Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Jul. 22, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Entity Registrant Name | 'ALICO INC | ' |
Entity Central Index Key | '0000003545 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Units Outstanding | ' | 7,362,090 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenues: | ' | ' | ' | ' |
Citrus Groves | $21,967 | $19,209 | $47,023 | $43,664 |
Agricultural Supply Chain Management | 4,083 | 10,553 | 12,324 | 27,712 |
Improved Farmland | 2,160 | 4,760 | 19,442 | 21,679 |
Ranch and Conservation | 515 | 409 | 1,956 | 1,265 |
Other Operations | -50 | 298 | 394 | 675 |
Total operating revenue | 28,675 | 35,229 | 81,139 | 94,995 |
Operating expenses: | ' | ' | ' | ' |
Citrus Groves | 13,617 | 12,789 | 29,963 | 31,488 |
Agricultural Supply Chain Management | 3,916 | 10,095 | 12,085 | 26,886 |
Improved Farmland | 6,591 | 3,028 | 20,986 | 16,044 |
Ranch and Conservation | 164 | 120 | 870 | 380 |
Other Operations | 128 | 132 | 280 | 332 |
Total operating expenses | 24,416 | 26,164 | 64,184 | 75,130 |
Gross profit | 4,259 | 9,065 | 16,955 | 19,865 |
Corporate general and administrative | 2,097 | 2,253 | 8,410 | 6,525 |
Income from operations | 2,162 | 6,812 | 8,545 | 13,340 |
Other (expense) income: | ' | ' | ' | ' |
Interest and investment income, net | 88 | 169 | 115 | 530 |
Interest expense | -244 | -290 | -766 | -968 |
Other loss, net | -96 | -46 | -173 | -10 |
Total other expense, net | -252 | -167 | -824 | -448 |
Income before income taxes | 1,910 | 6,645 | 7,721 | 12,892 |
Income tax expense | 791 | 2,566 | 3,236 | 5,002 |
Net income attributable to common shareholders | 1,119 | 4,079 | 4,485 | 7,890 |
Comprehensive income, net of tax effect | ' | ' | ' | ' |
Comprehensive income attributable to common shareholders | $1,119 | $4,079 | $4,485 | $7,890 |
Weighted-average number of shares outstanding: | ' | ' | ' | ' |
Basic | 7,356 | 7,299 | 7,327 | 7,316 |
Diluted | 7,356 | 7,375 | 7,351 | 7,350 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.15 | $0.56 | $0.61 | $1.08 |
Diluted | $0.15 | $0.55 | $0.61 | $1.07 |
Cash dividends declared per common share | $0.06 | $0.08 | $0.18 | $0.16 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $24,192 | $24,583 |
Investments | 262 | 260 |
Accounts receivable, net | 16,465 | 4,266 |
Due from sugar processor | 11,012 | ' |
Inventories | 16,693 | 29,403 |
Assets held for sale | 3,538 | ' |
Other current assets | 700 | 1,283 |
Total current assets | 72,862 | 59,795 |
Investment in Magnolia Fund | 2,043 | 5,086 |
Investments, deposits and other non-current assets | 2,066 | 1,991 |
Cash surrender value of life insurance | 905 | 897 |
Property, buildings and equipment, net | 123,122 | 131,071 |
Total assets | 200,998 | 198,840 |
Current liabilities: | ' | ' |
Accounts payable | 1,385 | 1,729 |
Long-term debt, current portion | 2,000 | 2,000 |
Accrued expenses | 3,081 | 2,354 |
Income taxes payable | 3,546 | 1,171 |
Dividend payable | 441 | 1,461 |
Accrued ad valorem taxes | 1,207 | 1,634 |
Other current liabilities | 4,138 | 1,142 |
Total current liabilities | 15,798 | 11,491 |
Long-term debt, net of current portion | 32,500 | 34,000 |
Deferred income taxes, net of current portion | 6,520 | 6,584 |
Deferred retirement benefits, net of current portion | 4,071 | 4,029 |
Total liabilities | 58,889 | 56,104 |
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 7,355,890 and 7,303,568 shares outstanding at June 30, 2014 and September 30, 2013, respectively | 7,377 | 7,377 |
Additional paid in capital | 3,763 | 9,496 |
Treasury stock at cost, 21,216 and 73,538 shares held at June 30, 2014 and September 30, 2013, respectively | -875 | -2,816 |
Retained earnings | 131,844 | 128,679 |
Total stockholders' equity | 142,109 | 142,736 |
Total liabilities and stockholders' equity | $200,998 | $198,840 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
CONDENSED 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 | 7,355,890 | 7,303,568 |
Treasury stock at cost, shares | 21,216 | 73,538 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] | ' | ' |
Net cash provided by operating activities | $15,412 | $14,753 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -11,225 | -16,792 |
Decrease in restricted cash | ' | 2,500 |
Decrease in real estate deposits | ' | -2,500 |
Proceeds from disposals of property and equipment | 922 | 2,925 |
Return on investment in Magnolia | 3,185 | ' |
Collections of mortgages and notes receivable | -2 | 30 |
Net cash used in investing activities | -7,120 | -13,837 |
Cash flows from financing activities: | ' | ' |
Principal payments on notes payable | -1,500 | -3,400 |
Borrowings on revolving line of credit | ' | 5,661 |
Repayments on revolving line of credit | ' | -5,661 |
Treasury stock purchases | -4,844 | -2,877 |
Dividends paid | -2,339 | -1,164 |
Net cash used in financing activities | -8,683 | -7,441 |
Net decrease in cash and cash equivalents | -391 | -6,525 |
Cash and cash equivalents at beginning of period | 24,583 | 13,328 |
Cash and cash equivalents at end of period | 24,192 | 6,803 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest, net of amount capitalized | 766 | 818 |
Cash paid for income taxes | $925 | $1,222 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Jun. 30, 2014 | |
Description of Business and Basis of Presentation [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Note 1. Description of Business and Basis of Presentation | |
Description of Business | |
Alico Inc. ("Alico") and its wholly owned subsidiaries (collectively, the "Company") is an agribusiness and land management company. The Company owns approximately 130,720 acres of land in six Florida counties (Alachua, Collier, Glades, Hendry, Lee and Polk). Our principal lines of business are citrus groves, improved farmland, cattle ranching and conservation and other operations. | |
Basis of Presentation | |
The accompanying (a) condensed consolidated balance sheet as of September 30, 2013, which has been derived from audited financial statements, and (b) unaudited condensed consolidated interim financial statements (the "Financial Statements") of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Financial Statements include all adjustments, consisting of normal and recurring adjustments, which in the opinion of management were necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of the interim period are not necessarily indicative of the results for any other interim periods or the entire fiscal year. | |
The Financial Statements have been presented according to the rules and regulations of the Securities and Exchange Commission ("SEC"), instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information, footnotes and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with those rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. The Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2013. | |
Principles of Consolidation | |
The Financial Statements include the accounts of Alico, and its wholly owned subsidiaries, Alico Land Development, Inc. ("ALDI"), Alico-Agri, Ltd. ("Alico-Agri"), Alico Plant World, LLC, Alico Citrus Nursery, LLC and Alico Fruit Company, LLC (formerly known as Bowen Brothers Fruit, LLC) ("Alico Fruit"). All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Reclassifications | |
Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the fiscal year 2014 presentation. These reclassifications had no impact on working capital, net income, stockholders' equity or cash flows as previously reported. | |
Use of Estimates | |
The preparation of financial statements in conformity with 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. | |
Seasonality | |
The Company is primarily engaged in agriculture, which is of a seasonal nature and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of our fiscal year generally produce the majority of our annual revenue, and our working capital requirements are typically greater in the first and fourth quarters of our fiscal year coinciding with our planting cycles. The results of the reported period herein are not necessarily indicative of the results for any other interim periods or the entire fiscal year. | |
Recent Accounting Pronouncements | |
On April 10, 2014, the FASB issued ASU No. 2014-08 "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU No. 2014-08 changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company is currently assessing the future impact of ASU No. 2014-08 on its financial statements. | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently assessing the potential impact of ASU No. 2014-09 on its financial statements. |
Inventories
Inventories | 9 Months Ended | |||
Jun. 30, 2014 | ||||
Inventories [Abstract] | ' | |||
Inventories | ' | |||
Note 2. Inventories | ||||
A summary of the Company's inventories is presented below: | ||||
(in thousands) | June 30, | September 30, | ||
2014 | 2013 | |||
Unharvested fruit crop on the trees | $ 12,701 | $ 16,329 | ||
Unharvested sugarcane | - | 11,728 | ||
Beef cattle | 3,633 | 1,200 | ||
Other | 359 | 146 | ||
Total Inventories | $ 16,693 | $ 29,403 | ||
See discussion on Note 4. "Sugarcane Lease" regarding unharvested sugarcane inventory. |
Property_Buildings_and_Equipme
Property, Buildings and Equipment, Net | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
Property, Buildings and Equipment, Net [Abstract] | ' | ||||
Property, Buildings and Equipment, Net | ' | ||||
Note 3. Property, Buildings and Equipment, Net | |||||
Property, buildings and equipment consisted of the following at June 30, 2014 and September 30, 2013: | |||||
(in thousands) | June 30, | September 30, | |||
2014 | 2013 | ||||
Breeding herd | $ 11,667 | $ 12,234 | |||
Buildings | 13,559 | 11,587 | |||
Citrus trees | 34,923 | 34,188 | |||
Sugarcane | - | 16,199 | |||
Equipment and other facilities | 44,149 | 47,278 | |||
Total depreciable properties | 104,298 | 121,486 | |||
Less accumulated depreciation and depletion | (62,698 | ) | (71,857 | ) | |
Net depreciable properties | 41,600 | 49,629 | |||
Land and land improvements | 81,522 | 81,442 | |||
Net property, buildings and equipment | $ 123,122 | $ 131,071 | |||
Assets held for sale | |||||
In December 2013, the Company's Board of Directors approved listing certain parcels of real estate for sale in Polk and Hendry counties totaling approximately 3,200 acres. As a result, the Company reclassified the net book value of the properties to assets held for sale as of December 31, 2013. The estimated fair value of the properties exceeds their net book value, and no impairment was recognized as a result of the reclassification. | |||||
See Note 11. "Subsequent Events" for detail on the sale of Polk County property that was classified as held for sale. |
Sugarcane_Lease
Sugarcane Lease | 9 Months Ended |
Jun. 30, 2014 | |
Sugarcane Lease [Abstract] | ' |
Sugarcane Lease | ' |
Note 4. Sugarcane Lease | |
The Company entered into a triple net Agricultural Lease on May 19, 2014 (the "Lease") with its sole sugarcane customer, United States Sugar Corporation (the "Tenant") of approximately 30,600 gross acres of land in Hendry County, Florida used for sugarcane farming which includes 19,181 acres planted or plantable to sugar ("Net Cane Acres"). As a result of the Lease, the Company will no longer be directly engaged in sugarcane farming. | |
The term of the Lease is ten (10) years which may be extended by either party for three (3) additional one (1) year periods, except with respect to a specific portion of the leased premises (4,561 planted or plantable acres) which has a five (5) year term which may be extended by either party for an additional year but can be terminated by the Company at any time after one (1) year. The Lease includes various covenants, indemnities, defaults, termination rights and other provisions customary for lease transactions of this nature. | |
The annual base rent under the Lease is $3,548,485 is payable to the Company on or before the first day of each lease year (May 1). The Tenant is obligated to pay additional rent per net cane acre annually if the year-end average net selling price per hundred weight is greater than or equal to $28. This effectively increases the rent in the event sugar prices rise in the future. During the three and nine months ended June 30, 2014, the Company has recognized $462,846 under this Lease agreement, respectively. | |
The Lease also provided for a one-time reimbursement to the Company, at book value, for certain of our costs to develop and plant sugarcane (Property, Buildings and Equipment), cultivate and care take sugarcane (Inventory) and for the purchase of certain rolling stock (Property, Buildings and Equipment) used in our sugarcane operation. The Company had a combined book value of approximately $11,100,000 in planting and caretaking costs and approximately $2,200,000 net book value for the rolling stock. After negotiation with USSC, we agreed to a one time reimbursement of approximately $8,800,000 in plant cane and caretaking costs and a sales price of approximately $2,200,000 for the rolling stock. Therefore, the Company recorded a one-time charge of approximately $2,300,000 in the quarter ended June 30, 2014 as an operating expense in the Improved Farmland segment. In addition, the Company also received the annual base rent payment of $3,548,485 for a total payment of approximately $14,600,000 from USSC on July 1, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 5. Income Taxes | |
The Company's effective tax rates were 41.9% and 38.8% for the nine months ended June 30, 2014 and 2013, respectively. | |
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 June 30, 2014 and September 30, 2013. The Company recognizes interest and/or penalties related to income tax matters in income tax expense and in income taxes payable. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-Term Debt [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Note 6. Long-Term Debt | ||||||||
Outstanding debt under the Company's various loan agreements is presented in the table below: | ||||||||
(in thousands) | Revolving Line of Credit | Term Loan | Total Credit Facility | |||||
30-Jun-14 | ||||||||
Principal balance outstanding | $ | - | $ | 34,500 | $ | 34,500 | ||
Remaining available credit | $ | 60,000 | $ | - | $ | 60,000 | ||
Effective interest rate | 2.40% | 2.65% | ||||||
Scheduled maturity date | October 2020 | October 2020 | ||||||
Collateral | Real Estate | Real Estate | ||||||
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 | ||||||
