Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 9 Months Ended
Jun. 30, 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

June 30,

 

 

Nine Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

34,262

 

 

$

25,360

 

 

$

102,456

 

 

$

85,336

 

Land Management and Other Operations

 

 

626

 

 

 

762

 

 

 

2,108

 

 

 

2,306

 

Total revenues

 

 

34,888

 

 

 

26,122

 

 

 

104,564

 

 

 

87,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

26,156

 

 

 

19,508

 

 

 

79,821

 

 

 

67,866

 

Land Management and Other Operations

 

 

222

 

 

 

394

 

 

 

610

 

 

 

1,325

 

Total operating expenses

 

 

26,378

 

 

 

19,902

 

 

 

80,431

 

 

 

69,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

8,106

 

 

 

5,852

 

 

 

22,635

 

 

 

17,470

 

Land Management and Other Operations

 

 

404

 

 

 

368

 

 

 

1,498

 

 

 

981

 

Total gross profit

 

$

8,510

 

 

$

6,220

 

 

$

24,133

 

 

$

18,451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

3,632

 

 

$

3,468

 

 

$

11,025

 

 

$

10,321

 

Land Management and Other Operations

 

 

34

 

 

 

51

 

 

 

115

 

 

 

143

 

Other Depreciation, Depletion and Amortization

 

 

111

 

 

 

129

 

 

 

345

 

 

 

383

 

Total depreciation, depletion, and amortization

 

$

3,777

 

 

$

3,648

 

 

$

11,485

 

 

$

10,847

 

 

(in thousands)

 

June 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Alico Citrus

 

$

431,523

 

 

$

406,763

 

Land Management and Other Operations

 

 

14,120

 

 

 

15,367

 

Other Corporate Assets

 

 

1,424

 

 

 

1,807

 

Total Assets

 

$

447,067

 

 

$

423,937