<SEC-DOCUMENT>0000891092-13-001075.txt : 20130206
<SEC-HEADER>0000891092-13-001075.hdr.sgml : 20130206
<ACCEPTANCE-DATETIME>20130206172035
ACCESSION NUMBER:		0000891092-13-001075
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130206
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130206
DATE AS OF CHANGE:		20130206

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:		13579107

	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>e51917_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>UNITED STATES </B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>Date of Report (date of earliest event
reported): February 6, 2013 </B></P>

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

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

<P STYLE="font: 10pt 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

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

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

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<P STYLE="font: 10pt 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>

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    <TD STYLE="font: 11pt 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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    <TD STYLE="font: 11pt 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>
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    <TD STYLE="font: 11pt 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>
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    <TD STYLE="font: 11pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On February 6, 2013, Alico, Inc. issued a press
release announcing its financial results for the three months ended December 31, 2012.&nbsp;A copy of the press release is furnished
within this report as Exhibit 99.1.</P>

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

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

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

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    <TD STYLE="width: 11%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">(d)</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 86%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Exhibits.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Alico, Inc. Press Release dated February 6, 2013</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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




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

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

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

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

<P STYLE="font: 10pt 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>

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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Date: February 6, 2013</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">ALICO, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
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    <TD STYLE="padding-bottom: 1.1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">By:</FONT></TD>
    <TD STYLE="padding-bottom: 1.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">/s/ W. Mark Humphrey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">W. Mark Humphrey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Senior Vice President and Chief Financial Officer </I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P></TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Consolas; text-align: right"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 77px; width: 173px"></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Alico, Inc. Announces First Quarter of Fiscal
Year 2013</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Financial Results&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fort Myers, FL, February 6, 2013 &mdash; Alico, Inc. (&ldquo;Alico&rdquo;)
(NASDAQ:ALCO), an American agribusiness and land management company, today announced financial results for its first quarter ended
December 31, 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Fiscal Year 2013 First Quarter Results </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the first quarter of fiscal year 2013, total operating
revenue was $21.4 million as compared to $26.0 million for the first quarter of fiscal year 2012, a decrease of approximately
18%. The decrease in operating revenue was due to a decrease in sales of citrus fruit by our Alico Fruit Company and Citrus
Groves segments, partially offset by an increase in sales of Sugarcane.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Historically, our agricultural operations have been 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. First quarter fiscal year 2013 included Citrus Groves revenues of $7.4
million compared to $8.4 million from the same period of fiscal year 2012, a decrease of approximately $1.0 million or 12%
due to a decrease in market prices and the average pound solids per box for our early and mid-season varieties. Alico Fruit
Company had revenues of $5.3 million for the first quarter of fiscal year 2013 as compared to $10.5 million from the same
period of fiscal year 2012, a decrease of approximately $5.2 million or 50% due to a decrease in the number of boxes of fruit
sold and lower market prices. Improved Farmland revenue was $8.0 million for the first quarter of fiscal year 2013 as
compared to $6.3 million for the same period of fiscal year 2012, an increase of approximately $1.7 million or 27%,
which includes the results of Sugarcane operations, which contributed revenues of $7.8 million for first quarter of fiscal
year 2013 as compared to $6.1 million for the same period of fiscal year 2012, an increase of approximately $1.7 million or
28%. The favorable result was due to an increase of approximately
28% in standard tons of sugarcane harvested as compared to the first
quarter of fiscal year 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total operating expenses for the first quarter of fiscal year
2013 were $17.6 million as compared to $20.5 million for the first quarter of fiscal year 2012, a decrease of approximately
14%. This decrease was primarily due to Alico Fruit Company selling 303,000 fewer boxes in the first quarter of fiscal year
2013. Gross profit for the first quarter of fiscal year 2013 was $3.8 million as compared to $5.5 million for the first
quarter of fiscal year 2012, a decrease of approximately
31%. The decrease was primarily due to lower citrus prices in the Citrus Groves
segment partially offset by the increase in Sugarcane gross profit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Income from operations was $2.0 million for the first quarter of
fiscal year 2013 as compared to $3.5 million for the first quarter of fiscal year 2012. Net income applicable to common stock for
the first quarter of fiscal year 2013 was $1.0 million, or $0.14 per share, as compared to net income of $1.9 million, or $0.26
per share, in the first quarter of fiscal year 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">EBITDA (defined as net income excluding interest expense, income
taxes and depreciation and amortization) for the first quarter of fiscal year 2013 was $4.2 million as compared to $5.5 million
for the first quarter of fiscal year 2012. A reconciliation of EBITDA to the GAAP measure of net income is provided at the end
of this release. The decrease of $1.3 million in EBITDA quarter-over-quarter is primarily due to the decrease in pre-tax net income
of $1.7 million generated in the first quarter of fiscal year 2013 as compared to a pre-tax net income of $3.2 million in the same
period of fiscal year 2012.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JD Alexander, Alico&rsquo;s President and Chief Executive Officer,
stated, &ldquo;Our first quarter results were as expected. Our Citrus Groves segment&rsquo;s sales and profitability were off compared
to last year due to lower price per pound solids and lower pound solids per box. Our citrus crop appears to be in line with the
State of Florida&rsquo;s estimated 13% decrease in total boxes compared to 2012. However, Alico&rsquo;s production per acre continues
to outperform the state&rsquo;s average production at a rate similar to last year. We continue to be insulated from the cash market
by our production contracts which provide a minimum floored price of $1.60 per pound solids for this harvest season.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Alexander continued, &ldquo;We are encouraged by the increased
profitability from our Sugarcane segment. We expect the increased profitability to continue as the production per acre as well
as the acres in production increase over the prior year. We also incurred approximately $0.3 million in the first quarter in repair
and maintenance expense to upgrade our fleet of trailers which negatively impacted earnings but we believe it allows us to continue
to provide both internal and external citrus hauling services at a very high standard. Additionally, the Company continues its