The Company has a credit facility including a revolving line of credit ("RLOC") and term loan with Rabo AgriFinance, Inc. ("Rabo") totaling $94,500,000 at June 30, 2014. The revolving line of credit and term loan are collateralized by 43,991 acres of farmland and 12,280 acres of additional real property containing approximately 8,600 acres of producing citrus groves. | ||||||||
The $60,000,000 RLOC bears interest at a floating rate payable on the first day of each calendar quarter. The RLOC matures on October 1, 2020. At June 30, 2014, there was no outstanding balance on the RLOC. The Company pays an annual commitment fee on the RLOC equal to 0.15% of the difference between the annual average unpaid balance and the $60,000,000 loan commitment. The commitment fee is payable on February 1 of each year. Commitment fees of approximately $83,000 were paid in February 2014 and $30,000 were accrued at June 30, 2014. | ||||||||
The interest rate on the RLOC is based on the one month LIBOR plus a spread. The spread is determined based upon our debt service coverage ratio for the preceding fiscal year and can vary from 225 to 275 basis points. The rate is currently at LIBOR plus 225 basis points. On October 1, 2015, Rabo may adjust the interest rate spread, and the spread adjustment on the RLOC is not limited. Rabo must provide a 30 day notice of the new spread. The Company has the right to prepay the outstanding balance without penalty. | ||||||||
The term loan requires quarterly payments of interest at a floating rate of one month LIBOR plus 250 basis points. On October 1, 2015, Rabo may adjust the interest rate to a maximum spread of LIBOR plus 5%. Rabo must provide a 30 day notice of the new spread. The Company has the right to prepay the outstanding balance without penalty. It also requires quarterly principal payments of $500,000 through October 1, 2020 when the remaining principal balance and accrued interest will be due and payable. | ||||||||
See Note 11. "Subsequent Events" for detail on July 1, 2014 amendments to credit facility with Rabo. | ||||||||
At June 30, 2014 and September 30, 2013, Alico was in compliance with all of its covenants under the Rabo loan agreement. | ||||||||
On October 10, 2012, the outstanding mortgage note held by Farm Credit of Florida was paid in full. The payment included $1,794,000 for the principal balance and $66,000 for a prepayment penalty which was included in interest expense on our consolidated statements of comprehensive income (loss). The mortgage was collateralized by 7,680 acres of real estate used for farm leases, sugarcane and citrus production. The collateral was released upon satisfaction of the mortgage. | ||||||||
Maturities of the Company's debt were as follows at June 30, 2014: | ||||||||
(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 | 24,500 | |||||||
Total | $ 34,500 | |||||||
Interest costs expensed and capitalized to property, buildings and equipment were as follows: | ||||||||
(in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||
2014 | 2013 | 2014 | 2013 | |||||
Interest expense | $ 244 | $ 290 | $ 766 | $ 968 | ||||
Interest capitalized | 40 | 31 | 118 | 60 | ||||
Total | $ 284 | $ 321 | $ 884 | $ 1,028 |
Disclosures_about_reportable_s
Disclosures about reportable segments | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosures about reportable segments [Abstract] | ' | ||||||||||||
Disclosures about reportable segments | ' | ||||||||||||
Note 7. Disclosures about reportable 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 leases for mining 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 structure 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 2014 presentation. None of these changes affect the Company's previously reported 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 and 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 for by the Company as if the sales or transfers were to third parties at current market prices. Goods and services produced by these segments are sold to wholesalers and processors in the United States which 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 1, Description of the Business and Basis of Presentation. Total revenues represent sales to unaffiliated customers, as reported in the Company's Condensed Consolidated Statements of Operations. All intercompany transactions have been eliminated. | |||||||||||||
Information by business segment is as follows: | |||||||||||||
(in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenues: | |||||||||||||
Citrus Groves | $ 21,967 | $ 19,209 | $ 47,023 | $ 43,664 | |||||||||
Agricultural Supply Chain Management | 4,083 | 10,553 | 12,324 | 27,712 | |||||||||
Improved Farmland | 2,160 | 4,760 | 19,442 | 21,679 | |||||||||
Ranch and Conservation | 515 | 409 | 1,956 | 1,265 | |||||||||
Other Operations | (50 | ) | 298 | 394 | 675 | ||||||||
Intersegment Revenues | 4,173 | 4,674 | 9,299 | 10,919 | |||||||||
Eliminations | (4,173 | ) | (4,674 | ) | (9,299 | ) | (10,919 | ) | |||||
Total revenue | 28,675 | 35,229 | 81,139 | 94,995 | |||||||||
Operating expenses: | |||||||||||||
Citrus Groves | 13,617 | 12,789 | 29,963 | 31,488 | |||||||||
Agricultural Supply Chain Management | 3,916 | 10,095 | 12,085 | 26,886 | |||||||||
Improved Farmland | 6,591 | 3,028 | 20,986 | 16,044 | |||||||||
Ranch and Conservation | 164 | 120 | 870 | 380 | |||||||||
Other Operations | 128 | 132 | 280 | 332 | |||||||||
Total operating expenses | 24,416 | 26,164 | 64,184 | 75,130 | |||||||||
Gross profit: | |||||||||||||
Citrus Groves | 8,350 | 6,420 | 17,060 | 12,176 | |||||||||
Agricultural Supply Chain Management | 167 | 458 | 239 | 826 | |||||||||
Improved Farmland | (4,431 | ) | 1,732 | (1,544 | ) | 5,635 | |||||||
Ranch and Conservation | 351 | 289 | 1,086 | 885 | |||||||||
Other Operations | (178 | ) | 166 | 114 | 343 | ||||||||
Total gross profit | $ 4,259 | $ 9,065 | $ 16,955 | $ 19,865 | |||||||||
Capital expenditures: | |||||||||||||
Citrus Groves | $ 2,324 | $ 1,971 | $ 6,350 | $ 3,088 | |||||||||
Agricultural Supply Chain Management | - | 2 | 71 | 10 | |||||||||
Improved Farmland | 44 | 860 | 3,729 | 8,506 | |||||||||
Ranch and Conservation | 103 | 162 | 879 | 3,194 | |||||||||
Other Operations | (172 | ) | 16 | 28 | 107 | ||||||||
Other capital expenditures | 168 | 808 | 168 | 1,887 | |||||||||
Total capital expenditures | $ 2,467 | $ 3,819 | $ 11,225 | $ 16,792 | |||||||||
Depreciation, depletion and amortization: | |||||||||||||
Citrus Groves | $ 533 | $ 535 | $ 1,587 | $ 1,578 | |||||||||
Agricultural Supply Chain Management | 41 | 48 | 123 | 171 | |||||||||
Improved Farmland | 572 | 1,307 | 3,194 | 3,721 | |||||||||
Ranch and Conservation | 335 | 312 | 997 | 856 | |||||||||
Other Operations | 477 | 95 | 586 | 287 | |||||||||
Other depreciation, depletion and amortization | (252 | ) | 195 | 148 | 517 | ||||||||
Total depreciation, depletion and amortization | $ 1,706 | $ 2,492 | $ 6,635 | $ 7,130 | |||||||||
(in thousands) | June 30, | 30-Sep-13 | |||||||||||
2014 | |||||||||||||
Assets: | |||||||||||||
Citrus Groves | $ 62,916 | $ 52,592 | |||||||||||
Agricultural Supply Chain Management | 1,568 | 994 | |||||||||||
Improved Farmland | 72,646 | 75,348 | |||||||||||
Ranch and Conservation | 17,537 | 14,696 | |||||||||||
Other Operations | 16,162 | 15,094 | |||||||||||
Other Corporate Assets | 30,169 | 40,116 | |||||||||||
