Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.3.1.900
Segment Information
 3 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information
Segments
Operating segments are defined in 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 CODMs in deciding how to assess performance and allocate resources. For the fiscal year ended September 30, 2015, the Company’s CODMs 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 in Orange Co. and, as a result of the disposition of our sugarcane land in fiscal year 2015, we are no longer involved in sugarcane and the Improved Farmland segment is no longer material to our business and has been combined in Other Operations. Effective October 1, 2015, the Company’s CODMs will assess performance and allocate resources based on three operating segments: Orange Co., Conservation and Environmental Resources and Other Operations.

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 Condensed Combined Consolidated Statements of Operations and Comprehensive Income. Intersegment sales and transfers are accounted 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 business segment is as follows:
(in thousands)
Three Months Ended December 31,
 
2015
 
2014
Revenues:
 

 
 

Orange Co.
$
19,295

 
$
16,993

Conservation and Environmental Resources
1,007

 
836

Other Operations
302

 
1,241

Total revenues
20,604

 
19,070

 
 
 
 
Operating expenses:
 
 
 
Orange Co.
17,608

 
14,214

Conservation and Environmental Resources
1,560

 
745

Other Operations
70

 
839

Total operating expenses
19,238

 
15,798

 
 
 
 
Gross profit:
 
 
 
Orange Co.
1,687

 
2,779

Conservation and Environmental Resources
(553
)
 
91

Other Operations
232

 
402

Total gross profit
$
1,366

 
$
3,272

 
 
 
 
Depreciation, depletion and amortization:
 
 
 
Orange Co.
$
3,357

 
$
1,946

Conservation and Environmental Resources
232

 
243

Other Operations
106

 
128

Other Depreciation, Depletion and Amortization
313

 
667

Total depreciation, depletion and amortization
$
4,008

 
$
2,984

(in thousands)
December 31,
 
September 30,
 
2015
 
2015
Assets:
 
 
 

Orange Co.
$
421,505

 
$
392,329

Conservation and Environmental Resources
13,776

 
13,779

Other Operations
21,189

 
31,468

Other Corporate Assets
12,512

 
22,512

Total Assets
$
468,982

 
$
460,088