Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ALICO INC | |
Entity Central Index Key | 3,545 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,281,352 |
CONDENSED COMBINED CONSOLIDATED
CONDENSED COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating revenues: | ||||
Citrus Groves | $ 65,795 | $ 27,167 | $ 129,084 | $ 55,390 |
Agricultural Supply Chain Management | 2,105 | 4,083 | 6,584 | 12,324 |
Improved Farmland | 418 | 2,159 | 2,492 | 19,441 |
Ranch and Conservation | 296 | 408 | 1,441 | 1,849 |
Other Operations | 195 | 58 | 508 | 502 |
Total operating revenue | 68,809 | 33,875 | 140,109 | 89,506 |
Operating expenses: | ||||
Citrus Groves | 45,551 | 18,317 | 96,027 | 36,560 |
Agricultural Supply Chain Management | 1,467 | 3,916 | 5,578 | 12,085 |
Improved Farmland | 659 | 6,591 | 2,736 | 20,986 |
Ranch and Conservation | 624 | 684 | 1,992 | 2,231 |
Other Operations | 693 | (226) | 786 | 281 |
Total operating expenses | 48,994 | 29,282 | 107,119 | 72,143 |
Gross profit | 19,815 | 4,593 | 32,990 | 17,363 |
Corporate general and administrative | 3,638 | 2,339 | 12,932 | 7,961 |
Income from operations | 16,177 | 2,254 | 20,058 | 9,402 |
Other income (expense), net: | ||||
Interest and investment income, net | 42 | 88 | 44 | 115 |
Interest expense | $ (2,127) | $ (657) | (5,715) | $ (1,322) |
Loss on extinguishment of debt | (964) | |||
Gain (loss) on sale of real estate | $ (27) | $ 4 | 16,397 | $ 3 |
Asset impairment | (541) | |||
Other income (loss), net | $ (71) | $ 133 | (47) | $ 61 |
Total other income (expense), net | (2,183) | (432) | 9,174 | (1,143) |
Income before income taxes | 13,994 | 1,822 | 29,232 | 8,259 |
Income taxes | 6,227 | 791 | 10,940 | 3,236 |
Net income | $ 7,767 | $ 1,031 | $ 18,292 | $ 5,023 |
Net income (loss) attributable to noncontrolling interests | ||||
Net income attributable to Alico, Inc. common stockholders | $ 7,767 | $ 1,031 | $ 18,292 | $ 5,023 |
Other comprehensive income (loss), net of tax | ||||
Comprehensive income | $ 7,767 | $ 1,031 | $ 18,292 | $ 5,023 |
Comprehensive income (loss) attributable to noncontrolling interest | ||||
Comprehensive income attributable to Alico, Inc. common stockholders | $ 7,767 | $ 1,031 | $ 18,292 | $ 5,023 |
Earnings per common share: | ||||
Basic | $ 0.94 | $ 0.14 | $ 2.30 | $ 0.69 |
Diluted | $ 0.94 | $ 0.14 | $ 2.29 | $ 0.68 |
Weighted-average number of shares outstanding: | ||||
Basic | 8,278 | 7,356 | 7,969 | 7,327 |
Diluted | 8,284 | 7,356 | 7,971 | 7,351 |
Cash dividends declared per common share | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
CONDENSED COMBINED CONSOLIDATE3
CONDENSED COMBINED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 9,739 | $ 31,020 |
Short-term investments | 263 | |
Accounts receivable, net | $ 15,103 | 8,724 |
Inventories, net | 46,255 | $ 25,469 |
Income tax receivable | $ 2,074 | |
Assets held for sale | $ 59,513 | |
Other current assets | $ 5,504 | 721 |
Total current assets | 78,675 | 125,710 |
Property, buildings and equipment, net | 383,100 | $ 126,833 |
Goodwill | 2,246 | |
Investment in Magnolia Fund | 825 | $ 1,435 |
Cash surrender value of life insurance | 705 | 695 |
Investments, deposits and other assets | 4,671 | 2,905 |
Total assets | 470,222 | 257,578 |
Current liabilities: | ||
Accounts payable | 3,352 | 2,052 |
Long-term debt, current portion | 4,511 | 3,196 |
Accrued expenses | $ 7,941 | 1,934 |
Income taxes payable | 4,572 | |
Deferred tax liability, current portion | $ 725 | 3,135 |
Dividends payable | 497 | 442 |
Accrued ad valorem taxes | 1,757 | 1,850 |
Capital lease obligation, current portion | 258 | 259 |
Other current liabilities | 1,002 | 3,229 |
Total current liabilities | 20,043 | 20,669 |
Long-term debt, net of current portion | 202,069 | 58,444 |
Lines of credit | 3,348 | $ 3,160 |
Deferred gain on sale of assets, net of current portion | 29,139 | |
Capital lease obligation, net of current portion | 839 | $ 839 |
Deferred tax liability, net of current portion | 23,595 | 8,760 |
Deferred retirement benefits | 3,895 | $ 3,855 |
Other liabilities | 3,867 | |
Total liabilities | $ 286,795 | $ 95,727 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ||
Common stock, $1 par value; 15,000,000 shares authorized, 8,300,363 and 7,377,106 shares issued and 8,277,513 and 7,361,340 shares outstanding as of June 30, 2015 and September 30, 2014, respectively | $ 8,300 | $ 7,377 |
Additional paid in capital | 21,360 | 3,742 |
Treasury stock at cost, 22,850 and 15,766 shares held as of June 30, 2015 and September 30, 2014, respectively | (1,147) | (650) |
Member's equity | 16,414 | |
Retained earnings | 150,076 | 134,968 |
Total Alico, Inc. equity | 178,589 | $ 161,851 |
Noncontrolling interest | 4,838 | |
Total liabilities and equity | $ 470,222 | $ 257,578 |
CONDENSED COMBINED CONSOLIDATE4
CONDENSED COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Sep. 30, 2014 |
CONDENSED COMBINED 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 | 8,300,363 | 7,377,106 |
Common stock, shares outstanding | 8,277,513 | 7,361,340 |
Treasury stock at cost, shares | 22,850 | 15,766 |
CONDENSED COMBINED CONSOLIDATE5
CONDENSED COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CONDENSED COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] | ||
Net cash provided by operating activities | $ 25,895 | $ 14,770 |
Cash flows from investing activities: | ||
Capital expenditures | (9,674) | $ (11,255) |
Acquisition of citrus businesses, net of cash acquired | (283,211) | |
Proceeds from sale of sugarcane operations | 97,151 | |
Proceeds for the sale of assets | 9,045 | $ 928 |
Return on investment in Magnolia Fund | 652 | 3,185 |
Other | (1) | 27 |
Net cash used in investing activities | (186,038) | (7,115) |
Cash flows from financing activities: | ||
Principal payments on term loans | (15,061) | $ (3,041) |
Repayment of term loan | (34,000) | |
Borrowings on revolving lines of credit | 81,135 | |
Repayments on revolving lines of credit | (80,947) | |
Proceeds from term loans | 193,500 | |
Financing costs | (3,353) | |
Treasury stock purchases | (1,029) | $ (4,844) |
Dividends paid | (1,381) | $ (2,744) |
Principal payments on capital lease obligation | (2) | |
Net cash provided by (used in) financing activities | 138,862 | $ (10,629) |
Net decrease in cash and cash equivalents | (21,281) | (2,974) |
Cash and cash equivalents at beginning of period | 31,020 | 27,252 |
Cash and cash equivalents at end of period | 9,739 | 24,278 |
Supplemental cash flow information: | ||
Cash paid for interest, net of amount capitalized | 4,892 | 1,193 |
Cash paid for income taxes | $ 5,200 | $ 925 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Jun. 30, 2015 | |
Description of Business and Basis of Presentation [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Description of Business Alico, Inc. (Alico), together with its subsidiaries (collectively, the Company, we, or our), is an agribusiness and land management company. The Company owns approximately 121,000 90,000 Common Control Acquisition between the Company and 734 Citrus Holdings, LLC Effective February 28, 2015, the Company completed the merger (Merger) with 734 Citrus Holdings, LLC (Silver Nip Citrus) pursuant to an Agreement and Plan of Merger (the Merger Agreement) with 734 Sub, LLC, a wholly owned subsidiary of the Company (Merger Sub), Silver Nip Citrus and, solely with respect to certain sections thereof, the equity holders of Silver Nip Citrus. The ownership of Silver Nip Citrus was held by 734 Agriculture, 74.89 5 20.11 On November 19, 2013, 734 Agriculture and its affiliates, including 734 Investors, acquired approximately 51 734 Agriculture had control over both Silver Nip Citrus and the Company, and therefore the Merger was treated as a common control acquisition. At closing of the Merger, Merger Sub merged with and into Silver Nip Citrus, with Silver Nip Citrus and its affiliates surviving the Merger as wholly owned subsidiaries of the Company. Pursuant to the Merger Agreement, at closing, the Company issued 923,257 1.00 40,278,000 6,952,000 65,739,000 18,470,000 For the nine months ended June 30, 2015, the Company incurred approximately $ 894,000 in professional and legal costs in connection with the Merger. These costs are included in corporate, general and administrative expenses in the Condensed Combined Consolidated Statements of Operations and Comprehensive Income for the nine months ended June 30, 2015. Basis of Presentation T The Financial Statements presented in this Form 10-Q are unaudited; however, in the opinion of management, such Financial Statements include all adjustments, consisting solely of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2015. All intercompany transactions and account balances between the consolidated and combined businesses have been eliminated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates based upon future events. The Company evaluates the estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company's management and various other specific assumptions that the Company believes to be reasonable. As the Company and Silver Nip Citrus were under common control at the time of the Merger, we are required under U.S. GAAP