Quarterly report pursuant to Section 13 or 15(d)

Common Control Acquisition

v3.4.0.3
Common Control Acquisition
 6 Months Ended
Mar. 31, 2016
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, “Basis of Presentation - Description of Business”). Silver Nip Citrus owns approximately 7,400 acres of land, consisting primarily of citrus groves, in seven Florida counties (Polk, Hardee, Osceola, Martin, Highlands, Charlotte 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, the results of operations have been combined for the Company and Silver Nip Citrus from the date common control began, November 19, 2013.
Separate results for the Company and Silver Nip Citrus for the three and six months ended March 31, 2015 and are as follows:
(in thousands except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
Six months ended
 
March 31, 2015
 
March 31, 2015
 
 
 
Silver Nip
 
 
 
 
 
Silver Nip
 
 
 
Alico
 
Citrus
 
Total
 
Alico
 
Citrus
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
$
52,210

 
$
7,802

 
$
60,012

 
$
68,368

 
$
10,714

 
$
79,082

Gross profit
$
9,951

 
$
1,725

 
$
11,676

 
$
13,095

 
$
1,853

 
$
14,948

Income from operations
$
6,623

 
$
1,554

 
$
8,177

 
$
4,339

 
$
1,627

 
$
5,966

Net income
$
3,363

 
$
863

 
$
4,226

 
$
9,139

 
$
294

 
$
9,433

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.41

 
$
0.10

 
$
0.51

 
$
1.17

 
$
0.04

 
$
1.21

Diluted
$
0.41

 
$
0.10

 
$
0.51

 
$
1.17

 
$
0.04

 
$
1.21