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UNAUDITED QUARTERLY FINANCIAL DATA | 12 Months Ended
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Aug. 31, 2015
Unaudited Quarterly Financial Data |
UNAUDITED QUARTERLY FINANCIAL DATA |
Quarterly results of operations |
|  | 2015 |  |  | 2014 |
|  | Three months ended |  |  | Three months ended |
|  | 30 Nov. |  |  | 28 Feb. |  |  | 31 May |  |  | 31 Aug. |  |  | 30 Nov. |  |  | 28 Feb. |  |  | 31 May |  |  | 31 Aug. |
|  | (In thousands, except per share data) |
Net sales |  | $ | 834 |  |  | $ | 657 |  |  | $ | 391 |  |  | $ | 442 |  |  | $ | 578 |  |  | $ | 736 |  |  | $ | 679 |  |  | $ | 1,098 |
Gross margin |  |  | 611 |  |  |  | 481 |  |  |  | 228 |  |  |  | 118 |  |  |  | 398 |  |  |  | 552 |  |  |  | 504 |  |  |  | 774 |
Operating loss |  |  | 72 |  |  |  | 180 |  |  |  | 341 |  |  |  | 843 |  |  |  | 237 |  |  |  | 141 |  |  |  | 351 |  |  |  | 849 |
Net income (loss) |  | $ | 10 |  |  | $ | (86 | ) |  | $ | 30 |  |  | $ | (23,082 | ) |  | $ | (847 | ) |  | $ | (456 | ) |  | $ | (381 | ) |  | $ | 1,373 |
Basic and diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
income (loss) per share |  |  | * |  |  |  | * |  |  |  | * |  |  | $ | (0.96 | ) |  | $ | (0.04 | ) |  | $ | (0.02 | ) |  | $ | (0.02 | ) |  | $ | 0.07 |
* Amount is less than $.01 per share The following items had a significant impact on the Company's net income (loss):
a) | As discussed in Note 4 – Water and Land Assets, in August 2015, the Company sold its remaining farm portfolio. The Company recognized a loss of $22.1 million.
b) | As discussed in Note 4 – Water and Land Assets, in August 2014, the Company identified 640 acres of land and 512 FLCC shares as held for sale. As a result the Company recorded a loss of approximately $400,000.
c) | As discussed in Note 4 – Water and Land Assets, in August 2014, the Company completed sales of approximately 1,886 acres of land and 2,982 FLCC shares. The Company recognized a gain of $1,300,000.
d) | As discussed in Note 5 – Participating Interests in Export Water, in July 2014, the Land Board relinquished its approximately $2.4 million of CAA interests to the Company as part of the settlement of the 2011 lawsuit filed by the Company and the District against the Land Board. As a result, during the fourth quarter of the fiscal year ended August 31, 2014 the Company recorded a gain on the extinguishment of participating interests of the CAA of approximately $832,100.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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