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, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Net cash provided by operating activities:      
Net income (loss) $ 37,450 $ 12,800 $ (9,496)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred gain on sale of sugarcane land 0 (967) (538)
Depreciation, depletion and amortization 13,924 13,756 15,226
Loss on breeding herd sales 0 13 337
Deferred income tax expense (benefit) 3,267 (1,955) (3,948)
Cash surrender value 11 (27) (15)
Deferred retirement benefits 829 (41) (102)
Magnolia Fund undistributed loss (earnings) 0 (8) 202
Gain on sale of real estate, property and equipment and assets held for sale (13,166) (10,281) (1,373)
Inventory casualty loss 0 0 13,489
Inventory net realizable value adjustment 808 1,115 1,199
Loss on disposal of property and equipment 0 207 0
Change in fair value of derivatives 989 0 0
Impairment of long-lived assets 396 2,234 9,346
Non-cash interest expense on deferred gain on sugarcane land 0 1,361 1,413
Insurance proceeds received for damage to property and equipment (486) (477) 0
Bad debt expense 0 24 312
Stock-based compensation expense 824 2,613 1,653
Changes in operating assets and liabilities:      
Accounts receivable 1,531 1,718 142
Inventories 82 (6,554) 3,724
Prepaid expenses (211) 177 (604)
Income tax receivable 15 (15) 1,013
Other assets 288 23 (415)
Accounts payable and accrued liabilities (1,113) 2,987 (2,895)
Income tax payable 3,216 2,320 0
Other liabilities 178 (2,445) (1,189)
Net cash provided by operating activities 48,832 18,578 27,481
Cash flows from investing activities:      
Purchases of property and equipment (20,000) (16,352) (13,353)
Return on investment in Magnolia Fund 0 25 324
Net proceeds from sale of property and equipment and assets held for sale 14,602 37,969 760
Net proceeds from sale of real estate 0 1,811 2,184
Insurance proceeds received for damage to property and equipment 486 477 0
Change in deposits on purchase of citrus trees (108) (431) 748
Advances on notes receivables, net 60 (575) 0
Net cash (used in) provided by investing activities (4,960) 22,924 (9,337)
Cash flows from financing activities:      
Repayments on revolving lines of credit (89,231) (25,600) (70,770)
Borrowings on revolving lines of credit 86,546 28,285 65,770
Principal payments on term loans (10,900) (12,127) (10,743)
Treasury stock purchases (25,576) (2,215) (3,064)
Payment on termination of sugarcane agreement (11,300) 0 0
Dividends paid (1,833) (1,972) (1,987)
Capital contribution received from noncontrolling interest 0 1,000 0
Capital lease obligation payments 0 (8) (580)
Net cash used in financing activities (52,294) (12,637) (21,374)
Net (decrease) increase in cash and cash equivalents and restricted cash (8,422) 28,865 (3,230)
Cash and cash equivalents and restricted cash at beginning of the period 32,260 3,395 6,625
Cash and cash equivalents and restricted cash at end of the period 23,838 32,260 3,395
Supplemental disclosure of cash flow information:      
Cash paid for interest; net of amount capitalized 6,940 6,721 7,240
Cash paid (refunded) for income taxes 6,285 25 (911)
Supplemental disclosure of non-cash investing and financing activities:      
Dividend declared but unpaid $ 449 $ 492 $ 494