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, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Net cash provided by operating activities:      
Net income (loss) $ 23,714 $ 37,450 $ 12,800
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred gain on sale of sugarcane land     (967)
Depreciation, depletion and amortization 14,520 13,924 13,756
Deferred income tax expense (benefit) 7,603 3,267 (1,955)
Cash surrender value (10) 11 (27)
Deferred retirement benefits (5,226) 829 (41)
Gain on sale of real estate, property and equipment and assets held for sale (30,424) (13,166) (10,281)
Inventory net realizable value adjustment   808 1,115
Loss on disposal of property and equipment 659   207
Change in fair value of derivatives   989  
Impairment of long-lived assets 1,321 396 2,234
Impairment of right-of-use-asset 87    
Non-cash interest expense on deferred gain on sugarcane land     1,361
Insurance proceeds received for damage to property and equipment   (486) (477)
Stock-based compensation expense 1,306 824 2,613
Other     29
Changes in operating assets and liabilities:      
Accounts receivable (3,634) 1,531 1,718
Inventories (712) 82 (6,554)
Prepaid expenses (135) (211) 177
Income tax receivable (781) 15 (15)
Other assets (839) 288 23
Accounts payable and accrued liabilities (1,530) (1,113) 2,987
Income tax payable (5,536) 3,216 2,320
Other liabilities 666 178 (2,445)
Net cash provided by operating activities 1,049 48,832 18,578
Cash flows from investing activities:      
Purchases of property and equipment (21,705) (20,000) (16,352)
Net proceeds from sale of real estate, property and equipment and assets held for sale 31,541 14,602 39,780
Insurance proceeds received for damage to property and equipment   486 477
Change in deposits on purchase of citrus trees (458) (108) (431)
Advances on notes receivables, net 136 60 (575)
Other (25)   25
Net cash provided by (used in) investing activities 9,489 (4,960) 22,924
Cash flows from financing activities:      
Repayments on revolving lines of credit (114,581) (89,231) (25,600)
Borrowings on revolving lines of credit 117,523 86,546 28,285
Principal payments on term loans (15,198) (10,900) (12,127)
Treasury stock purchases (238) (25,576) (2,215)
Payment on termination of sugarcane agreement   (11,300)  
Dividends paid (2,466) (1,833) (1,972)
Deferred financing costs (23)    
Capital contribution received from noncontrolling interest 294   1,000
Capital lease obligation payments     (8)
Net cash used in financing activities (14,689) (52,294) (12,637)
Net (decrease) increase in cash and cash equivalents and restricted cash (4,151) (8,422) 28,865
Cash and cash equivalents and restricted cash at beginning of the period 23,838 32,260 3,395
Cash and cash equivalents and restricted cash at end of the period 19,687 23,838 32,260
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amount capitalized 5,614 6,940 6,721
Cash paid (refunded) for income taxes 6,403 6,285 25
Supplemental disclosure of non-cash investing and financing activities:      
Dividend declared but unpaid $ 674 $ 449 $ 492