Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 02, 2013 | Mar. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'ALICO INC | ' | ' |
Entity Central Index Key | '0000003545 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,274,339 | ' |
Entity Public Float | ' | ' | $105,650,817.50 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $24,583 | $13,328 |
Restricted cash | ' | 2,500 |
Investments | 260 | 257 |
Accounts receivable, net | 4,266 | 3,071 |
Income tax receivable | ' | 1,327 |
Inventories | 29,403 | 27,290 |
Assets held for sale | ' | 2,475 |
Other current assets | 1,283 | 1,219 |
Total current assets | 59,795 | 51,467 |
Investment in Magnolia Fund | 5,086 | 5,607 |
Investments, deposits and other non-current assets | 1,991 | 2,145 |
Deferred income taxes | ' | 2,168 |
Cash surrender value of life insurance | 897 | 862 |
Property, buildings and equipment, net | 131,071 | 122,834 |
Total assets | 198,840 | 185,083 |
Current liabilities: | ' | ' |
Accounts payable | 1,729 | 4,929 |
Long-term debt, current portion | 2,000 | 3,267 |
Accrued expenses | 2,354 | 2,488 |
Income taxes payable | 1,171 | 484 |
Dividend payable | 1,461 | 883 |
Accrued ad valorem taxes | 1,634 | 1,685 |
Other current liabilities | 1,142 | 3,412 |
Total current liabilities | 11,491 | 17,148 |
Long-term debt, net of current portion | 34,000 | 36,633 |
Deferred income taxes | 6,584 | ' |
Deferred retirement benefits, net of current portion | 4,029 | 3,756 |
Total liabilities | 56,104 | 57,537 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, no par value. Authorized 1,000,000 shares; issued and outstanding, none | ' | ' |
Common stock, $1 par value; 15,000,000 shares authorized; 7,377,106 shares issued and 7,303,568 and 7,353,871 shares outstanding at September 30, 2013 and September 30, 2012, respectively | 7,377 | 7,377 |
Additional paid in capital | 9,496 | 9,053 |
Treasury stock at cost, 73,538 and 23,235 shares held at September 30, 2013 and September 30, 2012, respectively | -2,816 | -543 |
Retained earnings | 128,679 | 111,659 |
Total stockholders' equity | 142,736 | 127,546 |
Total liabilities and stockholders' equity | $198,840 | $185,083 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock, par value per share | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $1 | $1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 7,377,106 | 7,377,106 |
Common stock, shares outstanding | 7,303,568 | 7,353,871 |
Treasury stock at cost, shares | 73,538 | 23,235 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Operating revenues: | ' | ' | ' |
Citrus Groves | $43,689 | $55,423 | $47,088 |
Agricultural Supply Chain Management | 28,412 | 48,334 | 36,115 |
Improved Farmland | 21,917 | 15,316 | 8,642 |
Ranch and Conservation | 6,755 | 7,348 | 6,015 |
Other Operations | 888 | 766 | 732 |
Total operating revenue | 101,661 | 127,187 | 98,592 |
Operating expenses: | ' | ' | ' |
Citrus Groves | 31,533 | 30,995 | 27,764 |
Agricultural Supply Chain Management | 27,949 | 47,693 | 35,109 |
Improved Farmland | 16,202 | 11,574 | 7,343 |
Ranch and Conservation | 3,798 | 3,497 | 3,640 |
Other Operations | 505 | 1,196 | 1,303 |
Total operating expenses | 79,987 | 94,955 | 75,159 |
Gross profit | 21,674 | 32,232 | 23,433 |
Corporate general and administrative | 9,739 | 8,490 | 8,196 |
Income from operations | 11,935 | 23,742 | 15,237 |
Other (expense) income: | ' | ' | ' |
Interest and investment income, net | 704 | 97 | -1,375 |
Interest expense | -1,257 | -1,616 | -2,020 |
Gain on sale of real estate | 20,299 | 9,113 | ' |
Impairment of assets held for sale | ' | -1,918 | ' |
Other (loss) income, net | -6 | 44 | 685 |
Total other (expense) income, net | 19,740 | 5,720 | -2,710 |
Income before income taxes | 31,675 | 29,462 | 12,527 |
Income tax expense | 12,029 | 10,973 | 5,430 |
Net income attributable to common shareholders | 19,646 | 18,489 | 7,097 |
Comprehensive income, net of tax effect | ' | ' | ' |
Comprehensive income attributable to common shareholders | $19,646 | $18,489 | $7,097 |
Weighted-average number of shares outstanding: | ' | ' | ' |
Basic | 7,313 | 7,355 | 7,363 |
Diluted | 7,357 | 7,355 | 7,363 |
Earnings per common share: | ' | ' | ' |
Basic | $2.69 | $2.51 | $0.96 |
Diluted | $2.67 | $2.51 | $0.96 |
Cash dividends declared per common share | $0.36 | $0.20 | $0.12 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Treasury Stock at Cost [Member] | Retained Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Sep. 30, 2010 | $105,237 | $7,379 | $9,310 | ($172) | $88,720 |
Balance, shares at Sep. 30, 2010 | ' | 7,379,000 | ' | ' | ' |
Net income | 7,097 | ' | ' | ' | 7,097 |
Stock retirements | ' | -2 | -48 | 50 | ' |
Stock retirements, shares | -2,123 | -2,000 | ' | ' | ' |
Dividends | -882 | ' | ' | ' | -882 |
Treasury stock purchases | -1,205 | ' | ' | -1,205 | ' |
Stock based compensation | ' | ' | ' | ' | ' |
Directors | 434 | ' | -7 | 441 | ' |
Employees | -19 | ' | -43 | 24 | ' |
Balance at Sep. 30, 2011 | 110,662 | 7,377 | 9,212 | -862 | 94,935 |
Balance, shares at Sep. 30, 2011 | ' | 7,377,000 | ' | ' | ' |
Net income | 18,489 | ' | ' | ' | 18,489 |
Dividends | -1,765 | ' | ' | ' | -1,765 |
Treasury stock purchases | -298 | ' | ' | -298 | ' |
Stock based compensation | ' | ' | ' | ' | ' |
Directors | 485 | ' | -104 | 589 | ' |
Employees | -27 | ' | -55 | 28 | ' |
Balance at Sep. 30, 2012 | 127,546 | 7,377 | 9,053 | -543 | 111,659 |
Balance, shares at Sep. 30, 2012 | ' | 7,377,000 | ' | ' | ' |
Net income | 19,646 | ' | ' | ' | 19,646 |
Dividends | -2,626 | ' | ' | ' | -2,626 |
Treasury stock purchases | -2,894 | ' | ' | -2,894 | ' |
Stock based compensation | ' | ' | ' | ' | ' |
Directors | 983 | ' | 392 | 591 | ' |
Employees | 81 | ' | 51 | 30 | ' |
Balance at Sep. 30, 2013 | $142,736 | $7,377 | $9,496 | ($2,816) | $128,679 |
Balance, shares at Sep. 30, 2013 | ' | 7,377,000 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $19,646 | $18,489 | $7,097 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 9,675 | 8,429 | 7,327 |
Allowance for cooperative allocated surplus | ' | ' | 1,685 |
Non-cash gains and losses | -35 | -288 | -60 |
Magnolia fund undistributed earnings | -658 | -59 | -68 |
Deferred income tax expense, net | 9,062 | 6,005 | 563 |
Deferred retirement benefits | 615 | 89 | 178 |
Gain on sale of property and equipment, net | -20,894 | -8,800 | ' |
Asset impairments | ' | 1,918 | ' |
Stock based compensation | 923 | 458 | 415 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,195 | -143 | 1,230 |
Inventories | -2,113 | -4,917 | -3,772 |
Accounts payable and accrued expenses | -3,727 | 2,499 | 1,772 |
Income tax payable/receivable | 2,014 | -144 | 373 |
Other | 113 | 99 | 7 |
Net cash provided by operating activities | 13,426 | 23,635 | 16,747 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -18,924 | -15,921 | -12,265 |
Decrease (increase) in restricted cash | 2,500 | -2,500 | ' |
(Decrease) increase in real estate deposits | -2,500 | 2,500 | ' |
Proceeds from disposals of property and equipment | 24,381 | 18,095 | 1,221 |
Return on investment in Magnolia | 1,179 | 4,735 | 2,484 |
Purchases of investments | ' | ' | -32 |
Proceeds from sales of investments | ' | 732 | 450 |
Collections of mortgages and notes receivable | 35 | 37 | 49 |
Net cash provided by (used in) investing activities | 6,671 | 7,678 | -8,093 |
Cash flows from financing activities: | ' | ' | ' |
Principal payments on notes payable | -3,900 | -3,279 | -1,281 |
Borrowings on revolving line of credit | 5,661 | 127,319 | 15,083 |
Repayments on revolving line of credit | -5,661 | -141,298 | -30,104 |
Treasury stock purchases | -2,894 | -298 | -1,205 |
Dividends paid | -2,048 | -1,765 | -737 |
Net cash used in financing activities | -8,842 | -19,321 | -18,244 |
Net increase (decrease) in cash and cash equivalents | 11,255 | 11,992 | -9,590 |
Cash and cash equivalents at beginning of period | 13,328 | 1,336 | 10,926 |
Cash and cash equivalents at end of period | 24,583 | 13,328 | 1,336 |
Supplemental cash flow information: | ' | ' | ' |
Cash paid for interest, net of amount capitalized | 1,048 | 1,685 | 1,925 |
Cash paid for income taxes | $952 | $5,142 | $4,495 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Sep. 30, 2013 | |
Nature of Operations [Abstract] | ' |
Nature of Operations | ' |
Note 1. Nature of Operations | |
Alico Inc. ("Alico") and its wholly owned subsidiaries (collectively, the "Company") are an agribusiness and land management company. The Company owns approximately 130,800 acres of land in six Florida Counties (Alachua, Collier, Glades, Hendry, Lee and Polk); and in addition to principal lines of business in citrus groves, improved farmland including sugar cane, cattle ranching and conservation, and related support operations, we also receive royalties from rock mining and oil production. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||||||||||||||||||||||
Note 2. Basis of Presentation and Significant Accounting Policies | |||||||||||||||||||||||||||||||||
Principles of Consolidations | |||||||||||||||||||||||||||||||||
The audited consolidated financial statements include the accounts of Alico, Inc., and its wholly owned subsidiaries. The audited consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of stockholders' equity and comprehensive income (loss) and consolidated statements of cash flows of Alico, Inc. and its wholly-owned subsidiaries. The Company's subsidiaries include: Alico Land Development, Inc. ("ALDI"), Agri-Insurance Company, Ltd. ("Agri-Insurance"), Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC ("Alico Fruit")(formerly Bowen Brothers Fruit Company, LLC") and Alico Citrus Nursery, LLC. Agri-Insurance was liquidated in September 2010. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company considers the criteria established under FASB ASC 810, Consolidations in its consolidation process. These audited consolidated financial statements should be read in conjunction with the notes thereto included in this Annual Report. | |||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||
Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the fiscal year 2013 presentation. These reclassifications had no impact on working capital, net income, stockholders' equity or cash flows as previously reported. | |||||||||||||||||||||||||||||||||
The Company manages its land based upon its primary usage and reviews its performance based upon three primary classifications - Citrus Groves, Improved Farmland and Ranch and Conservation. In addition, it operates an Agricultural Supply Chain Management business that is not tied directly to its land holdings and Other Operations that include leasing mines and oil extraction rights to third parties. The Company presents its financial results and the related discussions based upon these five segments (Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations). In the fourth quarter of fiscal year 2013, the Company changed its internal operations to align with the way it manages its business operations. As a result, the Company has realigned its financial reporting segments to match its internal operations. The Company has reclassified prior years to conform to the fiscal year 2013 presentation. None of these changes affect the Company's previously report consolidated results. The primary change in previously reported segment results is to reclassify the former Land Leasing and Rentals segment's revenues and expenses to the related land classifications. | |||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates based upon future events. The Company periodically evaluates the estimates. The estimates are based on current and expected economic conditions, historical experience and various other specific assumptions that the Company believes to be reasonable. | |||||||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||||||
Revenue from agricultural crops is recognized at the time the crop is harvested and delivered to the customer. Management reviews the reasonableness of the revenue accruals quarterly based on buyers' and processors' advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant information regarding the specific markets become available. Differences between the estimates and the final realization of revenue can be significant and can be either positive or negative. During the periods presented in this report, no material adjustments were made to the reported revenues of Alico's crops. | |||||||||||||||||||||||||||||||||
Alico recognizes revenue from cattle sales at the time the cattle are delivered. | |||||||||||||||||||||||||||||||||
Alico Fruit's operations primarily consist of providing supply chain management services to Alico, as well as to other citrus growers and processors in the State of Florida. Alico Fruit also purchases and resells citrus fruit; in these transactions, Alico Fruit (i) acts as a principal; (ii) takes title to the products; and (iii) has the risks and rewards of ownership, including the risk of loss for collection, delivery or returns. Therefore, Alico Fruit recognizes revenue based on the gross amounts due from customers for its marketing activities. Supply chain management services revenues are recognized when the services are performed. | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
Cash includes cash on hand, bank demand accounts and money market accounts having original maturities at acquisition date of 90 days or less. At various times throughout the year and at September 30, 2013, some deposits held at financial institutions were in excess of federally insured limits. The Company has not experienced any losses related to these balances and believes credit risk to be minimal. | |||||||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||||||
Restricted cash of $2,500,000 as of September 30, 2012 related to a deposit for a contract for the sale of land. Restricted cash is included in current assets based on the contractual term for the release of the restriction. The closing of the sale of the property was on October 3, 2012, and the cash was released from restricted cash to cash and equivalents at closing. See Note 7. Property, Buildings and Equipment, Net. | |||||||||||||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||||||||||||
Accounts receivable are generated from the sale of citrus, sugarcane, cattle, leasing and other transactions. The Company provides an allowance for doubtful trade receivables equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions and a review of the current status of each customer's account. | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, certificates of deposit, accounts receivable, mortgages and notes receivable, accounts payable and accrued expenses approximate their fair value because of the immediate or short term nature of these assets and liabilities. The carrying amounts of long-term debt approximates fair value because the transactions are with commercial lenders at interest rates that vary with market conditions and fixed rates that approximate market rates for similar obligations. See Note 3, Fair Value Measurements. | |||||||||||||||||||||||||||||||||
Major Customers | |||||||||||||||||||||||||||||||||
Since the inception of its sugarcane program in 1988, the Company has sold 100% of its product to United States Sugar Corporation ("USSC"), a local Florida sugar mill. Due to the location of the Company's sugarcane fields relative to the location of alternative processing plants, the loss of USSC as a customer would have a material adverse effect on the Company's sugarcane operations. Alico sold citrus products to USSC affiliate Southern Gardens during fiscal year 2011, however; the Company did not sell citrus products to them in fiscal years 2013 or 2012. | |||||||||||||||||||||||||||||||||
Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
USSC | $ | 3,004 | $ | 1,970 | $ | 21,056 | $ | 14,442 | $ | 7,796 | 20.7 | % | 11.4 | % | 7.9 | % | |||||||||||||||||
Southern Gardens | $ | - | $ | - | $ | - | $ | - | $ | 19,950 | 0 | % | 0 | % | 20.2 | % | |||||||||||||||||
Florida Orange Marketers, Inc. | $ | - | $ | - | $ | 15,689 | $ | 22,219 | $ | 17,743 | 15.4 | % | 17.5 | % | 18 | % | |||||||||||||||||
Citrosuco North America, Inc. | $ | - | $ | - | $ | 11,092 | $ | 18,895 | $ | 17,416 | 10.9 | % | 14.9 | % | 17.7 | % | |||||||||||||||||
Louis Dreyfus | $ | - | $ | - | $ | 26,246 | $ | 29,344 | $ | 12,069 | 25.8 | % | 23.1 | % | 12.2 | % | |||||||||||||||||
Cutrale Citrus Juice | $ | - | $ | - | $ | 6,300 | $ | 13,156 | $ | 3,507 | 6.2 | % | 10.3 | % | 3.6 | % | |||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
In recognizing revenue from land sales, Alico applies specific sales recognition criteria to determine when land sales revenue can be recorded. For example, in order to fully recognize a gain resulting from a real estate transaction, the sale must be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold, and any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold. When these criteria are not met the Company recognizes gain proportionate to collections utilizing either the installment method or deposit method as appropriate. | |||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Investments are carried at their fair value. Net unrealized investment gains and losses that are considered to be temporary are recorded net of related deferred taxes in accumulated other comprehensive income in stockholders' equity until realized. Unrealized losses determined to be other than temporary are recognized in the Statement of Comprehensive Income in the period the determination is made. The cost of all investments is determined on the specific identification method. | |||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||
