Quarterly report pursuant to sections 13 or 15(d)

Disclosures about reportable segments

v2.4.0.8
Disclosures about reportable segments
 3 Months Ended
Dec. 31, 2013
Disclosures about reportable segments [Abstract]  
Disclosures about reportable segments

Note 6. Disclosures about reportable segments

 

The Company manages its land based upon its primary usage and reviews its performance based upon three primary classifications - Citrus Groves, Improved Farmland and Ranch and Conservation.  In addition, it operates an Agricultural Supply Chain Management business that is not tied directly to its land holdings and Other Operations that include leasing mines and oil extraction rights to third parties.  The Company presents its financial results and the related discussions based upon these five segments (Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations).  In the fourth quarter of fiscal year 2013, the Company changed its internal structure to align with the way it manages its business operations. As a result, the Company has realigned its financial reporting segments to match its internal operations.  The Company has reclassified prior years to conform to the fiscal year 2014 presentation.  None of these changes affect the Company's previously reported consolidated results.  The primary change in previously reported segment results is to reclassify the former Land Leasing and Rentals segment's revenues and expenses to the related land classifications. A description of the Company's business segments is as follows:

 

  · Citrus Groves include activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets.

 

  · Agricultural Supply Chain Management and Support includes activities related to the purchase and resale of fruit, as well as, to value-added services which include contracting for the harvesting, marketing and hauling of citrus.

 

  · Improved Farmland includes activities related to planting, owning, cultivating, managing and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which has various improvements including irrigation, drainage and roads.

 

  · Ranch and Conservation includes activities related to cattle grazing, sod, native plant and animal sales, leasing, management and/or conservation of unimproved native pasture land.

 

  · Other Operations include activities related to rock mining royalties, oil exploration and other insignificant lines of business.

 

Intersegment sales and transfers are accounted for by the Company as if the sales or transfers were to third parties at current market prices. Goods and services produced by these segments are sold to wholesalers and processors in the United States which prepare the products for consumption. The Company evaluates the segments performance based on direct margins from operations before general and administrative costs, interest expense and income taxes, not including nonrecurring gains and losses.  

 

The accounting policies of the segments are the same as those described in Note 1, Description of the Business and Basis of Presentation. Total revenues represent sales to unaffiliated customers, as reported in the Company's Condensed Consolidated Statements of Operations. All intercompany transactions have been eliminated.

 

Information by business segment is as follows:

 

(in thousands)   Three Months Ended December 31,
    2013   2012
         
Revenues:                
Citrus Groves   $ 5,633     $ 7,393  
Agricultural Supply Chain Management     2,106       5,289  
Improved Farmland     6,532       7,990  
Ranch and Conservation     531       518  
Other Operations     187       166  
Intersegment Revenues     1,153       1,981  
Eliminations     (1,153 )     (1,981 )
                 
Total revenue     14,989       21,356  
                 
Operating expenses:                
Citrus Groves     3,898       5,860  
Agricultural Supply Chain Management     2,325       5,534  
Improved Farmland     5,530       5,874  
Ranch and Conservation     337       197  
Other Operations     62       105  
                 
Total operating expenses     12,152       17,570  
                 
Gross profit:                
Citrus Groves     1,735       1,533  
Agricultural Supply Chain Management     (219 )     (245 )
Improved Farmland     1,002       2,116  
Ranch and Conservation     194       321  
Other Operations     125       61  
                 
Total gross profit   $ 2,837     $ 3,786  
                 
                 
Capital expenditures:                
Citrus Groves   $ 1,943     $ 277  
Agricultural Supply Chain Management     33       4  
Improved Farmland     3,473       5,527  
Ranch and Conservation     743       1,768  
Other Operations     4       73  
Other capital expenditures     343       334  
                 
Total capital expenditures   $ 6,539     $ 7,983  
                 
Depreciation, depletion and amortization:                
Citrus Groves   $ 529     $ 519  
Agricultural Supply Chain Management     29       62  
Improved Farmland     1,337       1,080  
Ranch and Conservation     333       215  
Other Operations     88       96  
Other depreciation, depletion and amortization     186       180  
                 
Total depreciation, depletion and amortization   $ 2,502     $ 2,152  

 

(in thousands)     December 31,
2013		       September 30, 2013  
                 
Assets:                
Citrus Groves   $ 60,524     $ 52,592  
Agricultural Supply Chain Management     2,621       994  
Improved Farmland     75,307       75,348  
Ranch and Conservation     16,803       14,696  
Other Operations     11,317       15,094  
Other Corporate Assets     26,789       40,116  
                 
Total Assets   $ 193,361     $ 198,840