Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.5.0.2
Segment Information
 9 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information
Segments
Operating segments are defined in ASC Topic 280, "Segment Reporting" 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 are evaluated regularly by the Company’s CODM in deciding how to assess performance and allocate resources. For the fiscal year ended September 30, 2015, the Company’s CODM assessed performance and allocated resources based on five operating segments: Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations. The former Citrus Groves and Agricultural Supply Chain Management segments have been combined in Orange Co. segment and, as a result of the disposition of its sugarcane land in fiscal year 2015, the Company is no longer involved in sugarcane, and the Improved Farmland segment is no longer material to our business and has been combined in Other Operations. Effective October 1, 2015, the Company’s CODM will assess performance and allocate resources based on three operating segments: Orange Co., Conservation and Environmental Resources and Other Operations.

The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: Orange Co. and Conservation and Environmental Resources.  In addition, Other Operations include leasing mines and oil extraction rights to third parties, as well as leasing improved farmland 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 for 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 operating segment is as follows:
(in thousands)
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Orange Co.
$
45,639

 
$
70,761

 
$
135,916

 
$
146,311

Conservation and Environmental Resources
877

 
296

 
2,528

 
1,441

Other Operations
337

 
613

 
902

 
3,000

Total revenues
46,853

 
71,670

 
139,346

 
150,752

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Orange Co.
31,706

 
48,666

 
101,030

 
109,263

Conservation and Environmental Resources
1,399

 
624

 
3,540

 
1,992

Other Operations
65

 
1,353

 
212

 
3,522

Total operating expenses
33,170

 
50,643

 
104,782

 
114,777

 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
Orange Co.
13,933

 
22,095

 
34,886

 
37,048

Conservation and Environmental Resources
(522
)
 
(328
)
 
(1,012
)
 
(551
)
Other Operations
272

 
(740
)
 
690

 
(522
)
Total gross profit
$
13,683

 
$
21,027

 
$
34,564

 
$
35,975

 
 
 
 
 
 
 
 
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
Orange Co.
$
3,418

 
$
3,657

 
$
10,166

 
$
8,755

Conservation and Environmental Resources
342

 
407

 
871

 
892

Other Operations
106

 
(71
)
 
306

 
327

Other Depreciation, Depletion and Amortization
178

 
155

 
745

 
663

Total depreciation, depletion and amortization
$
4,044

 
$
4,148

 
$
12,088

 
$
10,637

(in thousands)
June 30,
 
September 30,
 
2016
 
2015
Assets:
 
 
 
Orange Co.
$
412,403

 
$
392,329

Conservation and Environmental Resources
14,497

 
13,779

Other Operations
21,989

 
31,468

Other Corporate Assets
10,592

 
22,512

Total Assets
$
459,481

 
$
460,088