The costs of growing crops are capitalized into inventory throughout the Company's crop year. Such costs are expensed when the crops are harvested and are recorded in citrus groves management and improved farmland management operating expenses in the Statement of Comprehensive Income. Inventories are stated at the lower of cost or net realizable value. The cost for unharvested citrus and sugarcane crops is based on accumulated production costs incurred during the period from January 1 through the balance sheet date. The cost of the beef cattle inventory is based on the accumulated cost of developing such animals for sale from July 1 through the Balance Sheet date. See Note 5. Inventories. | |||||||||||||||||||||||||||||||||
Property, Buildings and Equipment | |||||||||||||||||||||||||||||||||
Property, buildings and equipment are stated at cost, net of accumulated depreciation or amortization. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Costs related to the development of citrus groves through planting of trees are capitalized. Such costs include land clearing, excavation and construction of ditches, dikes, roads, and reservoirs, among other costs. After the planting, caretaking costs or pre-productive maintenance costs are capitalized for four years. After four years, a grove is considered to have reached maturity and the accumulated costs are depreciated over 25 years, except for land clearing and excavation, which are considered costs of land and not depreciated. | |||||||||||||||||||||||||||||||||
Costs related to the development of sugarcane are capitalized in a similar manner as citrus groves. However, sugarcane matures in one year and typically the Company will harvest an average of three crops (one per year) from one planting. As a result, cultivation and caretaking costs are expensed as the crop is harvested, while the development and planting costs are depreciated over three years. | |||||||||||||||||||||||||||||||||
The breeding herd consists of purchased animals and animals raised on the Company's ranch. Purchased animals are stated at the cost of acquisition. The cost of animals raised on the ranch is based on the accumulated cost of developing such animals for productive use. | |||||||||||||||||||||||||||||||||
Real estate costs incurred for the acquisition, development and construction of real estate projects are capitalized. | |||||||||||||||||||||||||||||||||
Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of depreciable assets. | |||||||||||||||||||||||||||||||||
The estimated useful life for property, buildings and equipment is as follows: | |||||||||||||||||||||||||||||||||
Breeding herd | 6-7 years | ||||||||||||||||||||||||||||||||
Buildings | 10-40 years | ||||||||||||||||||||||||||||||||
Citrus trees | 25 years | ||||||||||||||||||||||||||||||||
Sugarcane plantings | 3 years | ||||||||||||||||||||||||||||||||
Equipment and other facilities | 3-20 years | ||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company records impairment losses on long-lived assets used in operations, other than goodwill, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets over the remaining lives of the assets are less than the carrying amounts of those items. Our cash flow estimates are based on historical results adjusted to reflect our best estimates of future market conditions and operating conditions. The net carrying value of assets not recoverable is reduced to fair value. See Note 7. Property, Building and Equipment, Net for further discussion. | |||||||||||||||||||||||||||||||||
Investments, Deposits and Other Non-Current Assets | |||||||||||||||||||||||||||||||||
Investments, deposits and other non-current assets primarily include stock owned in agricultural cooperatives and loan origination fees. Investments in stock related to agricultural co-ops and deposits are carried at cost, as are deferred loan fees related to the issuance of bank facilities, net of amortization. The Company uses a cooperative to harvest its sugarcane. The cooperatives require members to acquire stock ownership as a condition for the use of its services. | |||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||
The Company follows the asset and liability method of accounting for deferred taxes. The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company's income tax provision and net income or loss in the period the determination is made. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |||||||||||||||||||||||||||||||||
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. The Company records interest related to unrecognized tax benefits in income tax expense. | |||||||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||||||
Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options and restricted stock unless the effect is anti-dilutive. There were no stock options outstanding at September 30, 2013, 2012 and 2011. Non-vested restricted shares entitle the holder to receive non-forfeitable dividends upon issuance and are included in the calculation of basic earnings per share. | |||||||||||||||||||||||||||||||||
The following table presents a reconciliation of basic to dilute weighted average shares outstanding for fiscal years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 7,313 | 7,355 | 7,363 | ||||||||||||||||||||||||||||||
Unvested Restricted Stock Awards | 44 | - | - | ||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 7,357 | 7,355 | 7,363 | ||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the vesting period. Upon the vesting of restricted stock, the Company issues common stock from shares held in treasury. | |||||||||||||||||||||||||||||||||
The 2008 Incentive Equity Plan was approved by shareholders on February 20, 2009. It provided for the issuance of up to 350,000 shares to Directors and Officers through November 2013. Effective April 1, 2013, the Board of Directors adopted the 2013 Incentive Equity Plan (the "2013 Plan") which supersedes the 2008 Plan. The 2013 Plan was approved by shareholders at the February 22, 2013 shareholders meeting. Under the terms of the 2013 Plan, 350,000 shares of the Company's common stock may be awarded to recipients. Shares issued pursuant to awards under both the 2008 Plan and the 2013 Plan, if any, must be outstanding shares which have been repurchased by the Company. | |||||||||||||||||||||||||||||||||
Alico measures the cost of employee services on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The grant date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). | |||||||||||||||||||||||||||||||||
The Company's incentive equity plans provide for grants to executives in various forms including restricted shares of the Company's common stock. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one to six years from the date of grant. | |||||||||||||||||||||||||||||||||
Total stock-based compensation expense recognized on the Consolidated Statements of Operations for the three years ended September 30, 2013 in other operations and general and administrative expense was as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Stock compensation expense: | |||||||||||||||||||||||||||||||||
Executives | $ | 81 | $ | (27 | ) | $ | (19 | ) | |||||||||||||||||||||||||
Board of Directors | 842 | 485 | 434 | ||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 923 | $ | 458 | $ | 415 | |||||||||||||||||||||||||||
The Company is recognizing compensation cost equal to the fair value of the stock at the grant dates prorated over the vesting period of each award. | |||||||||||||||||||||||||||||||||
For the year ended September 30, 2013, the Company issued 25,584 shares to Directors under the 2008 and 2013 Plans at a weighted average fair value of $38.41 per share that vested immediately. Stock-based compensation expense recognized in the Consolidated Statement of Comprehensive Income in general and administrative expense was $923,000, $485,000 and $434,000 for the years ended September 30, 2013, 2012 and 2011. There are 334,126 shares eligible for grant under the 2013 Plan. There are 152,403 non-vested restricted shares awarded at September 30, 2013. | |||||||||||||||||||||||||||||||||
No stock options were granted in fiscal 2013, 2012 or 2011. | |||||||||||||||||||||||||||||||||
Variable Interest and Equity Method Investments | |||||||||||||||||||||||||||||||||
The Company evaluates the method of accounting for investments in which it does not hold an equity interest of at least 50% based on the amount of control it exercises over the operations of the investee, exposure to losses in excess of its investment, the ability to significantly influence the investee and whether Alico is the primary beneficiary of the investee. Investments not qualifying for consolidation are accounted for under the equity method whereby the ongoing investment in the entity, consisting of its initial investment adjusted for distributions, gains and losses of the entity are classified as a single line in the balance sheet and as a non-operating item in the income statement. The Company accounts for its investment in Magnolia in accordance with the equity method. See Note 6. Investment in Magnolia Fund. | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncement | |||||||||||||||||||||||||||||||||
Title | Prescribed Effective Date | Alico's Status | Commentary | ||||||||||||||||||||||||||||||
Update No. 2013-11-Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | 1/1/13 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q2 2014) | |||||||||||||||||||||||||||||||||
Update 2013-02-Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | 1/1/13 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q2 2014) | |||||||||||||||||||||||||||||||||
Update 2013-01-Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | 10/1/14 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q1 2015) | |||||||||||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||
Sep. 30, 2013 | |||
Fair Value Measurements [Abstract] | ' | ||
Fair Value Measurements | ' | ||
Note 3. Fair Value Measurements | |||
The Company follows the provisions of ASC 820 Fair Value Measurements and Disclosure Topic for its financial and non-financial assets and liabilities. ASC 820, among other things, defines fair value, establishes a framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The majority of the carrying amounts of the Company's assets and liabilities including cash, certificates of deposits, accounts receivable, accounts payable and accrued expenses at September 30, 2013 and 2012, approximate fair value because of the immediate or short term maturity of these items. In the event that stated interest rates are below market, Alico discounts mortgage notes receivable to reflect their estimated fair value. The carrying amounts reported for long-term debt approximates fair value as the Company's borrowings with commercial lenders are at interest rates that vary with market conditions and fixed rates that approximate market rates for comparable loans. | |||
ASC 820 clarifies that fair value is an exit price representing the amount that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: | |||
· | Level 1- Observable inputs such as quoted prices in active markets; | ||
· | Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||
· | Level 3- Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions. | ||
There were no gains or losses included in earnings attributable to changes in unrealized gains or losses relating to assets held at 2013, 2012 and 2011. | |||
Alico uses third party service providers to assist in the evaluation of its investments. For investment valuations, current market interest rates, quality estimates by rating agencies and valuation estimates by active market participants were used to determine values. Deferred retirement benefits were valued based on actuarial data, contracted payment schedules and an estimated discount rate of 4.2% and 4.5% at September 30, 2013 and 2012, respectively. | |||
The Company evaluates its properties for impairment using the three-tier fair value hierarchy. During the year ended September 30, 2012, the Company recorded an impairment charge of $1,918,000 for property that was held for sale in Lee County, Florida. The impairment was based on the negotiated sales price with a third party for the property, a Level 2 input. See Note 7. Property, Buildings and Equipment, Net. |
Investments_deposits_and_other
Investments, deposits and other assets | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, deposits and other assets [Abstract] | ' | |||||||||||||||||||||||
Investments, deposits and other assets | ' | |||||||||||||||||||||||
Note 4. Investments, deposits and other assets | ||||||||||||||||||||||||
Investments, deposits and other assets consist of the following: | ||||||||||||||||||||||||
(in thousands) | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||
Current | Non-Current | Total | Current | Non-Current | Total | |||||||||||||||||||
Certificates of deposit | $ | 260 | $ | - | $ | 260 | $ | 257 | $ | - | $ | 257 | ||||||||||||
Loan origination fees | - | 836 | 836 | - | 956 | 956 | ||||||||||||||||||
Stock in agricultural cooperatives | - | 516 | 516 | - | 517 | 517 | ||||||||||||||||||
Deposits | - | 326 | 326 | - | 352 | 352 | ||||||||||||||||||
Water permits | - | 259 | 259 | - | 243 | 243 | ||||||||||||||||||
Other | - | 54 | 54 | - | 77 | 77 | ||||||||||||||||||
Total | $ | 260 | $ | 1,991 | $ | 2,251 | $ | 257 | $ | 2,145 | $ | 2,402 | ||||||||||||
Realized gains and losses on the disposition of securities and recognition of the full reserve of the patronage allocation with Farm Credit were charged to interest and investment income for fiscal year 2011 and include $139,000 of realized gains and $1,685,000 of realized losses. During the second quarter of 2011, the Company fully reserved $1,685,000 in cooperative allocated surplus it had recorded based on its patronage allocation with Farm Credit. | ||||||||||||||||||||||||
As an agricultural credit cooperative, Farm Credit is owned by the member-borrowers who purchase stock and earn participation certificates which represent each members-borrowers respective share of the allocated surplus in the cooperative. Allocations of the surplus are made to members on an annual basis according to the proportionate amount of interest paid by each member. Allocations are made in cash and non-cash participation certificates. Farm Credit announced in 2011 the indefinite suspension of any future distributions of members' allocated surplus; therefore, the Company determined that the entire amount was uncollectible as no future revolvement plan has been established. |
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
Note 5. Inventories | ||||||||
Inventories consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Unharvested fruit crop on the trees | $ | 16,329 | $ | 16,176 | ||||
Unharvested sugarcane | 11,728 | 10,185 | ||||||
Beef cattle | 1,200 | 768 | ||||||
Other | 146 | 161 | ||||||
Total Inventories | $ | 29,403 | $ | 27,290 | ||||
The Company records its inventory at the lower of cost or net realizable value. For the years ended September 30, 2013, 2012 and 2011, the Company did not record any adjustments to reduce inventory to net realizable value. |
Investment_in_Magnolia
Investment in Magnolia | 12 Months Ended |
Sep. 30, 2013 | |
Investment in Magnolia [Abstract] | ' |
Investment in Magnolia | ' |
Note 6. Investment in Magnolia Fund | |
In May 2010, Alico invested $12,150,000 to obtain a 39% limited partner equity interest in Magnolia TC 2, LLC ("Magnolia"), a Florida limited liability company whose primary business activity is acquiring tax certificates issued by various counties in the State of Florida on properties which have property tax delinquencies. In Florida, such certificates are sold at general auction based on a bid interest rate. If the property owner does not redeem such certificate within two years, which requires the payment of delinquent taxes plus the bid interest, a tax deed can be obtained by the winning bidder who can then force an auctioned sale of the property. Tax certificates hold a first priority lien position. Magnolia began the tax deed application process in July 2012 as the two year time frame on certain certificates had been reached. The tax deed application requires all other outstanding liens to be redeemed as well. | |
Revenue is recognized by Magnolia when the interest obligation under the tax certificates it holds becomes a fixed amount. In order to redeem a tax certificate in Florida, a minimum of 5% of the face amount of the certificate (delinquent taxes) must be paid to the certificate holder regardless of the amount of time the certificate has been outstanding. Magnolia recognized the minimum 5% earnings on its tax certificate portfolio in fiscal 2010. Expenses of Magnolia include an acquisition fee of 1%, interest expense, a monthly management fee and other administrative costs. | |
