Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 05, 2014 | Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
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 | ' | 7,366,738 | ' |
Entity Public Float | ' | ' | $112,809,559.20 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $30,779 | $24,583 |
Investments | 263 | 260 |
Accounts receivable, net | 3,847 | 4,266 |
Inventories | 19,929 | 29,403 |
Assets held for sale | 56,681 | ' |
Other current assets | 573 | 1,283 |
Total current assets | 112,072 | 59,795 |
Investment in Magnolia Fund | 1,435 | 5,086 |
Investments, deposits and other non-current assets | 1,933 | 1,991 |
Cash surrender value of life insurance | 695 | 897 |
Property, buildings and equipment, net | 87,432 | 131,071 |
Total assets | 203,567 | 198,840 |
Current liabilities: | ' | ' |
Accounts payable | 1,729 | 1,729 |
Long-term debt, current portion | 2,000 | 2,000 |
Accrued expenses | 1,618 | 2,354 |
Income taxes payable | 4,572 | 1,171 |
Dividend payable | 442 | 1,461 |
Accrued ad valorem taxes | 1,850 | 1,634 |
Other current liabilities | 3,485 | 1,142 |
Total current liabilities | 15,696 | 11,491 |
Long-term debt, net of current portion | 32,000 | 34,000 |
Capital lease obligation, noncurrent | 839 | ' |
Deferred income taxes | 5,739 | 6,584 |
Deferred retirement benefits, net of current portion | 3,856 | 4,029 |
Total liabilities | 58,130 | 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 7,361,340 and 7,303,568 shares outstanding at September 30, 2014 and September 30, 2013, respectively | 7,377 | 7,377 |
Additional paid in capital | 3,742 | 9,496 |
Treasury stock at cost, 15,766 and 73,538 shares held at September 30, 2014 and September 30, 2013, respectively | -650 | -2,816 |
Retained earnings | 134,968 | 128,679 |
Total stockholders' equity | 145,437 | 142,736 |
Total liabilities and stockholders' equity | $203,567 | $198,840 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
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 | 7,361,340 | 7,303,568 |
Treasury stock at cost, shares | 15,766 | 73,538 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues: | ' | ' | ' |
Citrus Groves | $47,069 | $43,689 | $55,423 |
Agricultural Supply Chain Management | 12,376 | 28,412 | 48,334 |
Improved Farmland | 20,429 | 21,917 | 15,316 |
Ranch and Conservation | 8,172 | 6,755 | 7,348 |
Other Operations | 634 | 888 | 766 |
Total operating revenue | 88,680 | 101,661 | 127,187 |
Operating expenses: | ' | ' | ' |
Citrus Groves | 30,213 | 31,533 | 30,995 |
Agricultural Supply Chain Management | 12,317 | 27,949 | 47,693 |
Improved Farmland | 21,356 | 16,202 | 11,574 |
Ranch and Conservation | 4,330 | 3,798 | 3,497 |
Other Operations | 374 | 505 | 1,196 |
Total operating expenses | 68,590 | 79,987 | 94,955 |
Gross profit | 20,090 | 21,674 | 32,232 |
Corporate general and administrative | 12,234 | 9,739 | 8,490 |
Income from operations | 7,856 | 11,935 | 23,742 |
Other (expense) income: | ' | ' | ' |
Interest and investment income, net | 131 | 704 | 97 |
Interest expense | -969 | -1,257 | -1,616 |
Gain on sale of real estate | 4,820 | 20,299 | 9,113 |
Impairment of assets held for sale | ' | ' | -1,918 |
Other income (loss), net | -55 | -6 | 44 |
Total other income, net | 3,927 | 19,740 | 5,720 |
Income before income taxes | 11,783 | 31,675 | 29,462 |
Income taxes | 3,733 | 12,029 | 10,973 |
Net income attributable to common shareholders | 8,050 | 19,646 | 18,489 |
Comprehensive income, net of tax effect | ' | ' | ' |
Comprehensive income attributable to common shareholders | $8,050 | $19,646 | $18,489 |
Weighted-average number of shares outstanding: | ' | ' | ' |
Basic | 7,336 | 7,313 | 7,355 |
Diluted | 7,354 | 7,357 | 7,355 |
Earnings per common share: | ' | ' | ' |
Basic | $1.10 | $2.69 | $2.51 |
Diluted | $1.09 | $2.67 | $2.51 |
Cash dividends declared per common share | $0.24 | $0.36 | $0.20 |
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, unless otherwise specified | |||||
Balance at Sep. 30, 2011 | $110,662 | $7,377 | $9,212 | ($862) | $94,935 |
Balance, shares at Sep. 30, 2011 | ' | 7,377 | ' | ' | ' |
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 | ' | ' | ' |
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 | ' | ' | ' |
Net income | 8,050 | ' | ' | ' | 8,050 |
Dividends | -1,761 | ' | ' | ' | -1,761 |
Treasury stock purchases | -4,844 | ' | ' | -4,844 | ' |
Stock based compensation: | ' | ' | ' | ' | ' |
Directors | 1,061 | ' | -26 | 1,087 | ' |
Employees | 195 | ' | -5,728 | 5,923 | ' |
Balance at Sep. 30, 2014 | $145,437 | $7,377 | $3,742 | ($650) | $134,968 |
Balance, shares at Sep. 30, 2014 | ' | 7,377 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $8,050 | $19,646 | $18,489 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 7,880 | 9,675 | 8,429 |
Non-cash gains and losses | 202 | -35 | -288 |
Magnolia fund undistributed earnings | -163 | -658 | -59 |
Deferred income tax (benefit) expense, net | -845 | 9,062 | 6,005 |
Deferred retirement benefits | -173 | 615 | 89 |
Gain on sale of property and equipment, net | -4,369 | -20,894 | -8,800 |
Asset impairments | ' | ' | 1,918 |
Stock based compensation | 1,256 | 923 | 458 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 419 | -1,195 | -143 |
Inventories | 9,474 | -2,113 | -4,917 |
Accounts payable and accrued expenses | 1,253 | -3,727 | 2,499 |
Income tax payable/receivable | 3,401 | 2,014 | -144 |
Other | 1,067 | 113 | 99 |
Net cash provided by operating activities | 27,452 | 13,426 | 23,635 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -13,108 | -18,924 | -15,921 |
Acquisition of Citrus business | -16,517 | ' | ' |
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 | 14,473 | 24,381 | 18,095 |
Return on investment in Magnolia | 3,814 | 1,179 | 4,735 |
Proceeds from sales of investments | ' | ' | 732 |
Collections of mortgages and notes receivable | 10 | 35 | 37 |
Net cash provided by (used in) investing activities | -11,328 | 6,671 | 7,678 |
Cash flows from financing activities: | ' | ' | ' |
Principal payments on notes payable | -2,000 | -3,900 | -3,279 |
Borrowings on revolving line of credit | ' | 5,661 | 127,319 |
Repayments on revolving line of credit | ' | -5,661 | -141,298 |
Treasury stock purchases | -4,844 | -2,894 | -298 |
Capital lease payments | -303 | ' | ' |
Dividends paid | -2,781 | -2,048 | -1,765 |
Net cash used in financing activities | -9,928 | -8,842 | -19,321 |
Net increase in cash and cash equivalents | 6,196 | 11,255 | 11,992 |
Cash and cash equivalents at beginning of period | 24,583 | 13,328 | 1,336 |
Cash and cash equivalents at end of period | 30,779 | 24,583 | 13,328 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest, net of amount capitalized | 954 | 1,048 | 1,685 |
Cash paid for income taxes | 1,177 | 952 | 5,142 |
Supplemental disclosure of non-cash activities: | ' | ' | ' |
Capital leases for purchase of equipment | $1,400 | ' | ' |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Sep. 30, 2014 | |
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 129,200 acres of land in seven Florida Counties (Alachua, Collier, DeSoto, Glades, Hendry, Lee and Polk); and in addition to principal lines of business in citrus groves, improved farmland land leasing, 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, 2014 | |||||||||||||||||||||||||||||||||
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 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, 2014, 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. | |||||||||||||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||||||||||||
Accounts receivable are generated from the sale of citrus, 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” in the Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||||||
Major Customers | |||||||||||||||||||||||||||||||||
Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
USSC | $ | 2,962 | $ | 3,004 | $ | 19,633 | $ | 21,056 | $ | 14,442 | 22.1 | % | 20.7 | % | 11.4 | % | |||||||||||||||||
Florida Orange Marketers, Inc. | $ | - | $ | - | $ | 23,826 | $ | 15,689 | $ | 22,219 | 26.9 | % | 15.4 | % | 17.5 | % | |||||||||||||||||
Citrosuco North America, Inc. | $ | - | $ | - | $ | 804 | $ | 11,092 | $ | 18,895 | 0.9 | % | 10.9 | % | 14.9 | % | |||||||||||||||||
Louis Dreyfus | $ | - | $ | - | $ | 24,135 | $ | 26,246 | $ | 29,344 | 27.2 | % | 25.8 | % | 23.1 | % | |||||||||||||||||
Cutrale Citrus Juice | $ | - | $ | - | $ | 3,984 | $ | 6,300 | $ | 13,156 | 4.5 | % | 6.2 | % | 10.3 | % | |||||||||||||||||
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 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” in the Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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” in the Notes to Consolidated Financial Statements 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 utilized a cooperative to harvest its sugarcane. The cooperatives require members to acquire stock ownership as a condition for the use of its services. Due to the Company's cessation of sugarcane farming in May, the company expects the return of the stock value in November following the conclusion of the harvesting season. | |||||||||||||||||||||||||||||||||
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, 2014, 2013 and 2012. 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 diluted weighted average shares outstanding for fiscal years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 7,336 | 7,313 | 7,355 | ||||||||||||||||||||||||||||||
Unvested Restricted Stock Awards | 18 | 44 | - | ||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 7,354 | 7,357 | 7,355 | ||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
Stock-based compensation cost is measured based on the fair value of the award at the grant date 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 is 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 Comprehensive Income for the three years ended September 30, 2014 in other operations and general and administrative expense was as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Stock compensation expense: | |||||||||||||||||||||||||||||||||
Executives | $ | 195 | $ | 81 | $ | (27 | ) | ||||||||||||||||||||||||||
Board of Directors | 1,061 | 842 | 485 | ||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 1,256 | $ | 923 | $ | 458 | |||||||||||||||||||||||||||
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, 2014, the Company issued 24,161 shares to Directors under the 2008 and 2013 Plans at a weighted average fair value of $37.61 per share that vested immediately. Stock-based compensation expense recognized in the Consolidated Statement of Comprehensive Income in general and administrative expense was $1,256,000, $923,000 and $458,000 for the years ended September 30, 2014, 2013 and 2012. There are 311,053 shares eligible for grant under the 2013 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. As a result, the Company issued 152,403 shares of treasury stock in January 2014, before withholdings for income taxes. The Company has recognized $195,000 of stock-based compensation expense related to the acceleration of vesting of these grants during fiscal year 2014. In December 2013, the Company determined that it would repurchase half of the gross shares awarded to NEOs other than the CEO totaling 58,610 shares immediately upon their issuance for the purpose of retaining treasury shares for future issuance. | |||||||||||||||||||||||||||||||||