to account for this common control acquisition in a manner similar to the pooling of interest method of accounting. Under this method of accounting, our Condensed Combined Consolidated Balance Sheets as of June 30, 2015 and September 30, 2014 reflect Silver Nip Citrus' historical carryover basis in the assets and liabilities instead of reflecting the fair market value of the assets and liabilities. We have also retrospectively recast our financial statements to combine the operating results of the Company and Silver Nip Citrus from the date common control began, November 19, 2013. Since Silver Nip Citrus' fiscal year end is June 30, the Company's financial condition as of June 30, 2015 includes the financial condition of Silver Nip Citrus as of March 31, 2015, and the Company's results of operations for the three and nine months ended June 30, 2015 includes the Silver Nip Citrus results of operations for the three and nine months ended March 31, 2015. The Company's results of operations for the three and nine months ended June 30, 2014 includes Silver Nip Citrus' results of operations from November 19, 2013 (the initial date of common control) through March 31, 2014. Principles of Consolidation The Financial Statements include the accounts of Alico, Inc. and its subsidiaries, over which the Company exercises control. The Company's subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC (formerly Bowen Brothers Fruit Company, LLC), Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, 734 Citrus Holdings LLC and Citree Holdings 1, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling Interests in Consolidated Affiliate The Financial Statements include all assets and liabilities of the less-than-100%-owned affiliate the Company controls, Citree Holdings I, LLC (Citree). Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree did not have any income or loss for the three and nine months ended June 30, 2015. Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in ASC No. 805, Business Combinations, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with ASC No. 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When we acquire a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated similar to the pooling of interest method of accounting, whereby the assets and liabilities are recorded at the transferring entity's historical cost instead of reflecting the fair market value of assets and liabilities. New Accounting Pronouncements Presentation of Debt Issuance Costs for Term Debt In April 2015, the FASB issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs . Simplified Measurement Date for Defined Benefit Plan Assets and Obligations In April 2015, the FASB issued Accounting Standard Update 2015-04, Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Reclassifications Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. These reclassifications had no impact on working capital, net income, stockholders' equity or cash flows as previously reported. Seasonality The Company is primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature and subject to the influence of natural phenomena and wide price fluctuations. Historically, the second and third quarters of our fiscal year generally produce the majority of our annual revenue, and our working capital requirements are typically greater in the first and fourth quarters of our fiscal year. The results of the reported periods herein are not necessarily indicative of the results for any other interim periods or the entire fiscal year. |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 2. Inventories Inventories consist of ( in thousands June 30, September 30, 2015 2014 Unharvested fruit crop on the trees $ 38,832 $ 23,502 Beef cattle 3,469 1,022 Nursery 1,822 516 Other 2,132 429 Total inventories $ 46,255 $ 25,469 |
Property, Buildings and Equipme
Property, Buildings and Equipment, Net | 9 Months Ended |
Jun. 30, 2015 | |
Property, Buildings and Equipment, Net [Abstract] | |
Property, Buildings and Equipment, Net | Note 3. Property, Buildings and Equipment, Net Property, buildings and equipment, net consist of ( in thousands June 30, September 30, 2015 2014 Breeding herd $ 11,158 $ 11,558 Buildings 21,377 16,282 Citrus trees 243,878 69,952 Equipment and other facilities 59,464 55,799 Total depreciable assets 335,877 153,591 Less: accumulated depreciation and depletion (75,324 ) (66,321 ) Net depreciable assets 260,553 87,270 Land and land improvements 122,547 39,563 Total property, buildings and equipment, net $ 383,100 $ 126,833 Land Sale Certain Silver Nip Citrus land with a cost of $ 2,832,159 2,926,553 Asset Impairment The Company recorded an impairment loss of approximately $ 541,000 1,509,000 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Jun. 30, 2015 | |
Acquisitions and Dispositions [Abstract] | |
Acquisitions and Dispositions | Note 4. Acquisitions and Dispositions On December 2, 2014, the Company completed the acquisition of certain citrus and related assets of Orange-Co, LP (Orange-Co) pursuant to an Asset Purchase Agreement, which we refer to as the Orange-Co Purchase Agreement, dated as of December 1, 2014 and 51 20,263 277,792,000 2,060,000 4,838,000 147,500,000 7,500,000 92,290,000 27,857,000 4,705,000 7,500,000 The Company acquired Orange-Co to transform our citrus business and meaningfully enhance the Company's position in the citrus industry. The Company has included the financial results of Orange-Co in the Financial Statements from the date of acquisition. These results include approximately $ 72,233,000 18,060,000 This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. All goodwill recognized will be deductible for tax purposes. The initial accounting for the business combination is not complete and adjustments to provisional amounts, or recognition of additional assets acquired or liabilities assumed, may occur as more detailed analyses are completed and additional information is obtained about the facts and circumstances that existed as of the acquisition date. In the Company's Condensed Combined Consolidated Financial Statements for the period ended June 30, 2015, the total assets acquired and liabilities assumed were based on preliminary information and were subject to adjustment as new information was obtained. During the three months ended June 30, 2015, an adjustment to the fair value of total assets acquired resulted in an increase of approximately $ 1,000,000 For the nine months ended June 30, 2015, the Company incurred approximately $ 3,239,000 The following table summarizes the consideration paid for the acquired net assets and the acquisition accounting for the fair values of the assets acquired and liabilities assumed, as adjusted, in the Condensed Combined Consolidated Balance Sheets as of the acquisition date. These balances are subject to change when final asset valuations are obtained and the potential for liabilities has been further evaluated. The fair value of the consideration paid for the acquisition of the net assets, as adjusted, was as follows: Asset acquisition (in thousands) Amount Assets: Accounts receivable, net $ 888 Other current assets 845 Inventories, net 35,562 Property, Buildings and Equipment 240,949 Goodwill 2,246 Other assets 2,140 Total assets, net of cash acquired $ 282,630 Liabilities: Accounts payable and accrued liabilities $ 4,205 Debt 500 Payable to seller 7,500 Total liabilities assumed $ 12,205 Assets acquired less liabilities assumed $ 270,425 Less: fair value attributable to noncontrolling interest (4,838 ) Total purchase consideration $ 265,587 Cash proceeds from sugarcane disposition $ 97,126 Working capital line of credit 27,857 Term loans 140,604 Total purchase consideration $ 265,587 The unaudited pro-forma information below for the three and nine months ended June 30, 2015 and 2014 gives effect to this acquisition as if the acquisitions had occurred on October 1, 2013. The pro-forma financial information is not necessarily indicative of the results of operations if the acquisition had been effective as of this date. (in thousands except per share amounts) Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Revenues $ 68,809 $ 73,519 $ 131,857 $ 163,375 Income from operations $ 16,177 $ 20,479 $ 18,438 $ 38,119 Net income attributable to Alico, Inc. common stockholders $ 7,767 $ 11,843 $ 15,104 $ 20,932 Basic earnings per common share $ 0.94 $ 1.61 $ 1.90 $ 2.86 Diluted earnings per common share $ 0.94 $ 1.61 $ 1.89 $ 2.85 Acquisition of Citrus Grove On September 4, 2014, Silver Nip Citrus and TRB Groves, LLC entered into a Purchase and Sale Agreement pursuant to which Silver Nip Citrus purchased all of the assets on a 1,500 17,624,000 11,000,000 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 results of operations have been included in our combined consolidated statements of operations since September 4, 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 Assets: Inventories, net $ 1,329 Property, Buildings and Equipment Equipment and other facilities 2,742 Land 5,921 Citrus Trees 7,632 Total assets, net of cash acquired $ 17,624 Sugarcane Land On November 21, 2014, the Company completed the sale of approximately 36,000 97,900,000 30,600 Net proceeds from the sugarcane land sale of approximately $ 97,126,000 The sales price is subject to post-closing adjustments over a ten ( 10 42,753,000 29,140,000 $ 13,613,000 On May 1, 2015, the Company made a payment of $ 1,347,000 Global Ag Properties pursuant to the sales contract. USSC's rent is tied to the market price of sugar, and this payment is required annually in advance, to supplement the rent paid by USSC in the event that the sugar prices are below certain thresholds. This advance payment is included in other current assets at June 30, 2015 As a result of the disposition of our sugarcane land, we are no longer involved in sugarcane operations, and, as of November 21, 2014, the Improved Farmland segment was no longer material to our business, however, the sugarcane operation has not been classified as a discontinued operation due to the post-closing adjustments, amongst other involvement, as described above. |
