It's worth noting that while there was an improvement in operating results, Alico also recorded $846K of income from its investment in a tax certificates fund according to the 10-Q.
The investment of about $12 million in the fund used up virtually all of the cash from operations the company has generated fiscal year-to-date. Because the tax certificates apparently require that a minimum 5% interest be paid, the fund appears to have taken a bit more than a 5% increase in its NAV up front.
Not clear on why the company would choose to put money into this sort of thing, as the shareholders could just do that themselves if they'd just restore the dividend. And that argument aside, an indirect investment like this is likely extremely tax-inefficient from the perspective of any holder, including Atlantic Blue. Does anyone there have the lights on?