The investment in Magnolia is accounted for in accordance with the equity method of accounting, whereby the Company records its 39% interest in the reported income or loss of the fund each quarter. Based on the August 31, 2013, unaudited internal financial statements of Magnolia, Alico recorded net investment income of $658,000 for the year ended September 30, 2013. The Company recorded net investment income of $59,000 for the year ended September 30, 2012, and $68,000 for the year ended September 30, 2011. Magnolia made certain distributions during the year ended September 30, 2013, 2012 and 2011; the Company's share of those distributions was approximately $1,179,000, $4,735,000 and $2,485,000, respectively. | |
The Company anticipates that the remainder of the outstanding balance of the investment to be returned within the next 18 months and that no losses will be incurred from the investment over than period. |
Property_Buildings_and_Equipme
Property, Buildings and Equipment, Net | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Buildings and Equipment, Net [Abstract] | ' | |||||||
Property, Buildings and Equipment, Net | ' | |||||||
Note 7. Property, Buildings and Equipment, Net | ||||||||
Property, buildings and equipment, net consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Breeding herd | $ | 12,234 | $ | 10,062 | ||||
Buildings | 11,587 | 10,975 | ||||||
Citrus trees | 34,188 | 33,164 | ||||||
Sugarcane | 16,199 | 12,617 | ||||||
Equipment and other facilities | 47,278 | 42,043 | ||||||
Total depreciable properties | 121,486 | 108,861 | ||||||
Less accumulated depreciation and depletion | (71,857 | ) | (65,220 | ) | ||||
Net depreciable properties | 49,629 | 43,641 | ||||||
Land and land improvements | 81,442 | 79,193 | ||||||
Net property, buildings and equipment | $ | 131,071 | $ | 122,834 | ||||
Due to the continued pressure on market prices of real estate in Florida, the Company evaluated several of its properties for impairment at September 30, 2013, 2012 and 2011. In conducting its evaluation, the Company reviewed the estimated non-discounted cash flows from each of the properties or obtained independent third party appraisals from a qualified real estate appraiser. | ||||||||
Lee County, Florida Properties | ||||||||
The Company's management committed to a plan to sell the Lee County Properties and actively locate a buyer, thereby meeting the criteria for assets held for sale. The Company's plan to sell the Lee County Properties triggered the impairment evaluation. The fair value was determined based upon a Level 2 input in accordance with the fair value three-tier hierarchy, specifically on a negotiated sales price with a third party. The Company recorded an impairment of $1,918,000 on the property as the carrying value exceeded the market value, and the impairment charge is included in the Consolidated Statement of Comprehensive Income for the fiscal year ended September 30, 2012. | ||||||||
The sale was finalized in separate closings on July 25, 2012 and October 3, 2012. The two parcels which closed on October 3, 2012 are included in assets held for sale on the Consolidated Balance Sheet at September 30, 2012 totaling $2,475,000. The Company received a deposit for the parcels of $2,500,000 which is included in restricted cash and other current liabilities on the Consolidated Balance Sheet at September 30, 2012. | ||||||||
Polk County, Florida Properties | ||||||||
The sales contracts for two parcels of land in Polk County, Florida closed during June 2012. The sale of the Polk County parcels totaled $10,122,000. The Company received cash of $9,768,000, of which $8,747,000 was held in an escrow account by a third party in accordance with an assignment agreement while potential like kind exchange transactions were considered which would qualify for tax-deferral treatment in accordance with Internal Revenue Code §1031. No properties were identified for a like kind exchange, and the funds were remitted to the Company on July 31, 2012. The sale of the two parcels resulted in pre-tax gains totaling $9,113,000 which is included in the gain on sale of real estate in the Consolidated Statement of Comprehensive Income for fiscal year 2012. | ||||||||
The first parcel of land totaled 3,630 acres. The sales price was $9,077,000 or $2,500 per acre. The sales contract closed on June 14, 2012, with the deed and possession delivered to Ben Hill Griffin III Family Limited Partnership, LLLP. We received $8,747,000 in cash for the sale. | ||||||||
The second parcel of land totaled 380 acres for which we received $1,020,000 in cash. The sales price was $1,045,000 or $2,750 per acre. The sales contract closed on June 20, 2012, with deed and possession delivered to Ben Hill Griffin Inc. See Note 13. Related Party Transactions. | ||||||||
Alachua County Property | ||||||||
In June 2013, the Company purchased 396 acres in Alachua County, Florida for $1,175,000. The Company intends to build a citrus tree nursery on the property and utilize the trees produced in its own operations and to sell excess trees to citrus growers in the state of Florida. | ||||||||
Sale of Easement | ||||||||
In July, 2013, the Company closed a warranty easement deed with the United States Department of Agriculture, through its administering agency, The Natural Resources Conservation Service, granting a conservation easement on approximately 11,600 acres located in Hendry County, FL (the "Property") for $20,678,000. The easement agreement states the Property will be enrolled in perpetuity in the Wetlands Reserve Program designed to restore, protect and enhance the values of the wetlands and for the conservation of natural resources. The Company will retain title to the Property and the right to various recreational uses including hunting, fishing and leasing of such rights. Additionally, the Company reserves the right to subsurface resources including oil, gas, minerals and geothermal resources underlying the easement area and the right to water uses and water rights identified as reserved to us. As a result of the transaction, the Company recorded a gain of $20,343,000 in its Statement of Comprehensive Income for the fiscal year ended September 30, 2013. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Note 8. Accrued Expenses | ||||||||
Accrued expenses consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Accrued employee wages and benefits | $ | 687 | $ | 1,513 | ||||
Accrued interest | 307 | 333 | ||||||
Current portion of retirement benefits payable | 342 | 342 | ||||||
Fertilizer and chemicals received but not invoiced | 885 | - | ||||||
Other | 133 | 300 | ||||||
Total accrued expenses | $ | 2,354 | $ | 2,488 | ||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Current Liabilities [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Note 9. Other Current Liabilities | ||||||||
Other current liabilities consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Deposits - Property sales | $ | - | $ | 2,500 | ||||
Deposits - Farm land leases | 481 | 249 | ||||||
Deposits - Recreation land leases | 621 | 580 | ||||||
Deposits - Other | 40 | 83 | ||||||
Total other current liabilities | $ | 1,142 | $ | 3,412 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
Note 10. Long-Term Debt | ||||||||||||||||
Outstanding debt under the Company's various loan agreements is presented in the table below: | ||||||||||||||||
(in thousands) | Revolving Line | Term Loan | Mortgage Note | Total Credit | ||||||||||||
of Credit | Facility | |||||||||||||||
30-Sep-13 | ||||||||||||||||
Principal balance outstanding | $ | - | $ | 36,000 | $ | - | $ | 36,000 | ||||||||
Remaining available credit | $ | 60,000 | $ | - | $ | - | $ | 60,000 | ||||||||
Effective interest rate | 2.43% | 2.68% | ||||||||||||||
Scheduled maturity date | October 2020 | October 2020 | ||||||||||||||
Collateral | Real Estate | Real Estate | ||||||||||||||
30-Sep-12 | ||||||||||||||||
Principal balance outstanding | $ | - | $ | 38,000 | $ | 1,900 | $ | 39,900 | ||||||||
Remaining available credit | $ | 60,000 | $ | - | $ | - | $ | 60,000 | ||||||||
Effective interest rate | 2.48% | 2.73% | 6.68% | |||||||||||||
Scheduled maturity date | October 2020 | October 2020 | March 2014 | |||||||||||||
Collateral | Real Estate | Real Estate | Real Estate | |||||||||||||
The Company has a revolving line of credit ("RLOC") and term loan with Rabo AgriFinance, Inc. ("Rabo") totaling $96,000,000. The revolving line of credit and term note are collateralized by 43,991 acres of farmland and 12,280 acres of additional property containing approximately 8,600 acres of producing citrus groves. | ||||||||||||||||
The term loan requires quarterly payments of interest at a floating rate of one month LIBOR plus 250 basis points beginning October 1, 2010. Quarterly principal payments of $500,000 began on October 1, 2011 and continue through October 1, 2020 when the remaining principal balance and accrued interest will be due and payable. | ||||||||||||||||
The Rabo credit facility includes a ten year $60,000,000 RLOC bearing interest at a floating rate on the outstanding balance payable quarterly beginning October 1, 2010. Thereafter, quarterly interest is payable on the first day of January, April, July and October until the revolving line of credit matures on October 1, 2020 and the remaining principal balance and accrued interest shall be due and payable. Proceeds from the revolving line of credit may be used for general corporate purposes including: (i) the normal operating needs of Alico and its operating divisions, (ii) the purchase of capital assets; and (iii) the payment of dividends. | ||||||||||||||||
The interest rate on the revolving line of credit was initially established at one month LIBOR plus 250 basis points. Beginning on February 1, 2011, and on each subsequent January 1 through 2020, the interest rate spread over LIBOR is adjusted pursuant to a pricing grid based on our debt service coverage ratio for the immediately preceding fiscal year. The spreads may range from 225 to 275 basis points over one month LIBOR. The rate was not adjusted during fiscal year 2011 and remained at LIBOR plus 250 basis points through December 31, 2011, but was adjusted to LIBOR plus 225 basis points on January 1, 2012. On October 1, 2015, Rabo may adjust the interest rate spread to any percentage. Rabo must provide a 30 day notice of the new spreads; at that time the Company has the right to prepay the outstanding balance. | ||||||||||||||||
Loan origination fees incurred as a result of entry into the Rabo credit facility loan agreement, including appraisal fees, document stamps, legal fees and lender fees of approximately $1,202,000 were capitalized in fiscal year 2010 and are being amortized over the term of the loan agreement. | ||||||||||||||||
At September 30, 2013, and 2012, the Company was in compliance with the debt covenants and terms of the Rabo loan agreement. The Rabo credit facility contains the following significant covenants: (i) minimum current ratio of 1.50:1, (ii) debt to assets ratio no greater than 60%, (iii) tangible net worth of at least $80 million, and (iv) minimum debt coverage of 1.15:1. | ||||||||||||||||
The Company uses a cash management program with Rabobank designed to minimize the outstanding balance on the RLOC. Our various Rabobank accounts are swept daily into a concentration account. Funds in excess of a target balance are automatically applied to pay down the RLOC, if there is an outstanding balance. | ||||||||||||||||
Maturities of the Company's debt were as follows at September 30, 2013: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Due within one year | $ | 2,000 | ||||||||||||||
Due between one and two years | 2,000 | |||||||||||||||
Due between two and three years | 2,000 | |||||||||||||||
Due between three and four years | 2,000 | |||||||||||||||
Due between four and five years | 2,000 | |||||||||||||||
Due beyond five years | 26,000 | |||||||||||||||
Total | $ | 36,000 | ||||||||||||||
Interest costs expensed and capitalized to property, buildings and equipment were as follows: | ||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Interest expense | $ | 1,257 | $ | 1,616 | $ | 2,020 | ||||||||||
Interest capitalized | 79 | 100 | 127 | |||||||||||||
Total | $ | 1,336 | $ | 1,716 | $ | 2,147 |
Treasury_Stock
Treasury Stock | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Treasury Stock [Abstract] | ' | ||||||||||||||||||
Treasury Stock | ' | ||||||||||||||||||
Note 11. Treasury Stock | |||||||||||||||||||
Effective November 1, 2008, the Company's Board of Directors authorized the repurchase of up to 350,000 shares of the Company's common stock through November 2013 for the purpose of funding awards under its 2008 Incentive Equity Plan. In September 2013, the Board of Directors authorized the repurchase of up to 105,000 shares of the Company's common stock beginning in November 2013 and continuing through April 2018. The stock repurchases began in November 2008 and were made on a quarterly basis through open market transactions at times and in such amounts as the Company's broker determined subject to the provisions of SEC Rule 10b-18. The following table illustrates the Company's treasury stock purchases for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||
(in thousands, except share amounts and per share amounts) | |||||||||||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of Publicly Announced Plan or Program | Total Dollar Value of Shares Purchased | ||||||||||||||||
Fiscal Year Ended September 30,: | |||||||||||||||||||
2013 | 75,887 | $ | 38.14 | 257,203 | $ | 2,894 | |||||||||||||
2012 | 12,332 | $ | 24.12 | 181,316 | $ | 298 | |||||||||||||
2011 | 48,280 | $ | 24.96 | 168,984 | $ | 1,205 | |||||||||||||
The following table outlines the Company's treasury stock transactions during the past three fiscal years: | |||||||||||||||||||
(in thousands, except share amounts) | Shares | Cost | |||||||||||||||||
Balance at September 30, 2010 | 7,466 | $ | 172 | ||||||||||||||||
Purchased | 48,280 | 1,205 | |||||||||||||||||
Issued to Directors | (19,030 | ) | (465 | ) | |||||||||||||||
Retired | (2,123 | ) | (50 | ) | |||||||||||||||
Balance at September 30, 2011 | 34,593 | 862 | |||||||||||||||||
Purchased | 12,332 | 298 | |||||||||||||||||
Issued to Directors | (23,690 | ) | (617 | ) | |||||||||||||||
Balance at September 30, 2012 | 23,235 | 543 | |||||||||||||||||
Purchased | 75,887 | 2,894 | |||||||||||||||||
Issued to Employees and Directors | (25,584 | ) | (621 | ) | |||||||||||||||
Balance at September 30, 2013 | 73,538 | $ | 2,816 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 12. Income Taxes | |||||||||||||
The provision for income taxes (benefit) for the years ended September 30, 2013, 2012 and 2011 consists of the following: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal income tax | $ | 2,508 | $ | 3,696 | $ | 4,141 | |||||||
State income tax | 458 | 1,298 | 726 | ||||||||||
Total current | 2,966 | 4,994 | 4,867 | ||||||||||
Deferred: | |||||||||||||
Federal income tax | 7,921 | 5,617 | 608 | ||||||||||
State income tax | 1,142 | 362 | (45 | ) | |||||||||
Total deferred | 9,063 | 5,979 | 563 | ||||||||||
Total provision for income taxes | $ | 12,029 | $ | 10,973 | $ | 5,430 | |||||||
Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax at the statutory federal rate | $ | 11,086 | $ | 10,312 | $ | 4,259 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal benefit | 1,067 | 1,051 | 460 | ||||||||||
Federal impacts from IRS exam and tax return amendments | 19 | (444 | ) | 713 | |||||||||
Deferred rate adjustment | - | (313 | ) | - | |||||||||
Permanent and other reconciling items, net | (143 | ) | 367 | (2 | ) | ||||||||
Total provision for income taxes | $ | 12,029 | $ | 10,973 | $ | 5,430 | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2013 and 2012 are presented below: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred retirement benefits | $ | 1,686 | $ | 1,581 | |||||||||
Inventories | 144 | 144 | |||||||||||
Restricted stock compensation | 31 | - | |||||||||||
Alico-Agri, Ltd. outside basis differences | 3,196 | 20,857 | |||||||||||
Capital loss carry forward | 10,502 | 1,037 | |||||||||||
Other | 159 | 357 | |||||||||||
Total deferred tax assets | 15,718 | 23,976 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Revenue recognized from citrus and sugarcane | 302 | 286 | |||||||||||
Property and Equipment | 21,550 | 20,826 | |||||||||||
Investment in Magnolia | 450 | 385 | |||||||||||
Total deferred tax liabilities | 22,302 | 21,497 | |||||||||||
Net deferred income tax (liability) asset | $ | (6,584 | ) | $ | 2,479 | ||||||||
The Company applies a "more likely than not" threshold to the recognition and non-recognition of tax positions. A change in judgment related to prior years' tax positions is recognized in the quarter of such change. The Company had no reserve for uncertain tax positions at September 30, 2013 or September 30, 2012. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense and in the liability for uncertain tax positions. | |||||||||||||
On May 16, 2012, the Company reached a settlement with the IRS related to its examination of the returns of Alico, Agri-Insurance, Ltd., (a former subsidiary of the Company) and Alico-Agri for the tax years 2005 through 2007. As a result of the settlement, the Company paid Federal taxes of $613,000 and interest of $225,000. On October 9, 2012, the Company paid the State of Florida $318,000 for taxes and $5,000 for interest as a result of the IRS settlement. The Company accrued $149,000 at September 30, 2012, for additional state interest and penalties. The actual amount paid was $135,000 for state interest. No amount was due for state penalties, and the remaining accrual was reversed during the second quarter of fiscal year 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 13. Related Party Transactions | |
