<SEC-DOCUMENT>0000891092-12-007250.txt : 20121205
<SEC-HEADER>0000891092-12-007250.hdr.sgml : 20121205
<ACCEPTANCE-DATETIME>20121205171916
ACCESSION NUMBER:		0000891092-12-007250
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20121205
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121205
DATE AS OF CHANGE:		20121205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALICO INC
		CENTRAL INDEX KEY:			0000003545
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				590906081
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00261
		FILM NUMBER:		121244198

	BUSINESS ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913
		BUSINESS PHONE:		239-226-2000

	MAIL ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALICO LAND DEVELOPMENT CO
		DATE OF NAME CHANGE:	19740219
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e50956_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>FORM 8-K </B></P>

<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d)
OF THE </B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>Date of Report (date of earliest
event reported): December 5, 2012 </B></P>

<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 24pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>Alico, Inc. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified
in its charter) </B></P>

<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 11pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Florida</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 11pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0-261</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 11pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>59-0906081</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>10070 Daniels Interstate Court
</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fort Myers, Florida, 33913 </B></P>

<P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of principal executive offices)
</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>Registrant&#8217;s telephone
number: (239)&nbsp;226-2000 </B></P>

<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="font: 11pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 C.F.R. 230.425) </FONT></TD></TR>
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<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 4%; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font: 11pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 C.F.R. 240.14a-12) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font: 11pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14D-2(b)) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 4.5pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="font: 11pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. 240.13e-4(c)) </FONT></TD></TR>
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<P STYLE="font: 6pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 2pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 11%; font: bold 10pt/115% Times New Roman, Times, Serif">Section 2</TD>
    <TD STYLE="width: 3%; font: 10pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 86%; font: bold 10pt/115% Times New Roman, Times, Serif">Financial Information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/115% Times New Roman, Times, Serif">Item 2.02</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt/115% Times New Roman, Times, Serif">Results of Operations and Financial Condition.</TD></TR>
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On December 5, 2012, Alico, Inc. (NASDAQ:
ALCO) issued a press release announcing its financial results for the fourth quarter and year ended September 30, 2012.&nbsp;A
copy of the press release is furnished within this report as Exhibit 99.1.</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 11%; font: bold 10pt/115% Times New Roman, Times, Serif">Section 9</TD>
    <TD STYLE="width: 3%; font: 10pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 86%; font: bold 10pt/115% Times New Roman, Times, Serif">Financial Statements and Exhibits</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/115% Times New Roman, Times, Serif">Item 9.01</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt/115% Times New Roman, Times, Serif">Financial Statements and Exhibits.</TD></TR>
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 11%; line-height: 115%; font-size: 10pt">(d)</TD>
    <TD STYLE="width: 3%; line-height: 115%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 86%; line-height: 115%; font-size: 10pt">Exhibits.</TD></TR>
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    <TD STYLE="line-height: 115%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-size: 10pt">99.1</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">Alico, Inc. Press Release dated December 5, 2012</TD></TR>
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




