Quarterly report pursuant to sections 13 or 15(d)

Disclosures about reportable segments

v2.4.0.8
Disclosures about reportable segments
 6 Months Ended
Mar. 31, 2014
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 leases for mining 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 March 31,   Six Months Ended March 31,
    2014   2013   2014   2013
 
 
Revenues:                                
Citrus Groves   $ 19,423     $ 17,062     $ 25,056     $ 24,455  
Agricultural Supply Chain Management     6,135       11,870       8,241       17,159  
Improved Farmland     10,750       8,929       17,282       16,919  
Ranch and Conservation     910       338       1,441       856  
Other Operations     257       211       444       377  
Intersegment Revenues     4,000       4,264       5,153       6,245  
Eliminations     (4,000 )     (4,264 )     (5,153 )     (6,245 )
                                 
Total revenue     37,475       38,410       52,464       59,766  
                                 
Operating expenses:                                
Citrus Groves     12,448       12,839       16,346       18,699  
Agricultural Supply Chain Management     5,844       11,257       8,169       16,791  
Improved Farmland     8,865       7,142       14,395       13,016  
Ranch and Conservation     369       63       706       260  
Other Operations     90       95       152       200  
                                 
Total operating expenses     27,616       31,396       39,768       48,966  
                                 
Gross profit:                                
Citrus Groves     6,975       4,223       8,710       5,756  
Agricultural Supply Chain Management     291       613       72       368  
Improved Farmland     1,885       1,787       2,887       3,903  
Ranch and Conservation     541       275       735       596  
Other Operations     167       116       292       177  
                                 
Total gross profit   $ 9,859     $ 7,014     $ 12,696     $ 10,800  
                                 
                                 
Capital expenditures:                                
Citrus Groves   $ 2,083     $ 840     $ 4,026     $ 1,117  
Agricultural Supply Chain Management     38       4       71       8  
Improved Farmland     212       2,119       3,685       7,646  
Ranch and Conservation     33       1,264       776       3,032  
Other Operations     196       18       200       91  
Other capital expenditures     (343 )     745       -       1,079  
                                 
Total capital expenditures   $ 2,219     $ 4,990     $ 8,758     $ 12,973  
                                 
                                 
Depreciation, depletion and amortization:                                
Citrus Groves   $ 525     $ 524     $ 1,054     $ 1,043  
Agricultural Supply Chain Management     53       61       82       123  
Improved Farmland     1,285       1,334       2,622       2,414  
Ranch and Conservation     329       329       662       544  
Other Operations     21       96       109       192  
Other depreciation, depletion and amortization     214       142       400       322  
                                 
Total depreciation, depletion and amortization   $ 2,427     $ 2,486     $ 4,929     $ 4,638  

 

         
(in thousands)   March 31,
2014		   September 30,
2013
 
Assets:                
Citrus Groves   $ 64,568     $ 52,592  
Agricultural Supply Chain Management     2,509       994  
Improved Farmland     73,011       75,348  
Ranch and Conservation     17,070       14,696  
Other Operations     10,681       15,094  
Other Corporate Assets     28,172       40,116  
                 
 
Total Assets   $ 196,011     $ 198,840