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, 2023
Sep. 30, 2022
Sep. 30, 2021
Net cash (used in) provided by operating activities:      
Net income $ 1,658,000 $ 11,886,000 $ 34,820,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation, depletion and amortization 15,487,000 15,229,000 15,122,000
Debt issue costs expense 141,000 255,000 179,000
Deferred income tax provision (benefit) 821,000 (3,876,000) 2,249,000
Gain on sale of property and equipment (11,509,000) (41,102,000) (35,898,000)
Inventory net realizable value adjustment 1,616,000 6,676,000 0
Casualty loss – tree and building damage 0 1,400,000 0
Loss on disposal of property and equipment 9,624,000 3,251,000 2,338,000
Inventory casualty loss 0 14,900,000 0
Stock-based compensation expense 935,000 1,235,000 1,230,000
Other, net (2,000) 160,000 (117,000)
Changes in operating assets and liabilities:      
Accounts receivable (388,000) 5,781,000 (1,758,000)
Inventories (26,415,000) (5,881,000) (2,522,000)
Prepaid expenses (294,000) (271,000) (115,000)
Income tax receivable (84,000) 2,117,000 (2,452,000)
Other assets 235,000 (450,000) 575,000
Accounts payable and accrued liabilities 2,420,000 (5,111,000) 3,429,000
Other liabilities (499,000) 324,000 (576,000)
Net cash (used in) provided by operating activities (6,254,000) 6,523,000 16,504,000
Cash flows from investing activities:      
Purchases of property and equipment (16,656,000) (20,731,000) (22,258,000)
Acquisition of citrus groves (77,000) (136,000) (18,527,000)
Proceeds from sale of property and equipment 11,359,000 43,159,000 37,266,000
Proceeds from property and casualty insurance 839,000 0 0
Other, net 412,000 176,000 251,000
Net cash (used in) provided by investing activities (4,123,000) 22,468,000 (3,268,000)
Cash flows from financing activities:      
Repayments on revolving lines of credit (59,458,000) (52,227,000) (50,735,000)
Borrowings on revolving lines of credit 79,252,000 57,155,000 47,793,000
Principal payments on term loans (2,098,000) (19,598,000) (21,957,000)
Capital contribution received from noncontrolling interest 441,000 294,000 0
Proceeds from exercise of stock options 0 465,000 0
Dividends paid (4,933,000) (15,101,000) (7,138,000)
Net cash provided by (used in) financing activities 13,204,000 (29,012,000) (32,037,000)
Net increase (decrease) in cash and cash equivalents and restricted cash 2,827,000 (21,000) (18,801,000)
Cash and cash equivalents and restricted cash at beginning of the period 865,000 886,000 19,687,000
Cash and cash equivalents and restricted cash at end of the period 3,692,000 865,000 886,000
Supplemental disclosure of cash flow information:      
Cash paid for interest; net of amount capitalized 4,433,000 3,192,000 3,940,000
Cash paid for income taxes 0 3,430,000 11,770,000
Supplemental disclosure of non-cash investing and financing activities:      
Dividends declared but unpaid $ 381,000 $ 3,793,000 $ 3,763,000