No stock options were granted in fiscal 2014, 2013 or 2012. | |||||||||||||||||||||||||||||||||
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” in the Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncement | |||||||||||||||||||||||||||||||||
Title | Prescribed | Commentary | |||||||||||||||||||||||||||||||
Effective | |||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||
Update No. 2014-08—Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | 12/15/15 | The Company is still evaluating the impact of the adoption of the standard will have on its results of operations and financial position. | |||||||||||||||||||||||||||||||
(Q1 2015) | |||||||||||||||||||||||||||||||||
Update No. 2014-09—Revenue from Contracts with Customers (Topic 606) | 12/15/16 | The Company is still evaluating the impact of the adoption of the standard will have on its results of operations and financial position. | |||||||||||||||||||||||||||||||
(Q1 2017) |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||
Sep. 30, 2014 | |||
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, 2014 and 2013, 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 2014, 2013 and 2012. | |||
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 4.7% and 4.2% at September 30, 2014 and 2013, respectively. |
Investments_deposits_and_other
Investments, deposits and other assets | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
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-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||
Current | Non-Current | Total | Current | Non-Current | Total | ||||||||||||||||||||||||||||||
Certificates of deposit | $ | 263 | $ | - | $ | 263 | $ | 260 | $ | - | $ | 260 | |||||||||||||||||||||||
Loan origination fees | - | 762 | 762 | - | 836 | 836 | |||||||||||||||||||||||||||||
Stock in agricultural cooperatives | - | 772 | 772 | - | 516 | 516 | |||||||||||||||||||||||||||||
Deposits | - | 34 | 34 | - | 326 | 326 | |||||||||||||||||||||||||||||
Water permits | - | 240 | 240 | - | 259 | 259 | |||||||||||||||||||||||||||||
Other | - | 125 | 125 | - | 54 | 54 | |||||||||||||||||||||||||||||
Total | $ | 263 | $ | 1,933 | $ | 2,196 | $ | 260 | $ | 1,991 | $ | 2,251 | |||||||||||||||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
Note 5. Inventories | ||||||||
Inventories consist of the following at September 30, 2014 and 2013: | ||||||||
(in thousands) | September 30, | |||||||
2014 | 2013 | |||||||
Unharvested fruit crop on the trees | $ | 18,305 | $ | 16,329 | ||||
Unharvested sugarcane | - | 11,728 | ||||||
Beef cattle | 1,022 | 1,200 | ||||||
Other | 602 | 146 | ||||||
Total Inventories | $ | 19,929 | $ | 29,403 | ||||
The Company records its inventory at the lower of cost or net realizable value. For the years ended September 30, 2014, 2013 and 2012, 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, 2014 | |
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, 2014, unaudited internal financial statements of Magnolia, Alico recorded net investment income of $163,000 for the year ended September 30, 2014. The Company recorded net investment income of $658,000 for the year ended September 30, 2013, and $59,000 for the year ended September 30, 2012. Magnolia made certain distributions during the year ended September 30, 2014, 2013 and 2012; the Company's share of those distributions was approximately $3,814,000, $1,179,000 and $4,735,000, respectively. |
Property_Buildings_and_Equipme
Property, Buildings and Equipment, Net | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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, 2014 and 2013: | ||||||||||||
(in thousands) | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Breeding herd | $ | 11,558 | $ | 12,234 | ||||||||
Buildings | 15,220 | 11,587 | ||||||||||
Citrus trees | 45,257 | 34,188 | ||||||||||
Sugarcane | - | 16,199 | ||||||||||
Equipment and other facilities | 50,499 | 47,278 | ||||||||||
Total depreciable properties | 122,534 | 121,486 | ||||||||||
Less accumulated depreciation and depletion | (63,031 | ) | (71,857 | ) | ||||||||
Net depreciable properties | 59,503 | 49,629 | ||||||||||
Land and land improvements | 27,929 | 81,442 | ||||||||||
Net property, buildings and equipment | $ | 87,432 | $ | 131,071 | ||||||||
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, 2014, 2013 and 2012. 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 and determined there were no impairments except for $1,918,000 in 2012 related to certain Lee County land. | ||||||||||||
Sugarcane Lease | ||||||||||||
On May 19, 2014, the Company entered into a triple net agricultural lease with its sole sugarcane customer, United States Sugar Corporation, 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. As a result of the Lease, the Company is no longer 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 approximately $3,548,000 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 $28.00. This effectively increases the rent in the event sugar prices rise in the future. During fiscal year 2014, the Company has recognized $1,389,000 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. We 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, we also received the annual base rent payment of approximately $3,548,000 for a total payment of approximately $14,600,000 from USSC on July 1, 2014. | ||||||||||||
Polk County property sale | ||||||||||||
On July 1, 2014, the Company sold a 2,800 acre parcel of land in Polk County, Florida for $5,623,000. This parcel was surplus to our operations and was classified as held for sale. This sale was part of a like-kind exchange transaction that qualifies for tax-deferral treatment in accordance with Internal Revenue Code §1031. | ||||||||||||
Acquisition of Citrus Grove | ||||||||||||
On August 8, 2014, the Company and Premiere Agricultural Properties, LLC entered into a Purchase and Sale Agreement pursuant to which the Company purchased all of the assets on a 1,241 acre citrus grove (867 net tree acres) in DeSoto County, FL for a purchase price of approximately $16,517,000. The transaction was closed on September 23, 2014. The purchase price was funded from the Company's cash and cash equivalents and $5,300,000 in funds from a 2014 like-kind exchange transaction in Polk County pursuant to Internal Revenue Code §1031. We acquired the citrus acres to increase the size of our citrus groves which we believe strengthens our market position. | ||||||||||||
The total cost of the acquisition was allocated to the assets acquired based on their estimated respective fair values in accordance with ASC 805, Business Combinations and was accounted for using the acquisition method of accounting. | ||||||||||||
The assets acquired in the acquisition were recorded in the quarter ended September 30, 2014. The results of operations have been included in our consolidated statements of income since September 23, 2014, the date of closing. Pro-forma operating results, as if the Company had completed the acquisition at the beginning of the periods presented, are not significant to the Company's consolidated financial statements and are not presented. | ||||||||||||
Assets acquired in the acquisition are as follows: | ||||||||||||
(in thousands) | Amount | |||||||||||
Inventories | $ | 1,148 | ||||||||||
Property, Buildings and Equipment: | ||||||||||||
Equipment and other facilities | 1,834 | |||||||||||
Land | 3,902 | |||||||||||
Citrus Trees | 9,633 | |||||||||||
Total cash paid | $ | 16,517 | ||||||||||
Alachua County Property | ||||||||||||
In fiscal year 2013, the Company purchased 396 acres in Alachua County, Florida for $1,175,000. The Company is currently building a citrus tree nursery on the property and will utilize the trees produced in its own operations and sell excess trees to citrus growers in the state of Florida. | ||||||||||||
Sale of Easement | ||||||||||||
In fiscal year, 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. | ||||||||||||
Assets_held_for_sale
Assets held for sale | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Assets held for sale [Abstract] | ' | ||||
Assets held for sale | ' | ||||
Note 8. Assets held for sale | |||||
At September 30, 2014 the assets held for sale comprised of the following: | |||||
(in thousands) | September 30, | ||||
2014 | |||||
Citrus, land and land improvements | $ | 2,700 | |||
Sugarcane, land and land improvements | 53,981 | ||||
Assets held for sale | $ | 56,681 | |||
Purchase and Sale Agreement | |||||
On August 8, 2014, we entered into a Purchase and Sale Agreement, (the “Purchase Agreement”) with Terra Land Company (“Terra”) to sell approximately 30,959 gross acres of land located in Hendry County, Florida used for sugarcane production for a base purchase price of $91,436,000. The base purchase price was subject to a valuation adjustment in the event that either the net farmable acres or net support acres of the land were more or less than the amounts in the Purchase Agreement by one percent (1%) or greater. | |||||
On November 21, 2014, via various amendments to the Purchase Agreement, we completed the sale to Global Ag Properties USA LLC of approximately 36,000 gross acres of land located in Henry County, Florida used for sugarcane production for a purchase price of $97,900,000 pursuant to the Purchase and Sale Agreement dated August 8, 2014. Global is a wholly-owned subsidiary of Terra. We have also assigned our interest in the USSC Lease to Global in conjunction with the sale. The parties have made customary representations, warranties, covenants and agreements in the Purchase Agreement. | |||||
As a result of the disposition of our sugarcane land, we are no longer involved in sugarcane and, as of November 21, 2014 the Improved Farmland segment was no longer material to our business. | |||||
Our sugarcane land has been classified as assets held for sale as of September 30, 2014, however the sugarcane operation has not been classified as a discontinued operation due to the Company's continuing involvement and continuing cash outflows in the operation pursuant to a Post-Closing Agreement in association with the Global land sale. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Accrued Expenses [Abstract] | ' | ||||||||||
Accrued Expenses | ' | ||||||||||
Note 9. Accrued Expenses | |||||||||||
Accrued expenses consist of the following at September 30, 2014 and 2013: | |||||||||||
(in thousands) | September 30, | ||||||||||
2014 | 2013 | ||||||||||
Accrued employee wages and benefits | $ | 442 | $ | 687 | |||||||
Accrued interest | 270 | 307 | |||||||||
Current portion of retirement benefits payable | 342 | 342 | |||||||||
Inventory received but not invoiced | 197 | 885 | |||||||||
Other | 367 | 133 | |||||||||
Total accrued expenses | $ | 1,618 | $ | 2,354 |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Current Liabilities [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Note 10. Other Current Liabilities | ||||||||
Other current liabilities consist of the following at September 30, 2014 and 2013: | ||||||||
(in thousands) | September 30, | |||||||
2014 | 2013 | |||||||
Deposits - Farm land leases | $ | 2,641 | $ | 481 | ||||
Deposits - Recreation land leases | 572 | 621 | ||||||
Deposits - Other | 14 | 40 | ||||||
Capital Lease | 258 | - | ||||||
Total other current liabilities | $ | 3,485 | $ | 1,142 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Note 11. Long-Term Debt | ||||||||||||
