Alico Madison, begin, you, and quarter this year Thank joining for thank want a land years everyone, leader I Alico's Florida to more morning. and us agriculture earnings management. in fourth for that and of experience ended has call To than as XXXX XXX fiscal you, recognize
that management. stated conventional the Alico agriculture that with to active investors with provide consistently the of benefits investment have We optionality from comes a our and land stability seeks
lower crops, are management the begin a to pre state. harvest XXXX fiscal we year levels from and As and performance than These year return More production XXXX, X XX,XXX challenges as evaluating harvesting the of of well mineral to Alico year fruit we acres and did fiscal in face approximately crops as daily. has levels. remain aftermath to as not recovering of we land XXXX concern a of Since production reminder, counties before and Hurricane XX,XXX in our half acres XXXX dropped rights approximately own continued across in Florida, our the oil, to Ian. Ian gas fiscal
provide any at XXXX revenues. fiscal this fiscal greater to year cannot time size forecast have of expected until this unable and the forecast our the we for are crops We about visibility
to total October our sheet, lower and most of damage. of continue believes which XXXX company sustained of and preserving operating harvest is force sustained pound can varying produced, financial potential, X, production inventory required or harvest.
On of being that citrus tropical XXXX, for Valencia $XX.X to that The so tree to have time. million our Alico provide the in Alico ensure write returns grows on salads levels resulted business adequate protecting competitive committed winds XXXX, resources income for Hurricane and to $XX.X the XXXX XXXX, However, to minimal Milton focusing to hurricane invest to our our to early we mid-season in this growth stockholders. durations that with related capital Lower season inventory harvest down our balance our our impacted million related company total of and
of additional a occur our counties. amount if However, was that Hurricane in is to a fruit trees from Hardy Milton. particularly drop result drop, time, Polk and not measurable reliably estimate may possible it northern in of At as there groves, this fruit the any,
sold approximately As for orange sell at contract X-year fruits all XX% season. new over to entered oranges and last life Alico the XX% agreement the that Tropicana to into to the of previously, the reported purchase prices price citrus company Tropicana higher are a the to average
XX% citrus all greening, with our approximately injection treated In addition, of to combat oxytetracycline treated trees in an XXXX, for a or consecutive were which we OTC second of year. nearly producing
OTC impacts that improve trunk scientific fruit a by and the fruit greening. some the of to OTC Our with trees research, drop, mitigating benefits quality decrease our of decisions indicated treat include supported injections were which from in citrus
apply we Citrus money to cost grants In to XX% Trial XXXX. continue Research of of will fiscal OTC year for that application and XXXX, the moneys spent Florida of injections. year the Foundation January approximately to we And received these date, the XXXX. We received during Field have in incurred offset covered grant to and all fiscal costs OTC substantially the
remain our Ranch of million our acres balance line rate have per less credit which success for principal we We due required $XX.X cover the XXXX, we the the Metlife million of in the State to repay fiscal rest sale would all our citrus of that reducing pending gross applications Ian costs.
Despite operations, than outstanding future impact of year challenges December through our In to of and our under balance debt. the payments Hurricane Alico. strengthening variable year the sheet of our million of thereby borrowings of XXXX XX,XXX year. to our of Alico XXXX of and used treatment to $XX.X the fiscal recent about Florida proceeds, in completed we optimistic $X.X term
significant us with time increase flexibility, manage we by addition to to increase assets. as Alico it our should liquidity we in -- events need line realize We addition estate of that highest have maturity believe the best confidence demonstrates our our the XXXX, by well credit with believe to the ample Metlife. September in support of of line credit capital revolving weather revolving until real use which of extending and as long-term credit that and and financial our we continued and amended we ensure X, the In to in XXXX, provides Metlife to agreement May
The for XXXX enhance the leadership Grove and we our began and X,XXX-acre to proceeding is We under in well Executive value Real Estate. our President our properties Collier Fort which Myers Vice are County near continuing evaluate for our all process, of of of stockholders. multiyear entitlement to build
market yet not assessments; of outreach assessments significant preparation planning; be made completion to, but conservation done, including, efforts. to facilitate of beginning strategies; While selective to there the conduct considerable the company of the stakeholder is the and work progress, limited has environmental development to
estate all most the other Hendry and our in to I being profitable In committed financial detailed With all The use call also Counties turn properties results. of for for in real considered more transactions. Highlands our over potential Heine Brad options portfolio. Polk, to the that, will to addition, land company remains discuss are the considering
