XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Information
 12 Months Ended
Oct. 31, 2017
Segment Reporting [Abstract]  
Segment Information

11.     Segment Information

 

As discussed in Note 1, we report our operations in three different business segments: (1) Fresh products, (2) Calavo Foods, and (3) RFG.  These three business segments are presented based on how information is used by our Chief Executive Officer to measure performance and allocate resources.  The Fresh products segment includes all operations that involve the distribution of avocados and other fresh produce products.  The Calavo Foods segment represents all operations related to the purchase, manufacturing, and distribution of prepared products, including guacamole, and salsa. The RFG segment represents all operations related to the manufacturing and distribution of fresh-cut fruit, ready-to-eat vegetables, recipe-ready vegetables and deli products.  Selling, general and administrative expenses, as well as other non-operating income/expense items, are evaluated by our Chief Executive Officer in the aggregate.  We do not allocate assets, or specifically identify them to, our operating segments.

 

The following table sets forth sales by product category, by segment (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fresh

    

Calavo

    

 

 

    

 

 

 

 

products

 

Foods

 

RFG

 

Total

 

 

(All amounts are presented in thousands)

 

Year ended October 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Net sales (before eliminations)

$

583,976

 

$

77,579

 

$

418,508

 

$

1,080,063

 

Intercompany eliminations

 

(1,314)

 

 

(3,184)

 

 

 —

 

 

(4,498)

 

Net sales

 

582,662

 

 

74,395

 

 

418,508

 

 

1,075,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (before eliminations)

 

511,410

 

 

63,751

 

 

390,358

 

 

965,519

 

Intercompany eliminations

 

(1,124)

 

 

(2,709)

 

 

(665)

 

 

(4,498)

 

Cost of sales

 

510,286

 

 

61,042

 

 

389,693

 

 

961,021

 

Gross profit

$

72,376

 

$

13,353

 

$

28,815

 

$

114,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Net sales (before eliminations)

$

542,996

 

$

66,188

 

$

333,498

 

$

942,682

 

Intercompany eliminations

 

(4,309)

 

 

(2,694)

 

 

 —

 

 

(7,003)

 

Net sales

 

538,687

 

 

63,494

 

 

333,498

 

 

935,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (before eliminations)

 

484,982

 

 

42,829

 

 

307,337

 

 

835,148

 

Intercompany eliminations

 

(4,292)

 

 

(1,783)

 

 

(928)

 

 

(7,003)

 

Cost of sales

 

480,690

 

 

41,046

 

 

306,409

 

 

828,145

 

Gross profit

$

57,997

 

$

22,448

 

$

27,089

 

$

107,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

Net sales (before eliminations)

$

502,208

 

$

64,079

 

$

293,957

 

$

860,244

 

Intercompany eliminations

 

(1,497)

 

 

(1,923)

 

 

 —

 

 

(3,420)

 

Net sales

 

500,711

 

 

62,156

 

 

293,957

 

 

856,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (before eliminations)

 

465,123

 

 

43,382

 

 

266,512

 

 

775,017

 

Intercompany eliminations

 

(1,476)

 

 

(1,737)

 

 

(207)

 

 

(3,420)

 

Cost of sales

 

463,647

 

 

41,645

 

 

266,305

 

 

771,597

 

Gross profit

$

37,064

 

$

20,511

 

$

27,652

 

$

85,227

 

 

 

For fiscal year 2017, 2016 and 2015, inter-segment sales and cost of sales of $1.3 million, $4.3 million and $1.5 million between Fresh products and RFG were eliminated. For fiscal year 2017, 2016 and 2015, inter-segment sales and cost of sales of $3.2 million, $2.7 million and $1.9 million between Calavo Foods and RFG were eliminated.

 

The following table sets forth sales by product category, by segment (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2017

 

Year Ended October 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

Fresh

    

Calavo

    

 

 

    

 

 

    

Fresh

    

Calavo

    

 

 

    

 

 

 

 

 

 

products

 

Foods

 

RFG

 

Total

 

products

 

Foods

 

RFG

 

Total

 

Third-party sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avocados

 

 

$

546,433

 

$

—

 

$

—

 

$

546,433

 

$

493,440

 

$

—

 

$

—

 

$

493,440

 

Tomatoes

 

 

 

29,199

 

 

—

 

 

—

 

 

29,199

 

 

36,286

 

 

—

 

 

—

 

 

36,286

 

Papayas

 

 

 

9,402

 

 

—

 

 

—

 

 

9,402

 

 

9,514

 

 

—

 