Total Assets | $ 200,998 | $ 198,840 | |||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Stockholders' Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
Note 8. Stockholders' Equity | |||||||||
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. Stock repurchases have historically been made 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. As of June 30, 2014, no shares have been purchased under the September 2013 Board authorization and 105,000 shares continue to be available for purchase. The following table illustrates the Company's treasury stock transactions for the nine months ended June 30, 2014: | |||||||||
(in thousands, except share amounts) | Shares | Cost | |||||||
Balance at September 30, 2013 | 73,538 | $ 2,816 | |||||||
Purchased | 118,792 | 4,713 | |||||||
Issued to Directors and Named Executive Officers | (171,114) | (6,654) | |||||||
Balance at June 30, 2014 | 21,216 | $ 875 | |||||||
Stock-based compensation expense recognized in the Condensed Consolidated Statements of Comprehensive Income in general and administrative expenses was $204,000 and $909,000 for the three and nine months ended June 30, 2014, respectively, and $468,000 and $783,000 for the three and nine months ended June 30, 2013, respectively. Stock-based compensation is recorded for Board of Directors fees paid in treasury stock and the Long Term Incentive Compensation Plan restricted common stock awards. The amount for the nine months ended June 30, 2014 includes $195,000 related to the acceleration of the vesting of the Long Term Incentive common stock awards in accordance with the change in control discussed below. | |||||||||
Dilution | |||||||||
The dilutive effect on the weighted average shares outstanding of the company's various equity instruments is detailed below: | |||||||||
(in thousands) | For the Three Months Ended | For the Nine Months Ended | |||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Weighted Average Shares Outstanding - Basic | 7,356 | 7,299 | 7,327 | 7,316 | |||||
Unvested Restricted Stock Awards | - | 76 | 24 | 34 | |||||
Weighted Average Shares Outstanding - Diluted | 7,356 | 7,375 | 7,351 | 7,350 | |||||
Long Term Incentive Plan | |||||||||
On May 26, 2011, the Company's Board of Directors approved the Long-Term Incentive Program as part of the 2008 Equity Incentive Plan. The Company approved the contingent award of 152,403 shares of common stock to Named Executive Officers (the "NEOs") of the Company. On May 26, 2011, 58,610 shares were granted to the NEOs other than the Chief Executive Officer ("CEO") and on April 19, 2012, 93,793 shares were awarded to the CEO under restricted stock award agreements. | |||||||||
All of the shares of restricted stock awarded under the Long-Term Incentive Program vested automatically upon the acquisition by 734 Investors, LLC of a controlling interest in the Company. In December 2013, the Company determined that it would repurchase half of the 58,610 gross shares awarded to NEOs other than the CEO immediately upon their issuance for the purpose of retaining treasury shares for future issuance. As a result, the Company issued 68,944 shares of treasury stock in January 2014, net of withholdings for income taxes and repurchase of treasury shares. The Company recognized $195,000 of stock-based compensation expense related to the acceleration of vesting of these grants during the quarter ended December 31, 2013. |
Contingencies
Contingencies | 9 Months Ended |
Jun. 30, 2014 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 9. Contingencies | |
The Company is involved from time to time in routine legal matters incidental to its business. When appropriate, the Company establishes estimated accruals for litigation matters which meet the requirements of ASC 450- Contingencies. Based upon available information, the Company believes that the resolution of such matters will not have a material adverse effect on its financial position or results of operations. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 10. Related Party Transactions | |
Recent Change in Control Transaction | |
On November 19, 2013, 734 Agriculture, LLC ("734 Agriculture") and its affiliates, including 734 Investors, LLC ("734 Investors"), completed the previously announced purchase from Alico Holding, LLC, a company wholly owned by Atlantic Blue Group, Inc. ("Atlanticblue"), of 3,725,457 shares of our common stock (the "Share Purchase"). | |
The common stock acquired by 734 Agriculture and its affiliates, including 734 Investors, represents approximately 51% of the Company's outstanding voting securities. On November 15, 2013, 734 Investors amended and restated its LLC operating agreement (the "LLC Agreement") to admit new members and to designate 734 Agriculture as the managing member, with authority to administer the affairs of 734 Investors, including the voting and disposition of shares of common stock, subject to certain restrictions set forth therein. As a result, upon the consummation of the Share Purchase, 734 Agriculture and its affiliates, including 734 Investors, acquired the voting power to control the election of the Company's Directors and any other matter requiring the affirmative vote or consent of the Company's shareholders. | |
Appointment of Directors; Resignation of Directors | |
With the Closing of the Share Purchase, the previously announced election of the following individuals to the Board of Directors became effective: Mr. George R. Brokaw, Member of 734 Agriculture; Remy W. Trafelet, Manager of 734 Agriculture; W. Andrew Krusen, Jr., Chairman and CEO of Dominion Financial Group; Benjamin D. Fishman, Managing Principal of Arlon Group; Henry R. Slack, former Chairman of the Board of Terra Industries, Inc. and Senior Partner of Quarterwatch, LLC; Clayton G. Wilson, former CEO of 734 Citrus Holdings, LLC d/b/a Silver Nip Citrus ("Silver Nip") and Chairman of the Board of Latt Maxcy Corporation; and R. Greg Eisner, Head of Strategy of Dubin & Company, LLC. | |
Ramon A. Rodriguez remained on, and continues to serve as a member, of the Board of Directors. In addition, Adam D. Compton, who previously resigned subject to and effective upon the Closing of the Share Purchase, was re-elected to the Board of Directors on November 22, 2013. | |
Upon the Closing of the Share Purchase, the following individuals ceased to be Directors of the Company pursuant to their previously disclosed resignations: JD Alexander, Dykes Everett, Thomas H. McAuley, Charles L. Palmer, John D. Rood, and Gordon Walker, PhD. Mr. Robert J. Viguet, Jr. resigned from the Board on November 21, 2013. | |
Appointment of Mr. Wilson as the Company's Chief Executive Officer | |
Upon the Closing of the Share Purchase, Mr. Alexander ceased to be the Company's CEO pursuant to his previously disclosed resignation. On November 22, 2013, the Board appointed Mr. Wilson to serve as the CEO, effective immediately. | |
734 Investors and 734 Agriculture | |