Outstanding debt under the Company's various loan agreements is presented in the table below: | ||||||||||||
(in thousands) | Revolving Line | Term Loan | Total Credit | |||||||||
of Credit | Facility | |||||||||||
30-Sep-14 | ||||||||||||
Principal balance outstanding | $ | - | $ | 34,000 | $ | 34,000 | ||||||
Remaining available credit | $ | 60,000 | $ | - | $ | 60,000 | ||||||
Effective interest rate | 2.1 | % | 2.4 | % | ||||||||
Scheduled maturity date | Oct-20 | Oct-20 | ||||||||||
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 | Oct-20 | Oct-20 | ||||||||||
Collateral | Real Estate | Real Estate | ||||||||||
The Company has a revolving line of credit (“RLOC”) and term loan with Rabo AgriFinance, Inc. (“Rabo”) totaling $94,000,000. 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 Rabo credit facility was amended effective July 1, 2014. Terms as amended are summarized below. | ||||||||||||
The term loan requires quarterly payments of interest at a floating rate of one month LIBOR plus 225 basis points. On July 15, 2016 and every two years thereafter, 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. | ||||||||||||
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 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 195 to 295 basis points. The rate is currently at LIBOR plus 195 basis points. On July 1, 2015 and every two years thereafter, 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 RLOC is subject to an unused commitment fee of 20 basis points on the annual average unused portion of the RLOC. | ||||||||||||
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, 2014, and 2013, the Company was in compliance with the financial 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 $80,000,000, 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, 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 | 24,000 | |||||||||||
Total | $ | 34,000 | ||||||||||
Interest costs expensed and capitalized to property, buildings and equipment were as follows: | ||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense | $ | 969 | $ | 1,257 | $ | 1,616 | ||||||
Interest capitalized | 204 | 79 | 100 | |||||||||
Total | $ | 1,173 | $ | 1,336 | $ | 1,716 |
Treasury_Stock
Treasury Stock | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Treasury Stock [Abstract] | ' | ||||||||||||||||||
Treasury Stock | ' | ||||||||||||||||||
Note 12. 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, 2014, 2013 and 2012: | |||||||||||||||||||
(in thousands, except share amounts and per share amounts) | |||||||||||||||||||
Total Number of Shares | Average Price Paid Per Share | Total Shares Purchased as | Total Dollar Value of Shares | ||||||||||||||||
Purchased | Part of Publicly Announced | Purchased | |||||||||||||||||
Plan or Program | |||||||||||||||||||
Fiscal Year Ended September 30,: | |||||||||||||||||||
2014 | 118,792 | $ | 40.78 | 375,995 | $ | 4,844 | |||||||||||||
2013 | 75,887 | $ | 38.14 | 257,203 | $ | 2,894 | |||||||||||||
2012 | 12,332 | $ | 24.12 | 181,316 | $ | 298 | |||||||||||||
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, 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 | |||||||||||||||||
Purchased | 118,792 | 4,844 | |||||||||||||||||
Issued to Employees and Directors | (176,564 | ) | (7,010 | ) | |||||||||||||||
Balance at September 30, 2014 | 15,766 | $ | 650 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 13. Income Taxes | |||||||||||||
The provision for income tax (benefit) for the years ended September 30, 2014, 2013 and 2012 consists of the following: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal income tax | $ | 4,035 | $ | 2,508 | $ | 3,696 | |||||||
State income tax | 543 | 458 | 1,298 | ||||||||||
Total current | 4,578 | 2,966 | 4,994 | ||||||||||
Deferred: | |||||||||||||
Federal income tax | (590 | ) | 7,921 | 5,617 | |||||||||
State income tax | (255 | ) | 1,142 | 362 | |||||||||
Total deferred | (845 | ) | 9,063 | 5,979 | |||||||||
Total provision for income taxes | $ | 3,733 | $ | 12,029 | $ | 10,973 | |||||||
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, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at the statutory federal rate | $ | 4,099 | $ | 11,086 | $ | 10,312 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal benefit | 183 | 1,067 | 1,051 | ||||||||||
Federal impacts from IRS exam and tax return amendments | - | 19 | (444 | ) | |||||||||
Permanent and other reconciling items, net | (549 | ) | (143 | ) | 54 | ||||||||
Total provision for income taxes | $ | 3,733 | $ | 12,029 | $ | 10,973 | |||||||
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, 2014 and 2013 are presented below: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred retirement benefits | $ | 1,619 | $ | 1,686 | |||||||||
Inventories | 95 | 144 | |||||||||||
Restricted stock compensation | - | 31 | |||||||||||
Alico-Agri, Ltd. outside basis differences | 3,196 | 3,196 | |||||||||||
Capital loss carry forward | 10,492 | 10,502 | |||||||||||
Other | 1,118 | 159 | |||||||||||
Total deferred tax assets | 16,520 | 15,718 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Revenue recognized from citrus and sugarcane | 99 | 302 | |||||||||||
Property and Equipment | 21,535 | 21,550 | |||||||||||
Investment in Magnolia | 415 | 450 | |||||||||||
Other | 210 | - | |||||||||||
Total deferred tax liabilities | 22,259 | 22,302 | |||||||||||
Net deferred income tax (liability) | $ | (5,739 | ) | $ | (6,584 | ) | |||||||
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, 2014 or September 30, 2013. 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, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 14. Related Party Transactions | |
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 September 30, 2014 neither the 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. In the fiscal year ended September 30, 2014, the Company has received $128,000 under this agreement. | |
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 $2,000,000 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. |
Employee_Benefits_Plans
Employee Benefits Plans | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Employee Benefits Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Note 15. 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 4.7% and 4.2% in 2014 and 2013, 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, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Service cost | 195 | 221 | 251 | ||||||||||
Interest cost | (23 | ) | 368 | 178 | |||||||||
Recognized actuarial loss adjustment | - | - | 2 | ||||||||||
Total | 172 | 589 | 431 | ||||||||||
The following provides a roll-forward of the MSP benefit obligation. | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Change in projected benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,371 | $ | 4,098 | |||||||||
Service cost | 195 | 221 | |||||||||||
Interest cost | (23 | ) | 368 | ||||||||||
Recognized actuarial loss adjustment | - | - | |||||||||||
Benefits paid | (345 | ) | (316 | ) | |||||||||
Benefit obligation at end of year | $ | 4,198 | $ | 4,371 | |||||||||
Funded status at end of year | $ | (4,198 | ) | $ | (4,371 | ) | |||||||
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 $352,000, $367,000, $348,000, $365,000 and $171,000 and for the five-year period thereafter an aggregate of $1,190,000. | |||||||||||||
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 $192,000, $157,000 and $81,000 for the fiscal years 2014, 2013 and 2012, 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 $165,000, $210,000 and $245,000 for the years ended September 30, 2014, 2013 and 2012, respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Note 16. 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 a citrus nursery, 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 owning 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, a citrus nursery 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 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, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Citrus Groves | $ | 47,069 | $ | 43,689 | $ | 55,423 | ||||||
Agricultural Supply Chain Management | 12,376 | 28,412 | 48,334 | |||||||||
Improved Farmland | 20,429 | 21,917 | 15,316 | |||||||||
Ranch and Conservation | 8,172 | 6,755 | 7,348 | |||||||||
Other Operations | 634 | 888 | 766 | |||||||||
Intersegment Revenues | 9,621 | 10,981 | 11,820 | |||||||||
Eliminations | (9,621 | ) | (10,981 | ) | (11,820 | ) | ||||||
Total revenue | 88,680 | 101,661 | 127,187 | |||||||||
Operating expenses: | ||||||||||||
Citrus Groves | 30,213 | 31,533 | 30,995 | |||||||||
Agricultural Supply Chain Management | 12,317 | 27,949 | 47,693 | |||||||||
Improved Farmland | 21,356 | 16,202 | 11,574 | |||||||||
Ranch and Conservation | 4,330 | 3,798 | 3,497 | |||||||||
Other Operations | 374 | 505 | 1,196 | |||||||||
Total operating expenses | 68,590 | 79,987 | 94,955 | |||||||||
Gross profit: | ||||||||||||
Citrus Groves | 16,856 | 12,156 | 24,428 | |||||||||
Agricultural Supply Chain Management | 59 | 463 | 641 | |||||||||
Improved Farmland | (927 | ) | 5,715 | 3,742 | ||||||||
Ranch and Conservation | 3,842 | 2,957 | 3,851 | |||||||||
Other Operations | 260 | 383 | (430 | ) | ||||||||
Total gross profit | $ | 20,090 | $ | 21,674 | $ | 32,232 | ||||||
Capital expenditures: | ||||||||||||
Citrus Groves | $ | 7,462 | $ | 3,942 | $ | 1,562 | ||||||
Agricultural Supply Chain Management | 1,615 | 81 | 388 | |||||||||
Improved Farmland | 3,696 | 9,468 | 10,482 | |||||||||
Ranch and Conservation | 1,413 | 3,475 | 741 | |||||||||
Other Operations | 37 | 27 | - | |||||||||
Other capital expenditures | 285 | 1,931 | 2,748 | |||||||||
Total capital expenditures | $ | 14,508 | $ | 18,924 | $ | 15,921 | ||||||
Depreciation, depletion and amortization: | ||||||||||||
Citrus Groves | $ | 2,132 | $ | 2,114 | $ | 2,088 | ||||||
Agricultural Supply Chain Management | 164 | 169 | 223 | |||||||||
Improved Farmland | 3,320 | 5,131 | 4,051 | |||||||||
Ranch and Conservation | 1,330 | 1,250 | 992 | |||||||||
Other Operations | 743 | 347 | 427 | |||||||||
Other depreciation, depletion and amortization | 191 | 664 | 648 | |||||||||
Total depreciation, depletion and amortization | $ | 7,880 | $ | 9,675 | $ | 8,429 | ||||||
(a) Other Operations includes the former Real Estate segment as well as other operations. | ||||||||||||
(in thousands) | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Citrus Groves | $ | 67,388 | $ | 52,592 | ||||||||
Agricultural Supply Chain Management | 2,498 | 994 | ||||||||||
Improved Farmland | 57,726 | 75,348 | ||||||||||
Ranch and Conservation | 13,920 | 14,696 | ||||||||||
Other Operations | 26,356 | 15,094 | ||||||||||
Other Corporate Assets | 35,679 | 40,116 | ||||||||||
Total Assets | $ | 203,567 | $ | 198,840 | ||||||||
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, 2014 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
Note 17. Commitments and Contingencies | ||||||
Operating Leases | ||||||
The Company has obligations under various non-cancelable 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 $2,015,000, $1,182,000 and $1,256,000 for the years ended September 30, 2014, 2013 and 2012, respectively. | ||||||
The future minimum rental payments under non-cancelable operating leases are as follows: | ||||||
(in thousands) | ||||||
2015 | $ | 578 | ||||
2016 | 529 | |||||
2017 | 124 | |||||
2018 | - | |||||
