Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2
Segment Information
 9 Months Ended
Jun. 30, 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 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 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
June 30,

 

 

Nine Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

25,533

 

 

$

34,262

 

 

$

89,313

 

 

$

102,456

 

Land Management and Other Operations

 

 

405

 

 

 

626

 

 

 

1,603

 

 

 

2,108

 

Total revenues

 

 

25,938

 

 

 

34,888

 

 

 

90,916

 

 

 

104,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

24,489

 

 

 

26,156

 

 

 

83,365

 

 

 

79,821

 

Land Management and Other Operations

 

 

138

 

 

 

222

 

 

 

430

 

 

 

610

 

Total operating expenses

 

 

24,627

 

 

 

26,378

 

 

 

83,795

 

 

 

80,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

1,044

 

 

 

8,106

 

 

 

5,948

 

 

 

22,635

 

Land Management and Other Operations

 

 

267

 

 

 

404

 

 

 

1,173

 

 

 

1,498

 

Total gross profit

 

$

1,311

 

 

$

8,510

 

 

$

7,121

 

 

$

24,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

3,676

 

 

$

3,587

 

 

$

11,043

 

 

$

10,889

 

Land Management and Other Operations

 

 

13

 

 

 

34

 

 

 

84

 

 

 

115

 

Other Depreciation, Depletion and Amortization

 

 

119

 

 

 

111

 

 

 

349

 

 

 

345

 

Total depreciation, depletion and amortization

 

$

3,808

 

 

$

3,732

 

 

$

11,476

 

 

$

11,349

 

 

(in thousands)

 

 

 

 

 

June 30,

 

 

September 30,

 

 

 

 

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

 

 

 

$

420,386

 

 

$

418,633

 

Land Management and Other Operations

 

 

 

 

 

 

11,362

 

 

 

13,230

 

Other Corporate Assets

 

 

 

 

 

 

1,866

 

 

 

1,354

 

Total Assets

 

 

 

 

 

$

433,614

 

 

$

433,217