On November 19, 2013, 734 Agriculture and its affiliates, including 734 Investors, acquired all of the approximately 51% of Alico's common stock then owned by Atlanticblue. 734 Investors now beneficially owns, directly or indirectly, approximately 51% of the outstanding shares of the Company's common stock and possesses the voting power to control the election of the Company's Directors and any other matter requiring the affirmative vote or consent of the Company's shareholders. 734 Agriculture is the sole managing member of 734 Investors. By virtue of their ownership percentage, 734 Investors and 734 Agriculture are able to elect all of the Directors and, consequently, control Alico. Messrs. Brokaw and Trafelet are the two controlling persons of 734 Agriculture. | |
734 Citrus Holdings, LLC, d/b/a Silver Nip | |
On November 22, 2013, the Company entered into an employee lease agreement with Mr. Wilson and Silver Nip (the "Silver Nip Agreement"). Silver Nip is owned and controlled by Messrs. Brokaw, Trafelet and Wilson. | |
The Silver Nip Agreement provides, subject to the terms and conditions set forth therein, for the Company to furnish Mr. Wilson's services to Silver Nip to perform the functions and services that Mr. Wilson has previously performed for Silver Nip prior to his resignation as CEO of Silver Nip. The Silver Nip Agreement provides that Mr. Wilson will spend a majority of his working time performing functions and services for the Company and that in no event will Mr. Wilson be required to take any action that he or the Company determines could conflict with Mr. Wilson's exercise of his fiduciary duties under applicable law owed to the Company or could interfere with the performance of his duties as an executive officer of the Company. In exchange for furnishing Mr. Wilson's services, Silver Nip has agreed to pay to the Company the cash salary that would have been paid to Mr. Wilson pursuant to his previous employment arrangement with Silver Nip, had that arrangement continued to be in force. | |
The Silver Nip Agreement provides that if neither the Company nor Silver Nip has provided the other with written notice of an intention to terminate the Silver Nip Agreement at least three business days before the month's end (or any subsequent renewal period), the Silver Nip Agreement will automatically renew for a one-month period. In addition, Silver Nip may terminate the Silver Nip Agreement at any time upon 10 business days' prior written notice to the Company. As of June 30, 2014 the neither Company nor Silver Nip has provided written notice to terminate the Silver Nip Agreement. | |
The description of the Silver Nip Agreement is qualified in its entirety by reference to the complete terms and conditions of the agreement, which is listed as an exhibit to the Company's Current Report on Form 8-K filed on November 25, 2013. During the three and nine months ended June 30, 2014, the Company has received $37,500 and $90,000 under this agreement, respectively. | |
Atlanticblue | |
Prior to the Share Purchase transaction on November 19, 2013, Atlanticblue owned approximately 51% of Alico's common stock. By virtue of its ownership percentage, Atlanticblue was able to elect all of the Directors and, consequently, control Alico. 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 served on Alico's Board of Directors. Robert J. Viguet, Jr., a former 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 Alico's February 2013 shareholders meeting; he was nominated by Atlanticblue. | |
Alico Fruit Company ("Alico Fruit") marketed citrus fruit for TRI-County Grove, LLC at the customary terms and rates the Company extends to third parties. During the three and nine months ended June 30, 2013, Alico Fruit marketed 55,948 and 201,802 boxes of fruit, for approximately $600,000 and $1,907,000, respectively. Alico Fruit no longer provides marketing and/or purchases citrus fruit from TRI-County Grove, LLC, a wholly owned subsidiary of Atlanticblue. | |
JD Alexander | |
On November 6, 2013, JD Alexander tendered his resignation as Chief Executive Officer and as an employee of the Company, subject to and effective immediately after the Closing of the Share Purchase transaction on November 19, 2013. Mr. Alexander's resignation includes a waiver of any rights to any payments under his Change-in-Control Agreement with the Company. On November 6, 2013, the Company and Mr. Alexander also entered into a Consulting and Non-Competition Agreement under which (i) Mr. Alexander will provide consulting services to the Company during the two-year period after the Closing, (ii) Mr. Alexander agreed to be bound by certain non-competition covenants relating to the Company's citrus operations and non-solicitation and non-interference covenants for a period of two years after the Closing, and (iii) the Company will pay Mr. Alexander for such services and covenants $2 million in twenty-four monthly installments. Mr. Alexander also agreed, in a separate side letter with the Company, not to sell or transfer the shares that were awarded pursuant to his Restricted Stock Award Agreement (other than to a family trust) for a period of two years after the Closing. Mr. Alexander also executed a general release in favor of the Company. | |
Other | |
Mr. Charles Palmer, who served as a member of the Board until his resignation became effective on November 19, 2013, leases approximately 2,300 acres from the Company for recreational purposes. He pays approximately $33,000 annually at the customary terms and rates the Company extends to third parties. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Event [Abstract] | ' |
Subsequent Event | ' |
Note 11. Subsequent Events | |
Polk County property sale | |
The sale of a 2,800 acre parcel of land in Polk County, Florida closed on July 1, 2014 for $5,623,000. This parcel was surplus to our operations and was classified as held for sale at June 30, 2014. The Company received cash of $5,267,000, which is being held by a qualified intermediary in accordance with an assignment agreement while potential like kind exchange transactions are considered which would qualify for tax-deferral treatment in accordance with Internal Revenue Code §1031. | |
Amendment to Credit Agreement | |
The Company's Credit Agreement with Rabo was amended effective July 1, 2014. | |
The term loan interest rate spread over one month LIBOR was decreased from 250 basis points to 225 basis points. The RLOC interest rate spread over one month LIBOR is adjusted pursuant to a pricing grid based on our debt service coverage ratio for the immediately preceding fiscal year. The amended range of spreads is from 195 to 225 basis points compared to a range of 225 to 275 basis points prior to the amendment. The Company's rate is currently at LIBOR plus 195 basis points. The annual commitment fee paid on the annual average unused portion of the RLOC was increased from 15 to 20 basis points. | |
Rabo may, pursuant to the amendment, adjust the interest rate spreads on July 1, 2016 and every two years thereafter. The spread adjustment on the term loan is limited to 500 basis points over one month LIBOR. The spread adjustment on the RLOC is not limited. Rabo must provide a 30 day notice of any spread adjustments, and the Company has the right to prepay outstanding balances without penalty. | |
Purchase and Sale Agreement | |