2019 | - | |||||
Total | $ | 1,231 | ||||
Change in Control Agreements | ||||||
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 total payments required by CIC Agreements are $2,504,000 for executive officers and $1,417,000 for other key employees (see “Note 19. Subsequent Events” in the Notes to Consolidated Financial Statements). | ||||||
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 total amount of $254,000 for the year ended September 30, 2014 and $200,000 for the year ended September 30, 2013, to secure its insurance obligations. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) [Abstract] | ' | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unaudited) | ' | ||||||||||||||||||||||||||||||||
Note 18. Selected Quarterly Financial Data (unaudited) | |||||||||||||||||||||||||||||||||
Summarized quarterly financial data (in thousands except for per share amounts) for the fiscal years ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Total operating revenue | $ | 14,989 | $ | 21,356 | $ | 37,475 | $ | 38,410 | $ | 28,675 | $ | 35,229 | $ | 7,541 | $ | 6,666 | |||||||||||||||||
Total operating expenses | 12,152 | 17,570 | 27,616 | 31,396 | 24,416 | 26,164 | 4,406 | 4,857 | |||||||||||||||||||||||||
Gross profit | 2,837 | 3,786 | 9,859 | 7,014 | 4,259 | 9,065 | 3,135 | 1,809 | |||||||||||||||||||||||||
Corporate, general and administrative | 3,827 | 1,808 | 2,486 | 2,464 | 2,097 | 2,253 | 3,824 | 3,214 | |||||||||||||||||||||||||
Other (expense) income | (261 | ) | (304 | ) | (311 | ) | 23 | (252 | ) | (167 | ) | 4,751 | 20,188 | ||||||||||||||||||||
Income (loss) before income taxes | (1,251 | ) | 1,674 | 7,062 | 4,573 | 1,910 | 6,645 | 4,062 | 18,783 | ||||||||||||||||||||||||
Income tax expense (benefit) | (547 | ) | 636 | 2,992 | 1,800 | 791 | 2,566 | 497 | 7,027 | ||||||||||||||||||||||||
Net (loss) income | $ | (704 | ) | $ | 1,038 | $ | 4,070 | $ | 2,773 | $ | 1,119 | $ | 4,079 | $ | 3,565 | $ | 11,756 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.14 | $ | 0.55 | $ | 0.38 | $ | 0.15 | $ | 0.56 | $ | 0.5 | $ | 1.61 | ||||||||||||||||
Diluted | $ | (0.10 | ) | $ | 0.14 | $ | 0.55 | $ | 0.38 | $ | 0.15 | $ | 0.55 | $ | 0.49 | $ | 1.6 | ||||||||||||||||
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, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 19. Subsequent Events | |
Sugarcane Disposition | |
On May 19, 2014, we entered into a triple net agricultural lease (the “USSC Lease”) with our sole sugarcane customer, United States Sugar Corporation (“USSC”), of approximately 30,600 gross acres of land in Hendry County, Florida historically used for sugarcane farming. As a result of this lease we were no longer directly engaged in sugarcane farming as of May 19, 2014. | |
On November 21, 2014, we sold approximately 36,000 acres of sugarcane land to Global Ag Properties USA LLC (“Global”), including the land leased to USSC above, for approximately $97,900,000 in cash and assigned the USSC Lease to the purchaser. As result of this disposition, we are no longer involved in sugarcane, and the Improved Farmland segment is no longer material to our business. The proceeds from the sale were reinvested on December 2, 2014 (see Orange-Co Acquisition) via a tax deferred like-kind exchange pursuant to Internal Revenue Code Section §1031. | |
Orange-Co Acquisition | |
On December 2, 2014, we completed the acquisition of certain citrus and related assets of Orange-Co, LP (“Orange-Co”) pursuant to an Asset Purchase Agreement (the “Orange-Co Purchase Agreement”), dated as of December 1, 2014. The assets we purchased include approximately 20,263 acres of citrus groves in DeSoto and Charlotte counties, Florida, which comprises one of the largest contiguous citrus grove properties in the state of Florida. The purchase price was approximately $274,000,000 including: (1) $147,500,000 in initial cash consideration, subject to adjustment as set forth in the Orange-Co Purchase Agreement; (2) up to $7,500,000 in additional cash consideration to be released from escrow in equal parts, subject to certain limitations, on the 12- and 18-month anniversaries of the Closing Date; (3) the assumption and refinancing of Orange-Co's outstanding debt including approximately $91,200,000 in term debt and a working capital facility of approximately $27,800,000; and (4) the assumption of certain other liabilities. On the Closing Date, the Company deposited an irrevocable standby letter of credit issued by Rabo Agrifinance, Inc. (“Rabo”) in the aggregate amount of $7,500,000 into an escrow account to fund the additional cash consideration. | |
We concurrently entered into arrangements to finance the Orange-Co acquisition as follows: | |
Metlife Credit Agreement | |
We entered into a First Amended and Restated Credit Agreement with Metropolitan Life Insurance Company and New England Life Insurance Company under which they provided term loans in the aggregate principal amount of $182,500,000 and $25,000,000 in revolving credit commitments. | |
The Metlife Agreement amends and restates existing credit facilities, dated as of September 8, 2010 (as amended from time to time, the “Prior Credit Agreement”) between the Company and Rabo. Under the Prior Credit Agreement, we had a term loan in the initial principal amount of $40,000,000, of which $33,500,000 was outstanding at the date of refinancing and $60,000,000 in undrawn revolving credit commitments. | |
Rabo Credit Agreement | |
We entered into a Credit Agreement with Rabo under which they have provided a $70,000,000 revolving working capital line of credit for the Company. | |
Silver Nip Merger Agreement | |
On December 2, 2014, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with 734 Sub, LLC, a wholly owned subsidiary of the Company (“Merger Sub”), 734 Citrus Holdings, LLC (“Silver Nip Citrus”) and, solely with respect to certain sections thereof, the equity holders of Silver Nip Citrus. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Silver Nip Citrus (the “Merger”), with Silver Nip Citrus surviving the Merger as a wholly owned subsidiary of the Company. Subject to the terms and conditions set forth in the Merger Agreement, the Company will issue shares of the Company's common stock to the equity holders of Silver Nip Citrus as follows: | |
at the effective time of the Merger, up to 1,463,544 shares of Common Stock, subject to certain adjustments set forth in the Merger Agreement for Silver Nip Citrus's net indebtedness at the closing of the Merger, amounts related to certain groves specified in the Merger Agreement, certain Silver Nip Citrus transaction expenses and the trading price of the Common Stock; and | |
thirty (30) days after the end of Silver Nip Citrus's 2014-2015 citrus harvest season, an additional amount of shares of Common Stock, with the number of shares issued to be based on the net proceeds received by the Company from the sale of citrus fruit harvested on certain Silver Nip Citrus groves after the closing of the Merger, subject to certain adjustments set forth in the Merger Agreement for the cost to harvest the citrus fruit and the trading price of the Common Stock. | |
Completion of the Merger is conditioned, among other things, on: (1) approval of the Stock Issuance by a majority of the holders of the Company's common stock voting at a special meeting or acting by written consent to approve the Stock Issuance and, if such approval is obtained through action by written consent, the expiration of a twenty (20)-day waiting period after the date an information statement of the Company prepared in accordance with Regulation 14C of the Exchange Act and such information statement, is delivered to the Company's shareholders; (2) receipt of a final appraisal of the Silver Nip Citrus groves; (3) receipt of certain third-party consents; (4) completion of an audit of Silver Nip Citrus's 2014 consolidated financials and receipt of an unqualified audit opinion; (5) material compliance by the other party with all of its obligations under the Merger Agreement; and (6) subject to certain exceptions, the accuracy of the representations and warranties of the other party subject to a material adverse effect standard (as defined in the Merger Agreement). | |
734 Investors, LLC (“734 Investors”), the Company's majority shareholder, will seek the consent of a majority of its disinterested members to direct 734 Investors to approve the Stock Issuance by a written consent of its shares of Common Stock. | |
Water Storage Contract Approval | |
In December 2012, the South Florida Water Management District (“SFWMD”) issued a solicitation request for projects to be considered for the Northern Everglades Payment for Environmental Services Program. In March 2013, the Company submitted its response proposing a dispersed water management project on its ranch land. | |
On December 11, 2014, the SFWMD approved a contract, based on the submitted response, with the Company. The contract term is eleven years and allows up to one year for implementation (design, permitting, construction and construction completion certification) and ten years of operation whereby the Company will provide water retention services. Payment for these services includes an amount not to exceed $4,000,000 of reimbursement for implementation. In addition it provides for an annual fixed payment of $12,000,000 for operations and maintenance costs as long as the project is in compliance with the contract and subject to annual SFWMD Governing Board (“Board”) approval of funding. The contract specifies that the Board has to approve the payments annually and there can be no assurance that it will approve the annual fixed payments. | |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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 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, 2014, 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. | |||||||||||||||||||||||||||||||||
Accounts receivable | ' | ||||||||||||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||||||||||||
Accounts receivable are generated from the sale of citrus, 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” in the Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||||||
Major Customers | ' | ||||||||||||||||||||||||||||||||
Major Customers | |||||||||||||||||||||||||||||||||
Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
USSC | $ | 2,962 | $ | 3,004 | $ | 19,633 | $ | 21,056 | $ | 14,442 | 22.1 | % | 20.7 | % | 11.4 | % | |||||||||||||||||
Florida Orange Marketers, Inc. | $ | - | $ | - | $ | 23,826 | $ | 15,689 | $ | 22,219 | 26.9 | % | 15.4 | % | 17.5 | % | |||||||||||||||||
Citrosuco North America, Inc. | $ | - | $ | - | $ | 804 | $ | 11,092 | $ | 18,895 | 0.9 | % | 10.9 | % | 14.9 | % | |||||||||||||||||
Louis Dreyfus | $ | - | $ | - | $ | 24,135 | $ | 26,246 | $ | 29,344 | 27.2 | % | 25.8 | % | 23.1 | % | |||||||||||||||||
Cutrale Citrus Juice | $ | - | $ | - | $ | 3,984 | $ | 6,300 | $ | 13,156 | 4.5 | % | 6.2 | % | 10.3 | % | |||||||||||||||||
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 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” in the Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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” in the Notes to Consolidated Financial Statements 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 utilized a cooperative to harvest its sugarcane. The cooperatives require members to acquire stock ownership as a condition for the use of its services. Due to the Company's cessation of sugarcane farming in May, the company expects the return of the stock value in November following the conclusion of the harvesting season. | |||||||||||||||||||||||||||||||||
