Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of provision for income tax

The income tax provision for the years ended September 30, 2022, 2021 and 2020 consists of the following:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Current:

 

 

 

 

 

 

 

 

 

Federal income tax

 

$

3,884

 

 

$

7,347

 

 

$

131

 

State income tax

 

 

1,061

 

 

 

1,971

 

 

 

(71

)

Total current

 

 

4,945

 

 

 

9,318

 

 

 

60

 

 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal income tax

 

 

(5,943

)

 

 

2,144

 

 

 

6,151

 

State income tax

 

 

(2,242

)

 

 

105

 

 

 

1,452

 

Valuation allowance

 

 

4,309

 

 

 

 

 

 

 

Total deferred

 

 

(3,876

)

 

 

2,249

 

 

 

7,603

 

Income tax provision

 

$

1,069

 

 

$

11,567

 

 

$

7,663

 

Schedule of income tax provision attributable to income from continuing operations

Income tax provision attributable to income before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for each of the fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020, respectively, as a result of the following:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Income tax at the statutory federal rate

 

$

2,560

 

 

$

9,741

 

 

$

6,568

 

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

State income taxes, net of federal benefit

 

 

120

 

 

 

1,645

 

 

 

1,217

 

Permanent and other reconciling items, net

 

 

44

 

 

 

41

 

 

 

170

 

State rate change

 

 

 

 

 

 

 

 

(156

)

Land Donation – Bargain Sale

 

 

(6,279

)

 

 

 

 

 

 

Valuation allowance

 

 

4,309

 

 

 

 

 

 

 

Other

 

 

315

 

 

 

140

 

 

 

(136

)

Income tax provision

 

$

1,069

 

 

$

11,567

 

 

$

7,663

 

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2022, and 2021 are presented below:

 

(in thousands)

 

September 30,

 

 

 

 

 

 

2021

 

 

 

2022

 

 

Restated

 

Deferred tax assets:

 

 

 

 

 

 

Goodwill

 

$

12,623

 

 

$

14,463

 

Inventories

 

 

5,577

 

 

 

744

 

Stock compensation

 

 

198

 

 

 

212

 

Intangibles

 

 

399

 

 

 

454

 

Charitable contribution carryforward

 

 

5,776

 

 

 

146

 

Other

 

 

108

 

 

 

 

Total deferred tax assets

 

 

24,681

 

 

 

16,019

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Property and equipment

 

 

55,007

 

 

 

54,330

 

Investment in Citree

 

 

740

 

 

 

968

 

Prepaid insurance

 

 

214

 

 

 

186

 

Total deferred tax liabilities

 

 

55,961

 

 

 

55,484

 

Valuation allowance

 

 

4,309

 

 

 

 

Net deferred income tax liabilities

 

$

(35,589

)

 

$

(39,465

)