Atlantic Blue Group, Inc. | |
Atlantic Blue Group, Inc. ("Atlanticblue" or "ABG") owned approximately 50.6% of Alico's common stock, until it sold its stock in the Company to 734 Investors, LLC in November 2013 (see Note 18. Subsequent Events). By virtue of its ownership percentage, Atlanticblue was able to elect all of the directors and, consequently, control Alico. Directors which also served on Atlanticblue's board were referred to as "affiliated directors". | |
John R. Alexander, a shareholder in Atlanticblue and a director on the Atlanticblue Board of Directors, retired as the Company's Chairman of the Board at the February 2013 shareholders meeting. Mr. Alexander's son, JD Alexander, resigned March 31, 2012 as the President and Chief Executive Officer of Atlanticblue and did not stand for re-election as a director at the June 2012 Atlanticblue shareholders meeting. In February 2010, JD Alexander was appointed Alico's President and Chief Executive Officer, and he serves on Alico's Board of Directors, until the sale by Atlanticblue of its stock in the Company to 734 Investors, LLC. Robert E. Lee Caswell, John R. Alexander's son-in-law, served as a director on Alico's Board of Directors until its February 2013 shareholders meeting; he did not stand for re-election. Robert J. Viguet, Jr., an Alico director, did not stand for re-election as a director of Atlanticblue at its June 2012 shareholders meeting. Dykes Everett was elected to the Alico Board of Directors at the February 2013 shareholders meeting; he was proposed for nomination by Atlanticblue where he serves as a director. | |
On April 1, 2012 a settlement agreement was executed in the derivative shareholder suit filed by former director Baxter Troutman against John R. Alexander and JD Alexander (the "Agreement"). On May 16, 2012 the Circuit Court of the 10th Judicial Circuit in Polk County, FL approved the Agreement thereby settling the shareholder derivative action complaint. As a condition of the Agreement, Mr. Troutman was required to file a notice of voluntary dismissal of the civil action against the Alexanders with prejudice. The Company, by determination of the Special Litigation Committee comprised of four independent directors of its Board of Directors, filed a motion against Mr. Troutman seeking recovery of attorney fees and costs incurred in its defense. In response, Mr. Troutman has filed motions seeking recovery of his attorney's fees from Alico. The Company has reimbursed Messrs.' Alexander for legal fees used to defend themselves against the suit in accordance with the Board of Directors indemnification agreements. Reimbursements pursuant to the litigation were $118,000 and $68,000 on behalf of John R. Alexander and, $222,000 and $60,000 on behalf of JD Alexander during the years ended September 30, 2012 and 2011, respectively. | |
Alico Fruit is currently marketing and/or purchasing citrus fruit from Tri County Groves, LLC, a wholly owned subsidiary of Atlanticblue. During the years ended September 30, 2013, 2012 and 2011, Alico Fruit marketed 201,802, 237,626, and 222,856 boxes of fruit for approximately $1,907,000, $2,900,000, and $2,100,000. | |
Ben Hill Griffin, Inc. | |
Citrus revenues of approximately $598,000 and $900,000 were recognized for a portion of citrus crops sold under a marketing agreement with Ben Hill Griffin, Inc. ("Griffin") for the years ended September 30, 2012 and 2011, respectively. Griffin and its subsidiaries are controlled by Ben Hill Griffin, III, the brother-in-law of John R. Alexander, Alico's former Chairman and Chief Executive Officer and was deemed a related party until John R. Alexander retired as Chairman of Alico on February 22, 2013. Accounts receivable include amounts due from Griffin of $94,000 at September 30, 2012. These amounts represent revenues to be received periodically under pooling agreements as the sale of pooled products is completed. | |
Harvesting, marketing and processing costs for fruit sold to Griffin totaled $141,000 and $300,000 for the years ended September 30, 2012 and 2011. | |
Alico purchased fertilizer and other miscellaneous supplies, and services, and operating equipment from Griffin, on a competitive bid basis, for use in its cattle, sugarcane, sod and citrus operations. Such purchases totaled $ 969,000 and $2,359,000 for the years ended September 30, 2012 and 2011, respectively. The Consolidated Balance Sheets include accounts payable to Griffin for fertilizer and other crop supplies totaling $9,000 at September 30, 2012. | |
Other | |
Mr. Charles Palmer, an independent Board Member, held a recreational lease with the Company during the fiscal years ended September 30, 2013, 2012 and 2011, for which he paid approximately $33,000 annually at the customary terms and rates the Company extends to third parties. |
Employee_Benefits_Plans
Employee Benefits Plans | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Employee Benefits Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Note 14. Employee Benefits Plans | |||||||||||||
Management Security Plan | |||||||||||||
The management security plan ("MSP") is a nonqualified, noncontributory defined supplemental deferred retirement benefit plan for a select group of management personnel. The MSP plan provides a fixed supplemental retirement benefit for 180 months certain. The MSP is frozen; no new participants are being added and no benefit increases are being granted. The MSP benefit expense and the projected management security plan benefit obligation are determined using assumptions as of the end of the year. The weighted-average discount rate used to compute the obligation was 4.2% and 4.5% in 2013 and 2012, respectively. During fiscal year 2012, the Company changed its approach in determining the discount rate from the Pension Benefit Guaranty Corp rate which was used during fiscal year 2011, to the Moody's Corporate Bond Curve (Moody's). Management believes that the Moody's rate is a more appropriate estimate of the settlement of the pension benefits. The effect of this change was not significant to net income and earnings per share. | |||||||||||||
Actuarial gains or losses are recognized when incurred, therefore; the end of year benefit obligation is the same as the accrued benefit costs recognized in the consolidated balance sheet. | |||||||||||||
The amount of MSP benefit expense charged to costs and expenses was as follows: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | 221 | 251 | 233 | ||||||||||
Interest cost | 368 | 178 | 181 | ||||||||||
Recognized actuarial loss adjustment | - | 2 | 66 | ||||||||||
Total | 589 | 431 | 480 | ||||||||||
The following provides a roll-forward of the MSP benefit obligation. | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Change in projected benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,098 | $ | 3,970 | |||||||||
Service cost | 221 | 251 | |||||||||||
Interest cost | 368 | 178 | |||||||||||
Recognized actuarial loss adjustment | - | 2 | |||||||||||
Benefits paid | (316 | ) | (303 | ) | |||||||||
Benefit obligation at end of year | $ | 4,371 | $ | 4,098 | |||||||||
Funded status at end of year | $ | (4,371 | ) | $ | (4,098 | ) | |||||||
The MSP is unfunded and benefits are paid as they become due. The estimated future benefit payments under the plan for each of the five succeeding years are approximately $342,000, $346,000, $351,000, $367,000 and $348,000 and for the five-year period thereafter an aggregate of $1,199,000. | |||||||||||||
The Company has established a "Rabbi Trust" to provide for the funding of accrued benefits under the MSP. According to the terms of the Rabbi Trust, funding is voluntary until a change of control of the Company as defined in the Management Security Plan Trust Agreement occurs. Upon a change of control, funding is triggered. As of September 30, 2013, the Rabbi Trust had no assets, and no change of control had occurred. | |||||||||||||
Profit Sharing and 401(k) | |||||||||||||
The Company maintains a 401(k) employee savings plan for eligible employees, which provides for a 4% matching contribution on employee payroll deferrals. The Company's matching funds vest to the employee immediately, pursuant to a safe harbor election effective in October 2012. The Company's contribution to the plan was approximately $157,000, $81,000 and $59,000 for the fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
The Profit Sharing Plan ("Plan") is fully funded by contributions from the Company. Contributions to the Plan are discretionary and determined annually by the Company's Board of Directors. Contributions to employee accounts are based on the participant's compensation. The Company's contribution to the Profit Sharing Plan was $210,000, $245,000 and $162,000 for the years ended September 30, 2013, 2012 and 2011, respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Note 15. Segment Information | ||||||||||||
Segments | ||||||||||||
The Company manages its land based upon its primary usage and reviews its performance based upon three primary classifications - Citrus Groves, Improved Farmland and Ranch and Conservation. In addition, it operates an Agricultural Supply Chain Management business that is not tied directly to its land holdings and Other Operations that include leasing mines and oil extraction rights to third parties. The Company presents its financial results and the related discussions based upon these five segments (Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations). In the fourth quarter of fiscal year 2013, the Company changed its internal operations to align with the way it manages its business operations. As a result, the Company has realigned its financial reporting segments to match its internal operations. The Company has reclassified prior years to conform to the fiscal year 2013 presentation. None of these changes affect the Company's previously report consolidated results. The primary change in previously reported segment results is to reclassify the former Land Leasing and Rentals segment's revenues and expenses to the related land classifications. A description of the Company's business segments is as follows: | ||||||||||||
· | Citrus Groves include activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets. | |||||||||||
· | Agricultural Supply Chain Management and Support includes activities related to the purchase and resale of fruit, as well as, to value-added services which include contracting for the harvesting, marketing and hauling of citrus. | |||||||||||
· | Improved Farmland includes activities related to planting, owning, cultivating, managing and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which has various improvements including irrigation, drainage and roads. | |||||||||||
· | Ranch and Conservation includes activities related to cattle grazing, sod, native plant and animal sales, leasing, management and/or conservation of unimproved native pasture land. | |||||||||||
· | Other Operations include activities related to rock mining royalties, oil exploration and other insignificant lines of business. | |||||||||||
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 from operations before general and administrative costs, interest expense and income taxes not including nonrecurring gains and losses. | ||||||||||||
The accounting policies of the segments are the same as those described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies. Total revenues represent sales to unaffiliated customers, as reported in the Company's Consolidated Statements of Operations. All intercompany transactions have been eliminated. | ||||||||||||
Information by business segment is as follows: | ||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Citrus Groves | $ | 43,689 | $ | 55,423 | $ | 47,088 | ||||||
Agricultural Supply Chain Management | 28,412 | 48,334 | 36,115 | |||||||||
Improved Farmland | 21,917 | 15,316 | 8,642 | |||||||||
Ranch and Conservation | 6,755 | 7,348 | 6,015 | |||||||||
Other Operations | 888 | 766 | 732 | |||||||||
Intersegment Revenues | 10,981 | 11,820 | 9,679 | |||||||||
Eliminations | (10,981 | ) | (11,820 | ) | (9,679 | ) | ||||||
Total revenue | 101,661 | 127,187 | 98,592 | |||||||||
Operating expenses: | ||||||||||||
Citrus Groves | 31,533 | 30,995 | 27,764 | |||||||||
Agricultural Supply Chain Management | 27,949 | 47,693 | 35,109 | |||||||||
Improved Farmland | 16,202 | 11,574 | 7,343 | |||||||||
Ranch and Conservation | 3,798 | 3,497 | 3,640 | |||||||||
Other Operations | 505 | 1,196 | 1,303 | |||||||||
Total operating expenses | 79,987 | 94,955 | 75,159 | |||||||||
Gross profit: | ||||||||||||
Citrus Groves | 12,156 | 24,428 | 19,324 | |||||||||
Agricultural Supply Chain Management | 463 | 641 | 1,006 | |||||||||
Improved Farmland | 5,715 | 3,742 | 1,299 | |||||||||
Ranch and Conservation | 2,957 | 3,851 | 2,375 | |||||||||
Other Operations | 383 | (430 | ) | (571 | ) | |||||||
Total gross profit | $ | 21,674 | $ | 32,232 | $ | 23,433 | ||||||
Capital expenditures: | ||||||||||||
Citrus Groves | $ | 3,942 | $ | 1,562 | $ | 2,102 | ||||||
Agricultural Supply Chain Management | 81 | 388 | 65 | |||||||||
Improved Farmland | 9,468 | 10,482 | 4,633 | |||||||||
Ranch and Conservation | 3,475 | 741 | 1,214 | |||||||||
Other Operations | 27 | - | 16 | |||||||||
Other capital expenditures | 1,931 | 2,748 | 4,235 | |||||||||
Total capital expenditures | $ | 18,924 | $ | 15,921 | $ | 12,265 | ||||||
Depreciation, depletion and amortization: | ||||||||||||
Citrus Groves | $ | 2,114 | $ | 2,088 | $ | 1,977 | ||||||
Agricultural Supply Chain Management | 169 | 223 | 213 | |||||||||
Improved Farmland | 5,131 | 4,051 | 2,873 | |||||||||
Ranch and Conservation | 1,250 | 992 | 937 | |||||||||
Other Operations | 347 | 427 | 481 | |||||||||
Other depreciation, depletion and amortization | 664 | 648 | 846 | |||||||||
Total depreciation, depletion and amortization | $ | 9,675 | $ | 8,429 | $ | 7,327 | ||||||
(in thousands) | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Citrus Groves | $ | 52,592 | $ | 47,154 | ||||||||
Agricultural Supply Chain Management | 994 | 2,066 | ||||||||||
Improved Farmland | 75,348 | 63,916 | ||||||||||
Ranch and Conservation | 14,696 | 11,274 | ||||||||||
Other Operations | 15,094 | 4,905 | ||||||||||
Other Corporate Assets | 40,116 | 55,768 | ||||||||||
Total Assets | $ | 198,840 | $ | 185,083 | ||||||||
Other operations include the former real estate segment. During the fourth quarter of fiscal year 2012, management changed its business strategy in regards to Alico Land Development Co., which operated the real estate segment. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
Note 16. Commitments and Contingencies | ||||||
Operating Leases | ||||||
The Company has obligations under various noncancelable long-term operating leases for equipment. In addition, the Company has various obligations under other equipment leases of less than one year. | ||||||
Total rent expense was approximately $1,182,000, $1,256,000 and $856,000 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||
The future minimum rental payments under non-cancelable operating leases are as follows: | ||||||
(in thousands) | ||||||
2014 | $ | 600 | ||||
2015 | 573 | |||||
2016 | 529 | |||||
2017 | 124 | |||||
2018 | - | |||||
Total | $ | 1,826 | ||||
The Company has entered into Change in Control Agreements ("CIC Agreements") with its executive officers and 22 other key employees ("CIC Recipients"). The CIC Agreements provide for cash payments to CIC Recipients in the event of a change in control as defined in the CIC Agreements followed by the termination of a CIC Recipient within 18 months of the change in control. The estimated total potential payments required by CIC Agreements are $1,071,000 for executive officers and $1,600,000 for other key employees. See Note 18. Subsequent Events. | ||||||
Letters of Credit | ||||||
The Company has retained certain self-insurance risks with respect to losses for workers' compensation and has standby letters of credit in the amounts of $200,000 for each of the years ended September 30, 2013 and 2012, to secure its insurance obligations. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) [Abstract] | ' | |||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) | ' | |||||||||||||||||||||||||||||||
Note 17. Selected Quarterly Financial Data (unaudited) | ||||||||||||||||||||||||||||||||
Summarized quarterly financial data (in thousands except for per share amounts) for the fiscal years ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Quarter Ended | |||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Total operating revenue | $ | 21,356 | $ | 26,047 | $ | 38,410 | $ | 54,097 | $ | 35,229 | $ | 40,401 | $ | 6,666 | $ | 6,642 | ||||||||||||||||
Total operating expenses | 17,570 | 20,533 | 31,396 | 39,859 | 26,164 | 29,892 | 4,857 | 4,671 | ||||||||||||||||||||||||
Gross profit | 3,786 | 5,514 | 7,014 | 14,238 | 9,065 | 10,509 | 1,809 | 1,971 | ||||||||||||||||||||||||
Corporate, general and | ||||||||||||||||||||||||||||||||
administrative | 1,808 | 1,990 | 2,464 | 1,807 | 2,253 | 1,871 | 3,214 | 2,822 | ||||||||||||||||||||||||