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, 2014, 2013 and 2012. 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 diluted weighted average shares outstanding for fiscal years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 7,336 | 7,313 | 7,355 | ||||||||||||||||||||||||||||||
Unvested Restricted Stock Awards | 18 | 44 | - | ||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 7,354 | 7,357 | 7,355 | ||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
Stock-based compensation cost is measured based on the fair value of the award at the grant date 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 is 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 Comprehensive Income for the three years ended September 30, 2014 in other operations and general and administrative expense was as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Stock compensation expense: | |||||||||||||||||||||||||||||||||
Executives | $ | 195 | $ | 81 | $ | (27 | ) | ||||||||||||||||||||||||||
Board of Directors | 1,061 | 842 | 485 | ||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 1,256 | $ | 923 | $ | 458 | |||||||||||||||||||||||||||
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, 2014, the Company issued 24,161 shares to Directors under the 2008 and 2013 Plans at a weighted average fair value of $37.61 per share that vested immediately. Stock-based compensation expense recognized in the Consolidated Statement of Comprehensive Income in general and administrative expense was $1,256,000, $923,000 and $458,000 for the years ended September 30, 2014, 2013 and 2012. There are 311,053 shares eligible for grant under the 2013 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. As a result, the Company issued 152,403 shares of treasury stock in January 2014, before withholdings for income taxes. The Company has recognized $195,000 of stock-based compensation expense related to the acceleration of vesting of these grants during fiscal year 2014. In December 2013, the Company determined that it would repurchase half of the gross shares awarded to NEOs other than the CEO totaling 58,610 shares immediately upon their issuance for the purpose of retaining treasury shares for future issuance. | |||||||||||||||||||||||||||||||||
No stock options were granted in fiscal 2014, 2013 or 2012. | |||||||||||||||||||||||||||||||||
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” in the Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||||||||||
Recent Accounting Pronouncement | |||||||||||||||||||||||||||||||||
Title | Prescribed | Commentary | |||||||||||||||||||||||||||||||
Effective | |||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||
Update No. 2014-08—Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | 12/15/15 | The Company is still evaluating the impact of the adoption of the standard will have on its results of operations and financial position. | |||||||||||||||||||||||||||||||
(Q1 2015) | |||||||||||||||||||||||||||||||||
Update No. 2014-09—Revenue from Contracts with Customers (Topic 606) | 12/15/16 | The Company is still evaluating the impact of the adoption of the standard will have on its results of operations and financial position. | |||||||||||||||||||||||||||||||
(Q1 2017) |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
USSC | $ | 2,962 | $ | 3,004 | $ | 19,633 | $ | 21,056 | $ | 14,442 | 22.1 | % | 20.7 | % | 11.4 | % | |||||||||||||||||
Florida Orange Marketers, Inc. | $ | - | $ | - | $ | 23,826 | $ | 15,689 | $ | 22,219 | 26.9 | % | 15.4 | % | 17.5 | % | |||||||||||||||||
Citrosuco North America, Inc. | $ | - | $ | - | $ | 804 | $ | 11,092 | $ | 18,895 | 0.9 | % | 10.9 | % | 14.9 | % | |||||||||||||||||
Louis Dreyfus | $ | - | $ | - | $ | 24,135 | $ | 26,246 | $ | 29,344 | 27.2 | % | 25.8 | % | 23.1 | % | |||||||||||||||||
Cutrale Citrus Juice | $ | - | $ | - | $ | 3,984 | $ | 6,300 | $ | 13,156 | 4.5 | % | 6.2 | % | 10.3 | % | |||||||||||||||||
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 diluted weighted average shares outstanding for fiscal years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 7,336 | 7,313 | 7,355 | ||||||||||||||||||||||||||||||
Unvested Restricted Stock Awards | 18 | 44 | - | ||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 7,354 | 7,357 | 7,355 | ||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Expense | ' | ||||||||||||||||||||||||||||||||
Total stock-based compensation expense recognized on the Consolidated Statements of Comprehensive Income for the three years ended September 30, 2014 in other operations and general and administrative expense was as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Stock compensation expense: | |||||||||||||||||||||||||||||||||
Executives | $ | 195 | $ | 81 | $ | (27 | ) | ||||||||||||||||||||||||||
Board of Directors | 1,061 | 842 | 485 | ||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 1,256 | $ | 923 | $ | 458 |
Investments_deposits_and_other1
Investments, deposits and other assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
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-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||
Current | Non-Current | Total | Current | Non-Current | Total | ||||||||||||||||||||||||||||||
Certificates of deposit | $ | 263 | $ | - | $ | 263 | $ | 260 | $ | - | $ | 260 | |||||||||||||||||||||||
Loan origination fees | - | 762 | 762 | - | 836 | 836 | |||||||||||||||||||||||||||||
Stock in agricultural cooperatives | - | 772 | 772 | - | 516 | 516 | |||||||||||||||||||||||||||||
Deposits | - | 34 | 34 | - | 326 | 326 | |||||||||||||||||||||||||||||
Water permits | - | 240 | 240 | - | 259 | 259 | |||||||||||||||||||||||||||||
Other | - | 125 | 125 | - | 54 | 54 | |||||||||||||||||||||||||||||
Total | $ | 263 | $ | 1,933 | $ | 2,196 | $ | 260 | $ | 1,991 | $ | 2,251 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories consist of the following at September 30, 2014 and 2013: | ||||||||
(in thousands) | September 30, | |||||||
2014 | 2013 | |||||||
Unharvested fruit crop on the trees | $ | 18,305 | $ | 16,329 | ||||
Unharvested sugarcane | - | 11,728 | ||||||
Beef cattle | 1,022 | 1,200 | ||||||
Other | 602 | 146 | ||||||
Total Inventories | $ | 19,929 | $ | 29,403 |
Property_Buildings_and_Equipme1
Property, Buildings and Equipment, Net (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Property, Buildings and Equipment, Net [Abstract] | ' | |||||||||||
Schedule of Property, Buildings and Equipment | ' | |||||||||||
Property, buildings and equipment, net consist of the following at September 30, 2014 and 2013: | ||||||||||||
(in thousands) | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Breeding herd | $ | 11,558 | $ | 12,234 | ||||||||
Buildings | 15,220 | 11,587 | ||||||||||
Citrus trees | 45,257 | 34,188 | ||||||||||
Sugarcane | - | 16,199 | ||||||||||
Equipment and other facilities | 50,499 | 47,278 | ||||||||||
Total depreciable properties | 122,534 | 121,486 | ||||||||||
Less accumulated depreciation and depletion | (63,031 | ) | (71,857 | ) | ||||||||
Net depreciable properties | 59,503 | 49,629 | ||||||||||
Land and land improvements | 27,929 | 81,442 | ||||||||||
Net property, buildings and equipment | $ | 87,432 | $ | 131,071 | ||||||||
Schedule of Assets Acquired | ' | |||||||||||
(in thousands) | Amount | |||||||||||
Inventories | $ | 1,148 | ||||||||||
Property, Buildings and Equipment: | ||||||||||||
Equipment and other facilities | 1,834 | |||||||||||
Land | 3,902 | |||||||||||
Citrus Trees | 9,633 | |||||||||||
Total cash paid | $ | 16,517 | ||||||||||
Assets_held_for_sale_Tables
Assets held for sale (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Assets held for sale [Abstract] | ' | ||||
Schedule of Assets Held for Sale | ' | ||||
(in thousands) | September 30, | ||||
2014 | |||||
Citrus, land and land improvements | $ | 2,700 | |||
Sugarcane, land and land improvements | 53,981 | ||||
Assets held for sale | $ | 56,681 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Accrued Expenses [Abstract] | ' | ||||||||||
Schedule of Accrued Expenses | ' | ||||||||||
Accrued expenses consist of the following at September 30, 2014 and 2013: | |||||||||||
(in thousands) | September 30, | ||||||||||
2014 | 2013 | ||||||||||
Accrued employee wages and benefits | $ | 442 | $ | 687 | |||||||
Accrued interest | 270 | 307 | |||||||||
Current portion of retirement benefits payable | 342 | 342 | |||||||||
Inventory received but not invoiced | 197 | 885 | |||||||||
Other | 367 | 133 | |||||||||
Total accrued expenses | $ | 1,618 | $ | 2,354 |
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Current Liabilities [Abstract] | ' | |||||||
Schedule of Other Current Liabilities | ' | |||||||
Other current liabilities consist of the following at September 30, 2014 and 2013: | ||||||||
(in thousands) | September 30, | |||||||
2014 | 2013 | |||||||
Deposits - Farm land leases | $ | 2,641 | $ | 481 | ||||
Deposits - Recreation land leases | 572 | 621 | ||||||
Deposits - Other | 14 | 40 | ||||||
Capital Lease | 258 | - | ||||||
Total other current liabilities | $ | 3,485 | $ | 1,142 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Sep. 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 | Term Loan | Total Credit | |||||||||
of Credit | Facility | |||||||||||
30-Sep-14 | ||||||||||||
Principal balance outstanding | $ | - | $ | 34,000 | $ | 34,000 | ||||||
Remaining available credit | $ | 60,000 | $ | - | $ | 60,000 | ||||||
Effective interest rate | 2.1 | % | 2.4 | % | ||||||||
Scheduled maturity date | Oct-20 | Oct-20 | ||||||||||
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 | Oct-20 | Oct-20 | ||||||||||
Collateral | Real Estate | Real Estate | ||||||||||
Schedule of Debt Maturities | ' | |||||||||||
Maturities of the Company's debt were as follows at September 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 | 24,000 | |||||||||||
Total | $ | 34,000 | ||||||||||
Schedule of Interest Costs | ' | |||||||||||
Interest costs expensed and capitalized to property, buildings and equipment were as follows: | ||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense | $ | 969 | $ | 1,257 | $ | 1,616 | ||||||
Interest capitalized | 204 | 79 | 100 | |||||||||
Total | $ | 1,173 | $ | 1,336 | $ | 1,716 |
Treasury_Stock_Tables
Treasury Stock (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Treasury Stock [Abstract] | ' | ||||||||||||||||||
Schedule of Information Related to Purchases of Common Shares | ' | ||||||||||||||||||
(in thousands, except share amounts and per share amounts) | |||||||||||||||||||
Total Number of Shares | Average Price Paid Per Share | Total Shares Purchased as | Total Dollar Value of Shares | ||||||||||||||||
Purchased | Part of Publicly Announced | Purchased | |||||||||||||||||
Plan or Program | |||||||||||||||||||
Fiscal Year Ended September 30,: | |||||||||||||||||||
2014 | 118,792 | $ | 40.78 | 375,995 | $ | 4,844 | |||||||||||||
2013 | 75,887 | $ | 38.14 | 257,203 | $ | 2,894 | |||||||||||||
2012 | 12,332 | $ | 24.12 | 181,316 | $ | 298 | |||||||||||||
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, 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 | |||||||||||||||||
