Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net income (loss) $ 21,746 $ (6,818)
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 13,362 12,832
Amortization of seller note discount 1,120 2,048
Gain on settlement of holdback liability (1,186) 0
Gain on extinguishment of debt (713) 0
Loss on disposal of fixed assets 339 0
Loss on disposition of Johnson 0 301
Gain on settlement of earnout liability (2,840) 0
Gain on modification of seller note (22,784) 0
Amortization of debt issuance cost 38 64
Stock based compensation expense 150 274
Amortization of right-of-use assets 2,937 2,913
Change in deferred income taxes 4,931 (4,175)
Change in reserve for uncollectible accounts (151) (396)
Change in reserve for obsolete inventory 1,921 2,065
Changes in assets and liabilities, net of acquisitions:    
Trade receivables 7,974 (3,216)
Inventories 3,973 3,274
Prepaid expenses and other current assets 1,359 1,324
Deposits and other assets (453) (167)
Accounts payable (5,893) 1,649
Accrued liabilities (4,204) 164
Income taxes payable/receivable 282 1,741
Net cash provided by operating activities 21,908 13,877
Investing Activities:    
Purchase of property and equipment (5,753) (4,994)
Net cash used in investing activities (5,753) (18,002)
Financing Activities:    
Net (payments) borrowings under revolver loans (9,290) 1,990
Proceeds from failed sales and leaseback transaction 0 7,869
Cash paid for net settlement of stock option exercise 0 (20)
Proceeds from issuance of notes payable 496 2,711
Proceeds from issuance of related party notes payable 1,932 0
Payments on related party notes payable (2,900) (900)
Net borrowings under related party revolver loans 7,080 1,300
Purchase of common treasury stock (528) (862)
Payments on financing leases (2,741) (2,497)
Net cash (used in) provided by financing activities (13,131) 4,527
Change in cash 3,024 402
Cash, beginning of period 4,601 4,309
Cash, end of period 7,625 4,711
Supplemental cash flow disclosures:    
Interest paid 10,684 10,306
Income taxes paid, net 2,195 0
Noncash financing and investing activities:    
Noncash in-substance distribution 5,956 0
Noncash stock option exercise 0 94
CRO Acquisition    
Investing Activities:    
Acquisition 0 (1,034)
Noncash financing and investing activities:    
Noncash items related to acquisition 0 725
Johnson Acquisition    
Investing Activities:    
Acquisition 0 (500)
Noncash financing and investing activities:    
Noncash items related to acquisition 0 1,501
Midwest Grinding    
Investing Activities:    
Acquisition 0 (1,000)
Central Steel Acquisition    
Investing Activities:    
Acquisition 0 (10,474)
Noncash financing and investing activities:    
Noncash items related to acquisition 0 3,400
PMW Acquisition    
Noncash financing and investing activities:    
PMW goodwill adjustment 0 233
Nonrelated Party    
Financing Activities:    
Payments on notes payable and cash paid for settlement of seller notes (5,248) (5,064)
Related Party    
Financing Activities:    
Payments on notes payable and cash paid for settlement of seller notes $ (1,932) $ 0