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<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 19.8pt">Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="line-height: 115%">Date: December 5, 2012</TD>
    <TD COLSPAN="3" STYLE="line-height: 115%">ALICO, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 4%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 4%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 50%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; line-height: 115%">By:</TD>
    <TD STYLE="padding-bottom: 1.1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">/s/ W. Mark Humphrey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">W. Mark Humphrey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Senior Vice President and Chief Financial Officer </I></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P></TD></TR>
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>e50956ex99_1.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Investor Contact:</B><BR>
Rubenstein Investor Relations<BR>
Tim Clemensen<BR>
(212) 843-9337<BR>
TClemensen@RubensteinIR.com</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 9pt 0 0 4.5in; text-align: center"><IMG SRC="image_001.jpg" ALT="LOGO" STYLE="height: 80px; width: 180px"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>Alico, Inc. Announces Fiscal
Year 2012 Fourth Quarter and Annual Earnings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Fort Myers, FL, December&nbsp;5, 2012</B>&nbsp;&#8211;
Alico, Inc. (NASDAQ: ALCO) (&#8220;Alico&#8221;), an American agribusiness and land management company, today announced financial
results for the fiscal year 2012 fourth quarter and for the fiscal year ended September&nbsp;30, 2012.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">Net loss for the fourth quarter of fiscal year 2012
was $0.5 million or $(0.07) per share as compared to a net loss of $1.5 million, or $(0.21) per share for the fourth quarter of
fiscal year 2011. Loss from operations for the fourth quarter of fiscal year 2012 was $0.9 million compared to a loss from operations
of $1.8 million for the fourth quarter of fiscal year 2011.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">For the fiscal year ended September&nbsp;30, 2012,
net income totaled $18.5 million or $2.51 per share as compared to net income of $7.1 million or $0.96 per share for fiscal year
2011. Income from operations for fiscal year 2012 was $23.7 million compared to $15.2 million for fiscal year 2011.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">JD Alexander, Alico&#8217;s President and Chief Executive
Officer, stated &#8220;This is the third consecutive year we have significantly improved operating performance. We recognized Income
from Operations of $23.7 million for fiscal 2012 which is almost a 600 percent increase over our performance just two years ago.
Additionally, we continue to strengthen our balance sheet by utilizing cash provided by operating activities and land sales to
pay down long term debt. We reduced long term debt by $17.3 million in fiscal 2012 and have reduced long term debt by $33.6 million
over the last two years. We also had access to an unused $60 million revolving line of credit at September 30, 2012.&#8221;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr.&nbsp;Alexander
concluded, &#8220;As we look forward to 2013, we will look to continue to build on our strengthened operating results established
over the past three years. We are also excited about the prospects of closing on the approximate $20.7 million conservation easement
with the United States Department of Agriculture</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">announced in September
2012.&#8221;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Fiscal Year 2012 Fourth Quarter Results</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0">For the fourth quarter of fiscal year 2012, total
operating revenue was $6.6 million, as compared to $6.2 million for the fourth quarter of fiscal year 2011, an increase of 6.5%.
The Company&#8217;s agricultural operations are seasonal in nature with the least amount of revenue being generated in the first
and fourth fiscal quarters, while increasing in the second quarter and peaking in the third quarter.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">Total operating expenses for the fourth quarter of
fiscal year 2012 were $4.7 million compared to $5.2 million for the fourth quarter of fiscal year 2011.&nbsp;Gross profit for the
fourth quarter of fiscal year 2012 was $1.9 million compared to $1.0 million for the fourth quarter of fiscal year 2011.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">EBITDA (defined as net income excluding interest expense,
income taxes, depreciation and amortization) for the fourth quarter of fiscal year 2012 was $1.3 million as compared to EBITDA
of $1.0 million for the fourth quarter of fiscal year 2011.&nbsp;A reconciliation of EBITDA to the GAAP measure net income is provided
at the end of this release.</P>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Fiscal Year 2012 Results</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0">Net income for the fiscal year ended September&nbsp;30,
2012 was $18.5 million, or $2.51 per share, compared to net income of $7.1 million, or $0.96 per share, for fiscal year 2011, an
increase of 160.6%. Income from operations for fiscal year 2012 was $23.7 million as compared to $15.2 million for fiscal year
2011, an increase of 55.9%. For the year ended September&nbsp;30, 2012, total operating revenue was $127.2 million as compared