Purchased | 118,792 | 4,844 | |||||||||||||||||
Issued to Employees and Directors | (176,564 | ) | (7,010 | ) | |||||||||||||||
Balance at September 30, 2014 | 15,766 | $ | 650 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Provision for Income Taxes (Benefit) | ' | ||||||||||||
The provision for income tax (benefit) for the years ended September 30, 2014, 2013 and 2012 consists of the following: | |||||||||||||
(in thousands) | Fiscal Year Ended September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal income tax | $ | 4,035 | $ | 2,508 | $ | 3,696 | |||||||
State income tax | 543 | 458 | 1,298 | ||||||||||
Total current | 4,578 | 2,966 | 4,994 | ||||||||||
Deferred: | |||||||||||||
Federal income tax | (590 | ) | 7,921 | 5,617 | |||||||||
State income tax | (255 | ) | 1,142 | 362 | |||||||||
Total deferred | (845 | ) | 9,063 | 5,979 | |||||||||
Total provision for income taxes | $ | 3,733 | $ | 12,029 | $ | 10,973 | |||||||
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, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at the statutory federal rate | $ | 4,099 | $ | 11,086 | $ | 10,312 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal benefit | 183 | 1,067 | 1,051 | ||||||||||
Federal impacts from IRS exam and tax return amendments | - | 19 | (444 | ) | |||||||||
Permanent and other reconciling items, net | (549 | ) | (143 | ) | 54 | ||||||||
Total provision for income taxes | $ | 3,733 | $ | 12,029 | $ | 10,973 | |||||||
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, 2014 and 2013 are presented below: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred retirement benefits | $ | 1,619 | $ | 1,686 | |||||||||
Inventories | 95 | 144 | |||||||||||
Restricted stock compensation | - | 31 | |||||||||||
Alico-Agri, Ltd. outside basis differences | 3,196 | 3,196 | |||||||||||
Capital loss carry forward | 10,492 | 10,502 | |||||||||||
Other | 1,118 | 159 | |||||||||||
Total deferred tax assets | 16,520 | 15,718 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Revenue recognized from citrus and sugarcane | 99 | 302 | |||||||||||
Property and Equipment | 21,535 | 21,550 | |||||||||||
Investment in Magnolia | 415 | 450 | |||||||||||
Other | 210 | - | |||||||||||
Total deferred tax liabilities | 22,259 | 22,302 | |||||||||||
Net deferred income tax (liability) | $ | (5,739 | ) | $ | (6,584 | ) | |||||||
Employee_Benefits_Plans_Tables
Employee Benefits Plans (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Service cost | 195 | 221 | 251 | ||||||||||
Interest cost | (23 | ) | 368 | 178 | |||||||||
Recognized actuarial loss adjustment | - | - | 2 | ||||||||||
Total | 172 | 589 | 431 | ||||||||||
Summary of the Reconciliation of the MSP Benefit Obligation | ' | ||||||||||||
The following provides a roll-forward of the MSP benefit obligation. | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Change in projected benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 4,371 | $ | 4,098 | |||||||||
Service cost | 195 | 221 | |||||||||||
Interest cost | (23 | ) | 368 | ||||||||||
Recognized actuarial loss adjustment | - | - | |||||||||||
Benefits paid | (345 | ) | (316 | ) | |||||||||
Benefit obligation at end of year | $ | 4,198 | $ | 4,371 | |||||||||
Funded status at end of year | $ | (4,198 | ) | $ | (4,371 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Schedule of Information by Business Segment | ' | |||||||||||
Information by business segment is as follows: | ||||||||||||
(in thousands) | Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Citrus Groves | $ | 47,069 | $ | 43,689 | $ | 55,423 | ||||||
Agricultural Supply Chain Management | 12,376 | 28,412 | 48,334 | |||||||||
Improved Farmland | 20,429 | 21,917 | 15,316 | |||||||||
Ranch and Conservation | 8,172 | 6,755 | 7,348 | |||||||||
Other Operations | 634 | 888 | 766 | |||||||||
Intersegment Revenues | 9,621 | 10,981 | 11,820 | |||||||||
Eliminations | (9,621 | ) | (10,981 | ) | (11,820 | ) | ||||||
Total revenue | 88,680 | 101,661 | 127,187 | |||||||||
Operating expenses: | ||||||||||||
Citrus Groves | 30,213 | 31,533 | 30,995 | |||||||||
Agricultural Supply Chain Management | 12,317 | 27,949 | 47,693 | |||||||||
Improved Farmland | 21,356 | 16,202 | 11,574 | |||||||||
Ranch and Conservation | 4,330 | 3,798 | 3,497 | |||||||||
Other Operations | 374 | 505 | 1,196 | |||||||||
Total operating expenses | 68,590 | 79,987 | 94,955 | |||||||||
Gross profit: | ||||||||||||
Citrus Groves | 16,856 | 12,156 | 24,428 | |||||||||
Agricultural Supply Chain Management | 59 | 463 | 641 | |||||||||
Improved Farmland | (927 | ) | 5,715 | 3,742 | ||||||||
Ranch and Conservation | 3,842 | 2,957 | 3,851 | |||||||||
Other Operations | 260 | 383 | (430 | ) | ||||||||
Total gross profit | $ | 20,090 | $ | 21,674 | $ | 32,232 | ||||||
Capital expenditures: | ||||||||||||
Citrus Groves | $ | 7,462 | $ | 3,942 | $ | 1,562 | ||||||
Agricultural Supply Chain Management | 1,615 | 81 | 388 | |||||||||
Improved Farmland | 3,696 | 9,468 | 10,482 | |||||||||
Ranch and Conservation | 1,413 | 3,475 | 741 | |||||||||
Other Operations | 37 | 27 | - | |||||||||
Other capital expenditures | 285 | 1,931 | 2,748 | |||||||||
Total capital expenditures | $ | 14,508 | $ | 18,924 | $ | 15,921 | ||||||
Depreciation, depletion and amortization: | ||||||||||||
Citrus Groves | $ | 2,132 | $ | 2,114 | $ | 2,088 | ||||||
Agricultural Supply Chain Management | 164 | 169 | 223 | |||||||||
Improved Farmland | 3,320 | 5,131 | 4,051 | |||||||||
Ranch and Conservation | 1,330 | 1,250 | 992 | |||||||||
Other Operations | 743 | 347 | 427 | |||||||||
Other depreciation, depletion and amortization | 191 | 664 | 648 | |||||||||
Total depreciation, depletion and amortization | $ | 7,880 | $ | 9,675 | $ | 8,429 | ||||||
(a) Other Operations includes the former Real Estate segment as well as other operations. | ||||||||||||
(in thousands) | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Citrus Groves | $ | 67,388 | $ | 52,592 | ||||||||
Agricultural Supply Chain Management | 2,498 | 994 | ||||||||||
Improved Farmland | 57,726 | 75,348 | ||||||||||
Ranch and Conservation | 13,920 | 14,696 | ||||||||||
Other Operations | 26,356 | 15,094 | ||||||||||
Other Corporate Assets | 35,679 | 40,116 | ||||||||||
Total Assets | $ | 203,567 | $ | 198,840 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
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) | ||||||
2015 | $ | 578 | ||||
2016 | 529 | |||||
2017 | 124 | |||||
2018 | - | |||||
2019 | - | |||||
Total | $ | 1,231 | ||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Total operating revenue | $ | 14,989 | $ | 21,356 | $ | 37,475 | $ | 38,410 | $ | 28,675 | $ | 35,229 | $ | 7,541 | $ | 6,666 | |||||||||||||||||
Total operating expenses | 12,152 | 17,570 | 27,616 | 31,396 | 24,416 | 26,164 | 4,406 | 4,857 | |||||||||||||||||||||||||
Gross profit | 2,837 | 3,786 | 9,859 | 7,014 | 4,259 | 9,065 | 3,135 | 1,809 | |||||||||||||||||||||||||
Corporate, general and administrative | 3,827 | 1,808 | 2,486 | 2,464 | 2,097 | 2,253 | 3,824 | 3,214 | |||||||||||||||||||||||||
Other (expense) income | (261 | ) | (304 | ) | (311 | ) | 23 | (252 | ) | (167 | ) | 4,751 | 20,188 | ||||||||||||||||||||
Income (loss) before income taxes | (1,251 | ) | 1,674 | 7,062 | 4,573 | 1,910 | 6,645 | 4,062 | 18,783 | ||||||||||||||||||||||||
Income tax expense (benefit) | (547 | ) | 636 | 2,992 | 1,800 | 791 | 2,566 | 497 | 7,027 | ||||||||||||||||||||||||
Net (loss) income | $ | (704 | ) | $ | 1,038 | $ | 4,070 | $ | 2,773 | $ | 1,119 | $ | 4,079 | $ | 3,565 | $ | 11,756 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.14 | $ | 0.55 | $ | 0.38 | $ | 0.15 | $ | 0.56 | $ | 0.5 | $ | 1.61 | ||||||||||||||||
Diluted | $ | (0.10 | ) | $ | 0.14 | $ | 0.55 | $ | 0.38 | $ | 0.15 | $ | 0.55 | $ | 0.49 | $ | 1.6 |
Nature_of_Operations_Details
Nature of Operations (Details) | Sep. 30, 2014 |
acre | |
Nature of Operations [Abstract] | ' |
Area of land owned | 129,200 |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2014 | Sep. 30, 2014 | 26-May-11 | 26-May-11 | Apr. 19, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
segments | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Citrus trees [Member] | Restricted Stock [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
Named Executive Officers [Member] | JD Alexander [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of segments | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Down payment as a percent of the sales price | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 25.00% | ' |
Property, Buildings and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' |
Cost capitalization period | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Stock-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | 152,403 | ' | ' | ' | 350,000 | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '6 years |
Shares issued to Directors | ' | ' | ' | ' | ' | ' | 24,161 | ' | ' | ' | ' |
Weighted average fair value of shares issued to Directors | ' | ' | ' | ' | ' | ' | $37.61 | ' | ' | ' | ' |
Shares eligible for grant | ' | ' | ' | ' | ' | ' | 311,053 | ' | ' | ' | ' |
Stock-based compensation expense related to the acceleration of vesting | ' | $195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 58,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | $3,847 | ' | ' | ' | $4,266 | ' | ' | ' | $3,847 | $4,266 | ' |
Revenue | 7,541 | 28,675 | 37,475 | 14,989 | 6,666 | 35,229 | 38,410 | 21,356 | 88,680 | 101,661 | 127,187 |
Customer Concentration Risk [Member] | USSC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 2,962 | ' | ' | ' | 3,004 | ' | ' | ' | 2,962 | 3,004 | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 19,633 | 21,056 | 14,442 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 22.10% | 20.70% | 11.40% |
Customer Concentration Risk [Member] | Florida Orange Marketers, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 23,826 | 15,689 | 22,219 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 26.90% | 15.40% | 17.50% |
Customer Concentration Risk [Member] | Citrosuco North America, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 804 | 11,092 | 18,895 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | 10.90% | 14.90% |
Customer Concentration Risk [Member] | Louis Dreyfus [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 24,135 | 26,246 | 29,344 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 27.20% | 25.80% | 23.10% |
Customer Concentration Risk [Member] | Cutrale Citrus Juice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $3,984 | $6,300 | $13,156 |
% of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | 6.20% | 10.30% |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | ' | ' |
Weighted Average Shares Outstanding - Basic | 7,336 | 7,313 | 7,355 |
Unvested Restricted Stock Awards | 18 | 44 | ' |
Weighted Average Shares Outstanding - Diluted | 7,354 | 7,357 | 7,355 |
Basis_of_Presentation_and_Sign7
Basis of Presentation and Significant Accounting Policies (Schedule of Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | $1,256,000 | $923,000 | $458,000 |
General and Administrative Expense [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | 1,256,000 | 923,000 | 458,000 |
Executives [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | 195,000 | 81,000 | -27,000 |
