Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.6.0.2
Segment Information
 3 Months Ended
Dec. 31, 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. 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 Consolidated Statements of Operations. 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 December 31,
 
2016
 
2015
Revenues:
 
 
 
Orange Co.
$
16,877

 
$
19,295

Conservation and Environmental Resources
301

 
1,007

Other Operations
267

 
302

Total revenues
17,445

 
20,604

 
 
 
 
Operating expenses:
 
 
 
Orange Co.
14,085

 
17,608

Conservation and Environmental Resources
514

 
1,560

Other Operations
93

 
70

Total operating expenses
14,692

 
19,238

 
 
 
 
Gross profit (loss):
 
 
 
Orange Co.
2,792

 
1,687

Conservation and Environmental Resources
(213
)
 
(553
)
Other Operations
174

 
232

Total gross profit
$
2,753

 
$
1,366

 
 
 
 
Depreciation, depletion and amortization:
 
 
 
Orange Co.
$
3,516

 
$
3,357

Conservation and Environmental Resources
169

 
232

Other Operations
32

 
106

Other Depreciation, Depletion and Amortization
199

 
313

Total depreciation, depletion and amortization
$
3,916

 
$
4,008

(in thousands)
December 31,
 
September 30,
 
2016
 
2016
Assets:
 
 
 
Orange Co.
$
413,597

 
$
410,663

Conservation and Environmental Resources
14,621

 
13,073

Other Operations
22,243

 
22,050

Other Corporate Assets
10,292

 
9,659

Total Assets
$
460,753

 
$
455,445