to $98.6 million for fiscal year 2011, an increase of 29%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">Fiscal year 2012 Citrus Groves revenue was $55.4 million,
compared to $47.1 million during fiscal year 2011. The increases in Citrus Groves revenue of $8.3 million and gross profit of $5.1
million were due to an increase in citrus crop yield, partially offset by a decrease in citrus pricing and increases in input costs
and harvest and hauling costs. The number of boxes sold during the year ended September&nbsp;30, 2012 was 4.6&nbsp;million as compared
to 4.1&nbsp;million during fiscal year 2011, an increase of 12.2%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">Sugarcane revenue for fiscal year 2012 was $14.4 million,
an increase of $6.6 million or 84.6%, as compared with fiscal year 2011. Sugarcane gross profit for the year ended September&nbsp;30,
2012, was $3.3 million as compared with $1.0 million for the year ended September&nbsp;30, 2011, an increase of $2.3 million or
230%. The increase in revenues and gross profit was attributable to an increase of approximately 3,300 producing acres, combined
with an increase in crop yield and favorable sugar pricing. These positive factors were partially offset by increased input and
harvesting costs.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0">EBITDA for fiscal year 2012 was $39.5 million as
compared to $21.9 million in fiscal year 2011. Improves crop yields and favorable sugarcane and cattle pricing combined with
the sale of our Lee county properties contributed to the increase.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Balance Sheet and Liquidity</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0">The Company had working capital of $34.4 million
at September&nbsp;30, 2012, compared to $17.4 million at September&nbsp;30, 2011, primarily due to cash provided by operations
and from the proceeds of the sale of our Lee County properties. Cash provided by operating activities during the fiscal year 2012
was $23.6 million as compared to $16.7 million during fiscal year 2011.&nbsp;The Company primarily applied such cash flows toward
capital expenditures and debt reduction during the year ended September&nbsp;30, 2012, reducing long-term debt by approximately
$17.3 million. The Company had full availability of $60.0 million under its multi-year real estate collateralized revolving line
of credit at September 30, 2012.</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>About Alico, Inc.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Alico, Inc. (&#8220;Alico&#8221;)
is an American agribusiness and land management company built for today&#8217;s world and known for its legacy of achievement and
innovation in citrus, sugar, cattle and resource conservation. We own approximately 130,400 acres of land in five Florida counties (Collier, Glades, Hendry, Lee and Polk). In addition to principal
lines of business in citrus groves, improved farmland including sugar cane, cattle ranching and conservation, and related support
operations, we also receive royalties from rock mining and oil production. Our mission is to create value for our customers, clients
and shareholders by managing existing lands to their optimal current income and total returns, opportunistically acquiring new
agricultural assets; and producing high quality agricultural products while exercising responsible environmental stewardship.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0"><I>This press release contains forward-looking statements
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange
Act of 1934, as amended.&nbsp;These forward-looking statements are based on Alico&#8217;s current expectations about future events
and can be identified by terms such as &#8220;expect,&#8221; &#8220;may,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221;
&#8220;should be,&#8221; &#8220;will be,&#8221; &#8220;is likely to,&#8221; &#8220;strive to,&#8221; and similar expressions referring
to future periods.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0"><I>Alico believes the expectations reflected in the
forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements.&nbsp;Actual
results may differ materially from those expressed or implied in the forward-looking statements.&nbsp;Therefore, Alico cautions
you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from
those foreseen </I></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0"><I>in forward-looking statements include, but are not
limited to:&nbsp;changes in laws, regulation and rules; weather conditions that affect production, transportation, storage, import
and export of fresh product; increased pressure from disease, insects and other pests; disruption of water supplies or changes
in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing
and supply of energy; changes in interest rates; availability of financing for land development activities; political changes and
economic crises; international conflict; acts of terrorism; labor disruptions; inability to pay debt obligations; inability to
engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; market and
pricing risks due to concentrated ownership of stock.&nbsp;Other risks and uncertainties include those that are described in Alico&#8217;s
SEC filings, which are available on the SEC&#8217;s website at http://www.sec.gov.&nbsp;Alico under takes no obligation to subsequently
update or revise the forward-looking statements made in this press release, except as required by law.</I></P>



