Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Significant Accounting Policies (Tables)

v2.4.0.8
Basis of Presentation and Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2014
Basis of Presentation and Significant Accounting Policies [Abstract]  
Schedule of Major Customer Data

Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2014, 2013 and 2012:

 

 

(in thousands) Accounts Receivable Revenue   % of Total Revenue
  2014 2013   2014   2013   2012   2014   2013   2012
                                 
USSC   $ 2,962     $ 3,004     $ 19,633     $ 21,056     $ 14,442       22.1 %     20.7 %     11.4 %
Florida Orange Marketers, Inc.   $ -     $ -     $ 23,826     $ 15,689     $ 22,219       26.9 %     15.4 %     17.5 %
Citrosuco North America, Inc.   $ -     $ -     $ 804     $ 11,092     $ 18,895       0.9 %     10.9 %     14.9 %
Louis Dreyfus   $ -     $ -     $ 24,135     $ 26,246     $ 29,344       27.2 %     25.8 %     23.1 %
Cutrale Citrus Juice   $ -     $ -     $ 3,984     $ 6,300     $ 13,156       4.5 %     6.2 %     10.3 %
Schedule of Estimated Useful Life

The estimated useful life for property, buildings and equipment is as follows:

 

Breeding herd    6-7 years
Buildings    10-40 years
Citrus trees    25 years
Sugarcane plantings    3 years
Equipment and other facilities    3-20 years
Schedule of Weighted Average Shares Outstanding

The following table presents a reconciliation of basic to diluted weighted average shares outstanding for fiscal years ended September 30, 2014, 2013 and 2012:

 

(in thousands) Fiscal Year Ended September 30,
  2014   2013   2012
           
Weighted Average Shares Outstanding - Basic   7,336       7,313       7,355  
Unvested Restricted Stock Awards   18       44       -  
                       
Weighted Average Shares Outstanding - Diluted   7,354       7,357       7,355  
Schedule of Stock-Based Compensation Expense

 

Total stock-based compensation expense recognized on the Consolidated Statements of Comprehensive Income for the three years ended September 30, 2014 in other operations and general and administrative expense was as follows:

 

(in thousands) Fiscal Year Ended September 30,
  2014   2013   2012
           
Stock compensation expense:                      
Executives $ 195     $ 81     $ (27 )
Board of Directors   1,061       842       485  
                       
Total stock compensation expense $ 1,256     $ 923     $ 458