Company Quick10K Filing
Quick10K
Alico
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$26.94 7 $201
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-08-06
8-K 2019-06-14 Other Events
8-K 2019-05-07
8-K 2019-05-01 Officers
8-K 2019-04-12 Shareholder Vote
8-K 2019-04-11 Officers, Other Events, Exhibits
8-K 2019-03-15 Other Events
8-K 2019-02-27
8-K 2019-02-11
8-K 2019-02-11 Enter Agreement, Officers, Other Events, Exhibits
8-K 2019-01-14 Regulation FD
8-K 2018-12-14 Other Events
8-K 2018-12-13 Enter Agreement, Leave Agreement
8-K 2018-12-06
8-K 2018-11-19 Officers, Other Events
8-K 2018-11-13 Other Events
8-K 2018-09-21 Other Events
8-K 2018-09-05 Other Events
8-K 2018-09-05 Other Events
8-K 2018-09-04 Officers
8-K 2018-08-06
8-K 2018-06-12 Other Events
8-K 2018-03-15 Other Events
8-K 2018-02-28 Shareholder Vote
POST Post Holdings 7,950
NXST Nexstar Media Group 5,090
SID National Steel 4,870
RCM R1 RCM 1,310
LNN Lindsay 931
HMY Harmony Gold Mining 905
MHO MI Homes 788
ETH Ethan Allen Interiors 603
EAST Eastside Distilling 53
RGBP Regen Biopharma 0
ALCO 2019-06-30
Part 1 - Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1. Basis of Presentation
Note 2. Inventories
Note 3. Assets Held for Sale
Note 4. Property and Equipment, Net
Note 5. Long-Term Debt and Lines of Credit
Note 6. Accrued Liabilities
Note 7. Deferred Gain on Sale
Note 8. Income Taxes
Note 9. Earnings per Common Share
Note 10. Segment Information
Note 11. Stockholders' Equity
Note 12. Commitments and Contingencies
Note 13. Related Party Transactions
Note 14. Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosure.
Item 5. Other Information.
Item 5.03 Amendments To Articles of Incorporation or Bylaws; Change in Fiscal Year.
Item 7.01 Regulation Fd Disclosure.
Item 6. Exhibits.
EX-3.5 exhibit35bylaws.htm
EX-31.1 exhibit311q32019.htm
EX-31.2 exhibit312q32019.htm
EX-32.1 exhibit321q32019.htm
EX-32.2 exhibit322q32019.htm
EX-99.1 exhibit991compensation.htm
EX-99.2 exhibit992executivecom.htm
EX-99.3 exhibit993nominatingan.htm

Alico Earnings 2019-06-30

ALCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
 
For the Quarterly Period Ended
June 30, 2019
 
 
 
 
 
or
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
For the transition period
 
 
from____________________
to_________________________
Commission File Number: 0-261
 
ALICO INC
(Exact name of registrant as specified in its charter)

Florida
 
59-0906081
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
10070 Daniels Interstate Court
 
 
 
 
Suite 100
Fort Myers
FL
 
33913
(Address of principal executive offices)
 
(Zip Code)

(239)
226-2000
(Registrant’s telephone number, including area code)



Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
ALCO
NASDAQ Global Select Market


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer
Accelerated Filer
Non-accelerated filer
Smaller Reporting Company
Emerging Growth Company
 
 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No


There were 7,476,513 shares of common stock outstanding at August 2, 2019.
 




ALICO, INC.
FORM 10-Q
For the three and nine months ended June 30, 2019 and 2018
Table of Contents

 
 




Part 1 - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Index to Condensed Consolidated Financial Statements
 
Page





 
ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
 
 
 
June 30,
 
September 30,
 
 
2019
 
2018
 
 
(Unaudited)
 
 
 
ASSETS
 
 

 
Current assets:
 
 
 

 
Cash and cash equivalents
$
3,519

 
$
25,260

 
Accounts receivable, net
6,285

 
2,544

 
Inventories
30,706

 
41,033

 
Assets held for sale
2,086

 
1,391

 
Prepaid expenses and other current assets
1,521

 
833

 
Total current assets
44,117

 
71,061

 
 