Common Control Acquisition
Common Control Acquisition | 9 Months Ended |
Jun. 30, 2015 | |
Common Control Acquisition [Abstract] | |
Common Control Acquisition | Note 5. Common Control Acquisition The Company completed the Merger with Silver Nip Citrus on February 28, 2015 (see Note 1 to the accompanying Condensed Combined Consolidated Financial Statements). Silver Nip Citrus owns approximately 7,434 The Company's results of operations for the three and nine months ended June 30, 2015 include the Silver Nip Citrus results of operations for the three and nine months ended March 31, 2015. The Company's results of operations for the three and nine months ended June 30, 2014 include the Silver Nip Citrus results of operations from November 19, 2013 (the initial date of common control) through March 31, 2014. Separate results for the Company and Silver Nip Citrus for the three and nine months ended June 30, 2015 and 2014 were as follows : ( in thousands except for per share amounts Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Silver Nip Silver Nip Alico Citrus Total Alico Citrus Total Operating revenues $ 61,007 $ 7,802 $ 68,809 $ 28,675 $ 5,200 $ 33,875 Gross profit $ 18,090 $ 1,725 $ 19,815 $ 3,739 $ 854 $ 4,593 Net income $ 6,727 $ 1,040 $ 7,767 $ 1,119 $ (88 ) $ 1,031 Comprehensive income $ 6,727 $ 1,040 $ 7,767 $ 1,119 $ (88 ) $ 1,031 Earnings per common share: Basic $ 0.81 $ 0.13 $ 0.94 $ 0.15 $ (0.01 ) $ 0.14 Diluted $ 0.81 $ 0.13 $ 0.94 $ 0.15 $ (0.01 ) $ 0.14 ( in thousands except for per share amounts ) Nine Months Ended June 30, 2015 Nine Months Ended June 30, 2014 Silver Nip Silver Nip Alico Citrus Total Alico Citrus Total Operating revenues $ 129,375 $ 10,734 $ 140,109 $ 81,139 $ 8,367 $ 89,506 Gross profit $ 31,185 $ 1,805 $ 32,990 $ 15,593 $ 1,770 $ 17,363 Net income $ 15,866 $ 2,426 $ 18,292 $ 4,485 $ 538 $ 5,023 Comprehensive income $ 15,866 $ 2,426 $ 18,292 $ 4,485 $ 538 $ 5,023 Earnings per common share: Basic $ 1.99 $ 0.30 $ 2.30 $ 0.61 $ 0.07 $ 0.69 Diluted $ 1.99 $ 0.30 $ 2.29 $ 0.61 $ 0.07 $ 0.68 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 6. Income Taxes Income tax expense was approximately $ 6,227,000 791,000 44.5 43.4 10,940,000 3,236,000 37.4 39.2 During the three months ended June 30, 2015, the Company revised its effective tax rates to reflect the impact of claiming certain deductions on amended federal and state income tax returns filed in prior fiscal years. Other changes to the effective tax rates relate primarily to the nondeductible nature of projected political contributions and lobbying expenses. In addition, there were limitations on certain deductions related to the vesting of the long-term incentive grants for fiscal year 2014, and non-deductible transaction costs related to the Silver Nip Citrus merger for fiscal year 2015. The Company applies a more likely than not threshold to the recognition and nonrecognition 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 as of June 30, 2015 and September 30, 2014. The Company recognizes interest and/or penalties related to income tax matters in income tax expense and in income taxes payable. The Internal Revenue Service (IRS) is currently auditing Alico's tax returns for the fiscal years ended September 30, 2013, 2012 and 2011 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 7. Long-Term Debt and Lines of Credit Refinancing on December 3, 2014 The Company refinanced its outstanding debt on December 3, 2014 in connection with the Orange-Co acquisition (see Note 4 to the accompanying Condensed Combined Consolidated Financial Statements). The debt facilities include $ 113,125,000 56,063,000 25,000,000 70,000,000 The term loans and RLOC are secured by approximately 38,700 14,000 The term loans are subject to quarterly principal payments of $ 2,281,250 4.15 150 two The Company may prepay up to $ 8,750,000 The RLOC bears interest at a floating rate equal to 90 day LIBOR plus 150 two 25 The WCLC is a revolving credit facility and is available for funding working capital and general corporate needs. The interest rate on the WCLC is based on the one month LIBOR plus a spread. The spread is adjusted quarterly based on our debt service coverage ratio for the preceding quarter and can vary from 175 250 175 The WCLC is subject to a quarterly commitment fee on the daily unused availability under the line computed as the commitment amount less the aggregate of the outstanding loans and outstanding letters of credit. The commitment fee is adjusted quarterly based on our debt service coverage ratio for the preceding quarter and can vary from 20 30 The WCLC agreement provides for Rabo to issue up to $ 20,000,000 17,498,500 The Company capitalized approximately $ 2,834,000 585,000 The facilities above are subject to various covenants including the following financial covenants: (1) minimum debt service coverage ratio of 1.10 160,000,000 10 1.50 .625 30,000,000 Debt Prior to Refinancing Prior to the December 3, 2014 refinancing, the Company had a $ 34,000,000 60,000,000 The term loan required quarterly payments of interest at a floating rate of one month LIBOR plus 225 500,000 The Old RLOC had an interest rate based on one LIBOR 195 295 195 20 Debt financing costs incurred as a result of entry into the Rabo credit facility loan agreement, including appraisal fees, document stamps, legal costs and lender fees of approximately $ 1,202,000 697,000 375,000 301,000 At September 30, 2014, the Company was in compliance with the financial debt covenants and terms of the Rabo loan agreement. Silver Nip Citrus Debt Silver Nip Citrus has various loans payable to Prudential Mortgage Capital Company, LLC (Prudential) as described below. There are two 25,930,000 27,550,000 290,000 5.35 5,000,000 In connection with the purchase of 1,500 5,445,000 3.85 55,000 Silver Nip Citrus also has a fixed rate term loan with Prudential with an outstanding balance of $ 5,445,000 3.45 five 55,000 Silver Nip Citrus had a $ 6,000,000 3,348,000 3,160,000 275 The Silver Nip Citrus facilities are subject to a financial covenant requiring a current ratio of at least 2.00 The Silver Nip Citrus facilities are personally guaranteed by George Brokaw, Remy Trafelet and Clayton Wilson. Modification of Credit Agreements The Silver Nip Citrus line of credit with Prudential was paid in full and terminated on April 28, 2015. Rabo has agreed, subject to certain conditions, that the Company may loan Silver Nip Citrus up to $ 7,000,000 Silver Nip has provided a $ 7,000,000 This modification required the amendment of various Prudential and Rabo loan documents and mortgages. Outstanding debt obligations under the Company's various loan agreements is presented in the tables below: (in thousands) June 30, September 30, 2015 2014 Long-term debt, net of current portion: Metropolitan Life Insurance Company and New England Life Insurance Company fixed rate term loans in the original principal amount of $ 125 4.15 $ 113,125 $ - Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amounts of $ 57.5 1.78 56,063 - Metropolitan Life Insurance Company term loan: the loan bears interest at the initial rate of 5.49 4.5 500 - Rabo Agrifinance, Inc. variable rate term loan: the variable interest rate on this loan was 2.40 - 34,000 Prudential Mortgage Capital Company, LLC fixed rate term loans: the loans bear interest at the rate of 5.35 25,930 27,550 Prudential Mortgage Capital Company, LLC fixed rate term loan: the loan bears interest at the rate of 3.85 5,445 - Prudential Mortgage Capital Company, LLC fixed rate term loan: the loan bears interest at the rate of 3.45 5,445 - Note payable to a financing company secured by equipment and maturing in December 2016. 