Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS

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CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:      
Net income $ 6,959 $ 13,183 $ 9,495
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of sugarcane land (618) (13,734) 0
Depreciation and amortization 15,382 14,732 9,638
Loss (gain) on breeding herd sales 296 (183) (555)
Deferred income tax expense 5,277 12,350 6,806
Cash surrender value (20) (27) 202
Deferred retirement benefits 65 623 (173)
Magnolia Fund undistributed loss (earnings) 103 (57) (163)
Loss (gain) on sale of property and equipment 147 (290) (6,742)
Impairment of asset held for sale 0 541 0
Loss on extinguishment of debt 0 457 0
Non-cash interest expense on deferred gain on sugarcane land 1,406 607 0
Stock-based compensation expense 925 952 1,835
Other 0 245 0
Changes in operating assets and liabilities:      
Accounts receivable (1,707) 5,983 (2,676)
Inventories (196) 8,659 9,985
Prepaid expenses (1,759) (1,347) 0
Income tax receivable 1,074 0 3,401
Other assets 821 465 523
Accounts payable and accrued expenses 3,720 (522) (8,599)
Income tax payable 0 (6,660) 0
Other liabilities (1,518) (2,251) 2,086
Net cash provided by operating activities 30,357 33,726 25,063
Cash flows from investing activities:      
Acquisition of citrus businesses, net of cash acquired 0 (265,587) (32,769)
Proceeds on sale of sugarcane land 0 97,151 0
Purchases of property and equipment (14,305) (11,523) (13,280)
Return on investment in Magnolia Fund 171 675 3,814
Proceeds from sale of assets 799 1,963 14,473
Proceeds from surrender of life insurance policies 297 0 0
Proceeds from sale of real estate 0 0 5,764
Other 4 264 10
Net cash used in investing activities (13,034) (177,057) (21,988)
Cash flows from financing activities:      
Borrowings notes payable 0 0 11,000
Proceeds from term loans 2,500 184,500 0
Repayments on revolving line of credit (53,882) (87,031) (2,400)
Borrowings on revolving line of credit 58,882 81,031 3,641
Repayment of term loan 0 (34,000) 0
Principal payments on term loans (10,761) (17,870) (3,208)
Financing costs 0 (2,834) 0
Contingent consideration paid (7,500) 0 0
Treasury stock purchases (3,141) (4,013) (4,844)
Dividends paid (1,993) (1,877) (2,780)
Distributions to members 0 0 (605)
Capital lease obligation payments (277) (231) 0
Net cash (used in) provided by financing activities (16,172) 117,675 804
Net increase (decrease) in cash and cash equivalents 1,151 (25,656) 3,879
Cash and cash equivalents at beginning of the period 5,474 31,130 27,251
Cash and cash equivalents at end of the period 6,625 5,474 31,130
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amount capitalized 7,530 6,167 2,047
Cash income tax refunds, net of income taxes paid (878) 0 0
Cash paid for income taxes, net of income tax refunds 0 5,213 1,177
Noncash Investing and Financing Items [Abstract]      
Escrow deposit in other assets applied to capital expenditures 0 250 0
Property and equipment purchased with capital leases 0 37 1,400
Equipment purchased with long-term debt $ 0 $ 0 $ 0