Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.22.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:    
Net income $ 6,546,000 $ 5,279,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 1,549,000 1,714,000
Gain or loss on disposal of property and equipment 0 (129,000)
Loss on bankruptcy settlement 10,000 0
Amortization of debt issuance cost 24,000 266,000
Stock based compensation expense 18,791 17,000
Amortization of right-of-use assets 68,000 106,000
Change in reserve for uncollectible accounts 0 658,000
Change in reserve for obsolete inventory (59,000) 590,000
Changes in assets and liabilities:    
Trade receivables 2,413,000 1,909,000
Inventories (3,016,000) (716,000)
Income taxes receivable (142,000) 70,000
Prepaid expenses and other current assets 431,000 478,000
Change in deferred income taxes 1,550,000 1,290,000
Deposits and other assets (663,000) (366,000)
Accounts payable (981,000) (898,000)
Accrued liabilities (2,655,000) (2,256,000)
Change in other 13,000 (344,000)
Net cash provided by operating activities 4,244,000 7,668,000
INVESTING ACTIVITIES:    
Purchase of property and equipment (3,070,000) (3,258,000)
Net cash used in investing activities (3,070,000) (3,258,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 2,040,000 (3,289,000)
Proceeds from issuance of notes payable 5,500,000 2,130,000
Purchase of common treasury stock 0 (383,000)
Debtor-in-possession cash 19,000 92,000
Payments on financing leases (33,000) 0
Payments on notes payable (3,333,000) (4,712,000)
Net cash used in financing activities 4,193,000 (6,162,000)
INCREASE IN CASH AND CASH EQUIVALENTS 5,367,000 (1,752,000)
CASH AND CASH EQUIVALENTS, beginning of period 4,664,000 8,984,000
CASH AND CASH EQUIVALENTS, end of period 10,031,000 7,232,000
Supplemental cash flow disclosures:    
Interest paid 890,000 1,223,000
Income taxes paid 1,538,000 0
Noncash financing and investing activities:    
Settlement of debt in exchange for property and equipment $ 0 $ 1,000,000