Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.1
Segment Information
 6 Months Ended
Mar. 31, 2022
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 represent sales and services rendered to unaffiliated customers, as reported in the Condensed Consolidated Statements of Operations. Goods produced by the Alico Citrus segment, as well as through the grove management services rendered by the Alico Citrus segment, 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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

49,032

 

 

$

55,268

 

 

$

63,780

 

 

$

68,194

 

Land Management and Other Operations

 

 

609

 

 

 

676

 

 

 

1,198

 

 

 

1,482

 

Total revenues

 

 

49,641

 

 

 

55,944

 

 

 

64,978

 

 

 

69,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

45,490

 

 

 

45,518

 

 

 

58,876

 

 

 

53,665

 

Land Management and Other Operations

 

 

152

 

 

 

200

 

 

 

292

 

 

 

388

 

Total operating expenses

 

 

45,642

 

 

 

45,718

 

 

 

59,168

 

 

 

54,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

3,542

 

 

 

9,750

 

 

 

4,904

 

 

 

14,529

 

Land Management and Other Operations

 

 

457

 

 

 

476

 

 

 

906

 

 

 

1,094

 

Total gross profit

 

$

3,999

 

 

$

10,226

 

 

$

5,810

 

 

$

15,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

3,686

 

 

$

3,658

 

 

$

7,367

 

 

$

7,302

 

Land Management and Other Operations

 

 

30

 

 

 

43

 

 

 

71

 

 

 

81

 

Other Depreciation, Depletion and Amortization

 

 

116

 

 

 

110

 

 

 

230

 

 

 

234

 

Total depreciation, depletion and amortization

 

$

3,832

 

 

$

3,811

 

 

$

7,668

 

 

$

7,617

 

 

(in thousands)

 

 

 

 

 

March 31,

 

 

September 30,

 

 

 

 

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

 

 

 

$

438,994

 

 

$

418,633

 

Land Management and Other Operations

 

 

 

 

 

 

11,941

 

 

 

13,230

 

Other Corporate Assets

 

 

 

 

 

 

1,977

 

 

 

1,354

 

Total Assets

 

 

 

 

 

$

452,912

 

 

$

433,217