72 90 206,580 61,640 Less: current portion 4,511 3,196 Long-term debt $ 202,069 $ 58,444 (in thousands) June 30, September 30, 2015 2014 Lines of Credit: Metropolitan Life Insurance Company and New England Life Insurance Company revolving line of credit: this $ 25 1.78 $ - $ - Rabo Agrifinance, Inc. working capital line of credit: this $ 70 1.93 52.5 - - Prudential Mortgage Capital Company, LLC revolving line of credit: this $ 6 3.01 2.98 2.6 2.8 3,348 3,160 Lines of Credit $ 3,348 $ 3,160 Debt Maturities Maturities of the Company's outstanding debt as of June 30, 2015 were as follows: (in thousands) Due within one year $ 4,511 Due between one and two years 8,261 Due between two and three years 14,123 Due between three and four years 10,875 Due between four and five years 10,950 Due beyond five years 161,208 Total $ 209,928 Interest costs expensed and capitalized were as follows: (in thousands) Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Interest expense $ 2,127 $ 657 $ 5,715 $ 1,322 Interest capitalized 71 40 283 118 Total $ 2,198 $ 697 $ 5,998 $ 1,440 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share Basic earnings per share for our common stock is calculated by dividing net income attributable to Alico, Inc. common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of common shares issuable under equity-based compensation plans in accordance with the treasury stock method, except where the inclusion of such common shares would have an anti-dilutive impact. For the three and nine months ended June 30, 2015 and 2014, basic and diluted earnings per common share were as follows ( in thousands, except per share amounts Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Net income attributable to Alico, Inc. common stockholders $ 7,767 $ 1,031 $ 18,292 $ 5,023 Weighted average number of common shares outstanding - basic 8,278 7,356 7,969 7,327 Dilutive effect of equity awards 6 - 2 24 Weighted average number of common shares outstanding - diluted 8,284 7,356 7,971 7,351 Net income per common shares attributable to Alico, Inc. common stockholders: Basic $ 0.94 $ 0.14 $ 2.30 $ 0.69 Diluted $ 0.94 $ 0.14 $ 2.29 $ 0.68 For the three and nine months ended June 30, 2015, there were no anti-dilutive equity awards that were excluded from the calculation of diluted earnings per share. |
Segments
Segments | 9 Months Ended |
Jun. 30, 2015 | |
Segments [Abstract] | |
Segments | Note 9. Segments Operating segments are defined in ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by the Company's chief operating decision makers (CODMs) in deciding how to assess performance and allocate resources. The Company's CODMs assess performance and allocate resources based on five operating segments: Citrus Groves, Improved Farmland, Ranch and Conservation, Agricultural Supply Chain Management and Other Operations. 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 and leasing mines and oil extraction rights to third parties. Total revenues represent sales to unaffiliated customers, as reported in the Condensed Combined Consolidated Statements of Operations and Comprehensive Income. Intersegment sales and transfers are accounted by the Company as if the sales or transfers were to third parties at current market prices. Goods and services produced by these segments are sold to wholesalers and processors in the United States who prepare the products for consumption. The Company evaluates the segments' performance based on direct margins (gross profit) from operations before corporate, general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses. All intercompany transactions between the segments have been eliminated. Information by business segment is as follows (in thousands): Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Operating revenues: Citrus Groves $ 65,795 $ 27,167 $ 129,084 $ 55,390 Agricultural Supply Chain Management 2,105 4,083 6,584 12,324 Improved Farmland 418 2,159 2,492 19,441 Ranch and Conservation 296 408 1,441 1,849 Other Operations 195 58 508 502 Intersegment Revenues 5,058 4,173 10,444 9,299 Eliminations (5,058 ) (4,173 ) (10,444 ) (9,299 ) Total revenues $ 68,809 $ 33,875 $ 140,109 $ 89,506 Operating expenses: Citrus Groves $ 45,551 $ 18,317 $ 96,027 $ 36,560 Agricultural Supply Chain Management 1,467 3,916 5,578 12,085 Improved Farmland 659 6,591 2,736 20,986 Ranch and Conservation 624 684 1,992 2,231 Other Operations 693 (226 ) 786 281 Total operating expenses $ 48,994 $ 29,282 $ 107,119 $ 72,143 Gross profit (loss): Citrus Groves $ 20,244 $ 8,850 $ 33,057 $ 18,830 Agricultural Supply Chain Management 638 167 1,006 239 Improved Farmland (241 ) (4,432 ) (244 ) (1,545 ) Ranch and Conservation (328 ) (276 ) (551 ) (382 ) Other Operations (498 ) 284 (278 ) 221 Total gross profit (loss) $ 19,815 $ 4,593 $ 32,990 $ 17,363 Capital expenditures: Citrus Groves $ 4,413 $ 2,354 $ 5,018 $ 6,380 Agricultural Supply Chain Management 17 - 346 71 Improved Farmland - 44 - 3,729 Ranch and Conservation 369 103 559 879 Other Operations 47 (172 ) 3,458 28 Other Capital Expenditures 214 168 293 168 Total capital expenditures $ 5,060 $ 2,497 $ 9,674 $ 11,255 Depreciation, depletion and amortization: Citrus Groves $ 3,037 $ 1,132 $ 7,877 $ 2,196 Agricultural Supply Chain Management 109 41 254 123 Improved Farmland - 572 - 3,194 Ranch and Conservation 291 335 776 997 Other Operations 347 477 745 586 Other Depreciation, Depletion and Amortization 67 (252 ) 267 148 Total depreciation, depletion and amortization $ 3,851 $ 2,305 $ 9,919 $ 7,244 (in thousands) June 30, 2015 September 30, 2014 Assets: Citrus Groves $ 407,107 $ 121,399 Agricultural Supply Chain Management 2,717 2,498 Improved Farmland 1,556 57,726 Ranch and Conservation 14,480 13,920 Other Operations 33,836 26,356 Other Corporate Assets 10,526 35,679 Total assets $ 470,222 $ 257,578 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 10. Stockholders' Equity Effective January 27, 2015, the Company's Board of Directors adopted the Stock Incentive Plan of 2015 (the 2015 Plan) which provides for up to an additional 1,250,000 The adoption of the 2015 Plan superseded the 2013 Incentive Equity Plan (2013 Plan), which had been in place since April 2013. In the three months ended June 30, 2015, the Company awarded 12,500 17,000 The Company also recognizes stock compensation expense for (i) Board of Directors fees (paid in treasury stock) and (ii) the Long Term Incentive Compensation Plan (via restricted stock). Stock-based compensation expense for the Board of Director fees and Long Term Incentive Compensation Plan was $ 176,200 585,000 204,000 909,000 In March 2015, the Board of Directors authorized the repurchase of up to 20,000 (in thousands, except share amounts) Shares Cost Balance as of September 30, 2014 15,766 $ 650 Purchased 20,000 1,029 Issued to Directors and Named Executive Officers (12,916 ) (532 ) Balance as of June 30, 2015 22,850 $ 1,147 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies On March 11, 2015, a putative shareholder class action lawsuit captioned Shiva Y. Stein v. Alico, Inc., et al., No. 15-CA-000645 (the Stein lawsuit), was filed in the Circuit Court of the Twentieth Judicial District in and for Lee County, Florida, against Alico, Inc. (Alico), its current and certain former directors, 734 Citrus Holdings, LLC d/b/a Silver Nip Citrus (Silver Nip), 734 Investors, LLC (734 Investors), 734 Agriculture, LLC (734 Agriculture) and 734 Sub, LLC (734 Sub) in connection with the acquisition of Silver Nip by Alico (the Acquisition). The complaint alleges that Alico's directors at the time of the Acquisition, 734 Investors and 734 Agriculture breached fiduciary duties to Alico stockholders in connection with the Acquisition and that Silver Nip and 734 Sub aided and abetted such breaches. The lawsuit seeks, among other things, monetary and equitable relief, costs, fees (including attorneys' fees) and expenses. On May 6, 2015, a putative stockholder class action and derivative lawsuit captioned Ruth S. Dimon Trust v. George R. Brokaw, et al., No. 15-CA-001162 (the Dimon lawsuit), was filed in the Circuit Court of the Twentieth Judicial District in and for Lee County, Florida, against Alico, its current directors, Silver Nip, 734 Investors and 734 Agriculture in connection with the Acquisition of Silver Nip by Alico. The complaint alleges claims for breach of fiduciary duty, gross mismanagement, waste of corporate assets and tortious interference with contract against Alico's directors, unjust enrichment against three of the directors and aiding and abetting breach of fiduciary duty against Silver Nip, 734 investors and 734 Agriculture. The lawsuit seeks, among other things, rescission of the Acquisition, an injunction prohibiting certain payments to Silver Nip shareholders, unspecified damages, disgorgement of profits, costs, fees (including attorneys' fees) and expenses. On July 17, 2015, the plaintiffs in the Stein and Dimon lawsuits filed a stipulation and proposed order consolidating their cases for all purposes and seeking the appointment of a lead plaintiff and lead and liaison counsel. The court entered that proposed order on July 21, 2015. From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. There are no current legal proceedings to which we are a party to or which any of our property is subject to that we believe will have a material adverse effect on our business, financial condition or results of operations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12. 