Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.5.0.2
Segment Information
 12 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information

Segments

Operating segments are defined in FASB ASC Topic 280, "Segment Reporting" 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 are evaluated regularly by the Company’s CODM in deciding how to assess performance and allocate resources. For the fiscal year ended September 30, 2015, the Company’s CODM assessed performance and allocated resources based on five operating segments: Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations. The former Citrus Groves and Agricultural Supply Chain Management segments have been combined into the Orange Co. segment and, as a result of the disposition of its sugarcane land in fiscal year 2015, the Company is no longer involved in sugarcane, and the Improved Farmland segment is no longer material to our business and has been combined into the Other Operations segment. Effective October 1, 2015, the Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: Orange Co. and Conservation and Environmental Resources.  In addition, Other Operations include leasing mines and oil extraction rights to third parties, as well as leasing improved farmland to third parties.  

Total revenues represent sales to unaffiliated customers, as reported in the Consolidated and Combined Statements of Operations and Comprehensive Income. Intersegment sales and transfers are accounted for by the Company as if the sales or transfers were to third parties at current market prices. Goods and services produced by these segments 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. All intercompany transactions between the segments have been eliminated.
Information by operating segment is as follows:
(in thousands)
Fiscal Year Ended September 30,
 
2016
 
2015
 
2014
Revenues:
 
 
 
 
 
Orange Co.
$
137,282

 
$
146,147

 
$
74,768

Conservation and Environmental Resources
5,669

 
5,394

 
8,172

Other Operations
1,245

 
1,585

 
21,063

Total revenues
144,196

 
153,126

 
104,003

 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
Orange Co.
102,347

 
110,236

 
54,956

Conservation and Environmental Resources
6,393

 
4,808

 
6,123

Other Operations
397

 
2,083

 
21,730

Total operating expenses
109,137

 
117,127

 
82,809

 
 
 
 
 
 
Gross profit:
 
 
 
 
 
Orange Co.
34,935

 
35,911

 
19,812

Conservation and Environmental Resources
(724
)
 
586

 
2,049

Other Operations
848

 
(498
)
 
(667
)
Total gross profit
$
35,059

 
$
35,999

 
$
21,194

 
 
 
 
 
 
Capital expenditures:
 
 
 
 
 
Orange Co.
$
10,393

 
$
9,403

 
$
7,849

Conservation and Environmental Resources
1,664

 
1,461

 
5,109

Other Operations
629

 
162

 
37

Other Capital Expenditures
1,619

 
497

 
285

Total capital expenditures
14,305

 
11,523

 
13,280

 
 
 
 
 
 
Depreciation, depletion and amortization:
 
 
 
 
 
Orange Co.
$
13,982

 
$
12,297

 
$
4,201

Conservation and Environmental Resources
456

 
1,275

 
1,604

Other Operations
476

 
471

 
3,653

Other Depreciation, Depletion and Amortization
468

 
689

 
180

Total depreciation, depletion and amortization
$
15,382

 
$
14,732

 
$
9,638



(in thousands)
September 30,
 
2016
 
2015
Assets:
 
 
 
Orange Co.
$
412,643

 
$
412,700

Conservation and Environmental Resources
13,073

 
12,648

Other Operations
23,287

 
22,688

Other Corporate Assets
9,659

 
12,052

Total Assets
$
458,662

 
$
460,088