 
 
 
 
Restricted cash
7,006

 
7,000

 
Property and equipment, net
343,604

 
340,403

 
Goodwill
2,246

 
2,246

 
Deferred financing costs, net of accumulated amortization
21

 
136

 
Other non-current assets
2,525

 
2,576

 
Total assets
$
399,519

 
$
423,422

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Current liabilities:
 
 
 

 
Accounts payable
$
4,318

 
$
3,764

 
Accrued liabilities
6,097

 
9,226

 
Long-term debt, current portion
5,325

 
5,275

 
Income taxes payable
6,570

 
2,320

 
Other current liabilities
1,043

 
913

 
Total current liabilities
23,353

 
21,498

 
 
 
 
 
 
Long-term debt:
 
 
 
 
Principal amount, net of current portion
160,855

 
169,074

 
Less: deferred financing costs, net
(1,416
)
 
(1,563
)
 
Long-term debt less current portion and deferred financing costs, net
159,439

 
167,511

 
Lines of credit

 
2,685

 
Deferred income tax liabilities
29,311

 
25,153

 
Deferred gain on sale

 
24,928

 
Deferred retirement obligations
3,887

 
4,052

 
Other liabilities
246

 

 
Total liabilities
216,236

 
245,827

 
Commitments and Contingencies (Note 12)


 


 
Stockholders' equity:
 
 
 

 
Preferred stock, no par value, 1,000,000 shares authorized; none issued

 

 
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 and 8,416,145 shares issued and 7,470,031 and 8,199,957 shares outstanding at June 30, 2019 and September 30, 2018, respectively
8,416

 
8,416

 
Additional paid in capital
19,756

 
20,126

 
Treasury stock, at cost, 946,114 and 216,188 shares held at June 30, 2019 and September 30, 2018, respectively
(32,205
)
 
(7,536
)
 
Retained earnings
181,989

 
151,111

 
Total Alico stockholders' equity
177,956

 
172,117

 
Noncontrolling interest
5,327

 
5,478

 
Total stockholders' equity
183,283

 
177,595

 
Total liabilities and stockholders' equity
$
399,519

 
$
423,422

See accompanying notes to the condensed consolidated financial statements.

1



ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Operating revenues:
 
 
 
 
 
 
 
Alico Citrus
$
56,819

 
$
25,711

 
$
118,539

 
$
77,499

Water Resources and Other Operations
746

 
806

 
2,326

 
2,151

Total operating revenues
57,565

 
26,517

 
120,865

 
79,650

Operating expenses:
 

 
 

 
 
 
 
Alico Citrus
31,141

 
13,697

 
73,597

 
56,102

Water Resources and Other Operations
420

 
906

 
1,768

 
3,219

Total operating expenses
31,561

 
14,603

 
75,365

 
59,321

Gross profit:
26,004

 
11,914

 
45,500

 
20,329

General and administrative expenses
2,682

 
2,955

 
10,786

 
9,914

Income from operations
23,322

 
8,959

 
34,714

 
10,415

Other (expense) income:
 

 
 

 
 
 
 
Interest expense
(1,745
)
 
(2,188
)
 
(5,625
)
 
(6,682
)
Gain on sale of real estate, property and equipment and assets held for sale
114

 
7,248

 
137

 
9,083

Change in fair value of derivatives

 

 
(989
)
 

Other income, net
8

 
14

 
18

 
158

Total other (expense), income
(1,623
)
 
5,074

 
(6,459
)
 
2,559

Income before income taxes
21,699

 
14,033

 
28,255

 
12,974

Income tax provision
5,483

 
4,941

 
7,082

 
674

Net income
16,216

 
9,092

 
21,173

 
12,300

Net loss attributable to noncontrolling interests
28

 
8

 
151

 
32

Net income attributable to Alico, Inc. common stockholders
$
16,244

 
$
9,100

 
$
21,324

 
$
12,332

Per share information attributable to Alico, Inc. common stockholders:
 