On August 7, 2014 we entered into a Purchase and Sale Agreement, (the "Purchase Agreement") with Terra Land Company (the "Buyer") to sell to the Buyer approximately 30,959 gross acres of land located in Hendry County, Florida used for sugarcane production (the "Land") for a base purchase price of $91,436,000. The base purchase price is subject to a valuation formula adjustment in the event that either the net farmable acres or net support acres of the Land are more or less than the calculated amounts by one percent (1%) or greater. The Land excludes growing crops and sugarcane stubble on the Land as well as oil and gas rights and a 200 acre railroad related tract which we are retaining. | |
The parties have made customary representations, warranties, covenants and agreements in the Purchase Agreement. The Purchase Agreement provides for an inspection period not to exceed 75 days with the closing date to be 15 days after expiration of the inspection period. The transaction is expected to close in November of 2014 and is subject to certain closing conditions but does not have any financing condition. However, there can be no assurance that the closing conditions will be satisfied. | |
The Purchase Agreement also provides for the parties to enter into a lease at closing pursuant to which the Buyer will lease a substantial portion of the Land back to us for a period of 10 years at an annual rent equal to approximately 5% of the purchase price. We have also provided the Buyer with an exclusivity period under the Purchase Agreement. Buyer acknowledges in the Purchase Agreement that we may engage in a Section 1031 tax-free exchange in connection with this transaction and agrees to cooperate. However, there can be no assurance that we will be able to successfully complete a like-kind exchange pursuant to Section 1031. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||
Jun. 30, 2014 | ||||
Inventories [Abstract] | ' | |||
Schedule of Inventories | ' | |||
A summary of the Company's inventories is presented below: | ||||
(in thousands) | June 30, | September 30, | ||
2014 | 2013 | |||
Unharvested fruit crop on the trees | $ 12,701 | $ 16,329 | ||
Unharvested sugarcane | - | 11,728 | ||
Beef cattle | 3,633 | 1,200 | ||
Other | 359 | 146 | ||
Total Inventories | $ 16,693 | $ 29,403 |
Property_Buildings_and_Equipme1
Property, Buildings and Equipment, Net (Tables) | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
Property, Buildings and Equipment, Net [Abstract] | ' | ||||
Schedule of Property, Buildings and Equipment | ' | ||||
Property, buildings and equipment consisted of the following at June 30, 2014 and September 30, 2013: | |||||
(in thousands) | June 30, | September 30, | |||
2014 | 2013 | ||||
Breeding herd | $ 11,667 | $ 12,234 | |||
Buildings | 13,559 | 11,587 | |||
Citrus trees | 34,923 | 34,188 | |||
Sugarcane | - | 16,199 | |||
Equipment and other facilities | 44,149 | 47,278 | |||
Total depreciable properties | 104,298 | 121,486 | |||
Less accumulated depreciation and depletion | (62,698 | ) | (71,857 | ) | |
Net depreciable properties | 41,600 | 49,629 | |||
Land and land improvements | 81,522 | 81,442 | |||
Net property, buildings and equipment | $ 123,122 | $ 131,071 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 of Credit | Term Loan | Total Credit Facility | |||||
30-Jun-14 | ||||||||
Principal balance outstanding | $ | - | $ | 34,500 | $ | 34,500 | ||
Remaining available credit | $ | 60,000 | $ | - | $ | 60,000 | ||
Effective interest rate | 2.40% | 2.65% | ||||||
Scheduled maturity date | October 2020 | October 2020 | ||||||
Collateral | Real Estate | Real Estate | ||||||
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 | ||||||
Schedule of Debt Maturities | ' | |||||||
Maturities of the Company's debt were as follows at June 30, 2014: | ||||||||
(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 | 24,500 | |||||||
Total | $ 34,500 | |||||||
Schedule of Interest Costs | ' | |||||||
Interest costs expensed and capitalized to property, buildings and equipment were as follows: | ||||||||
(in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||
2014 | 2013 | 2014 | 2013 | |||||
Interest expense | $ 244 | $ 290 | $ 766 | $ 968 | ||||
Interest capitalized | 40 | 31 | 118 | 60 | ||||
Total | $ 284 | $ 321 | $ 884 | $ 1,028 |
Disclosures_about_reportable_s1
Disclosures about reportable segments (Tables) | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosures about reportable segments [Abstract] | ' | ||||||||||||
Schedule of Information by Business Segment | ' | ||||||||||||
Information by business segment is as follows: | |||||||||||||
(in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenues: | |||||||||||||
Citrus Groves | $ 21,967 | $ 19,209 | $ 47,023 | $ 43,664 | |||||||||
Agricultural Supply Chain Management | 4,083 | 10,553 | 12,324 | 27,712 | |||||||||
Improved Farmland | 2,160 | 4,760 | 19,442 | 21,679 | |||||||||
Ranch and Conservation | 515 | 409 | 1,956 | 1,265 | |||||||||
Other Operations | (50 | ) | 298 | 394 | 675 | ||||||||
Intersegment Revenues | 4,173 | 4,674 | 9,299 | 10,919 | |||||||||
Eliminations | (4,173 | ) | (4,674 | ) | (9,299 | ) | (10,919 | ) | |||||
Total revenue | 28,675 | 35,229 | 81,139 | 94,995 | |||||||||
Operating expenses: | |||||||||||||
Citrus Groves | 13,617 | 12,789 | 29,963 | 31,488 | |||||||||
Agricultural Supply Chain Management | 3,916 | 10,095 | 12,085 | 26,886 | |||||||||
Improved Farmland | 6,591 | 3,028 | 20,986 | 16,044 | |||||||||
Ranch and Conservation | 164 | 120 | 870 | 380 | |||||||||
Other Operations | 128 | 132 | 280 | 332 | |||||||||
Total operating expenses | 24,416 | 26,164 | 64,184 | 75,130 | |||||||||
Gross profit: | |||||||||||||
Citrus Groves | 8,350 | 6,420 | 17,060 | 12,176 | |||||||||
Agricultural Supply Chain Management | 167 | 458 | 239 | 826 | |||||||||
Improved Farmland | (4,431 | ) | 1,732 | (1,544 | ) | 5,635 | |||||||
Ranch and Conservation | 351 | 289 | 1,086 | 885 | |||||||||
Other Operations | (178 | ) | 166 | 114 | 343 | ||||||||
Total gross profit | $ 4,259 | $ 9,065 | $ 16,955 | $ 19,865 | |||||||||
Capital expenditures: | |||||||||||||
Citrus Groves | $ 2,324 | $ 1,971 | $ 6,350 | $ 3,088 | |||||||||
Agricultural Supply Chain Management | - | 2 | 71 | 10 | |||||||||
Improved Farmland | 44 | 860 | 3,729 | 8,506 | |||||||||
Ranch and Conservation | 103 | 162 | 879 | 3,194 | |||||||||
Other Operations | (172 | ) | 16 | 28 | 107 | ||||||||
Other capital expenditures | 168 | 808 | 168 | 1,887 | |||||||||
Total capital expenditures | $ 2,467 | $ 3,819 | $ 11,225 | $ 16,792 | |||||||||
Depreciation, depletion and amortization: | |||||||||||||
Citrus Groves | $ 533 | $ 535 | $ 1,587 | $ 1,578 | |||||||||
Agricultural Supply Chain Management | 41 | 48 | 123 | 171 | |||||||||
Improved Farmland | 572 | 1,307 | 3,194 | 3,721 | |||||||||
Ranch and Conservation | 335 | 312 | 997 | 856 | |||||||||
Other Operations | 477 | 95 | 586 | 287 | |||||||||
Other depreciation, depletion and amortization | (252 | ) | 195 | 148 | 517 | ||||||||
Total depreciation, depletion and amortization | $ 1,706 | $ 2,492 | $ 6,635 | $ 7,130 | |||||||||
(in thousands) | June 30, | 30-Sep-13 | |||||||||||
2014 | |||||||||||||
Assets: | |||||||||||||
Citrus Groves | $ 62,916 | $ 52,592 | |||||||||||
Agricultural Supply Chain Management | 1,568 | 994 | |||||||||||
Improved Farmland | 72,646 | 75,348 | |||||||||||
Ranch and Conservation | 17,537 | 14,696 | |||||||||||
Other Operations | 16,162 | 15,094 | |||||||||||
Other Corporate Assets | 30,169 | 40,116 | |||||||||||
