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SEGMENT REPORTING
 12 Months Ended
Jan. 31, 2012
Segment Reporting Disclosure [Text Block]

 

 

19.

SEGMENT REPORTING

 

 

 

Beginning in the second quarter of fiscal year 2009, the Company realigned its reportable business segments to be consistent with changes to its management structure and reporting. The Company has two segments: alternative energy and real estate. In prior years, the real estate segment was formerly included in the retail segment and historical amounts have been reclassified to conform to the current year segment reporting presentation. For stores and warehouses closed for which the Company has a retained interest in the related real estate, operations are presented in the real estate segment when retail operations cease. The Company evaluates the performance of each reportable segment based on segment profit. Segment profit excludes income taxes, indirect interest expense, discontinued operations, indirect interest income and certain other items that are included in net income determined in accordance with accounting principles generally accepted in the United States of America. Amounts below include corporate activities that are not separately reportable and income from synthetic fuel investments (amounts in thousands):


 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended January 31,

 

 

 

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

Net sales and revenues:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

408,635

 

$

300,389

 

$

169,175

 

Real estate

 

 

1,317

 

 

1,018

 

 

602

 

 

 

 

 

 

Total net sales and revenues

 

$

409,952

 

$

301,407

 

$

169,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment gross profit (loss):

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

35,179

 

$

31,173

 

$

21,923

 

Real estate

 

 

(1,343

)

 

(543

)

 

(1,041

)

 

 

 

 

 

Total gross profit

 

$

33,836

 

$

30,630

 

$

20,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative energy segment profit

 

$

48,580

 

$

13,403

 

$

17,811

 

Real estate segment (loss)

 

 

(1,539

)

 

(770

)

 

(1,225

)

Corporate expenses

 

 

(2,307

)

 

(2,724

)

 

(1,870

)

Interest expense

 

 

(111

)

 

(205

)

 

(338

)

Interest income

 

 

319

 

 

372

 

 

263

 

Income from synthetic fuel investments

 

 

2,883

 

 

—

 

 

—

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

47,825

 

$

10,076

 

$

14,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of products alternative energy segment:

 

 

 

 

 

 

 

 

 

 

Ethanol

 

 

82

%

 

84

%

 

83

%

Distillers grains

 

 

18

%

 

16

%

 

17

%

 

 

 

 

 

Total

 

 

100

%

 

100

%

 

100

%

 

 

 

 

 

Sales of services real estate segment:

 

 

 

 

 

 

 

 

 

 

Leasing

 

 

100

%

 

100

%

 

100

%

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

47

 

$

75

 

$

182

 

Real estate

 

 

51

 

 

—

 

 

—

 

Unallocated

 

 

319

 

 

372

 

 

263

 

 

 

 

 

 

Total interest income

 

$

417

 

$

447

 

$

445

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended January 31,

 

 

 

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

Depreciation and amortization expense:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

11,653

 

$

17,354

 

$

9,643

 

Real estate

 

 

392

 

 

328

 

 

224

 

Unallocated

 

 

—

 

 

182

 

 

—

 

 

 

 

 

 

Total depreciation and amortization expense

 

$

12,045

 

$

17,864

 

$

9,867

 

 

 

 

 

 

Equity in income of unconsolidated affiliates:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

21,532

 

$

14,558

 

$

6,027

 

Real estate

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

Total equity in income of unconsolidated affiliates:

 

$

21,532

 

$

14,558

 

$

6,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended January 31,

 

 

 

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

Additions to property and equipment:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

7,276

 

$

5,677

 

$

35,320

 

Real estate

 

 

66

 

 

356

 

 

332

 

 

 

 

 

 

Total additions to property and equipment

 

$

7,342

 

$

6,033

 

$

35,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

367,029

 

$

257,202

 

$

302,228

 

Real estate

 

 

17,458

 

 

22,235

 

 

31,796

 

Corporate and other

 

 

53,562

 

 

96,285

 

 

117,481

 

 

 

 

 

 

Total assets

 

$

438,049

 

$

375,722

 

$

451,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to other long lived assets:

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

2,624

 

$

10,112

 

$

25

 

Real estate

 

 

—

 

 

—

 

 

—

 

 

 

 

 

 

Total additions to other long lived assets

 

$

2,624

 

$

10,112

 

$

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long term debt and capital lease obligations

 

 

 

 

 

 

 

 

 

 

Alternative energy

 

$

107,706

 

$

69,049

 

$

124,093

 

Real estate

 

 

—

 

 

—

 

 

—

 

Corporate and other

 

 

821

 

 

1,924

 

 

2,596

 

 

 

 

 

 

Total long term debt and capital lease obligations

 

$

108,527

 

$

70,973

 

$

126,689

 

 

 

 

 

 


 

 

 

Additions to other long lived assets represent primarily equity method investments and long term refundable real estate taxes.

 

 

 

Certain corporate costs and expenses, including information technology, employee benefits, and other shared services, are allocated to the business segments. The allocations are generally amounts agreed upon by management, which may differ from amounts that would be incurred if such services were purchased separately by the business segment. Corporate assets are primarily cash and equivalents, deferred income tax benefits and refundable income taxes.

 

 

 

Cash, except for cash held by One Earth and NuGen, is considered to be fungible and available for both corporate and segment use depending on liquidity requirements. Cash of approximately $28.9 million held by One Earth and NuGen will be used primarily to fund working capital needs for the subsidiaries.