work on enhancement and repositioning of our lower income producing lands and we are progressing toward the closing of the USDA
agreement we reached in September 2012.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We had working capital of approximately $27.1 million at December
31, 2012 and $34.4 million at September 30, 2012. Cash used in operating activities was $2.9 million for the first three months
of fiscal year 2013 as compared to $0.2 million during the first three months of fiscal year 2012. At December 31, 2012, $60.0
million was available under our revolving line of credit. Due to the seasonal nature of our business, working capital requirements
are typically greater in the first and fourth quarter of our fiscal year coinciding with our planting cycles. <FONT STYLE="color: black">Cash
flows from operating activities typically improve in our second and third fiscal quarters as we harvest our crops. </FONT>We plan
to apply such cash flows towards other strategic capital expenditures.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alico, Inc. (&ldquo;Alico&rdquo;) is an American agribusiness and
land management company built for today&rsquo;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). Our principal lines of business are 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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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. Actual results may
differ materially from those expressed or implied in the forward-looking statements. 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 in
forward-looking statements include, but are not limited to: 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. Other risks </I></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>and uncertainties include those that are described in Alico&rsquo;s
SEC filings, which are available on the SEC&rsquo;s website at http://www.sec.gov. Alico undertakes no obligation to subsequently
update or revise the forward-looking statements made in this press release, except as required by law. </I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rubenstein Investor Relations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(212) 843-9337</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TClemensen@RubensteinIR.com</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Due to significant depreciable assets associated with the nature
of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA
is an important measure to evaluate our results of operations between periods on a more comparable basis. Such measurements are
not prepared in accordance with accounting principles generally accepted in the United States (&ldquo;GAAP&rdquo;), and should
not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is
unique to Alico and may not be consistent with methodologies used by other companies. Unaudited EBITDA is 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: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1.1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Quarter ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-bottom: 1.1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>2013</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Net income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,038</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,933</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Total interest expense, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">367</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">469</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Income taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">636</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,231</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.1pt; padding-left: 9.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2,152</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,896</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">4,193</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">5,529</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>CONDENSED 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 amounts)</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>December 31,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>2012</B></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>September&nbsp;30, 2012</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>(unaudited)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; font-weight: bold; text-align: center; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 72%; padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Current assets:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Cash and cash equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">902</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">13,328</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Restricted cash</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2,500</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">258</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">257</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Accounts receivable, net</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,778</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,071</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Income tax receivable</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,031</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,327</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,145</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">27,290 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Assets held for sale</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2,475</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Other current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,469</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,219</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; font-weight: bold; text-indent: 18.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Total current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,583</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">51,467</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; font-weight: bold; text-indent: 18.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Investment in Magnolia Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,686</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">5,607</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Investments, deposits and other non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,183</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2,145</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Deferred income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,168</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2,168</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Cash surrender value of life insurance</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">855</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">862</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Property, buildings and equipment, net</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">128,577</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">122,834</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">176,052</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">185,083</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; font-weight: bold; text-align: center; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>LIABILITIES&nbsp;&amp; STOCKHOLDERS&rsquo; EQUITY</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Current liabilities:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Accounts payable</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,410</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">4,929</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Long-term debt, current portion</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,267</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Accrued expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,666</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2,488</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Income taxes payable</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">484</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Dividend payable</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">589</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">883</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Accrued ad valorem taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,685</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Other current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">770</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,412</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; font-weight: bold; text-indent: 18.