Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

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CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Thousands
 12 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Cash flows from operating activities:      
Net (loss) income $ (9,496) $ 6,959 $ 13,183
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Gain on sale of sugarcane land (538) (618) (13,734)
Depreciation, depletion and amortization 15,226 15,382 14,732
Loss (gain) loss on breeding herd sales 337 296 (183)
Deferred income tax (benefit) expense (3,948) 5,277 12,350
Cash surrender value (15) (20) (27)
Deferred retirement benefits (102) 65 623
Magnolia Fund undistributed loss (earnings) 202 103 (57)
(Gain) loss on sale of property and equipment (1,373) 147 (290)
Inventory casualty loss 13,489 0 0
Inventory net realizable value adjustment 1,199 0 0
Impairment of long-lived assets 9,346 0 541
Loss on extinguishment of debt 0 0 457
Non-cash interest expense on deferred gain on sugarcane land 1,413 1,406 607
Bad debt expense 312 0 0
Stock-based compensation expense 1,653 925 952
Other 0 0 245
Changes in operating assets and liabilities:      
Accounts receivable 142 (1,707) 5,983
Inventories 3,724 (196) 8,659
Prepaid expenses (604) (1,759) (1,347)
Income tax receivable 1,013 1,074 0
Other assets 333 821 465
Accounts payable and accrued expenses (2,895) 3,720 (522)
Income tax payable 0 0 (6,660)
Other liabilities (1,189) (1,518) (2,251)
Net cash provided by operating activities 28,229 30,357 33,726
Cash flows from investing activities:      
Acquisition of citrus businesses, net of cash acquired 0 0 (265,587)
Proceeds on sale of sugarcane land 0 0 97,151
Purchases of property and equipment (13,353) (14,305) (11,523)
Return on investment in Magnolia Fund 324 171 675
Proceeds from sales of assets 760 799 1,963
Proceeds from surrender of life insurance policies 0 297 0
Proceeds from sales of real estate 2,184 0 0
Other 0 4 264
Net cash used in investing activities (10,085) (13,034) (177,057)
Cash flows from financing activities:      
Proceeds from term loans 0 2,500 184,500
Principal payments on revolving line of credit (70,770) (53,882) (87,031)
Borrowings on revolving line of credit 65,770 58,882 81,031
Repayment of term loan 0 0 (34,000)
Principal payments on term loans (10,743) (10,761) (17,870)
Financing costs 0 0 (2,834)
Contingent consideration paid 0 (7,500) 0
Treasury stock purchases (3,064) (3,141) (4,013)
Dividends paid (1,987) (1,993) (1,877)
Capital lease obligation principal payments (580) (277) (231)
Net cash (used in) provided by financing activities (21,374) (16,172) 117,675
Net (decrease) increase in cash and cash equivalents (3,230) 1,151 (25,656)
Cash and cash equivalents at beginning of the year 6,625 5,474 31,130
Cash and cash equivalents at end of the year 3,395 6,625 5,474
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amount capitalized 7,534 7,530 6,167
Cash income tax refunds, net of income taxes paid (911) (878) 0
Cash paid for income taxes, net of income tax refunds 0 0 5,213
Supplemental disclosure of non-cash investing and financing activities:      
Escrow deposit in other assets applied to capital expenditures 0 0 250
Property and equipment purchased with capital leases 0 0 37
Dividend declared $ 494 $ 498 $ 500