Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.3.1.900
Segment Information
 12 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information

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 two primary classifications - Citrus Groves 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, leasing mines and oil extraction rights to third parties.  

Total revenues represent sales to unaffiliated customers, as reported in the Consolidated and Combined 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 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)
Fiscal Year Ended September 30,
 
2015
 
2014
 
2013
Revenues:
 

 
 

 
 

Citrus Groves
$
139,700

 
$
62,372

 
$
43,689

Agricultural Supply Chain Management
6,439

 
12,376

 
28,412

Improved Farmland
901

 
20,429

 
21,917

Ranch and Conservation
5,394

 
8,172

 
6,755

Other Operations
685

 
634

 
888

Total revenues
153,119

 
103,983

 
101,661

 
 
 
 
 
 
Operating expenses:
 

 
 

 
 

Citrus Groves
104,081

 
42,571

 
31,533

Agricultural Supply Chain Management
6,193

 
12,317

 
27,949

Improved Farmland
1,089

 
21,356

 
16,202

Ranch and Conservation
4,808

 
6,123

 
3,798

Other Operations
995

 
374

 
505

Total operating expenses
117,166

 
82,741

 
79,987

Gross profit:
 

 
 

 
 

Citrus Groves
35,619

 
19,801

 
12,156

Agricultural Supply Chain Management
246

 
59

 
463

Improved Farmland
(188
)
 
(927
)
 
5,715

Ranch and Conservation
586

 
2,049

 
2,957

Other Operations
(310
)
 
260

 
383

Total gross profit
$
35,953

 
$
21,242

 
$
21,674

 
 
 
 
 
 
Capital expenditures:
 

 
 

 
 

Citrus Groves
$
9,027

 
$
7,597

 
$
3,942

Agricultural Supply Chain Management
809

 
215

 
81

Improved Farmland
—

 
3,696

 
9,468

Ranch and Conservation
1,461

 
1,413

 
3,475

Other Operations
163

 
37

 
27

Other capital expenditures
488

 
285

 
1,931

Total capital expenditures
$
11,948

 
$
13,243

 
$
18,924

 
 
 
 
 
 
Depreciation, depletion and amortization:
 
 
 
 
 

Citrus Groves
$
12,245

 
$
3,198

 
$
2,114

Agricultural Supply Chain Management
384

 
164

 
169

Improved Farmland
—

 
3,320

 
5,131

Ranch and Conservation
1,092

 
1,330

 
1,250

Other Operations
646

 
743

 
347

Other depreciation, depletion and amortization
270

 
191

 
664

Total depreciation, depletion and amortization
$
14,637

 
$
8,946

 
$
9,675


(in thousands)
September 30,
 
2015
 
2014
Assets:
 

 
 

Citrus Groves
$
389,963

 
$
121,398

Agricultural Supply Chain Management
2,858

 
2,498

Improved Farmland
420

 
57,726

Ranch and Conservation
13,779

 
13,920

Other Operations
31,048

 
26,356

Other Corporate Assets
22,512

 
35,682

Total Assets
$
460,580

 
$
257,580



Inter-segment revenues were $10,593,000, $9,621,000 and $10,981,000 for the fiscal years ended September 30, 2015, 2014 and 2013 respectively.