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Total current liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">9,445</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">17,148</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Long-term debt, net of current portion</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,500</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">36,633</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Deferred retirement benefits, net of current portion</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,792</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,756</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Total liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">48,737</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">57,537</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 28.6pt; font-weight: bold; text-indent: -1.6pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Commitments and contingencies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Stockholders&rsquo; equity:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Preferred stock, no par value. Authorized 1,000,000 shares; issued and outstanding, none</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Common stock, $1 par value; 15,000,000 shares authorized; 7,377,106 shares issued and 7,320,997 and 7,353,871 shares outstanding at December 31, 2012 and September&nbsp;30, 2012, respectively</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,377</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">7,377</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Additional paid in capital</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,056</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">9,053</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Treasury stock at cost, 56,109 and 23,235 shares held at December 31, 2012 and September&nbsp;30, 2012, respectively</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,816</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">(543</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Retained earnings</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">112,698</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">111,659</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 28.6pt; font-weight: bold; text-indent: -1.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Total stockholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">127,315</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">127,546</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 8.8pt; font-weight: bold; text-indent: 18.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Total liabilities and stockholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">176,052</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">185,083</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Three&nbsp;months&nbsp;ended&nbsp;December 31</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>2012</B></FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>2011</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Operating revenues</B>:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Citrus Groves</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">7,393</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">8,408</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Agricultural Supply Chain Management</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,289</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">10,506</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Improved Farmland</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,990</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">6,341</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Ranch and Conservation</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">518</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">656</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Other Operations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">136</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 68.2pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Total operating revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,356</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">26,047</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Operating expenses:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Citrus Groves</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,860</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">5,157</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Agricultural Supply Chain Management</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,534</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">10,195</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Improved Farmland</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,874</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">4,760</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Ranch and Conservation</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">197</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">207</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Other Operations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">214</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 68.2pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Total operating expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">17,570</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">20,533</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 88pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Gross profit</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,786</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">5,514</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Corporate general and administrative</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,808</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,990</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 88pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Income from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,978</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,524</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Other (expenses) income:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Interest and investment income, net</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">108</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Interest expense</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(367</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">(469</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 48.4pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Other income, net</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 68.2pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Total other (expenses)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">(304</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">(360</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Income before income tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,674</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3,164</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Income tax expense </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">636</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,231</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Net income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,038</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">1,933</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Weighted-average number of shares outstanding:</FONT></TD>
    <TD COLSPAN="13">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: 13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Basic</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">7,354</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">7,354</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 22.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Diluted</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">7,354</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">7,354</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 8.8pt; font-weight: bold; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Earnings per common share amounts:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Basic</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">0.14</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">0.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 28.6pt; text-indent: -8.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Diluted</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">0.14</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">0.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 28.6pt; font-weight: bold; text-indent: -28.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>Cash dividends declared per common share</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">0.00</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">0.04</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
