Annual report pursuant to Section 13 and 15(d)

UNAUDITED QUARTERLY FINANCIAL DATA

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UNAUDITED QUARTERLY FINANCIAL DATA
 12 Months Ended
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.