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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Non-GAAP Financial Measures</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0">Due to significant depreciable assets associated
with the nature of the Company&#8217;s operations and interest costs associated with its capital structure, management believes
that earnings before interest expense, income taxes, depreciation and amortization (&#8220;EBITDA&#8221;) is an important measure
to evaluate the Company&#8217;s results of operations between periods on a more comparable basis.&nbsp;Such measurements are not
prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;), and should not
be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique
to the Company and may not be consistent with methodologies used by other companies.&nbsp;Unaudited EBITDA and Adjusted EBITDA
are summarized and reconciled to net income, which management considers being the most directly comparable financial measure calculated
and presented in accordance with GAAP as follows:</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 55%; line-height: 115%; font-size: 12pt">&nbsp;($ in thousands)</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Quarter ended</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>September&nbsp;30</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Year ended</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>September&nbsp;30</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>2011</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>2011</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; line-height: 115%; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(465</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,493</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,489</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,097</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; line-height: 115%; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total interest expense, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">326</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">448</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,616</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,020</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; line-height: 115%; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(692</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,973</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,430</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; line-height: 115%; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,175</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,953</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,429</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,327</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; line-height: 115%; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EBITDA</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,344</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">960</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,507</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,874</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
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    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: black 0.75pt solid; border-bottom: black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="line-height: 115%; font-size: 1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>ALICO INC. AND SUBSIDIARIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(dollars in thousands, except for share data)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font: 9pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt/115% Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt/115% Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>September&nbsp;30</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>2012</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>2011</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center">ASSETS</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Current assets:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Cash and cash equivalents</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp;&nbsp;&nbsp; 13,328&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,336&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Restricted cash</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,500</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Investments</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Accounts receivable, net of an allowance for doubtful accounts $12 in 2012 and $103 in 2011, respectively</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,071&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,928&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Income taxes receivable</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,327&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Inventories</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,290&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,373&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Assets held for sale</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,475</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Other current assets</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,219&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Total current assets</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,467<B>&#9;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,181&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Mortgages and notes receivable, net of current portion</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Investment in Magnolia Fund</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,607&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,283&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Investments, deposits and other non-current assets</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,103&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,220&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Deferred income taxes</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,168&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,672&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Cash surrender value of life insurance</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Property, buildings and equipment, net</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp; 122,834&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp; 128,780&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Total assets</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp; 185,083&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp; 180,035&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 9pt/115% Times New Roman, Times, Serif; text-align: center">LIABILITIES&nbsp;&amp; STOCKHOLDERS&#8217; EQUITY</TD>
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Current liabilities:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Accounts payable</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,929&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,946&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Long-term debt, current portion</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,267&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,279&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Accrued expenses</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,488&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,719&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Income taxes payable</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Dividend payable</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 883&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Accrued ad valorem taxes</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,685&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,938&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 9pt; text-indent: -12pt">Other current liabilities</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,412&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,063&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Total current liabilities</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,148</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,827&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Long-term debt, net of current portion</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,633&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,879&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Deferred retirement benefits, net of current portion</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,756&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,667&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Total liabilities</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,537&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,373&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Commitments and contingencies</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Stockholders&#8217; equity:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Preferred stock, no par value. Authorized 1,000,000 shares; issued and outstanding, none</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Common stock, $1 par value. Authorized 15,000,000 shares; 7,377,106 shares issued and 7,353,871 and 7,342,513 shares outstanding at September&nbsp;30, 2012 and 2011, respectively</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,377</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,377&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Additional paid in capital</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,053&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,212&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Treasury stock at cost, 23,235 and 34,593 shares held at September&nbsp;30, 2012 and 2011, respectively</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (543)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (862)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 9pt; text-indent: -12pt">Retained earnings</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp; 111,659&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94,935&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 49.5pt; font-size: 9pt; font-weight: bold; text-indent: -12pt">Total stockholders&#8217; equity</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp; 127,546&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">&nbsp;&nbsp;&nbsp; 110,662&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 40.5pt; font-size: 9pt; font-weight: bold; text-indent: -4.5pt">Total liabilities and stockholders&#8217; equity</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp; 185,083&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt; font-size: 9pt">$&nbsp; 180,035&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; font: 9pt/2pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0.25in 0 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>ALICO, INC. AND SUBSIDIARIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF OPERATIONS </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(dollars in thousands, except per share amounts)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
<TR>
    <TD STYLE="width: 73%; line-height: 115%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; line-height: 115%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; line-height: 115%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; line-height: 115%; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Fiscal Year Ended September&nbsp;30</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>2012</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>2011</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
        <P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>2010</B></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-weight: bold; text-indent: -12pt">Operating revenues:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Citrus Groves</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,423</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,088</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,469</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Agricultural Supply Chain Management</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,334</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,115</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,896</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Improved Farmland</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,316</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,642</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,992</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Ranch and Conservation</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,348</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,015</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,332</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 22.5pt">Other Operations</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,103</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Total operating revenues</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127,187</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98,592</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,792</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-weight: bold; text-indent: -12pt">Operating expenses:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Citrus Groves</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,995</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,764</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,730</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Agricultural Supply Chain Management</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,693</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,109</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,169</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Improved Farmland</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,574</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,343</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,133</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Ranch and Conservation</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,497</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,640</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,322</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 22.5pt">Other Operations</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,196</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,303</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,515</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Total operating expenses</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94,955</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,159</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,869</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 84pt; text-indent: -12pt">Gross profit</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,232</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,433</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,923</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Corporate general and administrative</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,490</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,196</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,458</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 84pt; text-indent: -12pt">Income from operations</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,742</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,237</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,465</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-weight: bold; text-indent: -12pt">Other (expenses) income:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Interest&nbsp;and investment income (loss), net</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,375)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Interest expense</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,616)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,020)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,879)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Other income, net</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Gain on sale of real estate</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,113</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 60pt; text-indent: -12pt">Impairment on assets held for sale</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,918)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 84pt; text-indent: -12pt">Total other income (expenses), net</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,720</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,710)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,289)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Income (loss) before income tax expense (benefit)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,462</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,527</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,824)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Income tax expense (benefit)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,973</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,430</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,201)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-weight: bold; text-indent: -12pt">Net income (loss)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,489</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,097</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (623)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Weighted-average number of shares outstanding</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Basic</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,355</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,363</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,374</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Diluted</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,355</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,363</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,374</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-weight: bold; text-indent: -12pt">Earnings (loss) per common share</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; line-height: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-style: italic; text-indent: -12pt">Basic</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-style: italic; text-indent: -12pt">Diluted</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt">Cash dividends declared per common share</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 0.75pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 9; Options: Last -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
