| Selected Quarterly Financial Data (unaudited) |
Note 17. Selected Quarterly Financial Data (unaudited) Summarized quarterly financial data (in thousands except for per share amounts) for the fiscal years ended September 30, 2012 and 2011 were as follows:
| | | | | | | | | | | | | | | | | |
| (dollars in thousands) | | Fiscal quarter ended |
| | | December 31 | | March 31 | | June 30 | | September 30 |
| | | 2011 | | 2010 | | 2012 | | 2011(a) | | 2012(b) | | 2011 | | 2012 | | 2011 |
| Total operating revenue | | $ | 26,076 | | | $ | 16,555 | | | $ | 54,132 | | | $ | 36,490 | | | $ | 40,420 | | | $ | 39,341 | | | $ | 6,559 | | | $ | 6,206 | |
| Total operating expenses | | | 20,533 | | | | 14,062 | | | | 39,859 | | | | 28,422 | | | | 29,892 | | | | 27,502 | | | | 4,671 | | | | 5,173 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross profit | | | 5,543 | | | | 2,493 | | | | 14,273 | | | | 8,068 | | | | 10,528 | | | | 11,839 | | | | 1,888 | | | | 1,033 | |
| Corporate general and administrative | | | 2,019 | | | | 2,011 | | | | 1,842 | | | | 1,597 | | | | 1,890 | | | | 1,766 | | | | 2,739 | | | | 2,822 | |
| Other (expense) income | | | (360 | ) | | | (632 | ) | | | (502 | ) | | | (2,095 | ) | | | 6,888 | | | | (331 | ) | | | (306 | ) | | | 348 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | | 3,164 | | | | (150 | ) | | | 11,929 | | | | 4,376 | | | | 15,526 | | | | 9,742 | | | | (1,157 | ) | | | (1,441 | ) |
| Income tax expense (benefit) | | | 1,231 | | | | (57 | ) | | | 4,515 | | | | 1,664 | | | | 5,919 | | | | 3,771 | | | | (692 | ) | | | 52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net (loss) income | | $ | 1,933 | | | $ | (93 | ) | | $ | 7,414 | | | $ | 2,712 | | | | 9,607 | | | | 5,971 | | | $ | (465 | ) | | $ | (1,493 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic and diluted earnings (loss) per share | | $ | 0.26 | | | $ | (0.01 | ) | | $ | 1.01 | | | $ | 0.37 | | | | 1.31 | | | | 0.81 | | | $ | (0.06 | ) | | $ | (0.20 | ) |
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| | (a) |
During the quarter ended March 31, 2011, the Company fully reserved $1,685,000 in allocated surplus that had been recorded based on patronage allocation with Farm Credit which is included in other (expense) income in the table above. See Note 4. Investments, Deposits and Other Assets. |
| | (b) | During the fiscal year 2012, the Company recorded a gain on the sale of the Polk County, Florida properties totaling $9,113,000 and an impairment charge of $1,918,000. Impairment was recorded on assets held for sale on the consolidated balance sheet as of September 30, 2012, which were subsequently sold on October 3, 2012. See Note 7. Property, Buildings and Equipment, Net and Note 18. Subsequent Events. |
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