Annual report pursuant to section 13 and 15(d)

Basis of Presentation and Significant Accounting Policies (Tables)

v2.4.0.8
Basis of Presentation and Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2013
Basis of Presentation and Significant Accounting Policies [Abstract]  
Schedule of Major Customer Data

Revenues and receivables from the Company's major customers are as follows for the years ended September 30, 2013, 2012 and 2011:

 

(in thousands)   Accounts Receivable   Revenue   % of Total Revenue
    2013   2012   2013   2012   2011   2013   2012   2011
                                 
 USSC   $ 3,004     $ 1,970     $ 21,056     $ 14,442     $ 7,796       20.7 %     11.4 %     7.9 %
 Southern Gardens   $ -     $ -     $ -     $ -     $ 19,950       0.0 %     0.0 %     20.2 %
 Florida Orange Marketers, Inc.   $ -     $ -     $ 15,689     $ 22,219     $ 17,743       15.4 %     17.5 %     18.0 %
 Citrosuco North America, Inc.   $ -     $ -     $ 11,092     $ 18,895     $ 17,416       10.9 %     14.9 %     17.7 %
 Louis Dreyfus   $ -     $ -     $ 26,246     $ 29,344     $ 12,069       25.8 %     23.1 %     12.2 %
 Cutrale Citrus Juice   $ -     $ -     $ 6,300     $ 13,156     $ 3,507       6.2 %     10.3 %     3.6 %
Schedule of Estimated Useful Life

The estimated useful life for property, buildings and equipment is as follows:

 

Breeding herd    6-7 years
Buildings    10-40 years
Citrus trees    25 years
Sugarcane plantings    3 years
Equipment and other facilities    3-20 years
Schedule of Weighted Average Shares Outstanding

The following table presents a reconciliation of basic to dilute weighted average shares outstanding for fiscal years ended September 30, 2013, 2012 and 2011:

 

(in thousands) Fiscal Year Ended September 30,
  2013   2012   2011
           
Weighted Average Shares Outstanding - Basic   7,313       7,355       7,363  
Unvested Restricted Stock Awards   44       -       -  
                       
Weighted Average Shares Outstanding - Diluted   7,357       7,355       7,363  
Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense recognized on the Consolidated Statements of Operations for the three years ended September 30, 2013 in other operations and general and administrative expense was as follows:

 

(in thousands) Fiscal Year Ended September 30,
  2013   2012   2011
           
Stock compensation expense:                      
Executives $ 81     $ (27 )   $ (19 )
Board of Directors   842       485       434  
                       
Total stock compensation expense $ 923     $ 458     $ 415  
Schedule of Recent Accounting Pronouncements
Title    Prescribed Effective Date    Alico's Status    Commentary
Update No. 2013-11-Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)   1/1/2013
(Q2 2014)
  Unadopted   The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption.
              
Update 2013-02-Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income   1/1/2013
(Q2 2014)
  Unadopted   The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption.
              
Update 2013-01-Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities   10/1/2014
(Q1 2015)
  Unadopted   The Company does not believe that adoption of the standard will have a material impact on its results of operations or financial position upon adoption.