Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
 12 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Net cash provided by operating activities:      
Net income (loss) $ 34,820,000 $ 23,714,000 $ 37,450,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 15,122,000 14,282,000 13,603,000
Debt issue costs expense 179,000 238,000 321,000
Deferred income tax expense 2,249,000 7,603,000 3,267,000
Cash surrender value (14,000) (10,000) 11,000
Deferred retirement (expense) benefit   (5,226,000) 829,000
Gain on sale of real estate, property and equipment and assets held for sale (35,898,000) (30,424,000) (13,166,000)
Inventory net realizable value adjustment     808,000
Loss on disposal of property and equipment 2,338,000 1,382,000 244,000
Change in fair value of derivatives     989,000
Impairment of long-lived assets   598,000 152,000
Impairment of right-of-use-asset   87,000  
Insurance proceeds received for damage to property and equipment (103,000)   (486,000)
Stock-based compensation expense 1,230,000 1,306,000 824,000
Changes in operating assets and liabilities:      
Accounts receivable (1,758,000) (3,634,000) 1,531,000
Inventories (2,522,000) (712,000) 82,000
Prepaid expenses (115,000) (135,000) (211,000)
Income tax receivable (2,452,000) (781,000) 15,000
Other assets 575,000 (839,000) 288,000
Accounts payable and accrued liabilities 3,429,000 (1,530,000) (1,113,000)
Income tax payable   (5,536,000) 3,216,000
Other liabilities (576,000) 666,000 178,000
Net cash provided by operating activities 16,504,000 1,049,000 48,832,000
Cash flows from investing activities:      
Purchases of property and equipment (22,258,000) (18,785,000) (18,050,000)
Purchases of citrus groves (18,527,000) (2,920,000) (1,950,000)
Net proceeds from sale of real estate, property and equipment and assets held for sale 37,266,000 31,541,000 14,602,000
Insurance proceeds received for damage to property and equipment 103,000   486,000
Change in deposits on purchase of citrus trees 217,000 (458,000) (108,000)
Advances on notes receivables, net 371,000 136,000 60,000
Purchases of mineral rights (453,000)    
Other 13,000 (25,000)  
Net cash (used in) provided by investing activities (3,268,000) 9,489,000 (4,960,000)
Cash flows from financing activities:      
Repayments on revolving lines of credit (50,735,000) (114,581,000) (89,231,000)
Borrowings on revolving lines of credit 47,793,000 117,523,000 86,546,000
Principal payments on term loans (21,957,000) (15,198,000) (10,900,000)
Treasury stock purchases   (238,000) (25,576,000)
Payment on termination of sugarcane agreement     (11,300,000)
Dividends paid (7,138,000) (2,466,000) (1,833,000)
Deferred financing costs   (23,000)  
Capital contribution received from noncontrolling interest   294,000  
Net cash used in financing activities (32,037,000) (14,689,000) (52,294,000)
Net decrease in cash and cash equivalents and restricted cash (18,801,000) (4,151,000) (8,422,000)
Cash and cash equivalents and restricted cash at beginning of the period 19,687,000 23,838,000 32,260,000
Cash and cash equivalents and restricted cash at end of the period 886,000 19,687,000 23,838,000
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amount capitalized 3,940,000 5,832,000 6,940,000
Cash paid (refunded) for income taxes 11,770,000 6,403,000 6,285,000
Supplemental disclosure of non-cash investing and financing activities:      
Dividends declared but unpaid $ 3,763,000 $ 674,000 $ 449,000