Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

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CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:      
Net income $ 15,733 $ 9,033 $ 19,646
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,637 8,946 9,675
Gain on sale of assets (17,139) (4,371) (20,894)
Gain on settlement of contingent consideration arrangement 0 (6,000) 0
Deferred income taxes 12,351 5,311 9,062
Gain on bargain purchase (1,145) 0 0
Stock-based compensation 1,126 1,661 923
Loss on extinguishment of debt 1,051 0 0
Asset impairment 541 0 0
Other non-cash gains and losses 1,183 (135) (78)
Changes in operating assets and liabilities:      
Accounts receivable 5,468 (3,276) (1,195)
Inventories 9,708 13,666 (2,113)
Income tax receivable (2,088) 0 0
Other assets (30) 621 0
Accounts payable and accrued expenses 2,029 (7,935) (3,727)
Income tax payable (4,572) 3,401 2,014
Other liabilities (4,987) 7,069 113
Net cash provided by operating activities 33,866 27,991 13,426
Cash flows from investing activities:      
Acquisition of citrus businesses, net of cash acquired (282,717) (16,517) 0
Purchases of property and equipment (11,948) (13,243) (18,924)
Proceeds from disposals of property and equipment 105,363 14,479 24,381
Return on investment in Magnolia Fund 675 3,814 1,179
Cash received in common control acquisition 0 2,669 0
Other 228 (10) 35
Net cash (used in) provided by investing activities (188,399) (8,808) 6,671
Cash flows from financing activities:      
Proceeds from term loans 195,500 0 0
Repayments on revolving line of credit (84,333) (1,600) (5,661)
Borrowings on revolving line of credit 81,173 0 5,661
Repayment of term loan (34,000) 0 0
Principal payments on term loans (17,759) 0 0
Treasury stock purchases (4,013) (4,844) (2,894)
Financing costs (3,583) 0 0
Dividends paid (1,879) (3,386) (2,048)
Capital lease payments (233) (426) 0
Principal payments on notes payable 0 (2,490) (3,900)
Net cash provided by (used in) financing activities 130,873 (12,746) (8,842)
Net (decrease) increase in cash and cash equivalents (23,660) 6,437 11,255
Cash and cash equivalents at beginning of year 31,020 24,583 13,328
Cash and cash equivalents at end of year 7,360 31,020 24,583
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amount capitalized 6,273 1,697 1,048
Cash paid for income taxes 5,213 1,177 952
Supplemental disclosure of non-cash investing and financing activities:      
Escrow deposit in other assets applied to capital expenditures 250 0 0
Property and equipment purchased with capital leases 37 1,400 0
Equipment purchased with long-term debt $ 0 $ 108 $ 0