Fort Myers-based Alico reported net income of $11.4 million for the second quarter ended March 31, compared with a $111.4 million loss a year earlier, as the company continues shifting away from citrus and toward land sales, leasing and development. The company closed a $26.9 million sale of 2,950 acres in Hendry County during the quarter, bringing year-to-date land sales to $34.6 million. Revenue fell 70.3% to $5.3 million, reflecting the wind-down of citrus operations. Alico officials said the company had $52.9 million in cash and cash equivalents as of March 31 and repurchased $10 million in shares through April. The company also received Collier County approvals in April for Corkscrew Grove East Village.
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