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 The common stock acquired by 734 Agriculture and its affiliates, including 734 Investors, represented approximately 51 Appointment of Mr. Wilson as the Company's Chief Executive Officer Upon the Closing of the Share Purchase, Mr. JD 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. Silver Nip Merger Agreement Effective February 28, 2015, the Company completed the merger (Merger) with 734 Citrus Holdings, LLC (Silver Nip Citrus) pursuant to an Agreement and Plan of Merger (the Merger Agreement) with 734 Sub, LLC, a wholly owned subsidiary of the Company (Merger Sub), Silver Nip Citrus and, solely with respect to certain sections thereof, the equity holders of Silver Nip Citrus. The ownership of Silver Nip Citrus was held by 734 Agriculture, 74.89 5 20.11 734 Agriculture has control over both Silver Nip Citrus and the Company and therefore the Merger was treated as a common control acquisition. At closing of the Merger, Merger Sub merged with and into Silver Nip Citrus, with Silver Nip Citrus and its affiliates surviving the Merger as wholly owned subsidiaries of the Company. Pursuant to the Merger Agreement, at closing, the Company issued 923,257 1.00 40,278,000 6,952,000 65,739,000 18,470,000 According to the terms of the Merger Agreement, the holders of the membership interests in Silver Nip Citrus will receive additional Company shares based on the value of the proceeds received by the Company from the sale of citrus fruit harvested on Silver Nip Citrus' real property during the 2014-2015 citrus season. Additional consideration due based on sales through May 31, 2015 is approximately 115,783 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 two Ken Smith On March 20, 2015, Ken Smith tendered his resignation as Chief Operating Officer and as an employee of the Company. Mr. Smith's resignation includes a waiver of any rights to any payments under his Change-in-Control Agreement with the Company. On March 20, 2015, the Company and Mr. Smith also entered into a Consulting and Non-Competition Agreement under which (i) Mr. Smith will provide consulting services to the Company during the three two 1,225,000 W. Mark Humphrey On June 1, 2015, W. Mark Humphrey tendered his resignation as Senior Vice President and Chief Financial Officer and as an employee of the Company. On June 1, 2015, the Company and Mr. Humphrey entered into a Separation and Consulting Agreement under which (i) Mr. Humphrey will provide consulting services to the Company for a one 100,000 350,000 Shared Services Agreement The Company has approved, but not yet executed, a shared services agreement with Trafelet Brokaw & Co., LLC (TBCO) whereby the Company will reimburse TBCO for use of office space and various administrative and support services. The annual cost of the office and services is approximately 400,000 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, September 30, 2015 2014 Unharvested fruit crop on the trees $ 38,832 $ 23,502 Beef cattle 3,469 1,022 Nursery 1,822 516 Other 2,132 429 Total inventories $ 46,255 $ 25,469 |
Property, Buildings and Equip19
Property, Buildings and Equipment, Net (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Property, Buildings and Equipment, Net [Abstract] | |
Schedule of Property, Buildings and Equipment | June 30, September 30, 2015 2014 Breeding herd $ 11,158 $ 11,558 Buildings 21,377 16,282 Citrus trees 243,878 69,952 Equipment and other facilities 59,464 55,799 Total depreciable assets 335,877 153,591 Less: accumulated depreciation and depletion (75,324 ) (66,321 ) Net depreciable assets 260,553 87,270 Land and land improvements 122,547 39,563 Total property, buildings and equipment, net $ 383,100 $ 126,833 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Orange-Co Acquisition [Member] | |
Business Acquisition [Line Items] | |
Schedule of Assets Acquired | Asset acquisition (in thousands) Amount Assets: Accounts receivable, net $ 888 Other current assets 845 Inventories, net 35,562 Property, Buildings and Equipment 240,949 Goodwill 2,246 Other assets 2,140 Total assets, net of cash acquired $ 282,630 Liabilities: Accounts payable and accrued liabilities $ 4,205 Debt 500 Payable to seller 7,500 Total liabilities assumed $ 12,205 Assets acquired less liabilities assumed $ 270,425 Less: fair value attributable to noncontrolling interest (4,838 ) Total purchase consideration $ 265,587 Cash proceeds from sugarcane disposition $ 97,126 Working capital line of credit 27,857 Term loans 140,604 Total purchase consideration $ 265,587 |
Schedule of Pro-Forma Information | (in thousands except per share amounts) Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Revenues $ 68,809 $ 73,519 $ 131,857 $ 163,375 Income from operations $ 16,177 $ 20,479 $ 18,438 $ 38,119 Net income attributable to Alico, Inc. common stockholders $ 7,767 $ 11,843 $ 15,104 $ 20,932 Basic earnings per common share $ 0.94 $ 1.61 $ 1.90 $ 2.86 Diluted earnings per common share $ 0.94 $ 1.61 $ 1.89 $ 2.85 |
Charlotte County Citrus Grove [Member] | |
Business Acquisition [Line Items] | |
Schedule of Assets Acquired | (in thousands) Amount Assets: Inventories, net $ 1,329 Property, Buildings and Equipment Equipment and other facilities 2,742 Land 5,921 Citrus Trees 7,632 Total assets, net of cash acquired $ 17,624 |
Common Control Acquisition (Tab
Common Control Acquisition (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Common Control Acquisition [Abstract] | |
Schedule of Separate and Combined Operating Results | ( in thousands except for per share amounts Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Silver Nip Silver Nip Alico Citrus Total Alico Citrus Total Operating revenues $ 61,007 $ 7,802 $ 68,809 $ 28,675 $ 5,200 $ 33,875 Gross profit $ 18,090 $ 1,725 $ 19,815 $ 3,739 $ 854 $ 4,593 Net income $ 6,727 $ 1,040 $ 7,767 $ 1,119 $ (88 ) $ 1,031 Comprehensive income $ 6,727 $ 1,040 $ 7,767 $ 1,119 $ (88 ) $ 1,031 Earnings per common share: Basic $ 0.81 $ 0.13 $ 0.94 $ 0.15 $ (0.01 ) $ 0.14 Diluted $ 0.81 $ 0.13 $ 0.94 $ 0.15 $ (0.01 ) $ 0.14 ( in thousands except for per share amounts ) Nine Months Ended June 30, 2015 Nine Months Ended June 30, 2014 Silver Nip Silver Nip Alico Citrus Total Alico Citrus Total Operating revenues $ 129,375 $ 10,734 $ 140,109 $ 81,139 $ 8,367 $ 89,506 Gross profit $ 31,185 $ 1,805 $ 32,990 $ 15,593 $ 1,770 $ 17,363 Net income $ 15,866 $ 2,426 $ 18,292 $ 4,485 $ 538 $ 5,023 Comprehensive income $ 15,866 $ 2,426 $ 18,292 $ 4,485 $ 538 $ 5,023 Earnings per common share: Basic $ 1.99 $ 0.30 $ 2.30 $ 0.61 $ 0.07 $ 0.69 Diluted $ 1.99 $ 0.30 $ 2.29 $ 0.61 $ 0.07 $ 0.68 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt [Abstract] | |
Schedule of Long-Term Debt | (in thousands) June 30, September 30, 2015 2014 Long-term debt, net of current portion: Metropolitan Life Insurance Company and New England Life Insurance Company fixed rate term loans in the original principal amount of $ 125 4.15 $ 113,125 $ - Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amounts of $ 57.5 1.78 56,063 - Metropolitan Life Insurance Company term loan: the loan bears interest at the initial rate of 5.49 4.5 500 - Rabo Agrifinance, Inc. variable rate term loan: the variable interest rate on this loan was 2.40 - 34,000 Prudential Mortgage Capital Company, LLC fixed rate term loans: the loans bear interest at the rate of 5.35 25,930 27,550 Prudential Mortgage Capital Company, LLC fixed rate term loan: the loan bears interest at the rate of 3.85 5,445 - Prudential Mortgage Capital Company, LLC fixed rate term loan: the loan bears interest at the rate of 3.45 5,445 - Note payable to a financing company secured by equipment and maturing in December 2016. 72 90 206,580 61,640 Less: current portion 4,511 3,196 Long-term debt $ 202,069 $ 58,444 |
Schedule of Lines of Credit | (in thousands) June 30, September 30, 2015 2014 Lines of Credit: Metropolitan Life Insurance Company and New England Life Insurance Company revolving line of credit: this $ 25 1.78 $ - $ - Rabo Agrifinance, Inc. working capital line of credit: this $ 70 1.93 52.5 - - Prudential Mortgage Capital Company, LLC revolving line of credit: this $ 6 3.01 2.98 2.6 2.8 3,348 3,160 Lines of Credit $ 3,348 $ 3,160 |
Schedule of Debt Maturities | (in thousands) Due within one year $ 4,511 Due between one and two years 8,261 Due between two and three years 14,123 Due between three and four years 10,875 Due between four and five years 10,950 Due beyond five years 161,208 Total $ 209,928 |
Schedule of Interest Costs | (in thousands) Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Interest expense $ 2,127 $ 657 $ 5,715 $ 1,322 Interest capitalized 71 40 283 118 Total $ 2,198 $ 697 $ 5,998 $ 1,440 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Net income attributable to Alico, Inc. common stockholders $ 7,767 $ 1,031 $ 18,292 $ 5,023 Weighted average number of common shares outstanding - basic 8,278 7,356 7,969 7,327 Dilutive effect of equity awards 6 - 2 24 Weighted average number of common shares outstanding - diluted 8,284 7,356 7,971 7,351 Net income per common shares attributable to Alico, Inc. common stockholders: Basic $ 0.94 $ 0.14 $ 2.30 $ 0.69 Diluted $ 0.94 $ 0.14 $ 2.29 $ 0.68 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Segments [Abstract] | |