 
 
 
 
 
 
Earnings per common share:
 

 
 

 
 

 
 

Basic
$
2.17

 
$
1.11

 
$
2.85

 
$
1.50

Diluted
$
2.17

 
$
1.09

 
$
2.85

 
$
1.48

Weighted-average number of common shares outstanding:
 

 
 

 
 
 
 
Basic
7,470

 
8,228

 
7,470

 
8,243

Diluted
7,471

 
8,324

 
7,494

 
8,314

 
 
 
 
 
 
 
 
Cash dividends declared per common share
$
0.06

 
$
0.06

 
$
0.18

 
$
0.18


See accompanying notes to the condensed consolidated financial statements.

2



ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
 
 
 
 
 
Non-
 
 
 
Common stock
 
  Paid In
 
Treasury
 
Retained
 
 
Total Alico,
 
controlling
 
Total
 
Shares
Amount
 
Capital
 
Stock
 
Earnings
 
 
Inc. Equity
 
Interest
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
8,416

$
8,416

 
$
19,733

 
$
(32,496
)
 
$
166,193

 
 
$
161,846

 
$
5,355

 
$
167,201

Net income (loss)


 

 

 
16,244

 
 
16,244

 
(28
)
 
16,216

Dividends ($0.06/share)


 

 

 
(448
)
 
 
(448
)
 

 
(448
)
Treasury stock purchases


 

 

 

 
 

 

 

Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Directors


 
(91
)
 
291

 

 
 
200

 

 
200

  Executives


 
114

 

 

 
 
114

 

 
114

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
8,416

$
8,416

 
$
19,756

 
$
(32,205
)
 
$
181,989

 
 
$
177,956

 
$
5,327

 
$
183,283

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
 
 
 
 
 
Non-
 
 
 
Common stock
 
  Paid In
 
Treasury
 
Retained
 
 
Total Alico,
 
controlling
 
Total
 
Shares
Amount
 
Capital
 
Stock
 
Earnings
 
 
Inc. Equity
 
Interest
 
 Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2018
8,416

$
8,416

 
$
20,126

 
$
(7,536
)
 
$
151,111

 
 
$
172,117

 
$
5,478

 
$
177,595

Net income (loss)


 

 

 
21,324

 
 
21,324

 
(151
)
 
21,173

Dividends ($0.18/share)


 

 

 
(1,343
)
 
 
(1,343
)
 

 
(1,343
)
Treasury stock purchases


 

 
(25,576
)
 

 
 
(25,576
)
 

 
(25,576
)
ASC 610-20 adoption


 

 

 
10,897

 
 
10,897

 

 
10,897

Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Directors


 
(231
)
 
907

 

 
 
676

 

 
676

  Executives


 
684

 

 

 
 
684

 

 
684

  Executive forfeiture


 
(823
)
 

 

 
 
(823
)
 

 
(823
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
8,416

$
8,416

 
$
19,756

 
$
(32,205
)
 
$
181,989

 
 
$
177,956

 
$
5,327

 
$
183,283

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3



For the Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
 
 
 
 
 
Non-
 
 
 
Common stock
 
Paid In
 
Treasury
 
Retained
 
 
Total Alico,
 
controlling
 
Total
 
Shares
Amount
 
Capital
 
Stock
 
Earnings
 
 
Inc. Equity
 
Interest
 
 Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
8,416

$
8,416

 
$
19,050

 
$
(6,208
)
 
$
142,277

 
 
$
163,535

 
$
4,704

 
$
168,239

Net income (loss)


 

 

 
9,100

 
 
9,100

 
(8
)
 
9,092

Dividends ($0.06/share)


 

 

 
(492
)
 
 
(492
)
 

 
(492
)
Treasury stock purchases


 

 
(2,009
)
 

 
 
(2,009
)
 

 
(2,009
)
Capital contribution received from noncontrolling interest funding


 

 

 

 
 

 
1,000

 
1,000

Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Directors


 
(124
)
 
363

 

 
 
239

 

 
239

  Executives


 
242

 

 

