Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.1
Segment Information
 6 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information

Note 9. Segment Information

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 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 Land Management and Other Operations.

Total revenues primarily represent sales to unaffiliated customers, revenue generated from grove management services, and leasing revenue, 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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

55,268

 

 

$

49,801

 

 

$

68,194

 

 

$

59,976

 

Land Management and Other Operations

 

 

676

 

 

 

714

 

 

 

1,482

 

 

 

1,544

 

Total revenues

 

 

55,944

 

 

 

50,515

 

 

 

69,676

 

 

 

61,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

45,518

 

 

 

43,518

 

 

 

53,665

 

 

 

48,358

 

Land Management and Other Operations

 

 

200

 

 

 

380

 

 

 

388

 

 

 

931

 

Total operating expenses

 

 

45,718

 

 

 

43,898

 

 

 

54,053

 

 

 

49,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

9,750

 

 

 

6,283

 

 

 

14,529

 

 

 

11,618

 

Land Management and Other Operations

 

 

476

 

 

 

334

 

 

 

1,094

 

 

 

613

 

Total gross profit

 

$

10,226

 

 

$

6,617

 

 

 

15,623

 

 

 

12,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

3,704

 

 

$

3,416

 

 

 

7,393

 

 

 

6,853

 

Land Management and Other Operations

 

 

43

 

 

 

46

 

 

 

81

 

 

 

92

 

Other Depreciation, Depletion and Amortization

 

 

110

 

 

 

128

 

 

 

234

 

 

 

254

 

Total depreciation, depletion, and amortization

 

$

3,857

 

 

$

3,590

 

 

$

7,708

 

 

$

7,199

 

 

(in thousands)

 

March 31,

 

 

September 30,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Alico Citrus

 

$

412,532

 

 

$

406,763

 

Land Management and Other Operations

 

 

15,208

 

 

 

15,367

 

Other Corporate Assets

 

 

1,043

 

 

 

1,807

 

Total Assets

 

$

428,783

 

 

$

423,937