Other (expense) income | (304 | ) | (360 | ) | 23 | (502 | ) | (167 | ) | 6,888 | 20,188 | (306 | ) | |||||||||||||||||||
Income (loss) before income taxes | 1,674 | 3,164 | 4,573 | 11,929 | 6,645 | 15,526 | 18,783 | (1,157 | ) | |||||||||||||||||||||||
Income tax expense (benefit) | 636 | 1,231 | 1,800 | 4,515 | 2,566 | 5,919 | 7,027 | (692 | ) | |||||||||||||||||||||||
Net (loss) income | $ | 1,038 | $ | 1,933 | $ | 2,773 | $ | 7,414 | $ | 4,079 | $ | 9,607 | $ | 11,756 | $ | (465 | ) | |||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | 0.26 | $ | 0.38 | $ | 1.01 | $ | 0.56 | $ | 1.31 | $ | 1.61 | $ | (0.07 | ) | |||||||||||||||
Diluted | $ | 0.14 | $ | 0.26 | $ | 0.38 | $ | 1.01 | $ | 0.55 | $ | 1.31 | $ | 1.6 | $ | (0.07 | ) | |||||||||||||||
During the fiscal year 2012, the Company recorded a gain on the sale of the Polk County, Florida properties totaling $9,113,000 and an impairment charge of $1,918,000. Impairment was recorded on assets held for sale on the Consolidated Balance Sheet as of September 30, 2012, which were subsequently sold on October 3, 2012. See Note 7. Property, Buildings and Equipment, Net. | ||||||||||||||||||||||||||||||||
During fiscal year 2013, the Company recorded a gain on the sale of a Conservation Easement on 11,600 acres of property in Hendry County totaling $20,343,000. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 18. Subsequent Events | |
Change in Majority Owner | |
On November 19, 2013, 734 Investors, LLC (the "Buyer"), an investment fund affiliated with 734 Agriculture, LLC ("734 Agriculture") and George R. Brokaw, a Member of 734 Agriculture and the Buyer's designee (the "Designee"), completed the previously announced purchase from Alico Holding, LLC (the "Seller"), a company wholly owned by Atlantic Blue Group, Inc., of 3,725,457 shares of common stock, par value $1 per share, of Alico, Inc. (the "Company" and the "Common Stock"), owned by the Seller for $37.00 per share, for an aggregate purchase price of approximately $137,841,909 in cash (the "Share Purchase"). The Buyer used equity investments from its members of approximately $123,410,000 and debt financing of $13,691,909 to fund its portion of the purchase price. The Designee used cash on hand to fund his portion of the purchase price. | |
Waiver of Debt Maturity Acceleration | |
The Company's loan agreements with Rabo prohibit the sale or conveyance of a controlling interest in Alico without Rabo's prior consent. The loan agreements also provide that any sale or conveyance of an interest in Alico will not be considered an event of default as long as the Chief Executive Officer of the Company is not removed or replaced within two years of such sale or conveyance. | |
The Company advised Rabo that Atlanticblue entered into an agreement with 734 Investors, LLC whereby Atlanticblue agreed to sell to 734 Investors, LLC approximately 51% of the issued and outstanding voting stock of the Company (the "Purchase and Sale"), which Purchase and Sale constitutes the sale of a controlling interest as defined in the loan documents. The Company further advised Rabo that Clayton G. Wilson would replace JD Alexander as the Company's Chief Executive Officer subsequent to the Purchase and Sale. | |
Rabo executed an agreement dated November 15, 2013 whereby they consented to the Purchase and Sale and the Chief Executive Officer replacement as required by the loan documents. Rabo further confirmed that these transactions will not be deemed an event of default under any of the loan documents. | |
Incentive Equity Plans, Employee Benefit Plans and Management Consulting Agreement | |
The change in majority owner discussed above triggered the change in control provisions of the grants under the 2008 Incentive Equity Plans. As a result, the Company will be required to issue 152,403 shares of treasury stock, before withholdings for income taxes, to the Named Executive Officers who were recipients of the grants on or before January 19, 2014. The change in majority owner discussed above did not, however, trigger a change in control under the Rabbi Trust funding mechanism for the Company's Management Security Plan, and no funding will be required. | |
Concurrent with his resignation from the Board of Directors and his resignation as Chief Executive Officer, JD Alexander entered into a consulting agreement with the Company that provides for monthly payments totaling $2 million over two years beginning one month from his resignation date. In addition, Mr. Alexander and the Company agreed to terminate Mr. Alexander's change in control agreement with the Company, which relieved the Company of any obligation to make payments to Mr. Alexander under that agreement. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||||||||||||||
Principles of Consolidations | |||||||||||||||||||||||||||||||||
The audited consolidated financial statements include the accounts of Alico, Inc., and its wholly owned subsidiaries. The audited consolidated financial statements represent the consolidated balance sheets, consolidated statements of operations, consolidated statements of stockholders' equity and comprehensive income (loss) and consolidated statements of cash flows of Alico, Inc. and its wholly-owned subsidiaries. The Company's subsidiaries include: Alico Land Development, Inc. ("ALDI"), Agri-Insurance Company, Ltd. ("Agri-Insurance"), Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC ("Alico Fruit")(formerly Bowen Brothers Fruit Company, LLC") and Alico Citrus Nursery, LLC. Agri-Insurance was liquidated in September 2010. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company considers the criteria established under FASB ASC 810, Consolidations in its consolidation process. These audited consolidated financial statements should be read in conjunction with the notes thereto included in this Annual Report. | |||||||||||||||||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||
Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the fiscal year 2013 presentation. These reclassifications had no impact on working capital, net income, stockholders' equity or cash flows as previously reported. | |||||||||||||||||||||||||||||||||
The Company manages its land based upon its primary usage and reviews its performance based upon three primary classifications - Citrus Groves, Improved Farmland and Ranch and Conservation. In addition, it operates an Agricultural Supply Chain Management business that is not tied directly to its land holdings and Other Operations that include leasing mines and oil extraction rights to third parties. The Company presents its financial results and the related discussions based upon these five segments (Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations). In the fourth quarter of fiscal year 2013, the Company changed its internal operations to align with the way it manages its business operations. As a result, the Company has realigned its financial reporting segments to match its internal operations. The Company has reclassified prior years to conform to the fiscal year 2013 presentation. None of these changes affect the Company's previously report consolidated results. The primary change in previously reported segment results is to reclassify the former Land Leasing and Rentals segment's revenues and expenses to the related land classifications. | |||||||||||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates based upon future events. The Company periodically evaluates the estimates. The estimates are based on current and expected economic conditions, historical experience and various other specific assumptions that the Company believes to be reasonable. | |||||||||||||||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||||||
Revenue from agricultural crops is recognized at the time the crop is harvested and delivered to the customer. Management reviews the reasonableness of the revenue accruals quarterly based on buyers' and processors' advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant information regarding the specific markets become available. Differences between the estimates and the final realization of revenue can be significant and can be either positive or negative. During the periods presented in this report, no material adjustments were made to the reported revenues of Alico's crops. | |||||||||||||||||||||||||||||||||
Alico recognizes revenue from cattle sales at the time the cattle are delivered. | |||||||||||||||||||||||||||||||||
Alico Fruit's operations primarily consist of providing supply chain management services to Alico, as well as to other citrus growers and processors in the State of Florida. Alico Fruit also purchases and resells citrus fruit; in these transactions, Alico Fruit (i) acts as a principal; (ii) takes title to the products; and (iii) has the risks and rewards of ownership, including the risk of loss for collection, delivery or returns. Therefore, Alico Fruit recognizes revenue based on the gross amounts due from customers for its marketing activities. Supply chain management services revenues are recognized when the services are performed. | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
Cash includes cash on hand, bank demand accounts and money market accounts having original maturities at acquisition date of 90 days or less. At various times throughout the year and at September 30, 2013, some deposits held at financial institutions were in excess of federally insured limits. The Company has not experienced any losses related to these balances and believes credit risk to be minimal. | |||||||||||||||||||||||||||||||||
Restricted cash | ' | ||||||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||||||
Restricted cash of $2,500,000 as of September 30, 2012 related to a deposit for a contract for the sale of land. Restricted cash is included in current assets based on the contractual term for the release of the restriction. The closing of the sale of the property was on October 3, 2012, and the cash was released from restricted cash to cash and equivalents at closing. See Note 7. Property, Buildings and Equipment, Net. | |||||||||||||||||||||||||||||||||
Accounts receivable | ' | ||||||||||||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||||||||||||
Accounts receivable are generated from the sale of citrus, sugarcane, cattle, leasing and other transactions. The Company provides an allowance for doubtful trade receivables equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions and a review of the current status of each customer's account. | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, certificates of deposit, accounts receivable, mortgages and notes receivable, accounts payable and accrued expenses approximate their fair value because of the immediate or short term nature of these assets and liabilities. The carrying amounts of long-term debt approximates fair value because the transactions are with commercial lenders at interest rates that vary with market conditions and fixed rates that approximate market rates for similar obligations. See Note 3, Fair Value Measurements. | |||||||||||||||||||||||||||||||||
Major Customers | ' | ||||||||||||||||||||||||||||||||
Major Customers | |||||||||||||||||||||||||||||||||
Since the inception of its sugarcane program in 1988, the Company has sold 100% of its product to United States Sugar Corporation ("USSC"), a local Florida sugar mill. Due to the location of the Company's sugarcane fields relative to the location of alternative processing plants, the loss of USSC as a customer would have a material adverse effect on the Company's sugarcane operations. Alico sold citrus products to USSC affiliate Southern Gardens during fiscal year 2011, however; the Company did not sell citrus products to them in fiscal years 2013 or 2012. | |||||||||||||||||||||||||||||||||
Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
USSC | $ | 3,004 | $ | 1,970 | $ | 21,056 | $ | 14,442 | $ | 7,796 | 20.7 | % | 11.4 | % | 7.9 | % | |||||||||||||||||
Southern Gardens | $ | - | $ | - | $ | - | $ | - | $ | 19,950 | 0 | % | 0 | % | 20.2 | % | |||||||||||||||||
Florida Orange Marketers, Inc. | $ | - | $ | - | $ | 15,689 | $ | 22,219 | $ | 17,743 | 15.4 | % | 17.5 | % | 18 | % | |||||||||||||||||
Citrosuco North America, Inc. | $ | - | $ | - | $ | 11,092 | $ | 18,895 | $ | 17,416 | 10.9 | % | 14.9 | % | 17.7 | % | |||||||||||||||||
Louis Dreyfus | $ | - | $ | - | $ | 26,246 | $ | 29,344 | $ | 12,069 | 25.8 | % | 23.1 | % | 12.2 | % | |||||||||||||||||
Cutrale Citrus Juice | $ | - | $ | - | $ | 6,300 | $ | 13,156 | $ | 3,507 | 6.2 | % | 10.3 | % | 3.6 | % | |||||||||||||||||
Real Estate | ' | ||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
In recognizing revenue from land sales, Alico applies specific sales recognition criteria to determine when land sales revenue can be recorded. For example, in order to fully recognize a gain resulting from a real estate transaction, the sale must be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold, and any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold. When these criteria are not met the Company recognizes gain proportionate to collections utilizing either the installment method or deposit method as appropriate. | |||||||||||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Investments are carried at their fair value. Net unrealized investment gains and losses that are considered to be temporary are recorded net of related deferred taxes in accumulated other comprehensive income in stockholders' equity until realized. Unrealized losses determined to be other than temporary are recognized in the Statement of Comprehensive Income in the period the determination is made. The cost of all investments is determined on the specific identification method. | |||||||||||||||||||||||||||||||||
Inventories | ' | ||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||
The costs of growing crops are capitalized into inventory throughout the Company's crop year. Such costs are expensed when the crops are harvested and are recorded in citrus groves management and improved farmland management operating expenses in the Statement of Comprehensive Income. Inventories are stated at the lower of cost or net realizable value. The cost for unharvested citrus and sugarcane crops is based on accumulated production costs incurred during the period from January 1 through the balance sheet date. The cost of the beef cattle inventory is based on the accumulated cost of developing such animals for sale from July 1 through the Balance Sheet date. See Note 5. Inventories. | |||||||||||||||||||||||||||||||||
Property, Buildings and Equipment | ' | ||||||||||||||||||||||||||||||||
Property, Buildings and Equipment | |||||||||||||||||||||||||||||||||
Property, buildings and equipment are stated at cost, net of accumulated depreciation or amortization. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Costs related to the development of citrus groves through planting of trees are capitalized. Such costs include land clearing, excavation and construction of ditches, dikes, roads, and reservoirs, among other costs. After the planting, caretaking costs or pre-productive maintenance costs are capitalized for four years. After four years, a grove is considered to have reached maturity and the accumulated costs are depreciated over 25 years, except for land clearing and excavation, which are considered costs of land and not depreciated. | |||||||||||||||||||||||||||||||||
Costs related to the development of sugarcane are capitalized in a similar manner as citrus groves. However, sugarcane matures in one year and typically the Company will harvest an average of three crops (one per year) from one planting. As a result, cultivation and caretaking costs are expensed as the crop is harvested, while the development and planting costs are depreciated over three years. | |||||||||||||||||||||||||||||||||
The breeding herd consists of purchased animals and animals raised on the Company's ranch. Purchased animals are stated at the cost of acquisition. The cost of animals raised on the ranch is based on the accumulated cost of developing such animals for productive use. | |||||||||||||||||||||||||||||||||
Real estate costs incurred for the acquisition, development and construction of real estate projects are capitalized. | |||||||||||||||||||||||||||||||||
Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of depreciable assets. | |||||||||||||||||||||||||||||||||
The estimated useful life for property, buildings and equipment is as follows: | |||||||||||||||||||||||||||||||||
Breeding herd | 6-7 years | ||||||||||||||||||||||||||||||||
Buildings | 10-40 years | ||||||||||||||||||||||||||||||||
Citrus trees | 25 years | ||||||||||||||||||||||||||||||||
Sugarcane plantings | 3 years | ||||||||||||||||||||||||||||||||
Equipment and other facilities | 3-20 years | ||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company records impairment losses on long-lived assets used in operations, other than goodwill, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets over the remaining lives of the assets are less than the carrying amounts of those items. Our cash flow estimates are based on historical results adjusted to reflect our best estimates of future market conditions and operating conditions. The net carrying value of assets not recoverable is reduced to fair value. See Note 7. Property, Building and Equipment, Net for further discussion. | |||||||||||||||||||||||||||||||||
