Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Statement of Cash Flows [Abstract]      
Net income (loss) $ 12,800 $ (9,496) $ 6,959
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain on sale of sugarcane land (967) (538) (618)
Depreciation, depletion and amortization 13,756 15,226 15,382
Loss on breeding herd sales 13 337 296
Deferred income tax (benefit) expense (1,955) (3,948) 5,277
Cash surrender value (27) (15) (20)
Deferred retirement benefits (41) (102) 65
Magnolia Fund undistributed (earnings) loss (8) 202 103
(Gain) loss on sale of real estate, property and equipment and assets held for sale (10,281) (1,373) 147
Inventory casualty loss 0 13,489 0
Inventory net realizable value adjustment 1,115 1,199 0
Impairment of long-lived assets and assets held for sale 2,234 9,346 0
Loss on disposal of property and equipment 207 0 0
Non-cash interest expense on deferred gain on sugarcane land 1,361 1,413 1,406
Bad debt expense 24 312 0
Stock-based compensation expense 2,613 1,653 924
Changes in operating assets and liabilities:      
Accounts receivable 1,718 142 (1,707)
Inventories (6,554) 3,724 (196)
Prepaid expenses 177 (604) (1,758)
Income tax receivable (15) 1,013 1,074
Other assets 23 333 821
Accounts payable and accrued expenses 2,987 (2,895) 3,720
Income tax payable 2,320 0 0
Other liabilities (2,445) (1,189) (1,518)
Net cash provided by operating activities 19,055 28,229 30,357
Cash flows from investing activities:      
Purchases of property and equipment (16,352) (13,353) (14,305)
Return on investment in Magnolia Fund 25 324 171
Net proceeds from sales of property and equipment and assets held for sale 37,969 760 799
Proceeds from surrender of life insurance policies 0 0 297
Net proceeds from sales of real estate 1,811 2,184 0
Deposit on purchase of citrus trees (431) 0 0
Notes receivable (575) 0 0
Other 0 0 4
Net cash provided by (used in) investing activities 22,447 (10,085) (13,034)
Cash flows from financing activities:      
Proceeds from term loans 0 0 2,500
Principal payments on revolving line of credit (25,600) (70,770) (53,882)
Borrowings on revolving line of credit 28,285 65,770 58,882
Principal payments on term loans (12,127) (10,743) (10,761)
Contingent consideration paid 0 0 (7,500)
Treasury stock purchases (2,215) (3,064) (3,141)
Dividends paid (1,972) (1,987) (1,993)
Capital contribution received from noncontrolling interest 1,000 0 0
Capital lease obligation principal payments (8) (580) (277)
Net cash used in financing activities (12,637) (21,374) (16,172)
Net increase (decrease) in cash and cash equivalents and restricted cash 28,865 (3,230) 1,151
Cash and cash equivalents and restricted cash at beginning of the year 3,395 6,625 5,474
Cash and cash equivalents and restricted cash at end of the year 32,260 3,395 6,625
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amount capitalized 7,654 7,534 7,530
Cash paid (refunded) for income taxes, net of income tax 25 (911) (878)
Supplemental disclosure of non-cash investing and financing activities:      
Dividend declared but unpaid $ 492 $ 494 $ 498