend the time to exercise the option, the buyer must pay an annual extension fee equal to 6% of the remaining unexercised sales price.

The Company also received an interest payment of $0.7 million in October 2007 representing interest on an $11.4 million mortgage on a third contract. The mortgage provides for interest payments only for the next three years annually in September, followed by four equal annual payments of principal together with accrued interest thereon. The annual interest rate under the note is 6%.

Treasury stock purchase plan

The Company’s Board of Directors has authorized the repurchase of up to 131,000 shares of the Company’s common stock through August 31, 2010, for the purpose of funding restricted stock grants under its 1998 Incentive Equity Plan in order to provide restricted stock to eligible Directors and Senior Managers and align their interests with those of the Company’s shareholders.

The stock repurchases began in November 2005 and will be made on a quarterly basis until August 31, 2010 through open market transactions, at times and in such amounts as the Company’s broker determines subject to the provisions of a 10b5-1 Plan which the Company has adopted for such purchases. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. All purchases will be made subject to restrictions of Rule 10b-18 relating to volume, price and timing so as to minimize the impact of the purchases upon the market for the Company’s shares. The Company does not anticipate that any purchases under the Plan will be made from any officer, director or control person. There are currently no arrangements with any person for the purchase of the shares. In accordance with the approved plans, the Company may purchase an additional 69,030 shares. The Company purchased 6,200 shares in the open market during the second quarter of fiscal year 2008 at an average price of $44.24 per share.

Dividends

The Company paid a quarterly dividend of $0.275 per share on October 15, 2007 and January 15, 2008. At its meeting on January 18, 2008, the Board of Directors declared a quarterly dividend of $0.275 per share payable to stockholders of record as of April 30, 2008 with payment expected on or around May 16, 2008. At its meeting on April 25, 2008, the Board of Directors declared a quarterly dividend of $0.275 per share payable to stockholders of record as of July 31, 2008 with payment expected on or around August 15, 2008.

Results of Operations
(in thousands)

		Three months ended March 31,								Six months ended March 31,
		2008				2007				2008				2007
Operating revenue		$	49,275			$	56,458			$	72,829			$	82,986
Gross profit			5,984				12,669				10,324				18,624
General & administrative expenses			3,981				3,405				6,982				6,572
Income from operations			2,003				9,264				3,342				12,052
Profit on sale of bulk real estate			—				(254	)			817				1,038
Interest and investment income			1,987				1,902				6,320				3,528
Interest expense			(1,103	)			(1,309	)			(3,569	)			(2,570	)
Other income			(239	)			92				26				166
Provision for income taxes			1,110				4,192				2,608				6,131
Effective income tax rate			41.9	%			43.2	%			37.6	%			43.1	%
Net income		$	1,538			$	5,503			$	4,328			$	8,083

Overall, income from operations decreased for the three months and six months ended March 31, 2008 compared with the three and six months ended March 31, 2007, primarily the result of inferior results from agricultural operations. The Company expects that operations will be profitable in fiscal year 2008, but will be significantly below fiscal year 2007 levels. These expectations are primarily based on lower expected prices for citrus products for fiscal year 2008 when compared with fiscal year 2007. Citrus prices during fiscal year 2007 were at record highs. Citrus returns for fiscal year 2008 are expected to be more in line with the Company’s historical experience.

Operations by segment are discussed separately below.

General and Administrative

General and administrative expenses increased by $0.6 million and $0.4 million for the three and six months ended March 31, 2008, respectively, when compared with the three and six months ended March 31, 2007. Pension expenses increased due to declining market conditions, causing the funding mechanism for pension costs to perform below prior-year levels, and was the primary factor causing general and administrative expenses to rise.

Profit from the Sale of Real Estate

The Company restructured a contract in October 2007, with the terms to be effective as of the original closing in July 2005. The Company recognized approximately $0.8 million of non-operating gain in connection with the restructure.

The Company also restructured several contracts for the sale of real estate during the first quarter of fiscal year 2008. The Company recognized $3.9 million of operating revenue during the three months ended December 31, 2007 from the extension of these contracts. The Company recognized gains of $0.5 million of installment proceeds on a prior sale that was recorded as non-operating income during the three months ended December 31, 2006. Additionally, the Company recorded income in connection with a restructuring of a second contract of $1.9 million during the three months ended December 31, 2006, that was classified as operating revenue.

Provision for Income taxes

The effective tax rate was 41.9 % and 37.6% for the three and six months ended March 31, 2008, respectively, compared with 43.2% and 43.1% for the three and six months ended March 31, 2007, respectively. The rates for both years were impacted by adjustments related to the ongoing IRS proceedings for tax years 2000, 2001, 2002, 2003 and 2004 (see Note 6 to the condensed consolidated financial statements).

The Company adopted the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“Interpretation No. 48”), on September 1, 2007. At September 1, 2007, the Company had $441 thousand of potential tax exposure related to uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense and classifies such interest and penalties in the liability for uncertain tax positions. As of March 31, 2008, the Company had approximately $28,000 accrued for the payment of interest and penalties related to uncertain tax positions. The tax years ended August 31, 2005 and August 31, 2006 remain open to examination by the major taxing jurisdictions to which the Company is subject.

Interest and Investment Income

Interest and investment income is generated principally from mortgages held on real estate sold on the installment basis, investments in corporate and municipal bonds, mutual funds, and U.S. Treasury securities.

Interest and investment income was $2.0 million and $6.3 million for the three and six month periods ended March 31, 2008, respectively, compared with $1.9 million and $3.5 million for the three and six month periods ended March 31, 2007. The increased interest earnings for the six months ended March 31, 2008 were primarily due to the restructuring of a real estate mortgage note receivable, which allowed for higher interest rates effective retroactively to July 2005. Additionally, the Company recognized patronage refunds from Farm Credit, its primary lender, of $854 thousand during first quarter of fiscal year 2008.

Interest Expense

Interest expense decreased for the three months but increased for the six months ended March 31, 2008 when compared with the three and six months ended March 31, 2007. Interest expense was up for the six months ended March 31, 2008 due to higher debt levels. The Company’s borrowings increased significantly during the fourth quarter of fiscal year 2007 due to the payment of taxes, interest and penalties associated with the ongoing IRS audits. Interest expense for the second quarter of fiscal 2008 decreased due to lower effective interest rates. During the second quarter of 2008, Farm Credit notified the Company that a patronage allocation was made for calendar year 2007. Based on this notification, a net patronage receivable of $992 thousand was recorded resulting in a reduction in interest expense.

Operating Revenues

		Three months ended March 31,								Six months ended March 31,
		2008				2007				2008				2007
Revenues
Agriculture:
Bowen Brothers Fruit		$	19,028			$	23,797			$	26,843			$	31,430
Citrus groves			18,486				20,917				23,151				27,089
Sugarcane			4,539				5,024				7,760				8,762
Cattle			2,916				1,547				3,402				5,200
Plants			1,093				992				1,995				1,741
Vegetables			2,214				1,788				3,938				2,905
Sod			277				701				473				1,050
Agriculture operations revenue			48,553				54,766				67,562				78,177
Real estate operations			—				803				3,869				3,250
Land leasing and other			596				566				1,132				825
Mining royalties			126				323				266				734
Total operating revenue		$	49,275			$	56,458			$	72,829			$	82,986