Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.22.2
Inventories
9 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventories

Note 2. Inventories

Inventories consist of the following at June 30, 2022 and September 30, 2021:

 

(in thousands)

 

June 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

Unharvested fruit crop on the trees

 

$

37,908

 

 

$

42,117

 

Other

 

 

1,093

 

 

 

1,260

 

Total inventories

 

$

39,001

 

 

$

43,377

 

 

The Company records its inventory at the lower of cost or net realizable value. For the nine months ended June 30, 2022 and the fiscal year ended September 30, 2021, the Company did not record any adjustments to reduce inventory to net realizable value.

 

The Company was eligible for Hurricane Irma federal relief programs for block grants that were being administered through the State of Florida. During the fiscal years ended September 30, 2021 and 2020, the Company received approximately $4,299,000 and $4,629,000, respectively, under the Florida Citrus Recovery Block Grant (“CRBG”) program. The remaining portion of the funds that the Company anticipates receiving after the fiscal year ended September 30, 2021, under the CRBG program relates to certain crop insurance expenses incurred by the Company and is estimated to be approximately $2,250,000 in the aggregate. During the three and nine months ended June 30, 2022, the Company received approximately $0 and $1,123,000, respectively. The Company anticipates receiving the remaining portion during fiscal year 2023. In the three and nine months ended June 30, 2021, the Company received approximately $0 and $4,299,000, respectively. These federal relief proceeds are included as a reduction to operating expenses in the Condensed Consolidated Statements of Operations.