Board of Directors [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Total restricted stock expense | $1,061,000 | $842,000 | $485,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Measurements [Abstract] | ' | ' |
Deferred retirement benefits, discount rate | 4.70% | 4.20% |
Investments_deposits_and_other2
Investments, deposits and other assets (Schedule of Investments, Deposits and Other Assets) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Certificates of deposit | $263 | $260 |
Loan origination fees | ' | ' |
Stock in agricultural cooperatives | ' | ' |
Deposits | ' | ' |
Water permits | ' | ' |
Other | ' | ' |
Total | 263 | 260 |
Non-current | ' | ' |
Certificates of deposit | ' | ' |
Loan origination fees | 762 | 836 |
Stock in agricultural cooperatives | 772 | 516 |
Deposits | 34 | 326 |
Water permits | 240 | 259 |
Other | 125 | 54 |
Total | 1,933 | 1,991 |
Total | ' | ' |
Certificates of deposit | 263 | 260 |
Loan origination fees | 762 | 836 |
Stock in agricultural cooperatives | 772 | 516 |
Deposits | 34 | 326 |
Water permits | 240 | 259 |
Other | 125 | 54 |
Total | $2,196 | $2,251 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Other | $602 | $146 |
Total Inventories | 19,929 | 29,403 |
Orange Groves [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Agricultural related inventory | 18,305 | 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 | $1,022 | $1,200 |
Investment_in_Magnolia_Fund_De
Investment in Magnolia Fund (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-10 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net investment income (loss) | ' | $163,000 | $658,000 | $59,000 |
Return on investment in Magnolia | ' | 3,814,000 | 1,179,000 | 4,735,000 |
Magnolia TC 2, LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Payments to obtain interest in equity method investment | 12,150,000 | ' | ' | ' |
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) | ' | 163,000 | 658,000 | 59,000 |
Return on investment in Magnolia | ' | $3,814,000 | $1,179,000 | $4,735,000 |
Property_Buildings_and_Equipme2
Property, Buildings and Equipment, Net (Schedule of Property, Buildings and Equipment) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Net property, buildings and equipment | $87,432 | $131,071 |
Depreciable Property Plant and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 122,534 | 121,486 |
Less accumulated depreciation and depletion | -63,031 | -71,857 |
Net property, buildings and equipment | 59,503 | 49,629 |
Breeding herd [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 11,558 | 12,234 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 15,220 | 11,587 |
Citrus trees [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | 45,257 | 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 | 50,499 | 47,278 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, buildings and equipment | $27,929 | $81,442 |
Property_Buildings_and_Equipme3
Property, Buildings and Equipment, Net (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Polk County Real Estate Parcel [Member] | Alachua County Property [Member] | Hendry County, FL Property [Member] | Hendry County, FL Property [Member] | ||||
acre | acre | acre | acre | ||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Impairment on assets held for sale | ' | ' | $1,918,000 | ' | ' | ' | ' |
Fair value of parcels held for sale | 56,681,000 | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Area of land acquired | ' | ' | ' | ' | 396 | ' | ' |
Acres held for sale | ' | ' | ' | 2,800 | ' | ' | ' |
Sales price | ' | ' | ' | 5,623,000 | 1,175,000 | ' | ' |
Area of land | ' | ' | ' | ' | ' | 11,600 | 11,600 |
Proceeds from disposals of property and equipment | 14,473,000 | 24,381,000 | 18,095,000 | ' | ' | 20,678,000 | ' |
Pre-tax gains on sale of properties | $4,369,000 | $20,894,000 | $8,800,000 | ' | ' | $20,343,000 | $20,343,000 |
Property_Buildings_and_Equipme4
Property, Buildings and Equipment, Net (Sugarcane Lease) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
Jul. 02, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
acre | |||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Area of land owned | ' | ' | 129,200 |
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 | 3,548,000 | ' | 1,389,000 |
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 |
Lease term | ' | ' | '10 years |
Lease renewal term | ' | ' | '1 year |
Annual payment | ' | ' | 3,548,000 |
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 |
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 |
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 | ' |
Property_Buildings_and_Equipme5
Property, Buildings and Equipment, Net (Acquisition of Citrus Grove) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 08, 2014 | |
DeSoto County, FL Citrus Grove [Member] | ||||
acre | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Area of land acquired | ' | ' | ' | 1,241 |
Number of net tree acres acquired | ' | ' | ' | 867 |
Purchase price | $16,517,000 | ' | ' | $16,517,000 |
Purchase price funded from funds from like-kind exchange transaction | ' | ' | ' | 5,300,000 |
Inventories | ' | ' | ' | 1,148,000 |
Property, Buildings and Equipment: | ' | ' | ' | ' |
Equipment and other facilities | ' | ' | ' | 1,834,000 |
Land | ' | ' | ' | 3,902,000 |
Citrus Trees | ' | ' | ' | 9,633,000 |
Total cash paid | ' | ' | ' | $16,517,000 |
Assets_held_for_sale_Details
Assets held for sale (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 21, 2014 | Aug. 08, 2014 |
Citrus, Land and Land improvements [Member] | Sugarcane, Land and Land Improvements [Member] | Hendry County Sugarcane Property [Member] | Hendry County Sugarcane Property [Member] | ||
acre | Scenario, Previously Reported [Member] | ||||
acre | |||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' |
Assets held for sale | $56,681,000 | $2,700,000 | $53,981,000 | ' | ' |
Acres held for sale | ' | ' | ' | 36,000 | 30,959 |
Sales price | ' | ' | ' | $97,900,000 | $91,436,000 |
Purchase price adjustment rate | ' | ' | ' | ' | 1.00% |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Accrued employee wages and benefits | $442 | $687 |
Accrued interest | 270 | 307 |
Current portion of retirement benefits payable | 342 | 342 |
Inventory received but not invoiced | 197 | 885 |
Other | 367 | 133 |
Total accrued expenses | $1,618 | $2,354 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Deposits - Farm land leases | $2,641 | $481 |
Deposits - Recreation land leases | 572 | 621 |
Deposits - Other | 14 | 40 |
Capital Lease | 258 | ' |
Total other current liabilities | $3,485 | $1,142 |
LongTerm_Debt_Schedule_of_Outs
Long-Term Debt (Schedule of Outstanding Debt) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | $34,000,000 | $36,000,000 |
Remaining available credit | 60,000,000 | 60,000,000 |
Revolving Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | ' | ' |
Remaining available credit | 60,000,000 | 60,000,000 |
Effective interest rate | 2.10% | 2.43% |
Scheduled maturity date | 1-Oct-20 | 1-Oct-20 |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal balance outstanding | 34,000,000 | 36,000,000 |
Remaining available credit | ' | ' |
Effective interest rate | 2.40% | 2.68% |
Scheduled maturity date | 1-Oct-20 | 1-Oct-20 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
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] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | |||
Minimum [Member] | Maximum [Member] | Property [Member] | Maximum [Member] | Property [Member] | Producing Citrus Groves [Member] | |||||||||
acre | acre | acre | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal balance outstanding | $34,000,000 | $36,000,000 | ' | ' | ' | ' | ' | ' | ' | $34,000,000 | $36,000,000 | ' | ' | ' |
Acres collateralized | ' | ' | ' | ' | ' | ' | ' | ' | 43,991 | ' | ' | ' | 12,280 | 8,600 |
Amount of credit facility | ' | ' | ' | 94,000,000 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR spread | ' | ' | ' | ' | 1.95% | ' | 1.95% | 2.95% | ' | 2.25% | ' | 5.00% | ' | ' |
Periodic principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | '30 days | ' | ' | ' | ' |
Capitalized loan origination fees | ' | ' | 1,202,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum current ratio | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum debt ratio | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum tangible net worth | ' | ' | ' | $80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum debt coverage ratio | ' | ' | ' | 1.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Debt
Long-Term Debt (Schedule of Debt Maturities) (Details) (USD $) | Sep. 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 | 24,000 | ' |
Total | $34,000 | $36,000 |
LongTerm_Debt_Schedule_of_Inte
Long-Term Debt (Schedule of Interest Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Long-Term Debt [Abstract] | ' | ' | ' |
Interest expense | $969 | $1,257 | $1,616 |
Interest capitalized | 204 | 79 | 100 |
Total interest cost | $1,173 | $1,336 | $1,716 |
Treasury_Stock_Narrative_Detai
Treasury Stock (Narrative) (Details) | Sep. 30, 2014 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Treasury Stock [Abstract] | ' | ' | ' |
Total number of shares purchased | 118,792 | 75,887 | 12,332 |
Average price paid per share | $40.78 | $38.14 | $24.12 |
Total shares purchased as part of publicly announced plan or program | 375,995 | 257,203 | 181,316 |
Total dollar value of shares purchased | $4,844 | $2,894 | $298 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Shares | ' | ' | ' |
Beginning Balance | 73,538 | 23,235 | 34,593 |
Purchased | 118,792 | 75,887 | 12,332 |
Issued to Employees and Directors | -176,564 | -25,584 | -23,690 |
Ending Balance | 15,766 | 73,538 | 23,235 |
Cost | ' | ' | ' |
Beginning Balance | $2,816 | $543 | $862 |
Purchased | 4,844 | 2,894 | 298 |
Ending Balance | 650 | 2,816 | 543 |
Treasury Stock at Cost [Member] | ' | ' | ' |
Cost | ' | ' | ' |
Purchased | 4,844 | 2,894 | 298 |
Issued to Employees and Directors | ($7,010) | ($621) | ($617) |
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, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax | ' | ' | ' | ' | ' | ' | ' | ' | $4,035 | $2,508 | $3,696 |
State income tax | ' | ' | ' | ' | ' | ' | ' | ' | 543 | 458 | 1,298 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 4,578 | 2,966 | 4,994 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax | ' | ' | ' | ' | ' | ' | ' | ' | -590 | 7,921 | 5,617 |
State income tax | ' | ' | ' | ' | ' | ' | ' | ' | -255 | 1,142 | 362 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -845 | 9,063 | 5,979 |
Total provision for income taxes | $497 | $791 | $2,992 | ($547) | $7,027 | $2,566 | $1,800 | $636 | $3,733 | $12,029 | $10,973 |
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, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at the statutory federal rate | ' | ' | ' | ' | ' | ' | ' | ' | $4,099 | $11,086 | $10,312 |
State income taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 183 | 1,067 | 1,051 |
Federal impacts from IRS exam and tax return amendments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | -444 |
Permanent and other reconciling items, net | ' | ' | ' | ' | ' | ' | ' | ' | -549 | -143 | 54 |
Total provision for income taxes | $497 | $791 | $2,992 | ($547) | $7,027 | $2,566 | $1,800 | $636 | $3,733 | $12,029 | $10,973 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred retirement benefits | $1,619 | $1,686 |
Inventories | 95 | 144 |