Total Assets | $ 200,998 | $ 198,840 | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Stockholders' Equity [Abstract] | ' | ||||||||
Schedule of Treasury Stock Transactions | ' | ||||||||
The following table illustrates the Company's treasury stock transactions for the nine months ended June 30, 2014: | |||||||||
(in thousands, except share amounts) | Shares | Cost | |||||||
Balance at September 30, 2013 | 73,538 | $ 2,816 | |||||||
Purchased | 118,792 | 4,713 | |||||||
Issued to Directors and Named Executive Officers | (171,114) | (6,654) | |||||||
Balance at June 30, 2014 | 21,216 | $ 875 | |||||||
Schedule of Weighted Average Shares Outstanding | ' | ||||||||
The dilutive effect on the weighted average shares outstanding of the company's various equity instruments is detailed below: | |||||||||
(in thousands) | For the Three Months Ended | For the Nine Months Ended | |||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Weighted Average Shares Outstanding - Basic | 7,356 | 7,299 | 7,327 | 7,316 | |||||
Unvested Restricted Stock Awards | - | 76 | 24 | 34 | |||||
Weighted Average Shares Outstanding - Diluted | 7,356 | 7,375 | 7,351 | 7,350 | |||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details) | Jun. 30, 2014 |
acre | |
Description of Business and Basis of Presentation [Abstract] | ' |
Area of land owned | 130,720 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Other | $359 | $146 |
Total Inventories | 16,693 | 29,403 |
Orange Groves [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | 12,701 | 16,329 |
Sugarcane Farming [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | ' | 11,728 |
Beef Cattle Ranching and Farming [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | $3,633 | $1,200 |
Property_Buildings_and_Equipme2
Property, Buildings and Equipment, Net (Schedule of Property, Buildings and Equipment) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Net property, buildings and equipment | $123,122 | $131,071 |
Breeding herd [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 11,667 | 12,234 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 13,559 | 11,587 |
Citrus trees [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 34,923 | 34,188 |
Sugarcane [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | ' | 16,199 |
Equipment and Other Facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 44,149 | 47,278 |
Depreciable Properties [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 104,298 | 121,486 |
Less accumulated depreciation and depletion | -62,698 | -71,857 |
Net property, buildings and equipment | 41,600 | 49,629 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | $81,522 | $81,442 |
Property_Buildings_and_Equipme3
Property, Buildings and Equipment, Net (Narrative) (Details) (Polk County Real Estate [Member]) | Jun. 30, 2014 |
acre | |
Polk County Real Estate [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Acres held for sale | 3,200 |
Sugarcane_Lease_Details
Sugarcane Lease (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jul. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
acre | acre | ||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Area of land owned | ' | 130,720 | 130,720 |
Costs to develop and plant sugarcane | ' | ' | $11,100,000 |
Reimbursable expenses | ' | ' | 8,800,000 |
One-time charge for disposal of assets | ' | 2,300,000 | ' |
Proceeds from rent received | 3,548,485 | 462,846 | 462,846 |
Total payment received | 14,600,000 | ' | ' |
Land [Member] | Property Subject to Operating Lease [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Area of land owned | ' | 30,600 | 30,600 |
Lease term | ' | ' | '10 years |
Lease renewal term | ' | ' | '1 year |
Annual payment | ' | ' | 3,548,485 |
Crop price threshold | ' | ' | 28 |
Land [Member] | Planted or Plantable to Sugar Land [Member] | Property Subject to Operating Lease [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Area of land owned | ' | 19,181 | 19,181 |
Land [Member] | Certain Parcel Subject to Special Terms [Member] | Property Subject to Operating Lease [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Area of land owned | ' | 4,561 | 4,561 |
Lease term | ' | ' | '5 years |
Lease renewal term | ' | ' | '1 year |
Rolling Stock [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Disposition of property, buildings and equipment | ' | ' | 2,200,000 |
Sales price | ' | $2,200,000 | $2,200,000 |
Income_Taxes_Details
Income Taxes (Details) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | ' | ' |
Effective tax rate | 41.90% | 38.80% |
LongTerm_Debt_Schedule_of_Outs
Long-Term Debt (Schedule of Outstanding Debt) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | $34,500 | $36,000 |
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 | 2.40% | 2.43% |
Scheduled maturity date | 1-Oct-20 | 1-Oct-20 |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | 34,500 | 36,000 |
Remaining available credit | ' | ' |
Effective interest rate | 2.65% | 2.68% |
Scheduled maturity date | 1-Oct-20 | 1-Oct-20 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Oct. 01, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 10, 2012 |
In Thousands, unless otherwise specified | 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] | Term Loan [Member] | Mortgage Note Payable [Member] | ||
Minimum [Member] | Maximum [Member] | Property [Member] | Maximum [Member] | Property [Member] | Producing Citrus Groves [Member] | acre | |||||||||
acre | Scenario, Forecast [Member] | acre | acre | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal balance outstanding | $34,500 | $36,000 | ' | ' | ' | ' | ' | ' | ' | $34,500 | $36,000 | ' | ' | ' | ' |
Acres collateralized | ' | ' | ' | ' | ' | ' | ' | ' | 43,991 | ' | ' | ' | 12,280 | 8,600 | ' |
Amount of credit facility | ' | ' | 94,500 | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee | ' | ' | ' | ' | 0.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of commitment fees | ' | ' | ' | 83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee payable | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR spread | ' | ' | ' | ' | 2.25% | ' | 2.25% | 2.75% | ' | 2.50% | ' | 5.00% | ' | ' | ' |
Periodic principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Scheduled maturity date | ' | ' | ' | ' | 1-Oct-20 | 1-Oct-20 | ' | ' | ' | 1-Oct-20 | 1-Oct-20 | ' | ' | ' | ' |
Minimum number of days notice required for rate change | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt extinguished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,794 |
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66 |
Acres of collateral released in extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,680 |
LongTerm_Debt_Schedule_of_Debt
Long-Term Debt (Schedule of Debt Maturities) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
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 | 24,500 | ' |
Total | $34,500 | $36,000 |
LongTerm_Debt_Schedule_of_Inte
Long-Term Debt (Schedule of Interest Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Long-Term Debt [Abstract] | ' | ' | ' | ' |
Interest expense | $244 | $290 | $766 | $968 |
Interest capitalized | 40 | 31 | 118 | 60 |
Total interest cost | $284 | $321 | $884 | $1,028 |
Disclosures_about_reportable_s2
Disclosures about reportable segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | $28,675 | $35,229 | $81,139 | $94,995 | ' |
