Investor Relations
Financials
v3.24.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Sep. 30, 2023
Assets    
Cash $ 4,601 $ 4,309
Trade receivables, net 46,861 41,194
Inventories, net 126,350 131,314
Income taxes receivable 0 1,116
Prepaid expenses and other current assets 4,123 4,919
Total current assets 181,935 182,852
Property and equipment, net 82,869 80,703
Right of use asset - operating leases 55,701 54,544
Deposits and other assets 787 1,282
Intangible assets, net 25,103 26,568
Goodwill 61,152 75,866
Total assets 407,547 421,815
Current liabilities    
Accounts payable 31,002 27,190
Accrued liabilities 31,740 31,826
Income taxes payable 948 0
Current portion of lease obligations - operating leases 12,885 11,369
Current portion of lease obligations - finance leases 368 359
Total current liabilities 129,659 97,821
Lease obligation long term - operating leases 50,111 48,156
Lease obligation long term - finance leases 41,677 32,942
Deferred tax liability 6,267 14,035
Other non-current obligations 6,655 4,104
Total liabilities 334,658 321,680
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,131,360 shares issued and outstanding at September 30, 2024; 3,164,330 issued and outstanding at September 30, 2023 2 2
Paid-in capital 69,692 69,387
Treasury stock common 694,687 and 660,063 shares as of September 30, 2024 and 2023 (9,072) (8,206)
Accumulated earnings 12,274 38,959
Total stockholders' equity 72,889 100,135
Total liabilities and stockholders' equity 407,547 421,815
Series E Convertible Preferred Stock    
Stockholders' equity:    
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 issued and outstanding at September 30, 2024 and 2023, respectively, with a liquidation preference of $0.30 per share 0 0
Treasury stock Series E preferred 50,000 shares as of September 30, 2024 and 2023 (7) (7)
Nonrelated Party    
Current liabilities    
Current portion of long-term debt 43,816 23,077
Long-term debt, net of current portion 54,994 78,710
Related Party    
Current liabilities    
Current portion of long-term debt 6,400 4,000
Long-term debt, net of current portion 4,934 6,914
Related Party | Seller Notes    
Current liabilities    
Seller notes - related parties 2,500 0
Seller notes - related parties $ 40,361 $ 38,998

Source

v3.24.4
CONSOLIDATED STATEMENTS OF LOSS - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Revenues $ 472,840 $ 355,171
Cost of revenues 328,016 239,605
Gross profit 144,824 115,566
Operating expenses:    
General and administrative expenses 118,040 86,670
Sales and marketing expenses 22,372 13,447
Impairment expense 18,056 0
Total operating expenses 158,468 100,117
Operating (loss) income (13,644) 15,449
Other income (expense):    
Interest expense, net (16,847) (12,741)
Loss on disposition of SW Financial 0 (1,696)
Other expense, net (852) (2,293)
Total other expense, net (17,699) (13,980)
(Loss) income before income taxes (31,343) 1,469
(Benefit) provision for income taxes (4,658) 1,571
Net loss $ (26,685) $ (102)
Loss per share:    
Basic (in usd per share) $ (8.48) $ (0.03)
Diluted (in usd per share) $ (8.48) $ (0.03)
Weighted average common shares outstanding:    
Basic (in shares) 3,147,646 3,133,554
Diluted (in shares) 3,147,646 3,133,554
Salomon Whitney    
Other income (expense):    
SW Financial settlement $ 0 $ 2,750

Source

v3.24.4
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)

Source