Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Net cash (used in) provided by operating activities:    
Net income $ 6,355,000 $ 1,658,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation, depletion and amortization 15,010,000 15,487,000
Debt issue costs expense 209,000 141,000
Deferred income tax provision (benefit) 4,463,000 821,000
Gain on sale of property and equipment (81,559,000) (11,509,000)
Inventory net realizable value adjustment 48,099,000 1,616,000
Loss on disposal of property and equipment 6,990,000 9,624,000
Stock-based compensation expense 719,000 935,000
Other, net 59,000 (2,000)
Changes in operating assets and liabilities:    
Accounts receivable (59,000) (388,000)
Inventories (26,258,000) (26,415,000)
Prepaid expenses 160,000 (294,000)
Income tax receivable (758,000) (84,000)
Other assets (142,000) 235,000
Accounts payable and accrued liabilities (3,369,000) 2,420,000
Other liabilities (416,000) (499,000)
Net cash used in operating activities (30,497,000) (6,254,000)
Cash flows from investing activities:    
Purchases of property and equipment (17,871,000) (16,656,000)
Acquisition of citrus groves 0 (77,000)
Proceeds from sale of property and equipment 86,444,000 11,359,000
Proceeds from property and casualty insurance 0 839,000
Other, net (395,000) 412,000
Net cash provided by (used in) investing activities 68,178,000 (4,123,000)
Cash flows from financing activities:    
Repayments on revolving lines of credit (53,262,000) (59,458,000)
Borrowings on revolving lines of credit 36,934,000 79,252,000
Principal payments on term loans (20,491,000) (2,098,000)
Capital contribution received from noncontrolling interest 368,000 441,000
Dividends paid (1,524,000) (4,933,000)
Net cash (used in) provided by financing activities (37,975,000) 13,204,000
Net (decrease) increase in cash and cash equivalents and restricted cash (294,000) 2,827,000
Cash and cash equivalents and restricted cash at beginning of the period 3,692,000 865,000
Cash and cash equivalents and restricted cash at end of the period 3,398,000 3,692,000
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amount capitalized 3,848,000 4,433,000
Cash paid for income taxes, net of refunds 890,000 0
Supplemental disclosure of non-cash investing and financing activities:    
Dividends declared but unpaid $ 381,000 $ 381,000