Investor Relations
Financials
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Assets    
Cash $ 7,407 $ 4,601
Trade receivables, net of allowance for doubtful accounts of $1.4 million at December 31, 2024 and $1.5 million at September 30, 2024 38,040 46,861
Inventories, net 123,389 126,350
Prepaid expenses and other current assets 3,594 4,123
Total current assets 172,430 181,935
Property and equipment, net 81,527 82,869
Right of use asset - operating leases 55,113 55,701
Deposits and other assets 1,455 787
Intangible assets, net 23,847 25,103
Goodwill 61,152 61,152
Total assets 395,524 407,547
Liabilities:    
Accounts payable 28,478 31,002
Accrued liabilities 30,548 31,740
Income taxes payable 1,483 948
Current portion of lease obligations - operating leases 13,219 12,885
Current portion of lease obligations - finance leases 467 368
Total current liabilities 121,460 129,659
Lease obligation long term - operating leases 46,566 50,111
Lease obligation long term - finance leases 42,200 41,677
Deferred tax liability, net 5,812 6,267
Other non-current obligations 3,882 6,655
Total liabilities 322,249 334,658
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,115,674 and 3,131,360 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively 2 2
Paid in capital 69,743 69,692
Treasury stock common 710,373 and 694,687 shares as of December 31, 2024 and September 30, 2024, respectively (9,229) (9,072)
Retained earnings 12,766 12,274
Total stockholders' equity 73,275 72,889
Total liabilities and stockholders' equity 395,524 407,547
Series E Convertible Preferred Stock    
Stockholders' equity:    
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at December 31, 2024 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding 0 0
Treasury stock Series E preferred 80,000 shares as of December 31, 2024 and September 30, 2024 (7) (7)
Nonrelated Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 39,595 43,816
Long-term debt, net of current portion 54,339 54,994
Related Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 7,670 6,400
Long-term debt, net of current portion 6,871 4,934
Related Party | Seller Notes    
Liabilities:    
Seller notes - related parties 0 2,500
Seller notes - related parties $ 41,119 $ 40,361

Source

v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Revenue $ 111,508 $ 117,593
Cost of revenue 76,146 81,266
Gross profit 35,362 36,327
Operating expenses:    
General and administrative expenses 30,071 27,679
Sales and marketing expenses 4,529 5,107
Total operating expenses 34,600 32,786
Operating income 762 3,541
Other expense:    
Interest expense, net (4,162) (4,163)
Gain on extinguishment of debt 713 0
Gain on settlement of earnout liability 2,840 0
Other income (expense) 420 (284)
Total other expense, net (189) (4,447)
Income (loss) before provision for income taxes 573 (906)
Provision (benefit) for income taxes 81 (224)
Net income (loss) $ 492 $ (682)
Income (loss) per share:    
Basic (in usd per share) $ 0.16 $ (0.22)
Diluted (in usd per share) $ 0.16 $ (0.22)
Weighted average common shares outstanding:    
Basic (in shares) 3,124,581 3,163,541
Diluted (in shares) 3,124,820 3,163,541

Source

v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:    
Net income (loss) $ 492 $ (682)
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 4,415 4,295
Amortization of seller note discount 757 673
Amortization of debt issuance cost 21 21
Stock based compensation expense 51 50
Amortization of right-of-use assets 1,031 1,143
Gain on extinguishment of debt (713) 0
Gain on settlement of earnout liability (2,840) 0
Change in deferred income taxes (455) (1,435)
Change in allowance for doubtful accounts (110) (32)
Change in reserve for obsolete inventory (73) 1,001
Changes in assets and liabilities, net of acquisitions:    
Trade receivables 8,931 386
Inventories 3,035 267
Prepaid expenses and other current assets 531 468
Deposits and other assets (667) 42
Accounts payable (2,525) (3,572)
Accrued liabilities (3,016) 3,700
Income taxes payable 535 1,547
Net cash provided by operating activities 9,400 7,872
Investing Activities:    
Acquisition of CRO 0 (1,034)
Acquisition of Johnson 0 (500)
Purchase of property and equipment (1,817) (1,655)
Net cash used in investing activities (1,817) (3,189)
Financing Activities:    
Net payments under revolver loans (3,121) (756)
Net borrowings under related party revolver loans 1,570 0
Payments on related party notes payable (300) 0
Proceeds from the issuance of related party notes payable 1,932 0
Purchase of common treasury stock (157) (107)
Payments on financing leases (999) (793)
Net cash used in financing activities (4,777) (3,423)
Increase in cash 2,806 1,260
Cash, beginning of period 4,601 4,309
Cash, end of period 7,407 5,569
Supplemental cash flow disclosures:    
Interest paid 3,284 3,271
Income taxes received 0 346
Noncash financing and investing activities:    
Noncash debt discount on related party notes 713 0
PMW Acquisition    
Noncash financing and investing activities:    
PMW goodwill adjustment 0 233
CRO acquisition    
Noncash financing and investing activities:    
Noncash items related to acquisition 0 725
Flooring Liquidators adjustment    
Noncash financing and investing activities:    
Noncash items related to acquisition 0 1,501
Related Party    
Financing Activities:    
Cash paid for settlement of seller notes and payments on notes payable (1,932) 0
Nonrelated Party    
Financing Activities:    
Cash paid for settlement of seller notes and payments on notes payable $ (1,770) $ (1,767)

Source