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, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 3,402,000 $ 21,904,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 6,297,000 3,045,000
(Gain)/loss on disposal of property and equipment (7,000) 1,000
Gain on bankruptcy settlement 0 (11,501,000)
Amortization of debt issuance cost 105,000 (112,000)
Stock based compensation expense 109,000 37,000
Amortization of right-of-use assets 1,397,000 55,000
Change in reserve for uncollectible accounts 350,000 27,000
Change in reserve for obsolete inventory 169,000 146,000
Change in deferred income taxes 4,168,000 2,257,000
Changes in assets and liabilities:    
Trade receivables 436,000 (698,000)
Inventories 2,384,000 (8,658,000)
Income taxes payable/receivable 166,000 (148,000)
Prepaid expenses and other current assets 3,453,000 (422,000)
Deposits and other assets (1,095,000) (116,000)
Accounts payable (3,668,000) 3,911,000
Accrued liabilities (3,547,000) (4,500,000)
Other Liabilities 59,000 23,000
Net cash provided by operating activities 14,178,000 5,251,000
INVESTING ACTIVITIES:    
Acquisition of Flooring Liquidators, net of cash acquired (33,929,000) 0
Purchase of property and equipment (2,900,000) (7,503,000)
Net cash used in investing activities (36,829,000) (7,503,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 12,312,000 4,887,000
Proceeds from issuance of notes payable 8,449,000 9,000,000
Payments on notes payable (3,679,000) (8,020,000)
Proceeds from issuing related party notes payable 7,000,000 0
Payments for debt acquisition costs (96,000) 0
Purchase of common treasury stock (639,000) (2,084,000)
Payments on financing leases (1,077,000) (80,000)
Payments on seller financing arrangements (51,000) 0
Debtor-in-possession cash 0 75,000
Net cash used in financing activities 22,219,000 3,778,000
Increase in cash (432,000) 1,526,000
Cash, beginning of period 4,600,000 4,664,000
Cash, end of period 4,168,000 6,190,000
Supplemental cash flow disclosures:    
Interest paid 4,602,000 1,823,000
Income taxes paid 43,000 4,458,000
Noncash financing and investing activities:    
Noncash items related to Flooring Liquidators acquisition $ 36,900,000 $ 0