 
 
242

 

 
242

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
8,416

$
8,416

 
$
19,168

 
$
(7,854
)
 
$
150,885

 
 
$
170,615

 
$
5,696

 
$
176,311

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
 
 
 
 
 
Non-
 
 
 
Common stock
 
Paid In
 
Treasury
 
Retained
 
 
Total Alico,
 
controlling
 
Total
 
Shares
Amount
 
Capital
 
Stock
 
Earnings
 
 
Inc. Equity
 
Interest
 
 Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2017
8,416

$
8,416

 
$
18,694

 
$
(6,502
)
 
$
140,033

 
 
$
160,641

 
$
4,728

 
$
165,369

Net income (loss)


 

 

 
12,332

 
 
12,332

 
(32
)
 
12,300

Dividends ($0.18/share)


 

 

 
(1,480
)
 
 
(1,480
)
 

 
(1,480
)
Treasury stock purchases


 

 
(2,215
)
 

 
 
(2,215
)
 

 
(2,215
)
Capital contribution received from noncontrolling interest funding


 

 

 

 
 

 
1,000

 
1,000

Stock-based compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Directors


 
(242
)
 
863

 

 
 
621

 

 
621

  Executives


 
716

 

 

 
 
716

 

 
716

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
8,416

$
8,416

 
$
19,168

 
$
(7,854
)
 
$
150,885

 
 
$
170,615

 
$
5,696

 
$
176,311




See accompanying notes to the condensed consolidated financial statements.


4



 
ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 
 
 
 
 
 
 
 
 
Nine Months Ended June 30,
 
 
2019
 
2018
 
Net cash provided by operating activities:


 


 
Net income
$
21,173

 
$
12,300

 
Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

 
Deferred gain on sale of sugarcane land

 
(767
)
 
Depreciation, depletion and amortization
10,441

 
10,327

 
Deferred income tax provision
454

 
649

 
Gain on sale of real estate, property and equipment and assets held for sale
(137
)
 
(8,315
)
 
Change in fair value of derivatives
989

 

 
Impairment of long-lived assets
244

 
1,855

 
Non-cash interest expense on deferred gain on sugarcane land

 
1,021

 
Stock-based compensation expense
537

 
1,337

 
Other
(160
)
 
(285
)
 
Changes in operating assets and liabilities:
 

 
 

 
Accounts receivable
(3,741
)
 
(4,510
)
 
Inventories
10,327

 
6,478

 
Prepaid expenses and other assets
(480
)
 
(892
)
 
Accounts payable and accrued liabilities
(2,587
)
 
(594
)
 
Income tax payable
4,250

 

 
Other liabilities
376

 
(2,485
)
 
Net cash provided by operating activities
41,686

 
16,119

 
 
 
 
 
 
Cash flows from investing activities:
 

 
 

 
Purchases of property and equipment
(14,567
)
 
(12,129
)
 
Net proceeds from sale of property and equipment and assets held for sale
419

 
31,671

 
Change in deposits on purchase of citrus trees
(256
)
 

 
Notes receivables
56

 
(379
)
 
Net cash (used in) provided by investing activities
(14,348
)
 
19,163

 
 
 
 
 
 
Cash flows from financing activities:
 

 
 

 
Repayments on revolving lines of credit
(86,123
)
 
(21,424
)
 
Borrowings on revolving lines of credit
83,438

 
21,424

 
Principal payments on term loans
(8,169
)
 
(9,421
)
 
Treasury stock purchases
(25,576
)
 
(2,215
)
 
Payment on termination of Global Ag agreement
(11,300
)
 

 
Dividends paid
(1,343
)
 
(1,480
)
 
Capital contribution received from noncontrolling interest

 
1,000

 
Capital lease obligation payments

 
(8
)
 
Net cash used in financing activities
(49,073
)
 
(12,124
)
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents and restricted cash
(21,735
)
 
23,158

 
Cash and cash equivalents and restricted cash at beginning of the period
32,260

 
3,395

 
 
 
 
 
 
Cash and cash equivalents and restricted cash at end of the period
$
10,525

 
$
26,553

See accompanying notes to the condensed consolidated financial statements.