Investments, Deposits and Other Non-Current Assets | ' | ||||||||||||||||||||||||||||||||
Investments, Deposits and Other Non-Current Assets | |||||||||||||||||||||||||||||||||
Investments, deposits and other non-current assets primarily include stock owned in agricultural cooperatives and loan origination fees. Investments in stock related to agricultural co-ops and deposits are carried at cost, as are deferred loan fees related to the issuance of bank facilities, net of amortization. The Company uses a cooperative to harvest its sugarcane. The cooperatives require members to acquire stock ownership as a condition for the use of its services. | |||||||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||
The Company follows the asset and liability method of accounting for deferred taxes. The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company's income tax provision and net income or loss in the period the determination is made. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |||||||||||||||||||||||||||||||||
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. The Company records interest related to unrecognized tax benefits in income tax expense. | |||||||||||||||||||||||||||||||||
Earnings per Share | ' | ||||||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||||||
Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options and restricted stock unless the effect is anti-dilutive. There were no stock options outstanding at September 30, 2013, 2012 and 2011. Non-vested restricted shares entitle the holder to receive non-forfeitable dividends upon issuance and are included in the calculation of basic earnings per share. | |||||||||||||||||||||||||||||||||
The following table presents a reconciliation of basic to dilute weighted average shares outstanding for fiscal years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 7,313 | 7,355 | 7,363 | ||||||||||||||||||||||||||||||
Unvested Restricted Stock Awards | 44 | - | - | ||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 7,357 | 7,355 | 7,363 | ||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the vesting period. Upon the vesting of restricted stock, the Company issues common stock from shares held in treasury. | |||||||||||||||||||||||||||||||||
The 2008 Incentive Equity Plan was approved by shareholders on February 20, 2009. It provided for the issuance of up to 350,000 shares to Directors and Officers through November 2013. Effective April 1, 2013, the Board of Directors adopted the 2013 Incentive Equity Plan (the "2013 Plan") which supersedes the 2008 Plan. The 2013 Plan was approved by shareholders at the February 22, 2013 shareholders meeting. Under the terms of the 2013 Plan, 350,000 shares of the Company's common stock may be awarded to recipients. Shares issued pursuant to awards under both the 2008 Plan and the 2013 Plan, if any, must be outstanding shares which have been repurchased by the Company. | |||||||||||||||||||||||||||||||||
Alico measures the cost of employee services on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The grant date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). | |||||||||||||||||||||||||||||||||
The Company's incentive equity plans provide for grants to executives in various forms including restricted shares of the Company's common stock. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one to six years from the date of grant. | |||||||||||||||||||||||||||||||||
Total stock-based compensation expense recognized on the Consolidated Statements of Operations for the three years ended September 30, 2013 in other operations and general and administrative expense was as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Stock compensation expense: | |||||||||||||||||||||||||||||||||
Executives | $ | 81 | $ | (27 | ) | $ | (19 | ) | |||||||||||||||||||||||||
Board of Directors | 842 | 485 | 434 | ||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 923 | $ | 458 | $ | 415 | |||||||||||||||||||||||||||
The Company is recognizing compensation cost equal to the fair value of the stock at the grant dates prorated over the vesting period of each award. | |||||||||||||||||||||||||||||||||
For the year ended September 30, 2013, the Company issued 25,584 shares to Directors under the 2008 and 2013 Plans at a weighted average fair value of $38.41 per share that vested immediately. Stock-based compensation expense recognized in the Consolidated Statement of Comprehensive Income in general and administrative expense was $923,000, $485,000 and $434,000 for the years ended September 30, 2013, 2012 and 2011. There are 334,126 shares eligible for grant under the 2013 Plan. There are 152,403 non-vested restricted shares awarded at September 30, 2013. | |||||||||||||||||||||||||||||||||
No stock options were granted in fiscal 2013, 2012 or 2011. | |||||||||||||||||||||||||||||||||
Variable Interest and Equity Method Investments | ' | ||||||||||||||||||||||||||||||||
Variable Interest and Equity Method Investments | |||||||||||||||||||||||||||||||||
The Company evaluates the method of accounting for investments in which it does not hold an equity interest of at least 50% based on the amount of control it exercises over the operations of the investee, exposure to losses in excess of its investment, the ability to significantly influence the investee and whether Alico is the primary beneficiary of the investee. Investments not qualifying for consolidation are accounted for under the equity method whereby the ongoing investment in the entity, consisting of its initial investment adjusted for distributions, gains and losses of the entity are classified as a single line in the balance sheet and as a non-operating item in the income statement. The Company accounts for its investment in Magnolia in accordance with the equity method. See Note 6. Investment in Magnolia Fund. | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||||||||||
Recent Accounting Pronouncement | |||||||||||||||||||||||||||||||||
Title | Prescribed Effective Date | Alico's Status | Commentary | ||||||||||||||||||||||||||||||
Update No. 2013-11-Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | 1/1/13 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q2 2014) | |||||||||||||||||||||||||||||||||
Update 2013-02-Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | 1/1/13 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q2 2014) | |||||||||||||||||||||||||||||||||
Update 2013-01-Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | 10/1/14 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q1 2015) |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Major Customer Data | ' | ||||||||||||||||||||||||||||||||
Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
USSC | $ | 3,004 | $ | 1,970 | $ | 21,056 | $ | 14,442 | $ | 7,796 | 20.7 | % | 11.4 | % | 7.9 | % | |||||||||||||||||
Southern Gardens | $ | - | $ | - | $ | - | $ | - | $ | 19,950 | 0 | % | 0 | % | 20.2 | % | |||||||||||||||||
Florida Orange Marketers, Inc. | $ | - | $ | - | $ | 15,689 | $ | 22,219 | $ | 17,743 | 15.4 | % | 17.5 | % | 18 | % | |||||||||||||||||
Citrosuco North America, Inc. | $ | - | $ | - | $ | 11,092 | $ | 18,895 | $ | 17,416 | 10.9 | % | 14.9 | % | 17.7 | % | |||||||||||||||||
Louis Dreyfus | $ | - | $ | - | $ | 26,246 | $ | 29,344 | $ | 12,069 | 25.8 | % | 23.1 | % | 12.2 | % | |||||||||||||||||
Cutrale Citrus Juice | $ | - | $ | - | $ | 6,300 | $ | 13,156 | $ | 3,507 | 6.2 | % | 10.3 | % | 3.6 | % | |||||||||||||||||
Schedule of Estimated Useful Life | ' | ||||||||||||||||||||||||||||||||
The estimated useful life for property, buildings and equipment is as follows: | |||||||||||||||||||||||||||||||||
Breeding herd | 6-7 years | ||||||||||||||||||||||||||||||||
Buildings | 10-40 years | ||||||||||||||||||||||||||||||||
Citrus trees | 25 years | ||||||||||||||||||||||||||||||||
Sugarcane plantings | 3 years | ||||||||||||||||||||||||||||||||
Equipment and other facilities | 3-20 years | ||||||||||||||||||||||||||||||||
Schedule of Weighted Average Shares Outstanding | ' | ||||||||||||||||||||||||||||||||
The following table presents a reconciliation of basic to dilute weighted average shares outstanding for fiscal years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 7,313 | 7,355 | 7,363 | ||||||||||||||||||||||||||||||
Unvested Restricted Stock Awards | 44 | - | - | ||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 7,357 | 7,355 | 7,363 | ||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Expense | ' | ||||||||||||||||||||||||||||||||
Total stock-based compensation expense recognized on the Consolidated Statements of Operations for the three years ended September 30, 2013 in other operations and general and administrative expense was as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Stock compensation expense: | |||||||||||||||||||||||||||||||||
Executives | $ | 81 | $ | (27 | ) | $ | (19 | ) | |||||||||||||||||||||||||
Board of Directors | 842 | 485 | 434 | ||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 923 | $ | 458 | $ | 415 | |||||||||||||||||||||||||||
Schedule of Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||||||||||
Title | Prescribed Effective Date | Alico's Status | Commentary | ||||||||||||||||||||||||||||||
Update No. 2013-11-Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | 1/1/13 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q2 2014) | |||||||||||||||||||||||||||||||||
Update 2013-02-Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | 1/1/13 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q2 2014) | |||||||||||||||||||||||||||||||||
Update 2013-01-Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | 10/1/14 | Unadopted | The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption. | ||||||||||||||||||||||||||||||
(Q1 2015) |
Investments_deposits_and_other1
Investments, deposits and other assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, deposits and other assets [Abstract] | ' | |||||||||||||||||||||||
Schedule of Investments, Deposits and Other Assets | ' | |||||||||||||||||||||||
Investments, deposits and other assets consist of the following: | ||||||||||||||||||||||||
(in thousands) | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||
Current | Non-Current | Total | Current | Non-Current | Total | |||||||||||||||||||
Certificates of deposit | $ | 260 | $ | - | $ | 260 | $ | 257 | $ | - | $ | 257 | ||||||||||||
Loan origination fees | - | 836 | 836 | - | 956 | 956 | ||||||||||||||||||
Stock in agricultural cooperatives | - | 516 | 516 | - | 517 | 517 | ||||||||||||||||||
Deposits | - | 326 | 326 | - | 352 | 352 | ||||||||||||||||||
Water permits | - | 259 | 259 | - | 243 | 243 | ||||||||||||||||||
Other | - | 54 | 54 | - | 77 | 77 | ||||||||||||||||||
Total | $ | 260 | $ | 1,991 | $ | 2,251 | $ | 257 | $ | 2,145 | $ | 2,402 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Unharvested fruit crop on the trees | $ | 16,329 | $ | 16,176 | ||||
Unharvested sugarcane | 11,728 | 10,185 | ||||||
Beef cattle | 1,200 | 768 | ||||||
Other | 146 | 161 | ||||||
Total Inventories | $ | 29,403 | $ | 27,290 |
Property_Buildings_and_Equipme1
Property, Buildings and Equipment, Net (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Buildings and Equipment, Net [Abstract] | ' | |||||||
Schedule of Property, Buildings and Equipment | ' | |||||||
Property, buildings and equipment, net consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Breeding herd | $ | 12,234 | $ | 10,062 | ||||
Buildings | 11,587 | 10,975 | ||||||
Citrus trees | 34,188 | 33,164 | ||||||
Sugarcane | 16,199 | 12,617 | ||||||
Equipment and other facilities | 47,278 | 42,043 | ||||||
Total depreciable properties | 121,486 | 108,861 | ||||||
Less accumulated depreciation and depletion | (71,857 | ) | (65,220 | ) | ||||
Net depreciable properties | 49,629 | 43,641 | ||||||
Land and land improvements | 81,442 | 79,193 | ||||||
Net property, buildings and equipment | $ | 131,071 | $ | 122,834 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Schedule of Accrued Expenses | ' | |||||||
Accrued expenses consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Accrued employee wages and benefits | $ | 687 | $ | 1,513 | ||||
Accrued interest | 307 | 333 | ||||||
Current portion of retirement benefits payable | 342 | 342 | ||||||
Fertilizer and chemicals received but not invoiced | 885 | - | ||||||
Other | 133 | 300 | ||||||
Total accrued expenses | $ | 2,354 | $ | 2,488 |
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Current Liabilities [Abstract] | ' | |||||||
Schedule of Other Current Liabilities | ' | |||||||
Other current liabilities consist of the following at September 30, 2013 and 2012: | ||||||||
(in thousands) | September 30, | |||||||
2013 | 2012 | |||||||
Deposits - Property sales | $ | - | $ | 2,500 | ||||
Deposits - Farm land leases | 481 | 249 | ||||||
Deposits - Recreation land leases | 621 | 580 | ||||||
Deposits - Other | 40 | 83 | ||||||
Total other current liabilities | $ | 1,142 | $ | 3,412 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||||||
Schedule of Long-Term Debt | ' | |||||||||||||||
Outstanding debt under the Company's various loan agreements is presented in the table below: | ||||||||||||||||
(in thousands) | Revolving Line | Term Loan | Mortgage Note | Total Credit | ||||||||||||
of Credit | Facility | |||||||||||||||
30-Sep-13 | ||||||||||||||||
Principal balance outstanding | $ | - | $ | 36,000 | $ | - | $ | 36,000 | ||||||||
Remaining available credit | $ | 60,000 | $ | - | $ | - | $ | 60,000 | ||||||||
Effective interest rate | 2.43% | 2.68% | ||||||||||||||
Scheduled maturity date | October 2020 | October 2020 | ||||||||||||||
Collateral | Real Estate | Real Estate | ||||||||||||||
30-Sep-12 | ||||||||||||||||
Principal balance outstanding | $ | - | $ | 38,000 | $ | 1,900 | $ | 39,900 | ||||||||
Remaining available credit | $ | 60,000 | $ | - | $ | - | $ | 60,000 | ||||||||
Effective interest rate | 2.48% | 2.73% | 6.68% | |||||||||||||
Scheduled maturity date | October 2020 | October 2020 | March 2014 | |||||||||||||
Collateral | Real Estate | Real Estate | Real Estate | |||||||||||||
Schedule of Debt Maturities | ' | |||||||||||||||
Maturities of the Company's debt were as follows at September 30, 2013: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Due within one year | $ | 2,000 | ||||||||||||||
Due between one and two years | 2,000 | |||||||||||||||
Due between two and three years | 2,000 | |||||||||||||||
Due between three and four years | 2,000 | |||||||||||||||
Due between four and five years | 2,000 | |||||||||||||||
Due beyond five years | 26,000 | |||||||||||||||
Total | $ | 36,000 | ||||||||||||||
Schedule of Interest Costs | ' | |||||||||||||||
Interest costs expensed and capitalized to property, buildings and equipment were as follows: | ||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Interest expense | $ | 1,257 | $ | 1,616 | $ | 2,020 | ||||||||||
Interest capitalized | 79 | 100 | 127 | |||||||||||||
Total | $ | 1,336 | $ | 1,716 | $ | 2,147 |
Treasury_Stock_Tables
Treasury Stock (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Treasury Stock [Abstract] | ' | ||||||||||||||||||
Schedule of Information Related to Purchases of Common Shares | ' | ||||||||||||||||||
The following table illustrates the Company's treasury stock purchases for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||||||||
(in thousands, except share amounts and per share amounts) | |||||||||||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of Publicly Announced Plan or Program | Total Dollar Value of Shares Purchased | ||||||||||||||||
Fiscal Year Ended September 30,: | |||||||||||||||||||
2013 | 75,887 | $ | 38.14 | 257,203 | $ | 2,894 | |||||||||||||
2012 | 12,332 | $ | 24.12 | 181,316 | $ | 298 | |||||||||||||
2011 | 48,280 | $ | 24.96 | 168,984 | $ | 1,205 | |||||||||||||
Schedule of Treasury Stock Transactions | ' | ||||||||||||||||||
The following table outlines the Company's treasury stock transactions during the past three fiscal years: | |||||||||||||||||||
(in thousands, except share amounts) | Shares | Cost | |||||||||||||||||
Balance at September 30, 2010 | 7,466 | $ | 172 | ||||||||||||||||
Purchased | 48,280 | 1,205 | |||||||||||||||||
Issued to Directors | (19,030 | ) | (465 | ) | |||||||||||||||
Retired | (2,123 | ) | (50 | ) | |||||||||||||||
Balance at September 30, 2011 | 34,593 | 862 | |||||||||||||||||
Purchased | 12,332 | 298 | |||||||||||||||||
Issued to Directors | (23,690 | ) | (617 | ) | |||||||||||||||
Balance at September 30, 2012 | 23,235 | 543 | |||||||||||||||||
Purchased | 75,887 | 2,894 | |||||||||||||||||
Issued to Employees and Directors | (25,584 | ) | (621 | ) | |||||||||||||||
Balance at September 30, 2013 | 73,538 | $ | 2,816 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Provision for Income Taxes (Benefit) | ' | ||||||||||||
The provision for income taxes (benefit) for the years ended September 30, 2013, 2012 and 2011 consists of the following: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal income tax | $ | 2,508 | $ | 3,696 | $ | 4,141 | |||||||
State income tax | 458 | 1,298 | 726 | ||||||||||
Total current | 2,966 | 4,994 | 4,867 | ||||||||||
Deferred: | |||||||||||||
Federal income tax | 7,921 | 5,617 | 608 | ||||||||||
State income tax | 1,142 | 362 | (45 | ) | |||||||||
Total deferred | 9,063 | 5,979 | 563 | ||||||||||
Total provision for income taxes | $ | 12,029 | $ | 10,973 | $ | 5,430 | |||||||
