Alico, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Segment Information

Segment Information

6 Months Ended

Mar. 31, 2020

Segments

Operating segments are defined in the criteria established under the FASB 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 maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: Alico Citrus and Water Resources and Other Operations.

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.

Information by operating segment is as follows:



(in thousands)	Three Months Ended March 31,				Six Months Ended March 31,
	2020		2019		2020		2019
Revenues:
Alico Citrus	$	49,801	$	47,823	$	59,976	$	61,720
Water Resources and Other Operations	714		698		1,544		1,580
Total revenues	50,515		48,521		61,520		63,300

Operating expenses:
Alico Citrus	43,518		31,582		48,358		42,456
Water Resources and Other Operations	380		625		931		1,348
Total operating expenses	43,898		32,207		49,289		43,804

Gross profit:
Alico Citrus	6,283		16,241		11,618		19,264
Water Resources and Other Operations	334		73		613		232
Total gross profit	6,617		16,314		12,231		19,496

Depreciation, depletion and amortization:
Alico Citrus	3,416		3,334		6,853		6,621
Water Resources and Other Operations	46		37		92		87
Other Depreciation, Depletion and Amortization	128		122		254		243
Total depreciation, depletion and amortization	$	3,590	$	3,493	$	7,199	$	6,951



(in thousands)	March 31,		September 30,
	2020		2019
Assets:
Alico Citrus	$	452,581	$	401,212
Water Resources and Other Operations	18,325		15,332
Other Corporate Assets	1,378		844
Total Assets	$	472,284	$	417,388