 

—

 

 

9,514

 

Other fresh products

 

 

 

445

 

 

—

 

 

—

 

 

445

 

 

5,600

 

 

—

 

 

—

 

 

5,600

 

Prepared avocado products

 

 

 

—

 

 

85,204

 

 

—

 

 

85,204

 

 

—

 

 

73,009

 

 

—

 

 

73,009

 

Salsa

 

 

 

—

 

 

3,951

 

 

 —

 

 

3,951

 

 

—

 

 

3,617

 

 

 —

 

 

3,617

 

Fresh-cut fruit & vegetables and prepared foods

 

 

 

 —

 

 

 —

 

 

419,973

 

 

419,973

 

 

—

 

 

 —

 

 

336,989

 

 

336,989

 

Total gross sales

 

 

 

585,479

 

 

89,155

 

 

419,973

 

 

1,094,607

 

 

544,840

 

 

76,626

 

 

336,989

 

 

958,455

 

Less sales incentives

 

 

 

(1,503)

 

 

(11,576)

 

 

(1,465)

 

 

(14,544)

 

 

(1,844)

 

 

(10,438)

 

 

(3,491)

 

 

(15,773)

 

Less inter-company eliminations

 

 

 

(1,314)

 

 

(3,184)

 

 

 

 

 

(4,498)

 

 

(4,309)

 

 

(2,694)

 

 

 

 

 

(7,003)

 

Net sales

 

 

$

582,662

 

$

74,395

 

$

418,508

 

$

1,075,565

 

$

538,687

 

$

63,494

 

$

333,498

 

$

935,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2016

 

Year Ended October 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

Fresh

    

Calavo

    

 

 

    

 

 

    

Fresh

    

Calavo

    

 

 

    

 

 

 

 

 

products

 

Foods

 

RFG

 

Total

 

products

 

Foods

 

RFG

 

Total

Third-party sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avocados

 

 

$

493,440

 

$

—

 

$

—

 

$

493,440

 

$

471,178

 

$

—

 

$

—

 

$

471,178

Tomatoes

 

 

 

36,286

 

 

—

 

 

—

 

 

36,286

 

 

18,681

 

 

—

 

 

—

 

 

18,681

Papayas

 

 

 

9,514

 

 

—

 

 

—

 

 

9,514

 

 

9,485

 

 

—

 

 

—

 

 

9,485

Other fresh products

 

 

 

5,600

 

 

—

 

 

—

 

 

5,600

 

 

4,336

 

 

—

 

 

—

 

 

4,336

Prepared avocado products

 

 

 

—

 

 

73,009

 

 

—

 

 

73,009

 

 

—

 

 

51,135

 

 

—

 

 

51,135

Salsa

 

 

 

—

 

 

3,617

 

 

 —

 

 

3,617

 

 

—

 

 

22,736

 

 

 —

 

 

22,736

Fresh-cut fruit & vegetables and prepared foods

 

 

 

—

 

 

 —

 

 

336,989

 

 

336,989

 

 

 —

 

 

 —

 

 

296,697

 

 

296,697

Total gross sales

 

 

 

544,840

 

 

76,626

 

 

336,989

 

 

958,455

 

 

503,680

 

 

73,871

 

 

296,697

 

 

874,248

Less sales incentives

 

 

 

(1,844)

 

 

(10,438)

 

 

(3,491)

 

 

(15,773)

 

 

(1,472)

 

 

(9,792)

 

 

(2,740)

 

 

(14,004)

Less inter-company eliminations

 

 

 

(4,309)

 

 

(2,694)

 

 

 

 

 

(7,003)

 

 

(1,497)

 

 

(1,923)

 

 

 

 

 

(3,420)

Net sales

 

 

$

538,687

 

$

63,494

 

$

333,498

 

$

935,679

 

$

500,711

 

$

62,156

 

$

293,957

 

$

856,824

 

Sales to customers outside the United States were approximately $29.8 million, $25.4 million and $26.7 million for fiscal years 2017, 2016, and 2015.

 

RFG segment sales included sales to one customer who represented more than 10% of total consolidated revenues for fiscal 2017 and 2016.

 

Our goodwill balance of $18.2 million is attributed by segment to Fresh products for $3.9 million and RFG for $14.3 million as of October 31, 2017.

 

Long-lived assets attributed to geographic areas as of October 31, are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

United States

    

Mexico

    

Consolidated

 

2017

 

$

88,078

 

$

31,994

 

$

120,072

 

2016

 

$

55,715

 

$

32,122

 

$

87,837