Schedule of Information by Business Segment | Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Operating revenues: Citrus Groves $ 65,795 $ 27,167 $ 129,084 $ 55,390 Agricultural Supply Chain Management 2,105 4,083 6,584 12,324 Improved Farmland 418 2,159 2,492 19,441 Ranch and Conservation 296 408 1,441 1,849 Other Operations 195 58 508 502 Intersegment Revenues 5,058 4,173 10,444 9,299 Eliminations (5,058 ) (4,173 ) (10,444 ) (9,299 ) Total revenues $ 68,809 $ 33,875 $ 140,109 $ 89,506 Operating expenses: Citrus Groves $ 45,551 $ 18,317 $ 96,027 $ 36,560 Agricultural Supply Chain Management 1,467 3,916 5,578 12,085 Improved Farmland 659 6,591 2,736 20,986 Ranch and Conservation 624 684 1,992 2,231 Other Operations 693 (226 ) 786 281 Total operating expenses $ 48,994 $ 29,282 $ 107,119 $ 72,143 Gross profit (loss): Citrus Groves $ 20,244 $ 8,850 $ 33,057 $ 18,830 Agricultural Supply Chain Management 638 167 1,006 239 Improved Farmland (241 ) (4,432 ) (244 ) (1,545 ) Ranch and Conservation (328 ) (276 ) (551 ) (382 ) Other Operations (498 ) 284 (278 ) 221 Total gross profit (loss) $ 19,815 $ 4,593 $ 32,990 $ 17,363 Capital expenditures: Citrus Groves $ 4,413 $ 2,354 $ 5,018 $ 6,380 Agricultural Supply Chain Management 17 - 346 71 Improved Farmland - 44 - 3,729 Ranch and Conservation 369 103 559 879 Other Operations 47 (172 ) 3,458 28 Other Capital Expenditures 214 168 293 168 Total capital expenditures $ 5,060 $ 2,497 $ 9,674 $ 11,255 Depreciation, depletion and amortization: Citrus Groves $ 3,037 $ 1,132 $ 7,877 $ 2,196 Agricultural Supply Chain Management 109 41 254 123 Improved Farmland - 572 - 3,194 Ranch and Conservation 291 335 776 997 Other Operations 347 477 745 586 Other Depreciation, Depletion and Amortization 67 (252 ) 267 148 Total depreciation, depletion and amortization $ 3,851 $ 2,305 $ 9,919 $ 7,244 (in thousands) June 30, 2015 September 30, 2014 Assets: Citrus Groves $ 407,107 $ 121,399 Agricultural Supply Chain Management 2,717 2,498 Improved Farmland 1,556 57,726 Ranch and Conservation 14,480 13,920 Other Operations 33,836 26,356 Other Corporate Assets 10,526 35,679 Total assets $ 470,222 $ 257,578 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Treasury Stock Transactions | (in thousands, except share amounts) Shares Cost Balance as of September 30, 2014 15,766 $ 650 Purchased 20,000 1,029 Issued to Directors and Named Executive Officers (12,916 ) (532 ) Balance as of June 30, 2015 22,850 $ 1,147 |
Description of Business and B26
Description of Business and Basis of Presentation (Details) | Feb. 28, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)a$ / sharesshares | Sep. 30, 2014$ / shares |
Related Party Transaction [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | $ 1 |
Land [Member] | |||
Related Party Transaction [Line Items] | |||
Area of land owned | a | 121,000 | ||
Mineral Rights [Member] | |||
Related Party Transaction [Line Items] | |||
Area of land owned | a | 90,000 | ||
Silver Nip Citrus Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Number of shares issuable | shares | 923,257 | 115,783 | |
Amount of indebtedness | $ 40,278,000 | ||
Other liabilities | 6,952,000 | ||
Book value of assets acquired | 65,739,000 | ||
Net assets acquired | $ 18,470,000 | ||
Professional and legal fees | $ 894,000 | ||
734 Agriculture [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership interest in subsidiary | 51.00% | 51.00% | |
Silver Nip [Member] | 734 Agriculture [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership interest in subsidiary | 74.89% | ||
Silver Nip [Member] | Mr Wilson [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership interest in subsidiary | 5.00% | ||
Silver Nip [Member] | Rio Verde Ventures, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership interest in subsidiary | 20.11% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Sep. 30, 2014 |
Inventory [Line Items] | ||
Total Inventories | $ 46,255 | $ 25,469 |
Orange Groves [Member] | ||
Inventory [Line Items] | ||
Agricultural related inventory | 38,832 | 23,502 |
Beef Cattle Ranching and Farming [Member] | ||
Inventory [Line Items] | ||
Agricultural related inventory | 3,469 | 1,022 |
Nursery Inventory [Member] | ||
Inventory [Line Items] | ||
Other | 1,822 | 516 |
Other Inventory [Member] | ||
Inventory [Line Items] | ||
Other | $ 2,132 | $ 429 |
Property, Buildings and Equip28
Property, Buildings and Equipment, Net (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 03, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||||
Net property, buildings and equipment | $ 383,100,000 | $ 383,100,000 | $ 126,833,000 | |||
Impairment on assets held for sale | 541,000 | |||||
Sales price | $ 1,509,000 | |||||
Citrus, Land and Land improvements [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Impairment on assets held for sale | 541,000 | |||||
Depreciable Property Plant and Equipment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | $ 335,877,000 | 335,877,000 | 153,591,000 | |||
Less accumulated depreciation and depletion | (75,324,000) | (75,324,000) | (66,321,000) | |||
Net property, buildings and equipment | 260,553,000 | 260,553,000 | 87,270,000 | |||
Breeding herd [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | 11,158,000 | 11,158,000 | 11,558,000 | |||
Buildings [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | 21,377,000 | 21,377,000 | 16,282,000 | |||
Citrus trees [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | 243,878,000 | 243,878,000 | 69,952,000 | |||
Equipment and Other Facilities [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | 59,464,000 | 59,464,000 | 55,799,000 | |||
Land and Land Improvements [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | $ 122,547,000 | 122,547,000 | 39,563,000 | |||
Land and Land Improvements [Member] | Silver Nip [Member] | Citrus, Land and Land improvements [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gross property, buildings and equipment | $ 2,832,159 | |||||
Pre-tax gains on sale of properties | $ 2,926,553 |
Acquisitions and Dispositions29
Acquisitions and Dispositions (Narrative) (Details) | Dec. 02, 2014USD ($)a | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 283,211,000 | |||
Orange-Co Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Area of land acquired | a | 20,263 | |||
Total purchase price | $ 277,792,000 | |||
Purchase price | 282,630,000 | |||
Cash acquired from acquisition | 2,060,000 | |||
Aggregate purchase price | 265,587,000 | |||
Payments to acquire business | 147,500,000 | 97,126,000 | ||
Maximum additional cash consideration | 7,500,000 | |||
Term debt assumed | 500,000 | |||
Certain other liabilities assumed | 4,705,000 | |||
Amount placed in escrow account | 7,500,000 | |||
Revenue since acquisition | 72,233,000 | |||
Gross profit since acquisition | 18,060,000 | |||
Amount of adjustment | $ 1,000,000 | |||
Professional and legal fees | $ 3,239,000 | $ 3,239,000 | ||
Orange-Co Acquisition [Member] | Refinanced Debt [Member] | ||||
Business Acquisition [Line Items] | ||||
Term debt assumed | 92,290,000 | |||
Working capital facility assumed | $ 27,857,000 | |||
Citree Holdings 1, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% |
Acquisitions and Dispositions30
Acquisitions and Dispositions (Schedule of Orange-Co Assets Recognized and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 02, 2014 | Sep. 30, 2014 |
Assets: | |||
Goodwill | $ 2,246 | ||
Orange-Co Acquisition [Member] | |||
Assets: | |||
Accounts receivable | $ 888 | ||
Other current assets | 845 | ||
Inventories, net | 35,562 | ||
Property, Buildings and Equipment | 240,949 | ||
Goodwill | 2,246 | ||
Other assets | 2,140 | ||
Total assets, net of cash acquired | 282,630 | ||
Liabilities: | |||
Accounts payable and accrued liabilities | 4,205 | ||
Debt | 500 | ||
Payable to seller | 7,500 | ||
Total liabilities assumed | 12,205 | ||
Assets acquired less liabilities assumed | 270,425 | ||
Less: fair value attributable to noncontrolling interest | (4,838) | ||
Total purchase consideration | $ 265,587 |
Acquisitions and Dispositions31
Acquisitions and Dispositions (Schedule of Purchase Consideration) (Details) - USD ($) | Dec. 02, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||
Cash proceeds from sugarcane disposition | $ 283,211,000 | ||
Orange-Co Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Cash proceeds from sugarcane disposition | $ 147,500,000 | 97,126,000 | |
Total purchase consideration | 265,587,000 | ||
Orange-Co Acquisition [Member] | Line of Credit [Member] | |||
Business Acquisition [Line Items] | |||
Liabilities incurred | 27,857,000 | ||
Orange-Co Acquisition [Member] | Term Loan [Member] | |||
Business Acquisition [Line Items] | |||
Liabilities incurred | $ 140,604,000 |
Acquisitions and Dispositions32
Acquisitions and Dispositions (Schedule of Pro-Forma Information) (Details) - Orange-Co Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Revenues | $ 68,809 | $ 73,519 | $ 131,857 | $ 163,375 |
Income from operations | 16,177 | 20,479 | 18,438 | 38,119 |
Net income attributable to Alico, Inc. common stockholders | $ 7,767 | $ 11,843 | $ 15,104 | $ 20,932 |
Basic earnings per common share | $ 0.94 | $ 1.61 | $ 1.90 | $ 2.86 |
Diluted earnings per common share | $ 0.94 | $ 1.61 | $ 1.89 | $ 2.85 |
Acquisitions and Dispositions33
