Annual report pursuant to Section 13 and 15(d)

Common Control Acquisition

v3.3.1.900
Common Control Acquisition
 12 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Common Control Acquisition
Common Control Acquisition

The Company completed the Merger with Silver Nip Citrus on February 28, 2015 (see Note 1, “Description of Business and Basis of Presentation”). Silver Nip Citrus owns approximately 7,400 acres of land, consisting primarily of citrus groves, in six Florida counties (Polk, Hardee, Osceola, Martin, Highlands and Collier). Substantially all of its revenues derive from citrus operations. As the Company and Silver Nip Citrus were under common control at the time of the Merger, we have combined the results of operations of the Company and Silver Nip Citrus from the date common control began, November 19, 2013.
The Company’s financial condition as of September 30, 2015 and 2014 includes the financial condition of Silver Nip Citrus as of June 30, 2015 and 2014, and the Company’s results of operations for the fiscal year ended September 30, 2015 includes the Silver Nip Citrus results of operations for the fiscal year ended June 30, 2015. The Company’s results of operations for the fiscal year ended September 30, 2014 includes Silver Nip Citrus’ results of operations from November 19, 2013 (the initial date of common control) through June 30, 2014.

Separate results for the Company and Silver Nip Citrus for the fiscal years ended September 30, 2015 and 2014 were as follows:

(in thousands except per share amounts)
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended September 30, 2015
 
Fiscal Year Ended September 30, 2014
 
 
 
Silver Nip
 
 
 
 
Silver Nip
 
 
 
Alico
 
Citrus
Total
 
Alico
 
Citrus
 
Total
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
$
131,722

 
$
21,397

$
153,119

 
$
88,680

 
$
15,303

 
$
103,983

Gross profit
$
31,212

 
$
4,741

$
35,953

 
$
18,297

 
$
2,945

 
$
21,242

Income from operations
$
15,653

 
$
3,406

$
19,059

 
$
7,856

 
$
2,058

 
$
9,914

Net income
$
10,438

 
$
5,295

$
15,733

 
$
8,050

 
$
983

 
$
9,033

 
 
 
 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
 
 
 
Basic
$
1.30

 
$
0.66

$
1.96

 
$
1.10

 
$
0.13

 
$
1.23

Diluted
$
1.30

 
$
0.66

$
1.96

 
$
1.09

 
$
0.13

 
$
1.23