Restricted stock compensation | ' | 31 |
Alico-Agri, Ltd. outside basis differences | 3,196 | 3,196 |
Capital loss carry forward | 10,492 | 10,502 |
Other | 1,118 | 159 |
Total deferred tax assets | 16,520 | 15,718 |
Deferred tax liabilities: | ' | ' |
Revenue recognized from citrus and sugarcane | 99 | 302 |
Property and Equipment | 21,535 | 21,550 |
Investment in Magnolia | 415 | 450 |
Other | 210 | ' |
Total deferred tax liabilities | 22,259 | 22,302 |
Net deferred income tax (liability) | ($5,739) | ($6,584) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 09, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | |
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 | ' | ' | ' | $613,000 | ' | ' | $318,000 | ' | ' |
Interest paid on tax settlement | ' | ' | ' | 225,000 | ' | ' | 5,000 | 135,000 | ' |
Penalties and interest due | ' | ' | ' | ' | ' | ' | ' | ' | $149,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 |
734 Agriculture [Member] | Atlanticblue [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 | ' | ' | $128,000 | $2,000,000 | ' | ' | $33,000 |
Term of agreement | ' | ' | ' | '2 years | ' | ' | ' |
Acres of land leased | ' | ' | ' | ' | ' | ' | 2,300 |
Employee_Benefits_Plans_Narrat
Employee Benefits Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Management Security Plan | ' | ' | ' |
Weighted-average discount rate | 4.70% | 4.20% | ' |
2013 | $352,000 | ' | ' |
2014 | 367,000 | ' | ' |
2015 | 348,000 | ' | ' |
2016 | 365,000 | ' | ' |
2017 | 171,000 | ' | ' |
Thereafter | 1,190,000 | ' | ' |
Profit Sharing and 401(k) | ' | ' | ' |
Employer match percentage | 4.00% | ' | ' |
Contribution to 401(k) plan | 192,000 | 157,000 | 81,000 |
Contribution to Profit Sharing Plan | $165,000 | $210,000 | $245,000 |
Employee_Benefits_Plans_Schedu
Employee Benefits Plans (Schedule of MSP Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
MSP benefit expense charged to costs and expenses: | ' | ' | ' |
Service cost | $195 | $221 | $251 |
Interest cost | -23 | 368 | 178 |
Recognized actuarial loss adjustment | ' | ' | 2 |
Total | $172 | $589 | $431 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Benefit obligation at beginning of year | $4,371 | $4,098 | ' |
Service cost | 195 | 221 | 251 |
Interest cost | -23 | 368 | 178 |
Recognized actuarial loss adjustment | ' | ' | 2 |
Benefits paid | -345 | -316 | ' |
Benefit obligation at end of year | 4,198 | 4,371 | 4,098 |
Funded status at end of year | ($4,198) | ($4,371) | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | $7,541 | $28,675 | $37,475 | $14,989 | $6,666 | $35,229 | $38,410 | $21,356 | $88,680 | $101,661 | $127,187 |
Total operating expenses | 4,406 | 24,416 | 27,616 | 12,152 | 4,857 | 26,164 | 31,396 | 17,570 | 68,590 | 79,987 | 94,955 |
Gross profit | 3,135 | 4,259 | 9,859 | 2,837 | 1,809 | 9,065 | 7,014 | 3,786 | 20,090 | 21,674 | 32,232 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 14,508 | 18,924 | 15,921 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,880 | 9,675 | 8,429 |
Total assets | 203,567 | ' | ' | ' | 198,840 | ' | ' | ' | 203,567 | 198,840 | ' |
Citrus Groves Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 47,069 | 43,689 | 55,423 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 30,213 | 31,533 | 30,995 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 16,856 | 12,156 | 24,428 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7,462 | 3,942 | 1,562 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,132 | 2,114 | 2,088 |
Agricultural Supply Chain Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,376 | 28,412 | 48,334 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,317 | 27,949 | 47,693 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 463 | 641 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,615 | 81 | 388 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 169 | 223 |
Improved Farmland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 20,429 | 21,917 | 15,316 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 21,356 | 16,202 | 11,574 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -927 | 5,715 | 3,742 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,696 | 9,468 | 10,482 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,320 | 5,131 | 4,051 |
Ranch and Conservation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,172 | 6,755 | 7,348 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,330 | 3,798 | 3,497 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 3,842 | 2,957 | 3,851 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,413 | 3,475 | 741 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,330 | 1,250 | 992 |
Other Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 634 | 888 | 766 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 374 | 505 | 1,196 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 260 | 383 | -430 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 37 | 27 | ' |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 743 | 347 | 427 |
Operating Segments [Member] | Citrus Groves Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 67,388 | ' | ' | ' | 52,592 | ' | ' | ' | 67,388 | 52,592 | ' |
Operating Segments [Member] | Agricultural Supply Chain Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 2,498 | ' | ' | ' | 994 | ' | ' | ' | 2,498 | 994 | ' |
Operating Segments [Member] | Improved Farmland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 57,726 | ' | ' | ' | 75,348 | ' | ' | ' | 57,726 | 75,348 | ' |
Operating Segments [Member] | Ranch and Conservation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 13,920 | ' | ' | ' | 14,696 | ' | ' | ' | 13,920 | 14,696 | ' |
Operating Segments [Member] | Other Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 26,356 | ' | ' | ' | 15,094 | ' | ' | ' | 26,356 | 15,094 | ' |
Operating Segments [Member] | Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 9,621 | 10,981 | 11,820 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | -9,621 | -10,981 | -11,820 |
Non - Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 285 | 1,931 | 2,748 |
Total depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 191 | 664 | 648 |
Total assets | $35,679 | ' | ' | ' | $40,116 | ' | ' | ' | $35,679 | $40,116 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Leases | ' | ' | ' |
Total rent expense | $2,015,000 | $1,182,000 | $1,256,000 |
Future minimum rental payments under non-cancelable operating leases are as follows: | ' | ' | ' |
2015 | 578,000 | ' | ' |
2016 | 529,000 | ' | ' |
2017 | 124,000 | ' | ' |
2018 | ' | ' | ' |
2019 | ' | ' | ' |
Total | 1,231,000 | ' | ' |
Indemnification Agreement [Member] | Executive Officers [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Period of employment | '18 months | ' | ' |
Estimated potential payments | 2,504,000 | ' | ' |
Indemnification Agreement [Member] | Key Employees [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Number of individuals | 22 | ' | ' |
Period of employment | '18 months | ' | ' |
Estimated potential payments | 1,417,000 | ' | ' |
Financial Standby Letter of Credit [Member] | ' | ' | ' |
Letters of Credit | ' | ' | ' |
Potential liability | $254,000 | $200,000 | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Selected Quarterly Financial Data (unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | $7,541,000 | $28,675,000 | $37,475,000 | $14,989,000 | $6,666,000 | $35,229,000 | $38,410,000 | $21,356,000 | $88,680,000 | $101,661,000 | $127,187,000 |
Total operating expenses | 4,406,000 | 24,416,000 | 27,616,000 | 12,152,000 | 4,857,000 | 26,164,000 | 31,396,000 | 17,570,000 | 68,590,000 | 79,987,000 | 94,955,000 |
Gross profit | 3,135,000 | 4,259,000 | 9,859,000 | 2,837,000 | 1,809,000 | 9,065,000 | 7,014,000 | 3,786,000 | 20,090,000 | 21,674,000 | 32,232,000 |
Corporate general and administrative | 3,824,000 | 2,097,000 | 2,486,000 | 3,827,000 | 3,214,000 | 2,253,000 | 2,464,000 | 1,808,000 | 12,234,000 | 9,739,000 | 8,490,000 |
Other (expense) income | 4,751,000 | -252,000 | -311,000 | -261,000 | 20,188,000 | -167,000 | 23,000 | -304,000 | 3,927,000 | 19,740,000 | 5,720,000 |
Income before income taxes | 4,062,000 | 1,910,000 | 7,062,000 | -1,251,000 | 18,783,000 | 6,645,000 | 4,573,000 | 1,674,000 | 11,783,000 | 31,675,000 | 29,462,000 |
Income tax expense (benefit) | 497,000 | 791,000 | 2,992,000 | -547,000 | 7,027,000 | 2,566,000 | 1,800,000 | 636,000 | 3,733,000 | 12,029,000 | 10,973,000 |
Net income attributable to common shareholders | 3,565,000 | 1,119,000 | 4,070,000 | -704,000 | 11,756,000 | 4,079,000 | 2,773,000 | 1,038,000 | 8,050,000 | 19,646,000 | 18,489,000 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.50 | $0.15 | $0.55 | ($0.10) | $1.61 | $0.56 | $0.38 | $0.14 | $1.10 | $2.69 | $2.51 |
Diluted | $0.49 | $0.15 | $0.55 | ($0.10) | $1.60 | $0.55 | $0.38 | $0.14 | $1.09 | $2.67 | $2.51 |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gains on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | 4,369,000 | 20,894,000 | 8,800,000 |
Hendry County, FL Property [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land | 11,600 | ' | ' | ' | 11,600 | ' | ' | ' | 11,600 | 11,600 | ' |
Pre-tax gains on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | $20,343,000 | $20,343,000 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 3 Months Ended | 2 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 21, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 11, 2014 | Dec. 02, 2014 | Dec. 02, 2014 | Dec. 02, 2014 | Dec. 02, 2014 | Dec. 02, 2014 | Dec. 02, 2014 | Dec. 02, 2014 | |
Hendry County Sugarcane Property [Member] | Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Term Loan [Member] | Term Loan [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] | ||||
acre | Revolving Line of Credit [Member] | Term Loan [Member] | Metlife Term Loan [Member] | Metlife Revolving Credit Facility [Member] | Rabo Credit Agreement [Member] | Orange-Co Acquisition [Member] | Silver Nip Citrus Agreement [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price | ' | ' | ' | $97,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acres held for sale | ' | ' | ' | 36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,000,000 | ' |
Purchase price | 16,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,500,000 | ' |
Amount placed in escrow account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' |
Maximum additional cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' |
Working capital facility assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,800,000 | ' |
Term debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,200,000 | ' |
Number of shares issuable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,463,544 |
Amount of credit facility | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 70,000,000 | ' | ' |
Principal amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 182,500,000 | ' | ' | ' | ' |
Remaining available credit | 60,000,000 | 60,000,000 | ' | ' | 60,000,000 | 60,000,000 | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' |
Principal balance outstanding | 34,000,000 | 36,000,000 | ' | ' | ' | ' | 34,000,000 | 36,000,000 | ' | ' | 33,500,000 | ' | ' | ' | ' | ' |
Water Contract Maximum Amount | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Water Contract Annual Fixed Payment Amount | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | ' | ' | ' | ' | ' | ' | ' |