Alico, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Segment Information

Segment Information

12 Months Ended

Sep. 30, 2019

Segments

Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“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 Water Resources and Other Operations.

Total revenues represent sales to unaffiliated customers, as reported in the Consolidated Statements of Operations. 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.

Information by operating segment is as follows:



(in thousands)	Fiscal Year Ended September 30,
	2019		2018			2017
Revenues:
Alico Citrus	$	119,031	$	78,121		$	123,441
Water Resources and Other Operations	3,220		3,160			6,388
Total revenues	122,251		81,281			129,829

Operating expenses:
Alico Citrus	59,594		51,709			111,947
Water Resources and Other Operations	2,297		3,979			8,952
Total operating expenses	61,891		55,688			120,899

Gross profit (loss):
Alico Citrus	59,437		26,412			11,494
Water Resources and Other Operations	923		(819		)	(2,564		)
Total gross profit	60,360		25,593			8,930

Capital expenditures:
Alico Citrus	20,000		15,968			11,738
Water Resources and Other Operations	—		304			646
Other Capital Expenditures	—		80			969
Total capital expenditures	20,000		16,352			13,353

Depreciation, depletion and amortization:
Alico Citrus	12,935		12,546			14,054
Water Resources and Other Operations	173		219			652
Other Depreciation, Depletion and Amortization	816		991			520
Total depreciation, depletion and amortization	$	13,924	$	13,756		$	15,226



(in thousands)	September 30,
	2019		2018
Assets:
Alico Citrus	$	401,212	$	405,752
Water Resources and Other Operations	15,332		15,904
Other Corporate Assets	844		1,766
Total Assets	$	417,388	$	423,422