Acquisitions and Dispositions (Schedule of Assets Recognized and Liabilities Assumed of Citrus Grove) (Details) - Sep. 04, 2014 - Charlotte County Citrus Grove [Member] | USD ($)a |
Business Acquisition [Line Items] | |
Aggregate purchase price | $ 17,624,000 |
Area of land acquired | a | 1,500 |
Liabilities incurred | $ 11,000,000 |
Assets: | |
Inventories, net | 1,329,000 |
Property, Buildings and Equipment: | |
Equipment and other facilities | 2,742,000 |
Land | 5,921,000 |
Citrus trees | 7,632,000 |
Total assets, net of cash acquired | $ 17,624,000 |
Acquisitions and Dispositions34
Acquisitions and Dispositions (Sugarcane Land) (Details) | May. 01, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Apr. 03, 2015USD ($) | Nov. 21, 2014USD ($)a | Sep. 30, 2014USD ($) |
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Sales price | $ 1,509,000 | |||||||
Gain (loss) on sale of real estate | $ (27,000) | $ 4,000 | $ 16,397,000 | $ 3,000 | ||||
Deferred gain on sale of assets, net of current portion | $ 29,139,000 | 29,139,000 | ||||||
Property Subject to Operating Lease [Member] | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Payment to Global Ag | $ 1,347,000 | |||||||
Hendry County Sugarcane Property [Member] | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Acres held for sale | a | 36,000 | |||||||
Sales price | $ 97,900,000 | |||||||
Proceeds deposited with intermediary | 97,126,000 | |||||||
Realized gain on disposal | 42,753,000 | |||||||
Gain (loss) on sale of real estate | $ 13,613,000 | |||||||
Deferred gain on sale of assets, net of current portion | $ 29,140,000 | |||||||
Hendry County Sugarcane Property [Member] | Property Subject to Operating Lease [Member] | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Acres held for sale | a | 30,600 |
Common Control Acquisition (Det
Common Control Acquisition (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015USD ($)a$ / shares | Jun. 30, 2014USD ($)$ / shares | Jun. 30, 2015USD ($)a$ / shares | Jun. 30, 2014USD ($)$ / shares | |
Operating revenues | $ 68,809 | $ 33,875 | $ 140,109 | $ 89,506 |
Gross profit | 19,815 | 4,593 | 32,990 | 17,363 |
Net income | 7,767 | 1,031 | 18,292 | 5,023 |
Comprehensive income | $ 7,767 | $ 1,031 | $ 18,292 | $ 5,023 |
Basic | $ / shares | $ 0.94 | $ 0.14 | $ 2.30 | $ 0.69 |
Diluted | $ / shares | $ 0.94 | $ 0.14 | $ 2.29 | $ 0.68 |
Alico [Member] | ||||
Operating revenues | $ 61,007 | $ 28,675 | $ 129,375 | $ 81,139 |
Gross profit | 18,090 | 3,739 | 31,185 | 15,593 |
Net income | 6,727 | 1,119 | 15,866 | 4,485 |
Comprehensive income | $ 6,727 | $ 1,119 | $ 15,866 | $ 4,485 |
Basic | $ / shares | $ 0.81 | $ 0.15 | $ 1.99 | $ 0.61 |
Diluted | $ / shares | $ 0.81 | $ 0.15 | $ 1.99 | $ 0.61 |
Silver Nip [Member] | ||||
Area of land owned | a | 7,434 | 7,434 | ||
Operating revenues | $ 7,802 | $ 5,200 | $ 10,734 | $ 8,367 |
Gross profit | 1,725 | 854 | 1,805 | 1,770 |
Net income | 1,040 | (88) | 2,426 | 538 |
Comprehensive income | $ 1,040 | $ (88) | $ 2,426 | $ 538 |
Basic | $ / shares | $ 0.13 | $ (0.01) | $ 0.30 | $ 0.07 |
Diluted | $ / shares | $ 0.13 | $ (0.01) | $ 0.30 | $ 0.07 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Income tax expense (benefit) | $ 6,227 | $ 791 | $ 10,940 | $ 3,236 |
Effective tax rate | 44.50% | 43.40% | 37.40% | 39.20% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015USD ($)a | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)a | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2010USD ($) | Dec. 03, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||
Total long-term debt | $ 206,580,000 | $ 206,580,000 | $ 61,640,000 | |||||
Capitalized loan origination fees | $ 2,834,000 | |||||||
Minimum debt coverage ratio | 1.10 | 1.10 | ||||||
Minimum tangible net worth | $ 160,000,000 | $ 160,000,000 | ||||||
Minimum current ratio | 1.50 | 1.50 | ||||||
Maximum debt ratio | 0.625 | 0.625 | ||||||
(Gain) loss on extinguishment of debt | $ 585,000 | $ 964,000 | ||||||
Annual increase in covenant, percentage | 10.00% | |||||||
Maximum capital expenditures | $ 30,000,000 | $ 30,000,000 | ||||||
Rabo Agrifinance, Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Capitalized loan origination fees | $ 1,202,000 | |||||||
Write-off of debt issuance costs | 375,000 | |||||||
Unamortized debt issuance costs | 301,000 | 301,000 | $ 697,000 | |||||
Alico [Member] | Silver Nip [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility | 7,000,000 | 7,000,000 | ||||||
Metropolitan Life Insurance Company and New England Life Insurance Company fixed rate term loans in the original principal amount of $125 million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt | $ 113,125,000 | $ 113,125,000 | ||||||
Fixed interest rate | 4.15% | 4.15% | ||||||
Periodic principal payment | $ 2,281,250 | |||||||
Amount of prepayment without penalty | $ 8,750,000 | 8,750,000 | ||||||
Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amounts of $57.5 million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt | 56,063,000 | $ 56,063,000 | ||||||
LIBOR spread | 1.50% | |||||||
Metropolitan Life Insurance Company and New England Life Insurance Company revolving line of credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility | 25,000,000 | $ 25,000,000 | ||||||
Annual commitment fee | 0.25% | |||||||
LIBOR spread | 1.50% | |||||||
Working Capital Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility | 70,000,000 | $ 70,000,000 | ||||||
LIBOR spread | 1.75% | |||||||
Letters of credit outstanding | 17,498,500 | $ 17,498,500 | ||||||
Working Capital Line of Credit [Member] | Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility | $ 20,000,000 | $ 20,000,000 | ||||||
Rabo Agrifinance, Inc. variable rate term loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt | $ 34,000,000 | |||||||
LIBOR spread | 2.25% | |||||||
Periodic principal payment | $ 500,000 | |||||||
Rabo Agrifinance, Inc. revolving line of credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility | $ 60,000,000 | |||||||
Annual commitment fee | 0.20% | |||||||
LIBOR spread | 1.95% | |||||||
Minimum [Member] | Working Capital Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual commitment fee | 0.20% | |||||||
LIBOR spread | 1.75% | |||||||
Minimum [Member] | Rabo Agrifinance, Inc. revolving line of credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread | 1.95% | |||||||
Maximum [Member] | Working Capital Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual commitment fee | 0.30% | |||||||
LIBOR spread | 2.50% | |||||||
Maximum [Member] | Rabo Agrifinance, Inc. revolving line of credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread | 2.95% | |||||||
Citrus Groves [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Acres collateralized | a | 38,700 | 38,700 | ||||||
Farmland [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Acres collateralized | a | 14,000 | 14,000 |
Long-Term Debt (Silver Nip Citr
Long-Term Debt (Silver Nip Citrus Debt) (Details) - Range [Domain] | 9 Months Ended | ||||
Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 04, 2014a | Jun. 30, 2014USD ($) | |
Debt Instrument [Line Items] | |||||
Total long-term debt | $ 206,580,000 | $ 61,640,000 | |||
Minimum current ratio | 1.50 | ||||
Long-term Line of Credit | $ 3,348,000 | 3,160,000 | |||
Prudential Mortgage Capital Company, LLC fixed rate term loans (5.35%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 25,930,000 | $ 25,930,000 | $ 27,550,000 | $ 27,550,000 | |
Periodic principal payment | 290,000 | ||||
Amount of prepayment without penalty | $ 5,000,000 | ||||
Fixed interest rate | 5.35% | ||||
Prudential Mortgage Capital Company, LLC fixed rate term loan (3.85%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | $ 5,445,000 | $ 5,445,000 | |||
Periodic principal payment | $ 55,000 | ||||
Fixed interest rate | 3.85% | 3.85% | |||
Area of land acquired | a | 1,500 | ||||
Prudential Mortgage Capital Company, LLC fixed rate term loan (3.45%) [Member] | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | $ 5,445,000 | $ 5,445,000 | |||
Periodic principal payment | $ 55,000 | ||||
Fixed interest rate | 3.45% | 3.45% | |||
Prudential Mortgage Capital Company, LLC revolving line of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of credit facility | $ 6,000,000 | $ 6,000,000 | |||
LIBOR spread | 2.75% | ||||
Minimum current ratio | 2 | ||||
Long-term Line of Credit | $ 3,348,000 | $ 3,348,000 | $ 3,160,000 | $ 3,160,000 |
Long-Term Debt (Schedule of Out
Long-Term Debt (Schedule of Outstanding Debt) (Details) - USD ($) | 9 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Total | $ 206,580,000 | $ 61,640,000 | ||
Long-term debt, current portion | 4,511,000 | 3,196,000 | ||
Long-term debt, net of current portion | 202,069,000 | $ 58,444,000 | ||
Metropolitan Life Insurance Company and New England Life Insurance Company fixed rate term loans in the original principal amount of $125 million [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 113,125,000 | |||
Principal amount of debt | $ 125,000,000 | |||
Fixed interest rate | 4.15% | |||
Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amounts of $57.5 million [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 56,063,000 | |||