Schedule of Computation of Provision for Income Taxes (Benefit) | ' | ||||||||||||
Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax at the statutory federal rate | $ | 11,086 | $ | 10,312 | $ | 4,259 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal benefit | 1,067 | 1,051 | 460 | ||||||||||
Federal impacts from IRS exam and tax return amendments | 19 | (444 | ) | 713 | |||||||||
Deferred rate adjustment | - | (313 | ) | - | |||||||||
Permanent and other reconciling items, net | (143 | ) | 367 | (2 | ) | ||||||||
Total provision for income taxes | $ | 12,029 | $ | 10,973 | $ | 5,430 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2013 and 2012 are presented below: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred retirement benefits | $ | 1,686 | $ | 1,581 | |||||||||
Inventories | 144 | 144 | |||||||||||
Restricted stock compensation | 31 | - | |||||||||||
Alico-Agri, Ltd. outside basis differences | 3,196 | 20,857 | |||||||||||
Capital loss carry forward | 10,502 | 1,037 | |||||||||||
Other | 159 | 357 | |||||||||||
Total deferred tax assets | 15,718 | 23,976 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Revenue recognized from citrus and sugarcane | 302 | 286 | |||||||||||
Property and Equipment | 21,550 | 20,826 | |||||||||||
Investment in Magnolia | 450 | 385 | |||||||||||
Total deferred tax liabilities | 22,302 | 21,497 | |||||||||||
Net deferred income tax (liability) asset | $ | (6,584 | ) | $ | 2,479 |
Employee_Benefits_Plans_Tables
Employee Benefits Plans (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Employee Benefits Plans [Abstract] | ' | ||||||||||||
Schedule of Components of Net Benefit Expense | ' | ||||||||||||
The amount of MSP benefit expense charged to costs and expenses was as follows: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | 221 | 251 | 233 | ||||||||||
Interest cost | 368 | 178 | 181 | ||||||||||
Recognized actuarial loss adjustment | - | 2 | 66 | ||||||||||
Total | 589 | 431 | 480 | ||||||||||
Summary of the Reconciliation of the MSP Benefit Obligation | ' | ||||||||||||
The following provides a roll-forward of the MSP benefit obligation. | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Change in projected benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,098 | $ | 3,970 | |||||||||
Service cost | 221 | 251 | |||||||||||
Interest cost | 368 | 178 | |||||||||||
Recognized actuarial loss adjustment | - | 2 | |||||||||||
Benefits paid | (316 | ) | (303 | ) | |||||||||
Benefit obligation at end of year | $ | 4,371 | $ | 4,098 | |||||||||
Funded status at end of year | $ | (4,371 | ) | $ | (4,098 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Schedule of Information by Business Segment | ' | |||||||||||
Information by business segment is as follows: | ||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Citrus Groves | $ | 43,689 | $ | 55,423 | $ | 47,088 | ||||||
Agricultural Supply Chain Management | 28,412 | 48,334 | 36,115 | |||||||||
Improved Farmland | 21,917 | 15,316 | 8,642 | |||||||||
Ranch and Conservation | 6,755 | 7,348 | 6,015 | |||||||||
Other Operations | 888 | 766 | 732 | |||||||||
Intersegment Revenues | 10,981 | 11,820 | 9,679 | |||||||||
Eliminations | (10,981 | ) | (11,820 | ) | (9,679 | ) | ||||||
Total revenue | 101,661 | 127,187 | 98,592 | |||||||||
Operating expenses: | ||||||||||||
Citrus Groves | 31,533 | 30,995 | 27,764 | |||||||||
Agricultural Supply Chain Management | 27,949 | 47,693 | 35,109 | |||||||||
Improved Farmland | 16,202 | 11,574 | 7,343 | |||||||||
Ranch and Conservation | 3,798 | 3,497 | 3,640 | |||||||||
Other Operations | 505 | 1,196 | 1,303 | |||||||||
Total operating expenses | 79,987 | 94,955 | 75,159 | |||||||||
Gross profit: | ||||||||||||
Citrus Groves | 12,156 | 24,428 | 19,324 | |||||||||
Agricultural Supply Chain Management | 463 | 641 | 1,006 | |||||||||
Improved Farmland | 5,715 | 3,742 | 1,299 | |||||||||
Ranch and Conservation | 2,957 | 3,851 | 2,375 | |||||||||
Other Operations | 383 | (430 | ) | (571 | ) | |||||||
Total gross profit | $ | 21,674 | $ | 32,232 | $ | 23,433 | ||||||
Capital expenditures: | ||||||||||||
Citrus Groves | $ | 3,942 | $ | 1,562 | $ | 2,102 | ||||||
Agricultural Supply Chain Management | 81 | 388 | 65 | |||||||||
Improved Farmland | 9,468 | 10,482 | 4,633 | |||||||||
Ranch and Conservation | 3,475 | 741 | 1,214 | |||||||||
Other Operations | 27 | - | 16 | |||||||||
Other capital expenditures | 1,931 | 2,748 | 4,235 | |||||||||
Total capital expenditures | $ | 18,924 | $ | 15,921 | $ | 12,265 | ||||||
Depreciation, depletion and amortization: | ||||||||||||
Citrus Groves | $ | 2,114 | $ | 2,088 | $ | 1,977 | ||||||
Agricultural Supply Chain Management | 169 | 223 | 213 | |||||||||
Improved Farmland | 5,131 | 4,051 | 2,873 | |||||||||
Ranch and Conservation | 1,250 | 992 | 937 | |||||||||
Other Operations | 347 | 427 | 481 | |||||||||
Other depreciation, depletion and amortization | 664 | 648 | 846 | |||||||||
Total depreciation, depletion and amortization | $ | 9,675 | $ | 8,429 | $ | 7,327 | ||||||
(in thousands) | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Citrus Groves | $ | 52,592 | $ | 47,154 | ||||||||
Agricultural Supply Chain Management | 994 | 2,066 | ||||||||||
Improved Farmland | 75,348 | 63,916 | ||||||||||
Ranch and Conservation | 14,696 | 11,274 | ||||||||||
Other Operations | 15,094 | 4,905 | ||||||||||
Other Corporate Assets | 40,116 | 55,768 | ||||||||||
Total Assets | $ | 198,840 | $ | 185,083 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
Schedule of Future Minimum Rental Payments | ' | |||||
The future minimum rental payments under non-cancelable operating leases are as follows: | ||||||
(in thousands) | ||||||
2014 | $ | 600 | ||||
2015 | 573 | |||||
2016 | 529 | |||||
2017 | 124 | |||||
2018 | - | |||||
Total | $ | 1,826 |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Data | ' | |||||||||||||||||||||||||||||||
Summarized quarterly financial data (in thousands except for per share amounts) for the fiscal years ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Quarter Ended | |||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Total operating revenue | $ | 21,356 | $ | 26,047 | $ | 38,410 | $ | 54,097 | $ | 35,229 | $ | 40,401 | $ | 6,666 | $ | 6,642 | ||||||||||||||||
Total operating expenses | 17,570 | 20,533 | 31,396 | 39,859 | 26,164 | 29,892 | 4,857 | 4,671 | ||||||||||||||||||||||||
Gross profit | 3,786 | 5,514 | 7,014 | 14,238 | 9,065 | 10,509 | 1,809 | 1,971 | ||||||||||||||||||||||||
Corporate, general and | ||||||||||||||||||||||||||||||||
administrative | 1,808 | 1,990 | 2,464 | 1,807 | 2,253 | 1,871 | 3,214 | 2,822 | ||||||||||||||||||||||||
Other (expense) income | (304 | ) | (360 | ) | 23 | (502 | ) | (167 | ) | 6,888 | 20,188 | (306 | ) | |||||||||||||||||||
Income (loss) before income taxes | 1,674 | 3,164 | 4,573 | 11,929 | 6,645 | 15,526 | 18,783 | (1,157 | ) | |||||||||||||||||||||||
Income tax expense (benefit) | 636 | 1,231 | 1,800 | 4,515 | 2,566 | 5,919 | 7,027 | (692 | ) | |||||||||||||||||||||||
Net (loss) income | $ | 1,038 | $ | 1,933 | $ | 2,773 | $ | 7,414 | $ | 4,079 | $ | 9,607 | $ | 11,756 | $ | (465 | ) | |||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | 0.26 | $ | 0.38 | $ | 1.01 | $ | 0.56 | $ | 1.31 | $ | 1.61 | $ | (0.07 | ) | |||||||||||||||
Diluted | $ | 0.14 | $ | 0.26 | $ | 0.38 | $ | 1.01 | $ | 0.55 | $ | 1.31 | $ | 1.6 | $ | (0.07 | ) |
Nature_of_Operations_Details
Nature of Operations (Details) | Sep. 30, 2013 |
acre | |
Nature of Operations [Abstract] | ' |
Area of land owned | 130,800 |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
segments | ||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ' |
Number of segments | 5 | ' |
Restricted cash | ' | ' |
Restricted cash | ' | $2,500 |
Citrus trees [Member] | ' | ' |
Property, Buildings and Equipment | ' | ' |
Estimated useful life | '25 years | ' |
Cost capitalization period | '4 years | ' |
Sugarcane Plantings [Member] | ' | ' |
Property, Buildings and Equipment | ' | ' |
Estimated useful life | '3 years | ' |
Cost capitalization period | '1 year | ' |
Total crop yield | 3 | ' |
Annual crop yield | 1 | ' |
Restricted Stock [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Number of shares authorized | 350,000 | ' |
Shares issued to Directors | 25,584 | ' |
Weighted average fair value of shares issued to Directors | $38.41 | ' |
Shares eligible for grant | 334,126 | ' |
Nonvested restricted shares | 152,403 | ' |
Minimum [Member] | ' | ' |
Real Estate | ' | ' |
Down payment as a percent of the sales price | 20.00% | ' |
Minimum [Member] | Restricted Stock [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Vesting period | '1 year | ' |
Maximum [Member] | ' | ' |
Real Estate | ' | ' |
Down payment as a percent of the sales price | 25.00% | ' |
Maximum [Member] | Restricted Stock [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Vesting period | '6 years | ' |
Sales Revenue, Product Line [Member] | Customer Concentration Risk [Member] | Sugarcane Program [Member] | ' | ' |
Major Customers | ' | ' |
Concentration risk percentage | 100.00% | ' |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies (Schedule of Major Customer Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | $4,266 | ' | ' | ' | $3,071 | ' | ' | ' | $4,266 | $3,071 | ' |
Revenue | 6,666 | 35,229 | 38,410 | 21,356 | 6,642 | 40,401 | 54,097 | 26,047 | 101,661 | 127,187 | 98,592 |
Customer Concentration Risk [Member] | USSC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 3,004 | ' | ' | ' | 1,970 | ' | ' | ' | 3,004 | 1,970 | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 21,056 | 14,442 | 7,796 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 20.70% | 11.40% | 7.90% |
Customer Concentration Risk [Member] | Southern Gardens [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,950 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 20.20% |
Customer Concentration Risk [Member] | Florida Orange Marketers, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 15,689 | 22,219 | 17,743 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 15.40% | 17.50% | 18.00% |
Customer Concentration Risk [Member] | Citrosuco North America, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,092 | 18,895 | 17,416 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10.90% | 14.90% | 17.70% |
Customer Concentration Risk [Member] | Louis Dreyfus [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 26,246 | 29,344 | 12,069 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 25.80% | 23.10% | 12.20% |
Customer Concentration Risk [Member] | Cutrale Citrus Juice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $6,300 | $13,156 | $3,507 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | 10.30% | 3.60% |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Sep. 30, 2013 | |
Breeding herd [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '6 years |
Breeding herd [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Buildings [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '10 years |
Buildings [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Citrus trees [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '25 years |
Sugarcane Plantings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Equipment and Other Facilities [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Equipment and Other Facilities [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '20 years |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies (Reconciliation of Weighted Average Shares Outstanding) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ' | ' |
Weighted Average Shares Outstanding - Basic | 7,313 | 7,355 | 7,363 |
Unvested Restricted Stock Awards | 44 | ' | ' |
Weighted Average Shares Outstanding - Diluted | 7,357 | 7,355 | 7,363 |
Basis_of_Presentation_and_Sign7
Basis of Presentation and Significant Accounting Policies (Schedule of Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | $923 | $458 | $415 |
General and Administrative Expense [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | 923 | 485 | 434 |
Executives [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | 81 | -27 | -19 |
Board of Directors [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | $842 | $485 | $434 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Fair Value Measurements [Abstract] | ' | ' | ' |
Deferred retirement benefits, discount rate | 4.20% | 4.50% | ' |
Impairment on assets held for sale | ' | $1,918 | ' |
Investments_deposits_and_other2
Investments, deposits and other assets (Schedule of Investments, Deposits and Other Assets) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Certificates of deposit | $260 | $257 |
Loan origination fees | ' | ' |
Stock in agricultural cooperatives | ' | ' |
Deposits | ' | ' |
Water permits | ' | ' |
Other | ' | ' |
Total | 260 | 257 |
Non-current | ' | ' |
Certificates of deposit | ' | ' |
Loan origination fees | 836 | 956 |
Stock in agricultural cooperatives | 516 | 517 |
Deposits | 326 | 352 |
Water permits | 259 | 243 |
Other | 54 | 77 |
Total | 1,991 | 2,145 |
Total | ' | ' |
Certificates of deposit | 260 | 257 |
Loan origination fees | 836 | 956 |
Stock in agricultural cooperatives | 516 | 517 |
Deposits | 326 | 352 |
Water permits | 259 | 243 |
Other | 54 | 77 |
Total | $2,251 | $2,402 |
Investments_deposits_and_other3
Investments, deposits and other assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2011 | Sep. 30, 2011 |
Investments, deposits and other assets [Abstract] | ' | ' |
Realized gains | ' | $139 |
Realized losses | ' | -1,685 |
Recorded cooperative allocated surplus | $1,685 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Other | $146 | $161 |
Total Inventories | 29,403 | 27,290 |
Orange Groves [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | 16,329 | 16,176 |
Sugarcane Farming [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | 11,728 | 10,185 |
Beef Cattle Ranching and Farming [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | $1,200 | $768 |
Investment_in_Magnolia_Fund_De
Investment in Magnolia Fund (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-10 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net investment income (loss) | ' | $658 | $59 | $68 |
Return on investment in Magnolia | ' | 1,179 | 4,735 | 2,484 |
Magnolia TC 2, LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Payments to obtain interest in equity method investment | 12,150 | ' | ' | ' |
Percent of equity interest | 39.00% | 39.00% | ' | ' |
Minimum percent of face amount of the certificate required to be paid to obtain a tax certificate | ' | 5.00% | ' | ' |
Percentage of earnings recognized on tax certificate portfolio | ' | 5.00% | ' | ' |
Expenses, acquisition fee percentage | ' | 1.00% | ' | ' |
Net investment income (loss) | ' | 658 | 59 | 68 |
Return on investment in Magnolia | ' | $1,179 | $4,735 | $2,485 |
Property_Buildings_and_Equipme2
Property, Buildings and Equipment, Net (Schedule of Property, Buildings and Equipment) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Net property, buildings and equipment | $131,071 | $122,834 |
Depreciable Assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 121,486 | 108,861 |
Less accumulated depreciation and depletion | -71,857 | -65,220 |
Net property, buildings and equipment | 49,629 | 43,641 |
Breeding herd [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 12,234 | 10,062 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 11,587 | 10,975 |
Citrus trees [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 34,188 | 33,164 |
Sugarcane [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 16,199 | 12,617 |
Equipment and Other Facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 47,278 | 42,043 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | $81,442 | $79,193 |
Property_Buildings_and_Equipme3
Property, Buildings and Equipment, Net (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Two Parcels of Land in Polk County, Florida [Member] | Alachua County Property [Member] | Hendry County, FL Property [Member] | Parcels of Land in Lee County, Florida [Member] | Two Parcels of Land in Polk County, Florida [Member] | Parcel of Land One [Member] | Parcel of Land Two [Member] | ||||
acre | acre | properties | acre | acre | ||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties held for sale | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Impairment on assets held for sale | ' | $1,918 | ' | ' | ' | ' | ' | ' | ' | ' |
Acres held for sale | ' | ' | ' | ' | ' | ' | ' | ' | 3,630 | 380 |
Sale price | ' | ' | ' | ' | ' | ' | ' | 10,122 | 9,077 | 1,045 |
Fair value of parcels held for sale | ' | ' | ' | ' | ' | ' | 2,475 | ' | ' | ' |
Price per acre | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | 2,750 |
Cash proceeds from sale of parcels | ' | ' | ' | ' | ' | ' | ' | 9,768 | 8,747 | 1,020 |
Proceeds held in escrow | ' | ' | ' | ' | ' | ' | 2,500 | 8,747 | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land acquired | ' | ' | ' | ' | 396 | ' | ' | ' | ' | ' |
Purchase price of land | ' | ' | ' | ' | 1,175 | ' | ' | ' | ' | ' |
Area of land | ' | ' | ' | ' | ' | 11,600 | ' | ' | ' | ' |
Proceeds from disposals of property and equipment | 24,381 | 18,095 | 1,221 | ' | ' | 20,678 | ' | ' | ' | ' |
Pre-tax gains on sale of properties | $20,894 | $8,800 | ' | $9,113 | ' | $20,343 | ' | ' | ' | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Accrued employee wages and benefits | $687 | $1,513 |