5



ALICO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Basis of Presentation
Description of Business
 
Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company", "we", "us" or "our”), is a Florida agribusiness and land management company owning approximately 117,000 acres of land throughout Florida, including approximately 90,000 acres of mineral rights. The Company manages its land based upon its primary usage, and reviews its performance based upon two primary classifications: (i) Alico Citrus and (ii) Water Resources and Other Operations. Financial results are presented based upon its two business segments (Alico Citrus and Water Resources and Other Operations). 

Basis of Presentation
The Company has prepared the accompanying financial statements on a condensed consolidated basis. These accompanying unaudited condensed consolidated interim financial statements, which are referred to herein as the “Financial Statements", have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to Article 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission ("SEC") for interim financial information. These Financial Statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with SEC rules and regulations. Accordingly, the Financial Statements should be read in conjunction with the Company's audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018, as filed with the SEC on December 6, 2018.
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, 2019. All intercompany transactions and account balances between the consolidated businesses have been eliminated.

Segments

Operating segments are defined in the criteria established under the Financial Accounting Standards Board - Accounting Standards Codification (“FASB 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 maker (“CODM”) in deciding how to assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: (i) Alico Citrus and (ii) Water Resources and Other Operations.

Principles of Consolidation

The Financial Statements include the accounts of Alico and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, 734 Citrus Holdings, LLC and subsidiaries, Alico Fresh Fruit, LLC, Alico Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

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 accompanying 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 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

6



assumptions that the Company believes to be reasonable. The Company evaluates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the Company’s evaluations.

Restricted Cash

Restricted cash is comprised of cash received from the sale of certain assets for which the use of funds is restricted. For certain sale transactions, the Company sells property, which serves as collateral for specific debt obligations. As a result, the sale proceeds can only be used to purchase like-kind citrus groves, which are acceptable to the debt holder. If the restricted cash is not used for such purchases within a twelve-month period, it will be used to pay down principal on Company debt. Based on the contractual uses of restricted cash, these amounts have been classified as non-current.

Revenue Recognition

Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, leasing revenue and other water and resource revenues. The majority of the revenue is generated from the sale of citrus fruit to processing facilities and fresh fruit sales. The Company recognizes revenue at the amount it expects to be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and the Company has a right to payment.

The Company has identified one performance obligation as the delivery of fruit to the processing facility (or harvesting of the citrus in the case of fresh fruit) of the customer for each separate variety of fruit identified in the contract. The Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific contracts. Additionally, the Company also has a contractual agreement whereby revenue is determined based on applying a cost-plus structure methodology. As such, since these contracts contain elements of variable consideration, the Company recognizes this variable consideration by using the expected value method. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues at the close of the harvesting season can result in either an increase or decrease to reported revenues. During the periods presented, no material adjustments were made to the reported citrus
revenues.

Receivables under these contracts are primarily paid at the floor amount and are collected within seven days after the harvest week. Any adjustments to pricing as a result of changes in market prices, which fall within the range of the floor and ceiling price identified in the specific contract, are collected thirty to sixty days after final market pricing is published. As of June 30, 2019, and September 30, 2018, the Company had total receivables relating to sales of citrus of $5,417,000 and $2,471,000, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets.


7



Disaggregated Revenue

Revenues disaggregated by significant products and services for the three and nine months ended June 30, 2019 and 2018 are as follows:
(in thousands)
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Alico Citrus
 

 
 

 
 
 
 
Early and Mid-Season
$

 
$
53

 
$
39,574

 
$
24,309

Valencias
54,734

 
24,257

 
73,480

 
48,855

Fresh Fruit
1,052

 
540

 
3,629

 
2,046

Other
1,033

 
861

 
1,856

 
2,289

Total
$
56,819

 
$
25,711

 
$
118,539

 
$
77,499

 
 
 
 
 
 
 
 
Water Resources and Other Operations
 
 
 
 
 
 
 
Land and other leasing