Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net loss $ (26,685) $ (102)
Adjustments to reconcile net loss to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 17,215 14,257
Amortization of seller note discount 2,762 1,799
Loss on disposal of property and equipment 0 60
Amortization of debt issuance costs 150 78
Loss on impairment of goodwill 18,056 0
Write-down of holdback (702) 0
Write-down of inventory 750 0
Stock-based compensation expense 325 446
Loss on disposition of Johnson 301 0
Amortization of right of use assets 6,789 4,800
Disposal of SW Financial, net of cash retained 0 1,509
Change in deferred income taxes (6,882) (2,853)
Change in allowance for doubtful accounts (87) 1,436
Change in reserve for obsolete inventory 2,600 1,402
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (1,499) 792
Inventories 4,551 (9,544)
Income taxes receivable 2,249 3,287
Prepaid expenses and other current assets 1,365 2,558
Deposits and other assets 460 (589)
Accounts payable 1,789 556
Accrued liabilities (2,896) 6,103
Net cash provided by operating activities 20,611 25,995
Investing activities:    
Purchases of property and equipment (8,472) (10,002)
Proceeds from the sale of property and equipment 0 87
Net cash used in investing activities (21,480) (63,884)
Financing activities:    
Net borrowings under revolver loans 3,420 13,672
Proceeds from failed sales and leaseback transaction 7,869 12,737
Cash paid for taxes on net settlement of stock option exercise (20) (28)
Proceeds from issuance of notes payable 609 15,773
Payments on notes payable (6,661) (8,048)
Purchase of common treasury stock (866) (991)
Payments for debt acquisition costs 0 (98)
Payments on financing leases (3,590) (2,419)
Payments on related party notes payable (1,200) 0
Net cash provided by financing activities 1,161 37,598
Net increase (decrease) in cash 292 (291)
Cash, beginning of year 4,309 4,600
Cash, end of year 4,601 4,309
Supplemental cash flow disclosures:    
Interest paid 14,037 7,801
Income taxes (received) paid, net (22) 379
Noncash financing and investing activities:    
Noncash stock options exercise 94 0
PMW goodwill adjustment 233 0
Notes payable    
Financing activities:    
Proceeds from issuance of related party notes payable and net borrowings under related party revolver loans 0 7,000
Credit Agreement    
Financing activities:    
Proceeds from issuance of related party notes payable and net borrowings under related party revolver loans 1,600 0
CRO Acquisition    
Investing activities:    
Acquisition (1,034) 0
Noncash financing and investing activities:    
Noncash items related to acquisition 725 0
Midwest Grinding Acquisition    
Investing activities:    
Acquisition (1,000) 0
Central Steel    
Investing activities:    
Acquisition (10,474) 0
Noncash financing and investing activities:    
Noncash items related to acquisition 3,223 0
Flooring Liquidators    
Investing activities:    
Acquisition 0 (32,669)
Noncash financing and investing activities:    
Noncash items related to acquisition 0 36,900
PMW    
Investing activities:    
Acquisition 0 (20,000)
Noncash financing and investing activities:    
Noncash items related to acquisition 0 5,175
Johnson    
Investing activities:    
Acquisition (500) 0
Noncash financing and investing activities:    
Noncash items related to acquisition 1,501 0
Cal Coast    
Investing activities:    
Acquisition $ 0 $ (1,300)