Acquisitions and Dispositions (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
|---|
| Business Acquisition [Line Items] |
|
| Schedule of unaudited Pro Forma Information |
The unaudited pro-forma information below for the fiscal years ended September 30, 2015 and 2014 gives effect to this acquisition as if the acquisitions had occurred on October 1, 2013. The pro-forma financial information is not necessarily indicative of the results of operations if the acquisition had been effective as of this date.
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|
|
|
|
|
|
|
|
(in thousands except per share amounts) |
Fiscal Year Ended September 30, |
|
2015 |
|
2014 |
|
(unaudited) |
|
|
|
|
Revenues |
$ |
153,654 |
|
|
$ |
175,420 |
|
Income from operations |
$ |
19,489 |
|
|
$ |
35,450 |
|
Net income attributable to Alico Inc. common stockholders |
$ |
12,723 |
|
|
$ |
22,906 |
|
Basic earnings per common share |
$ |
1.58 |
|
|
$ |
3.12 |
|
Diluted earnings per common share |
$ |
1.58 |
|
|
$ |
3.12 |
|
|
| Scedule of Contractual Obligation, Fiscal Year Maturity |
Estimated payments over the remaining term of the post-closing agreement are summarized in the following table.
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|
|
|
|
(in thousands) |
|
|
|
2017 |
$ |
1,602 |
|
2018 |
1,527 |
|
2019 |
1,885 |
|
2020 |
2,266 |
|
2021 |
2,668 |
|
Thereafter |
20,723 |
|
Total |
$ |
30,671 |
|
|
| Orange-Co |
|
| Business Acquisition [Line Items] |
|
| Schedule of assets acquired and liabilities assumed |
The following table summarizes the final allocation of the acquisition cost to the assets acquired and liabilities assumed at the date of acquisition, based on their estimated fair values:
|
|
|
|
|
(in thousands) |
|
|
|
Assets: |
Amount |
Accounts receivable |
$ |
888 |
|
Other current assets |
845 |
|
Inventories |
35,562 |
|
Property and equipment: |
|
Citrus Trees |
164,123 |
|
Land |
63,395 |
|
Equipment and other facilities |
13,431 |
|
Goodwill |
2,246 |
|
Other assets |
2,140 |
|
Total assets, net of cash acquired |
$ |
282,630 |
|
|
|
Liabilities: |
|
Accounts payable and accrued liabilities |
$ |
4,205 |
|
Debt |
500 |
|
Contingent consideration |
7,500 |
|
Total liabilities assumed |
$ |
12,205 |
|
|
|
Assets acquired less liabilities assumed |
$ |
270,425 |
|
|
|
Less: fair value attributable to noncontrolling interest |
(4,838 |
) |
|
|
Total purchase consideration |
$ |
265,587 |
|
|
|
Cash proceeds from sugarcane disposition |
$ |
97,126 |
|
Working capital line of credit |
27,857 |
|
Term loans |
140,604 |
|
|
|
Total purchase consideration |
$ |
265,587 |
|
|
| DeSoto County |
|
| Business Acquisition [Line Items] |
|
| Schedule of assets acquired and liabilities assumed |
Assets acquired in the acquisition are as follows:
|
|
|
|
|
(in thousands) |
Amount |
|
|
Inventories |
$ |
1,148 |
|
Property and Equipment: |
|
|
Citrus Trees |
9,633 |
|
Land |
3,902 |
|
Equipment and other facilities |
1,834 |
|
Total cash paid |
$ |
16,517 |
|
|
| TRB |
|
| Business Acquisition [Line Items] |
|
| Schedule of assets acquired and liabilities assumed |
Assets acquired and liabilities assumed in the TRB acquisition are as follows:
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|
|
|
|
(in thousands) |
|
|
|
Assets: |
Amount |
Prepaid expenses |
$ |
90 |
|
Inventories |
2,155 |
|
Property and equipment: |
|
Citrus trees |
10,009 |
|
Land and land improvements |
5,007 |
|
Equipment and other facilities |
1,038 |
|
Total assets |
$ |
18,299 |
|
|
|
Liabilities: |
$ |
41 |
|
|
|
Assets acquired less liabilities assumed |
$ |
18,258 |
|
|