Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.4
Segment Information
 3 Months Ended
Dec. 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 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
December 31,

 

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

Alico Citrus

 

$

10,268

 

 

$

14,748

 

Land Management and Other Operations

 

 

320

 

 

 

589

 

Total revenues

 

 

10,588

 

 

 

15,337

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Alico Citrus

 

 

14,295

 

 

 

13,386

 

Land Management and Other Operations

 

 

94

 

 

 

140

 

Total operating expenses

 

 

14,389

 

 

 

13,526

 

 

 

 

 

 

 

 

Gross (loss) profit:

 

 

 

 

 

 

Alico Citrus

 

 

(4,027

)

 

 

1,362

 

Land Management and Other Operations

 

 

226

 

 

 

449

 

Total gross (loss) profit

 

$

(3,801

)

 

$

1,811

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

Alico Citrus

 

$

3,827

 

 

$

3,681

 

Land Management and Other Operations

 

 

9

 

 

 

41

 

Other Depreciation, Depletion and Amortization

 

 

114

 

 

 

114

 

Total depreciation, depletion and amortization

 

$

3,950

 

 

$

3,836

 

 

(in thousands)

 

 

 

 

 

December 31,

 

 

September 30,

 

 

 

 

 

 

 

2022

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

 

 

 

$

400,125

 

 

$

396,266

 

Land Management and Other Operations

 

 

 

 

 

 

11,447

 

 

 

11,326

 

Other Corporate Assets

 

 

 

 

 

 

1,418

 

 

 

1,663

 

Total Assets

 

 

 

 

 

$

412,990

 

 

$

409,255