Total operating expenses | 24,416 | 26,164 | 64,184 | 75,130 | ' |
Gross profit | 4,259 | 9,065 | 16,955 | 19,865 | ' |
Total capital expenditures | 2,467 | 3,819 | 11,225 | 16,792 | ' |
Total depreciation, depletion and amortization | 1,706 | 2,492 | 6,635 | 7,130 | ' |
Total assets | 200,998 | ' | 200,998 | ' | 198,840 |
Citrus Groves Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | 21,967 | 19,209 | 47,023 | 43,664 | ' |
Total operating expenses | 13,617 | 12,789 | 29,963 | 31,488 | ' |
Gross profit | 8,350 | 6,420 | 17,060 | 12,176 | ' |
Total capital expenditures | 2,324 | 1,971 | 6,350 | 3,088 | ' |
Total depreciation, depletion and amortization | 533 | 535 | 1,587 | 1,578 | ' |
Agricultural Supply Chain Management [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | 4,083 | 10,553 | 12,324 | 27,712 | ' |
Total operating expenses | 3,916 | 10,095 | 12,085 | 26,886 | ' |
Gross profit | 167 | 458 | 239 | 826 | ' |
Total capital expenditures | ' | 2 | 71 | 10 | ' |
Total depreciation, depletion and amortization | 41 | 48 | 123 | 171 | ' |
Improved Farmland [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | 2,160 | 4,760 | 19,442 | 21,679 | ' |
Total operating expenses | 6,591 | 3,028 | 20,986 | 16,044 | ' |
Gross profit | -4,431 | 1,732 | -1,544 | 5,635 | ' |
Total capital expenditures | 44 | 860 | 3,729 | 8,506 | ' |
Total depreciation, depletion and amortization | 572 | 1,307 | 3,194 | 3,721 | ' |
Ranch and Conservation [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | 515 | 409 | 1,956 | 1,265 | ' |
Total operating expenses | 164 | 120 | 870 | 380 | ' |
Gross profit | 351 | 289 | 1,086 | 885 | ' |
Total capital expenditures | 103 | 162 | 879 | 3,194 | ' |
Total depreciation, depletion and amortization | 335 | 312 | 997 | 856 | ' |
Other Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | -50 | 298 | 394 | 675 | ' |
Total operating expenses | 128 | 132 | 280 | 332 | ' |
Gross profit | -178 | 166 | 114 | 343 | ' |
Total capital expenditures | -172 | 16 | 28 | 107 | ' |
Total depreciation, depletion and amortization | 477 | 95 | 586 | 287 | ' |
Operating Segments [Member] | Citrus Groves Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total assets | 62,916 | ' | 62,916 | ' | 52,592 |
Operating Segments [Member] | Agricultural Supply Chain Management [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total assets | 1,568 | ' | 1,568 | ' | 994 |
Operating Segments [Member] | Improved Farmland [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total assets | 72,646 | ' | 72,646 | ' | 75,348 |
Operating Segments [Member] | Ranch and Conservation [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total assets | 17,537 | ' | 17,537 | ' | 14,696 |
Operating Segments [Member] | Other Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total assets | 16,162 | ' | 16,162 | ' | 15,094 |
Operating Segments [Member] | Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | 4,173 | 4,674 | 9,299 | 10,919 | ' |
Intra-Company Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total operating revenue | -4,173 | -4,674 | -9,299 | -10,919 | ' |
Non - Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | 168 | 808 | 168 | 1,887 | ' |
Total depreciation, depletion and amortization | -252 | 195 | 148 | 517 | ' |
Total assets | $30,169 | ' | $30,169 | ' | $40,116 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 26-May-11 | 26-May-12 | Apr. 19, 2012 | Jun. 30, 2014 | Jun. 30, 2014 |
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | 2008 Plan [Member] | 2013 Plan [Member] | ||||||
Named Executive Officers [Member] | Chief Executive Officer [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | 105,000 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $204 | $468 | $909 | $783 | ' | ' | ' | ' | ' |
Stock-based compensation expense related to the acceleration of vesting | ' | ' | ' | $195 | ' | ' | ' | ' | ' | ' |
Shares authorized | ' | ' | ' | ' | ' | 152,403 | ' | ' | ' | ' |
Shares issued to settle agreements | ' | ' | ' | ' | ' | ' | 58,610 | 93,793 | ' | ' |
Shares of treasury stock reissued, net of withholdings for income taxes and repurchase of treasury shares | 68,944 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Information Relating to Purchases) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Shares | ' |
Beginning Balance | 73,538 |
Purchased | 118,792 |
Issued to Directors and Named Executive Officers | -171,114 |
Ending Balance | 21,216 |
Cost | ' |
Beginning Balance | $2,816 |
Ending Balance | 875 |
Treasury Stock at Cost [Member] | ' |
Cost | ' |
Purchased | 4,713 |
Issued to Directors and Named Executive Officers | ($6,654) |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Weighted Average Shares Outstanding) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Weighted Average Shares Outstanding - Basic | 7,356 | 7,299 | 7,327 | 7,316 |
Unvested Restricted Stock Awards | ' | 76 | 24 | 34 |
Weighted Average Shares Outstanding - Diluted | 7,356 | 7,375 | 7,351 | 7,350 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 |
734 Agriculture [Member] | Atlanticblue [Member] | Silver Nip [Member] | Silver Nip [Member] | JD Alexander [Member] | Tri County Groves, LLC [Member] | Tri County Groves, LLC [Member] | Charles Palmer [Member] | |
Alico Fruit [Member] | Alico Fruit [Member] | acre | ||||||
boxes | boxes | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in subsidiary | 51.00% | 51.00% | ' | ' | ' | ' | ' | ' |
Number of shares owned | 3,725,457 | ' | ' | ' | ' | ' | ' | ' |
Number of boxes of fruit marketed | ' | ' | ' | ' | ' | 55,948 | 201,802 | ' |
Related party revenue | ' | ' | ' | ' | ' | $600,000 | $1,907,000 | ' |
Amount of transaction | ' | ' | $37,500 | $90,000 | $2,000,000 | ' | ' | $33,000 |
Term of agreement | ' | ' | ' | ' | '2 years | ' | ' | ' |
Acres of land leased | ' | ' | ' | ' | ' | ' | ' | 2,300 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 01, 2015 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Aug. 07, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Aug. 07, 2014 |
Term Loan [Member] | Revolving Line of Credit [Member] | Minimum [Member] | Maximum [Member] | Scenario, Forecast [Member] | Polk County Real Estate Parcel [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Maximum [Member] | acre | Term Loan [Member] | Revolving Line of Credit [Member] | Minimum [Member] | Maximum [Member] | Polk County Real Estate Parcel [Member] | Polk County Real Estate Parcel [Member] | Polk County Real Estate Parcel [Member] | Hendry County Real Estate Parcel [Member] | |||
Term Loan [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | acre | Scenario, Forecast [Member] | acre | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acres held for sale | ' | ' | ' | ' | ' | 2,800 | ' | ' | ' | ' | 30,959 | ' | ' | 200 |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $91,436 | ' | $5,623 | ' |
Proceeds received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,267 | ' | ' |
LIBOR spread | 2.50% | 2.25% | 2.25% | 2.75% | 5.00% | ' | 2.25% | 1.95% | 1.95% | 2.25% | ' | ' | ' | ' |
Annual commitment fee | ' | 0.15% | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' |
Purchase price adjustment rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Rental fee rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |