Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net income $ 21,904,000 $ 13,974,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,045,000 3,420,000
Gain or loss on disposal of property and equipment 1,000 (23,000)
Gain on Payroll Protection Program loan forgiveness 0 (1,382,000)
Non-cash gain on bankruptcy settlement (11,501,000) (1,115,000)
Amortization of debt issuance cost (112,000) 612,000
Stock based compensation expense 37,000 287,000
Amortization of right-of-use assets 55,000 125,000
Change in reserve for uncollectible accounts 27,000 658,000
Change in reserve for obsolete inventory 146,000 964,000
Changes in assets and liabilities:    
Trade receivables (698,000) (2,499,000)
Inventories (8,658,000) 1,935,000
Income taxes receivable (148,000) 2,763,000
Prepaid expenses and other current assets (422,000) 529,000
Change in deferred income taxes 2,257,000 1,334,000
Deposits and other assets (116,000) (235,000)
Accounts payable 3,911,000 2,594,000
Accrued liabilities (4,500,000) (2,882,000)
Change in other 23,000 (148,000)
Net cash provided by operating activities 5,251,000 20,911,000
INVESTING ACTIVITIES:    
Purchase of property and equipment (7,503,000) (5,469,000)
Net cash used in investing activities (7,503,000) (5,469,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 4,887,000 (4,554,000)
Proceeds from issuance of notes payable 9,000,000 2,258,000
Purchase of common treasury stock (2,084,000) (383,000)
Payments on related party notes payable 2,000,000
Debtor-in-possession cash 75,000 112,000
Payments on financing leases (80,000)
Payments on notes payable (8,020,000) (7,931,000)
Net cash used in financing activities 3,778,000 (12,498,000)
Increase in cash 1,526,000 2,944,000
CASH AND CASH EQUIVALENTS, beginning of period 4,664,000 8,984,000
CASH AND CASH EQUIVALENTS, end of period 6,190,000 11,928,000
Supplemental cash flow disclosures:    
Interest paid 1,823,000 2,516,000
Income taxes paid $ 4,458,000 $ 369,000