Principal amount of debt | $ 57,500,000 | |||
Effective interest rate | 1.78% | |||
Metropolitan Life Insurance Company term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 500,000 | |||
Fixed interest rate | 5.49% | |||
Amount of future advance | $ 4,500,000 | |||
Rabo Agrifinance, Inc. variable rate term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 34,000,000 | |||
Effective interest rate | 2.40% | |||
Prudential Mortgage Capital Company, LLC fixed rate term loans (5.35%) [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 25,930,000 | $ 25,930,000 | $ 27,550,000 | $ 27,550,000 |
Fixed interest rate | 5.35% | |||
Prudential Mortgage Capital Company, LLC fixed rate term loan (3.85%) [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 5,445,000 | $ 5,445,000 | ||
Fixed interest rate | 3.85% | 3.85% | ||
Prudential Mortgage Capital Company, LLC fixed rate term loan (3.45%) [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 5,445,000 | $ 5,445,000 | ||
Fixed interest rate | 3.45% | 3.45% | ||
Note Payable to Financing Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 72,000 | $ 90,000 |
Long-Term Debt (Schedule of Lin
Long-Term Debt (Schedule of Lines of Credit) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Line of Credit Facility [Line Items] | ||||
Lines of Credit | $ 3,348,000 | $ 3,160,000 | ||
Metropolitan Life Insurance Company and New England Life Insurance Company revolving line of credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Lines of Credit | ||||
Amount of credit facility | $ 25,000,000 | |||
Interest rate at end of period | 1.78% | |||
Working Capital Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Lines of Credit | ||||
Amount of credit facility | $ 70,000,000 | |||
Interest rate at end of period | 1.93% | |||
Remaining available credit | $ 52,500,000 | |||
Prudential Mortgage Capital Company, LLC revolving line of credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Lines of Credit | 3,348,000 | $ 3,348,000 | $ 3,160,000 | $ 3,160,000 |
Amount of credit facility | $ 6,000,000 | $ 6,000,000 | ||
Interest rate at end of period | 3.01% | 2.98% | ||
Remaining available credit | $ 2,600,000 | $ 2,800,000 |
Long-Term Debt (Schedule of Deb
Long-Term Debt (Schedule of Debt Maturities) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Long-Term Debt [Abstract] | |
Due within one year | $ 4,511 |
Due between one and two years | 8,261 |
Due between two and three years | 14,123 |
Due between three and four years | 10,875 |
Due between four and five years | 10,950 |
Due beyond five years | 161,208 |
Total | $ 209,928 |
Long-Term Debt (Schedule of Int
Long-Term Debt (Schedule of Interest Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Long-Term Debt [Abstract] | ||||
Interest expense | $ 2,127 | $ 657 | $ 5,715 | $ 1,322 |
Interest capitalized | 71 | 40 | 283 | 118 |
Total interest cost | $ 2,198 | $ 697 | $ 5,998 | $ 1,440 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Alico, Inc. common stockholders | $ 7,767 | $ 1,031 | $ 18,292 | $ 5,023 |
Weighted average number of common shares outstanding - basic | 8,278 | 7,356 | 7,969 | 7,327 |
Dilutive effect of equity awards | 6 | 2 | 24 | |
Weighted average number of common shares outstanding - diluted | 8,284 | 7,356 | 7,971 | 7,351 |
Basic | $ 0.94 | $ 0.14 | $ 2.30 | $ 0.69 |
Diluted | $ 0.94 | $ 0.14 | $ 2.29 | $ 0.68 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | $ 68,809 | $ 33,875 | $ 140,109 | $ 89,506 | |
Total operating expenses | 48,994 | 29,282 | 107,119 | 72,143 | |
Gross profit | 19,815 | 4,593 | 32,990 | 17,363 | |
Total capital expenditures | 5,060 | 2,497 | 9,674 | 11,255 | |
Total depreciation, depletion and amortization | 3,851 | 2,305 | 9,919 | 7,244 | |
Total assets | 470,222 | 470,222 | $ 257,578 | ||
Citrus Groves Segment [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | 65,795 | 27,167 | 129,084 | 55,390 | |
Total operating expenses | 45,551 | 18,317 | 96,027 | 36,560 | |
Gross profit | 20,244 | 8,850 | 33,057 | 18,830 | |
Total capital expenditures | 4,413 | 2,354 | 5,018 | 6,380 | |
Total depreciation, depletion and amortization | 3,037 | 1,132 | 7,877 | 2,196 | |
Agricultural Supply Chain Management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | 2,105 | 4,083 | 6,584 | 12,324 | |
Total operating expenses | 1,467 | 3,916 | 5,578 | 12,085 | |
Gross profit | 638 | $ 167 | 1,006 | 239 | |
Total capital expenditures | 17 | 346 | 71 | ||
Total depreciation, depletion and amortization | 109 | $ 41 | 254 | 123 | |
Improved Farmland [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | 418 | 2,159 | 2,492 | 19,441 | |
Total operating expenses | 659 | 6,591 | 2,736 | 20,986 | |
Gross profit | $ (241) | (4,432) | $ (244) | (1,545) | |
Total capital expenditures | 44 | 3,729 | |||
Total depreciation, depletion and amortization | 572 | 3,194 | |||
Ranch and Conservation [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | $ 296 | 408 | $ 1,441 | 1,849 | |
Total operating expenses | 624 | 684 | 1,992 | 2,231 | |
Gross profit | (328) | (276) | (551) | (382) | |
Total capital expenditures | 369 | 103 | 559 | 879 | |
Total depreciation, depletion and amortization | 291 | 335 | 776 | 997 | |
Other Operations [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | 195 | 58 | 508 | 502 | |
Total operating expenses | 693 | (226) | 786 | 281 | |
Gross profit | (498) | 284 | (278) | 221 | |
Total capital expenditures | 47 | (172) | 3,458 | 28 | |
Total depreciation, depletion and amortization | 347 | 477 | 745 | 586 | |
Operating Segments [Member] | Citrus Groves Segment [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total assets | 407,107 | 407,107 | 121,399 | ||
Operating Segments [Member] | Agricultural Supply Chain Management [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total assets | 2,717 | 2,717 | 2,498 | ||
Operating Segments [Member] | Improved Farmland [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total assets | 1,556 | 1,556 | 57,726 | ||
Operating Segments [Member] | Ranch and Conservation [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total assets | 14,480 | 14,480 | 13,920 | ||
Operating Segments [Member] | Other Operations [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total assets | 33,836 | 33,836 | 26,356 | ||
Operating Segments [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | 5,058 | 4,173 | 10,444 | 9,299 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total operating revenue | (5,058) | (4,173) | (10,444) | (9,299) | |
Non - Segments [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Total capital expenditures | 214 | 168 | 293 | 168 | |
Total depreciation, depletion and amortization | 67 | $ (252) | 267 | $ 148 | |
Total assets | $ 10,526 | $ 10,526 | $ 35,679 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares authorized to be repurchased | 20,000 | 20,000 | ||
Stock-based compensation expense | $ 176,200 | $ 204,000 | $ 585,000 | $ 909,000 |
Additional shares authorized for issuance | 1,250,000 | |||
2015 Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock-based compensation expense | $ 17,000 | |||
Restricted stock grants | 12,500 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Treasury Stock Transactions) (Details) - 9 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Shares | |
Beginning Balance | 15,766 |
Purchased | 20,000 |
Issued to Employees and Directors | (12,916) |
Ending Balance | 22,850 |
Cost | |
Beginning Balance | $ 650 |
Ending Balance | 1,147 |
Treasury Stock at Cost [Member] | |
Cost | |
Purchased | 1,029 |
Issued to Employees and Directors | $ (532) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Feb. 28, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 |
Related Party Transaction [Line Items] | ||||
Common stock, par value per share | $ 1 | $ 1 | $ 1 | $ 1 |
Silver Nip Citrus Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of shares issuable | 923,257 | 115,783 | ||
Amount of indebtedness | $ 40,278,000 | |||
Professional and legal fees | $ 894,000 | $ 894,000 | ||
Other liabilities | 6,952,000 | |||
Book value of assets acquired | 65,739,000 | |||
Net assets acquired | $ 18,470,000 | |||
734 Agriculture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest in subsidiary | 51.00% | 51.00% | 51.00% | |
Number of shares owned | 3,725,457 | 3,725,457 | ||
Silver Nip [Member] | 734 Agriculture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest in subsidiary | 74.89% | |||
Silver Nip [Member] | Mr Wilson [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest in subsidiary | 5.00% | |||
Silver Nip [Member] | Rio Verde Ventures, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest in subsidiary | 20.11% | |||
JD Alexander [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 2,000,000 | |||
Term of agreement | 2 years | |||
Ken Smith [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 1,225,000 | |||
Term of agreement | 2 years | |||
W. Mark Humphrey [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 350,000 | |||
Term of agreement | 1 year | |||
Amount of lump sum payment | $ 100,000 | $ 100,000 | ||
TBCO [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 400,000 |