Quarterly report pursuant to Section 13 or 15(d)

Disclosures about reportable segments

v2.4.1.9
Disclosures about reportable segments
 3 Months Ended
Dec. 31, 2014
Disclosures about reportable segments [Abstract]  
Disclosures about reportable segments

Note 8. 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 a citrus nursery and 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).  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 owning 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, a citrus nursery and other insignificant lines of business.

 

Intersegment sales and transfers are accounted 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 who 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 2, Basis of Presentation and Summary of Significant Accounting Policies. Total revenues represent sales to unaffiliated customers, as reported in the Company's Consolidated Statements of Operations. All intercompany transactions have been eliminated.


Information by business segment is as follows:

 

(in thousands)   Three Months Ended December 31,  
 
    2014       2013  
 
Revenues:               
Citrus Groves  $ 12,898     $ 5,633  
Agricultural Supply Chain Management    1,183       2,106  
Improved Farmland    1,092       6,532  
Ranch and Conservation    836       531  
Other Operations    149       187  
Intersegment Revenues    1,271       1,153  
Eliminations    (1,271 )      (1,153 ) 
 
Total revenue    16,158       14,989  
 
Operating expenses:               
Citrus Groves    10,059       3,898  
Agricultural Supply Chain Management    1,371       2,325  
Improved Farmland    791       5,530  
Ranch and Conservation    745       603  
Other Operations    48       62  
 
Total operating expenses    13,014       12,418  
 
Gross profit:               
Citrus Groves    2,839       1,735  
Agricultural Supply Chain Management    (188 )      (219 ) 
Improved Farmland    301       1,002  
Ranch and Conservation    91       (72 ) 
Other Operations    101       125  
 
Total gross profit  $ 3,144     $ 2,571  
 
 
Capital expenditures:               
Citrus Groves  $ 1,569     $ 1,943  
Agricultural Supply Chain Management    210       33  
Improved Farmland    -       3,473  
Ranch and Conservation    176       743  
Other Operations    15       4  
Other Capital Expenditures    78       343  
 
Total capital expenditures  $ 2,048     $ 6,539  
 
 
Depreciation, depletion and amortization:               
Citrus Groves  $ 1,256     $ 529  
Agricultural Supply Chain Management    52       29  
Improved Farmland    -       1,337  
Ranch and Conservation    243       333  
Other Operations    128       88  
Other Depreciation, Depletion and Amortization    162       186  
 
Total depreciation, depletion and amortization  $ 1,841     $ 2,502  

(in thousands) December 31,
2014		   September 30,
2014
           
Assets:           
Citrus Groves  $ 351,247    $ 67,388 
Agricultural Supply Chain Management    3,264      2,498 
Improved Farmland    225      57,726 
Ranch and Conservation    12,913      13,920 
Other Operations    31,050      26,356 
Other Corporate Assets    12,749      35,679 
           
Total assets  $ 411,449   $ 203,567