Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.2.0.727
Segments
 9 Months Ended
Jun. 30, 2015
Segments [Abstract]  
Segments

Note 9. Segments

Operating segments are defined in ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by the Company's chief operating decision makers (“CODMs”) in deciding how to assess performance and allocate resources. The Company's CODMs assess performance and allocate resources based on five operating segments: Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations.

 

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.  

 

Total revenues represent sales to unaffiliated customers, as reported in the Condensed Combined Consolidated Statements of Operations and Comprehensive Income. 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 (gross profit) from operations before corporate, general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses.  All intercompany transactions between the segments have been eliminated.

 

Information by business segment is as follows (in thousands):

 

 

      Three Months Ended June 30,          Nine Months Ended June 30,  
     2015       2014       2015       2014  
 
Operating revenues:                               
Citrus Groves  $ 65,795     $ 27,167     $ 129,084     $ 55,390  
Agricultural Supply Chain Management    2,105       4,083       6,584       12,324  
Improved Farmland    418       2,159       2,492       19,441  
Ranch and Conservation    296       408       1,441       1,849  
Other Operations    195       58       508       502  
Intersegment Revenues    5,058       4,173       10,444       9,299  
Eliminations    (5,058 )     (4,173 )     (10,444 )      (9,299 ) 
                       
Total revenues  $ 68,809     $ 33,875     $ 140,109     $ 89,506  
                       
Operating expenses:                       
Citrus Groves  $ 45,551     $ 18,317     $ 96,027 $ 36,560  
Agricultural Supply Chain Management    1,467       3,916       5,578   12,085  
Improved Farmland    659       6,591       2,736   20,986  
Ranch and Conservation    624       684       1,992   2,231  
Other Operations    693       (226 )
     786       281  
                       
Total operating expenses  $ 48,994     $ 29,282     $ 107,119     $ 72,143  
                       
Gross profit (loss):                       
Citrus Groves  $ 20,244 $ 8,850     $ 33,057 $ 18,830
Agricultural Supply Chain Management    638 167       1,006 239
Improved Farmland    (241 ) (4,432 )      (244 ) (1,545 )
Ranch and Conservation    (328 ) (276 )     (551 ) (382 )
Other Operations    (498 )      284
    (278 )      221
                       
Total gross profit (loss) $ 19,815     $ 4,593     $ 32,990     $ 17,363  
                               
                               
Capital expenditures:                               
Citrus Groves  $ 4,413
  $ 2,354
  $ 5,018     $ 6,380  
Agricultural Supply Chain Management    17
    -  
    346       71  
Improved Farmland    -  
    44
    -         3,729  
Ranch and Conservation    369
    103
    559       879  
Other Operations    47
    (172 )     3,458       28  
Other Capital Expenditures    214
    168
    293       168  
                       
Total capital expenditures  $
 5,060     $ 2,497     $ 9,674     $ 11,255  
                       
Depreciation, depletion and amortization:                       
Citrus Groves  $ 3,037     $ 1,132     $ 7,877     $ 2,196  
Agricultural Supply Chain Management    109       41       254       123  
Improved Farmland    -         572       -         3,194  
Ranch and Conservation    291       335       776       997  
Other Operations    347       477       745       586  
Other Depreciation, Depletion and Amortization    67       (252 )     267       148  
                       
Total depreciation, depletion and amortization  $ 3,851      $ 2,305     $ 9,919     $ 7,244  

(in thousands)        

  June 30,
2015		   September 30,
2014
             
Assets:             
Citrus Groves    $ 407,107    $ 121,399 
Agricultural Supply Chain Management      2,717      2,498 
Improved Farmland      1,556      57,726 
Ranch and Conservation      14,480      13,920 
Other Operations      33,836      26,356 
Other Corporate Assets      10,526      35,679 
         
Total assets    $ 470,222   $ 257,578