Accrued interest | 307 | 333 |
Current portion of retirement benefits payable | 342 | 342 |
Fertilizer and chemicals received but not invoiced | 885 | ' |
Other | 133 | 300 |
Total accrued expenses | $2,354 | $2,488 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Deposits - Property sales | ' | $2,500 |
Deposits - Farm land leases | 481 | 249 |
Deposits - Recreation land leases | 621 | 580 |
Deposits - Other | 40 | 83 |
Total other current liabilities | $1,142 | $3,412 |
LongTerm_Debt_Schedule_of_Outs
Long-Term Debt (Schedule of Outstanding Debt) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | $36,000 | $39,900 |
Remaining available credit | 60,000 | 60,000 |
Revolving Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | ' | ' |
Remaining available credit | 60,000 | 60,000 |
Effective interest rate | 2.43% | 2.48% |
Scheduled maturity date | 1-Oct-20 | 1-Oct-20 |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | 36,000 | 38,000 |
Remaining available credit | ' | ' |
Effective interest rate | 2.68% | 2.73% |
Scheduled maturity date | 1-Oct-20 | 1-Oct-20 |
Mortgage Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | ' | 1,900 |
Remaining available credit | ' | ' |
Effective interest rate | ' | 6.68% |
Scheduled maturity date | NaN, NaN | 1-Mar-14 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Revolving Line of Credit and Term Note [Member] | Revolving Line of Credit and Term Note [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Mortgage Note Payable [Member] | Mortgage Note Payable [Member] | ||
Minimum [Member] | Maximum [Member] | Property [Member] | Property [Member] | Producing Citrus Groves [Member] | ||||||||||||
acre | acre | acre | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal balance outstanding | $36,000 | $39,900 | ' | ' | ' | ' | ' | ' | ' | ' | $36,000 | $38,000 | ' | ' | ' | $1,900 |
Acres collateralized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,991 | ' | ' | 12,280 | 8,600 | ' | ' |
Amount of credit facility | ' | ' | ' | 96,000 | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR spread | ' | ' | ' | ' | 2.25% | ' | 2.50% | 2.25% | 2.75% | ' | 2.50% | ' | ' | ' | ' | ' |
Periodic principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Scheduled maturity date | ' | ' | ' | ' | 1-Oct-20 | 1-Oct-20 | ' | ' | ' | ' | 1-Oct-20 | 1-Oct-20 | ' | ' | NaN, NaN | 1-Mar-14 |
Minimum number of days notice required for rate change | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized loan origination fees | ' | ' | 1,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum current ratio | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum debt ratio | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum tangible net worth | ' | ' | ' | $80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum debt coverage ratio | ' | ' | ' | 1.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Debt
Long-Term Debt (Schedule of Debt Maturities) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ' | ' |
Due within one year | $2,000 | ' |
Due between one and two years | 2,000 | ' |
Due between two and three years | 2,000 | ' |
Due between three and four years | 2,000 | ' |
Due between four and five years | 2,000 | ' |
Due beyond five years | 26,000 | ' |
Total | $36,000 | $39,900 |
LongTerm_Debt_Schedule_of_Inte
Long-Term Debt (Schedule of Interest Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Long-Term Debt [Abstract] | ' | ' | ' |
Interest expense | $1,257 | $1,616 | $2,020 |
Interest capitalized | 79 | 100 | 127 |
Total interest cost | $1,336 | $1,716 | $2,147 |
Treasury_Stock_Narrative_Detai
Treasury Stock (Narrative) (Details) | Sep. 30, 2013 |
2008 Plan [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Number of shares authorized to be repurchased | 350,000 |
2013 Plan [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Number of shares authorized to be repurchased | 105,000 |
Treasury_Stock_Schedule_of_Inf
Treasury Stock (Schedule of Information Relating to Purchases) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Treasury Stock [Abstract] | ' | ' | ' |
Total number of shares purchased | 75,887 | 12,332 | 48,280 |
Average price paid per share | $38.14 | $24.12 | $24.96 |
Total shares purchased as part of publicly announced plan or program | 257,203 | 181,316 | 168,984 |
Total dollar value of shares purchased | $2,894 | $298 | $1,205 |
Treasury_Stock_Schedule_of_Tre
Treasury Stock (Schedule of Treasury Stock Transactions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Shares | ' | ' | ' |
Beginning Balance | 23,235 | 34,593 | 7,466 |
Purchased | 75,887 | 12,332 | 48,280 |
Issued to Employees and Directors | -25,584 | -23,690 | -19,030 |
Retired | ' | ' | -2,123 |
Ending Balance | 73,538 | 23,235 | 34,593 |
Cost | ' | ' | ' |
Beginning Balance | $543 | $862 | $172 |
Purchased | 2,894 | 298 | 1,205 |
Retired | ' | ' | ' |
Ending Balance | 2,816 | 543 | 862 |
Treasury Stock at Cost [Member] | ' | ' | ' |
Cost | ' | ' | ' |
Purchased | 2,894 | 298 | 1,205 |
Issued to Employees and Directors | -621 | -617 | -465 |
Retired | ' | ' | ($50) |
Income_Taxes_Schedule_of_Provi
Income Taxes (Schedule of Provision for Income Taxes (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax | ' | ' | ' | ' | ' | ' | ' | ' | $2,508 | $3,696 | $4,141 |
State income tax | ' | ' | ' | ' | ' | ' | ' | ' | 458 | 1,298 | 726 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 2,966 | 4,994 | 4,867 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,921 | 5,617 | 608 |
State income tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,142 | 362 | -45 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | 9,063 | 5,979 | 563 |
Total provision for income taxes | $7,027 | $2,566 | $1,800 | $636 | ($692) | $5,919 | $4,515 | $1,231 | $12,029 | $10,973 | $5,430 |
Income_Taxes_Schedule_of_Compu
Income Taxes (Schedule of Computation of Provision for Income Taxes (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at the statutory federal rate | ' | ' | ' | ' | ' | ' | ' | ' | $11,086 | $10,312 | $4,259 |
State income taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,067 | 1,051 | 460 |
Federal impacts from IRS exam and tax return amendments | ' | ' | ' | ' | ' | ' | ' | ' | 19 | -444 | 713 |
Deferred rate adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -313 | ' |
Permanent and other reconciling items, net | ' | ' | ' | ' | ' | ' | ' | ' | -143 | 367 | -2 |
Total provision for income taxes | $7,027 | $2,566 | $1,800 | $636 | ($692) | $5,919 | $4,515 | $1,231 | $12,029 | $10,973 | $5,430 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred retirement benefits | $1,686 | $1,581 |
Inventories | 144 | 144 |
Restricted stock compensation | 31 | ' |
Alico-Agri, Ltd. outside basis differences | 3,196 | 20,857 |
Capital loss carry forward | 10,502 | 1,037 |
Other | 159 | 357 |
Total deferred tax assets | 15,718 | 23,976 |
Deferred tax liabilities: | ' | ' |
Revenue recognized from citrus and sugarcane | 302 | 286 |
Property and Equipment | 21,550 | 20,826 |
Investment in Magnolia | 450 | 385 |
Total deferred tax liabilities | 22,302 | 21,497 |
Net deferred income tax asset | ' | 2,479 |
Net deferred income tax (liability) | ($6,584) | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Oct. 09, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | ||||
Minimum [Member] | Maximum [Member] | ||||||||
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax rate | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Years under examination | ' | ' | ' | ' | '2005 | '2007 | ' | ' | ' |
Cash paid for income taxes | ' | ' | ' | $613 | ' | ' | $318 | ' | ' |
Interest paid on tax settlement | ' | ' | ' | 225 | ' | ' | 5 | 135 | ' |
Penalties and interest due | ' | ' | ' | ' | ' | ' | ' | ' | $149 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
boxes | boxes | boxes | |
Atlantic Blue Group, Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Ownership interest in subsidiary | 50.60% | ' | ' |
John R. Alexander [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Legal fees | ' | $118 | $68 |
JD Alexander [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Legal fees | ' | 222 | 60 |
Tri County Groves, LLC [Member] | Alico Fruit [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Number of boxes of fruit marketed | 201,802 | 237,626 | 222,856 |
Related party revenue | 1,907 | 2,900 | 2,100 |
Ben Hill Griffin, Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party revenue | ' | 598 | 900 |
Accounts receivable from related party | ' | 94 | ' |
Harvesting, marketing and processing costs | ' | 141 | 300 |
Purchases from related parties | ' | 969 | 2,359 |
Accounts payable to related parties | ' | 9 | ' |
Charles Palmer [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amount of transaction | $33 | $33 | $33 |
Employee_Benefits_Plans_Narrat
Employee Benefits Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Management Security Plan | ' | ' | ' |
Weighted-average discount rate | 4.20% | 4.50% | ' |
2013 | $342 | ' | ' |
2014 | 346 | ' | ' |
2015 | 351 | ' | ' |
2016 | 367 | ' | ' |
2017 | 348 | ' | ' |
Thereafter | 1,199 | ' | ' |
Profit Sharing and 401(k) | ' | ' | ' |
Employer match percentage | 4.00% | ' | ' |
Contribution to 401(k) plan | 157 | 81 | 59 |
Contribution to Profit Sharing Plan | $210 | $245 | $162 |
Employee_Benefits_Plans_Schedu
Employee Benefits Plans (Schedule of MSP Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
MSP benefit expense charged to costs and expenses: | ' | ' | ' |
Service cost | $221 | $251 | $233 |
Interest cost | 368 | 178 | 181 |
Recognized actuarial loss adjustment | ' | 2 | 66 |
Total | $589 | $431 | $480 |
Employee_Benefits_Plans_Reconc
Employee Benefits Plans (Reconciliation of the MSP Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Benefit obligation at beginning of year | $4,098 | $3,970 | ' |
Service cost | 221 | 251 | 233 |
Interest cost | 368 | 178 | 181 |
Recognized actuarial loss adjustment | ' | 2 | 66 |
Benefits paid | -316 | -303 | ' |
Benefit obligation at end of year | 4,371 | 4,098 | 3,970 |
Funded status at end of year | ($4,371) | ($4,098) | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | $6,666 | $35,229 | $38,410 | $21,356 | $6,642 | $40,401 | $54,097 | $26,047 | $101,661 | $127,187 | $98,592 |
Total operating expenses | 4,857 | 26,164 | 31,396 | 17,570 | 4,671 | 29,892 | 39,859 | 20,533 | 79,987 | 94,955 | 75,159 |
Gross profit | 1,809 | 9,065 | 7,014 | 3,786 | 1,971 | 10,509 | 14,238 | 5,514 | 21,674 | 32,232 | 23,433 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 18,924 | 15,921 | 12,265 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,675 | 8,429 | 7,327 |
Total assets | 198,840 | ' | ' | ' | 185,083 | ' | ' | ' | 198,840 | 185,083 | ' |
Citrus Groves Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 43,689 | 55,423 | 47,088 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 31,533 | 30,995 | 27,764 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 12,156 | 24,428 | 19,324 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,942 | 1,562 | 2,102 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,114 | 2,088 | 1,977 |
Agricultural Supply Chain Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 28,412 | 48,334 | 36,115 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 27,949 | 47,693 | 35,109 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 463 | 641 | 1,006 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 388 | 65 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 169 | 223 | 213 |
Improved Farmland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 21,917 | 15,316 | 8,642 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,202 | 11,574 | 7,343 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 5,715 | 3,742 | 1,299 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 9,468 | 10,482 | 4,633 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,131 | 4,051 | 2,873 |
Ranch and Conservation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,755 | 7,348 | 6,015 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,798 | 3,497 | 3,640 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,957 | 3,851 | 2,375 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,475 | 741 | 1,214 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | 992 | 937 |
Other Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 888 | 766 | 732 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 505 | 1,196 | 1,303 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 383 | -430 | -571 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 27 | ' | 16 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 347 | 427 | 481 |
Operating Segments [Member] | Citrus Groves Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 52,592 | ' | ' | ' | 47,154 | ' | ' | ' | 52,592 | 47,154 | ' |
Operating Segments [Member] | Agricultural Supply Chain Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 994 | ' | ' | ' | 2,066 | ' | ' | ' | 994 | 2,066 | ' |
Operating Segments [Member] | Improved Farmland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 75,348 | ' | ' | ' | 63,916 | ' | ' | ' | 75,348 | 63,916 | ' |
Operating Segments [Member] | Ranch and Conservation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 14,696 | ' | ' | ' | 11,274 | ' | ' | ' | 14,696 | 11,274 | ' |
Operating Segments [Member] | Other Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 15,094 | ' | ' | ' | 4,905 | ' | ' | ' | 15,094 | 4,905 | ' |
Operating Segments [Member] | Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,981 | 11,820 | 9,679 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | -10,981 | -11,820 | -9,679 |
Non - Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,931 | 2,748 | 4,235 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 664 | 648 | 846 |
Total assets | $40,116 | ' | ' | ' | $55,768 | ' | ' | ' | $40,116 | $55,768 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Operating Leases | ' | ' | ' |
Total rent expense | $1,182 | $1,256 | $856 |
Future minimum rental payments under non-cancelable operating leases are as follows: | ' | ' | ' |
2014 | 600 | ' | ' |
2015 | 573 | ' | ' |
2016 | 529 | ' | ' |
2017 | 124 | ' | ' |
2018 | ' | ' | ' |
Total | 1,826 | ' | ' |
Indemnification Agreement [Member] | Executive Officers [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Period of employment | '18 months | ' | ' |
Estimated potential payments | 1,071 | ' | ' |
Indemnification Agreement [Member] | Key Employees [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Number of individuals | 22 | ' | ' |
Period of employment | '18 months | ' | ' |
Estimated potential payments | 1,600 | ' | ' |
Financial Standby Letter of Credit [Member] | ' | ' | ' |
Letters of Credit | ' | ' | ' |
Potential liability | $200 | $200 | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Selected Quarterly Financial Data (unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | $6,666 | $35,229 | $38,410 | $21,356 | $6,642 | $40,401 | $54,097 | $26,047 | $101,661 | $127,187 | $98,592 |
Total operating expenses | 4,857 | 26,164 | 31,396 | 17,570 | 4,671 | 29,892 | 39,859 | 20,533 | 79,987 | 94,955 | 75,159 |
Gross profit | 1,809 | 9,065 | 7,014 | 3,786 | 1,971 | 10,509 | 14,238 | 5,514 | 21,674 | 32,232 | 23,433 |
Corporate general and administrative | 3,214 | 2,253 | 2,464 | 1,808 | 2,822 | 1,871 | 1,807 | 1,990 | 9,739 | 8,490 | 8,196 |
Other (expense) income | 20,188 | -167 | 23 | -304 | -306 | 6,888 | -502 | -360 | 19,740 | 5,720 | -2,710 |
Income before income taxes | 18,783 | 6,645 | 4,573 | 1,674 | -1,157 | 15,526 | 11,929 | 3,164 | 31,675 | 29,462 | 12,527 |
Income tax expense | 7,027 | 2,566 | 1,800 | 636 | -692 | 5,919 | 4,515 | 1,231 | 12,029 | 10,973 | 5,430 |
Net income attributable to common shareholders | 11,756 | 4,079 | 2,773 | 1,038 | -465 | 9,607 | 7,414 | 1,933 | 19,646 | 18,489 | 7,097 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $1.61 | $0.56 | $0.38 | $0.14 | ($0.07) | $1.31 | $1.01 | $0.26 | $2.69 | $2.51 | $0.96 |
Diluted | $1.60 | $0.55 | $0.38 | $0.14 | ($0.07) | $1.31 | $1.01 | $0.26 | $2.67 | $2.51 | $0.96 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment on assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,918 | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gains on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | 20,894 | 8,800 | ' |
Two Parcels of Land in Polk County, Florida [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gains on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,113 | ' |
Hendry County, FL Property [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land | 11,600 | ' | ' | ' | ' | ' | ' | ' | 11,600 | ' | ' |
Pre-tax gains on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | $20,343 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | Nov. 19, 2013 | Jan. 19, 2014 | Nov. 19, 2013 | Nov. 19, 2013 |
Scenario, Forecast [Member] | Buyer and Designee [Member] | Buyer [Member] | ||
Alico Inc. [Member] | Alico Inc. [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Shares sold | ' | ' | 3,725,457 | ' |
Price per share | ' | ' | $37 | ' |
Aggregate purchase price | ' | ' | $137,841,909 | ' |
Equity investments used for acquisition | ' | ' | ' | 123,410,000 |
Debt financing for acquisition | ' | ' | ' | 13,691,909 |
Percent of entity acquired | ' | ' | 51.00% | ' |
Number of shares to be issued under plan | ' | 152,403 | ' | ' |
Consultant commitment amount | $2,000,000 | ' | ' | ' |