Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 6 Months Ended
Mar. 31, 2023
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
March 31,

 

 

Six Months Ended
March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

20,937

 

 

$

49,032

 

 

$

31,205

 

 

$

63,780

 

Land Management and Other Operations

 

 

357

 

 

 

609

 

 

 

677

 

 

 

1,198

 

Total revenues

 

 

21,294

 

 

 

49,641

 

 

 

31,882

 

 

 

64,978

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

27,520

 

 

 

45,490

 

 

 

41,815

 

 

 

58,876

 

Land Management and Other Operations

 

 

102

 

 

 

152

 

 

 

196

 

 

 

292

 

Total operating expenses

 

 

27,622

 

 

 

45,642

 

 

 

42,011

 

 

 

59,168

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross (loss) profit:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

(6,583

)

 

 

3,542

 

 

 

(10,610

)

 

 

4,904

 

Land Management and Other Operations

 

 

255

 

 

 

457

 

 

 

481

 

 

 

906

 

Total gross (loss) profit

 

$

(6,328

)

 

$

3,999

 

 

$

(10,129

)

 

$

5,810

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

3,777

 

 

$

3,686

 

 

$

7,604

 

 

$

7,367

 

Land Management and Other Operations

 

 

9

 

 

 

30

 

 

 

18

 

 

 

71

 

Other Depreciation, Depletion and Amortization

 

 

111

 

 

 

116

 

 

 

225

 

 

 

230

 

Total depreciation, depletion and amortization

 

$

3,897

 

 

$

3,832

 

 

$

7,847

 

 

$

7,668

 

 

(in thousands)

 

 

 

 

 

March 31,

 

 

September 30,

 

 

 

 

 

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

 

 

 

$

398,357

 

 

$

396,266

 

Land Management and Other Operations

 

 

 

 

 

 

11,644

 

 

 

11,326

 

Other Corporate Assets

 

 

 

 

 

 

1,560

 

 

 

1,663

 

Total Assets

 

 

 

 

 

$

411,561

 

 

$

409,255