Investor Relations
Financials
v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Sep. 30, 2023
Assets    
Cash $ 4,489 $ 4,309
Trade receivables, net of allowance for doubtful accounts of $1.1 million at March 31, 2024 and $1.6 million at September 30, 2023 45,510 41,194
Inventories, net 130,980 131,314
Income taxes receivable 0 1,116
Prepaid expenses and other current assets 4,430 4,919
Total current assets 185,409 182,852
Property and equipment, net 78,432 80,703
Right of use asset - operating leases 64,867 54,544
Deposits and other assets 1,579 1,282
Intangible assets, net 26,942 26,568
Goodwill 76,639 75,866
Total assets 433,868 421,815
Liabilities:    
Accounts payable 26,466 27,190
Accrued liabilities 33,180 31,826
Income taxes payable 322 0
Current portion of lease obligations - operating leases 13,459 11,369
Current portion of lease obligations - finance leases 361 359
Total current liabilities 106,384 97,821
Lease obligation long term - operating leases 56,678 48,156
Lease obligation long term - finance leases 33,023 32,942
Deferred taxes 10,320 14,035
Other non-current obligations 5,795 4,104
Total liabilities 338,000 321,680
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,148,135 and 3,164,330 shares issued and outstanding at March 31, 2024 and September 30, 2023, respectively 2 2
Paid in capital 69,487 69,387
Treasury stock common 676,258 and 660,063 shares as of March 31, 2024 and September 30, 2023, respectively (8,610) (8,206)
Retained earnings 34,996 38,959
Total stockholders' equity 95,868 100,135
Total liabilities and stockholders' equity 433,868 421,815
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 March 31, 2024 and September 30, 2023, respectively, with a liquidation preference of $0.30 per share outstanding 0 0
Treasury stock Series E preferred 80,000 shares as of March 31, 2024 and September 30, 2023, respectively (7) (7)
Nonrelated Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 31,396 23,077
Long-term debt, net of current portion 75,322 78,710
Related Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 1,200 4,000
Long-term debt, net of current portion 10,124 6,914
Related Party | Seller Notes    
Liabilities:    
Seller notes - related parties $ 40,354 $ 38,998

Source

v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]        
Revenue $ 118,626 $ 91,122 $ 236,219 $ 160,108
Cost of revenue 83,159 59,514 164,425 106,556
Gross profit 35,467 31,608 71,794 53,552
Operating expenses:        
General and administrative expenses 29,824 22,617 57,503 37,217
Sales and marketing expenses 6,481 4,039 11,588 6,816
Total operating expenses 36,305 26,656 69,091 44,033
Operating income (loss) (838) 4,952 2,703 9,519
Other expense:        
Interest expense, net (4,167) (3,235) (8,330) (5,282)
Other Income 507 391 223 330
Total other expense, net (3,660) (2,844) (8,107) (4,952)
(Loss) income before provision for income taxes (4,498) 2,108 (5,404) 4,567
(Benefit) provision for income taxes (1,217) 550 (1,441) 1,165
Net (loss) income $ (3,281) $ 1,558 $ (3,963) $ 3,402
(Loss) income per share:        
Basic (in usd per share) $ (1.04) $ 0.50 $ (1.25) $ 1.10
Diluted (in usd per share) $ (1.04) $ 0.49 $ (1.25) $ 1.08
Weighted average common shares outstanding:        
Basic (in shares) 3,154,771 3,143,911 3,159,180 3,101,007
Diluted (in shares) 3,154,771 3,184,982 3,159,180 3,137,625

Source

v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities:    
Net (loss) income $ (3,963) $ 3,402
Adjustments to reconcile net (loss) income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 8,483 6,297
Gain on disposal of fixed assets 0 (7)
Amortization of seller note discount 1,355 0
Amortization of debt issuance cost 43 105
Stock based compensation expense 100 109
Amortization of right-of-use assets 2,008 1,397
Change in reserve for uncollectible accounts (449) 350
Change in reserve for obsolete inventory 1,557 169
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (2,357) 436
Inventories 469 2,384
Income taxes payable/receivable 1,438 166
Prepaid expenses and other current assets 791 3,453
Deposits and other assets (295) (1,095)
Accounts payable (2,511) (3,668)
Accrued liabilities (1,709) (3,547)
Change in deferred income taxes (2,829) 4,168
Other Liabilities 0 59
Net cash provided by operating activities 2,131 14,178
Investing Activities:    
Acquisition of CRO (1,034) 0
Acquisition of Johnson (500) 0
Acquisition of Flooring Liquidators, net of cash received 0 (33,929)
Purchase of property and equipment (3,373) (2,900)
Net cash used in investing activities (4,907) (36,829)
Financing Activities:    
Net borrowings under revolver loans 7,731 12,312
Proceeds from issuance of notes payable 227 8,449
Payments on notes payable (3,359) (3,679)
Proceeds from issuance of related party notes payable 1,000 7,000
Payments on related party notes payable (600) 0
Payments for debt acquisition costs 0 (96)
Purchase of common treasury stock (405) (639)
Payments on financing leases (1,638) (1,077)
Payments on seller finance arrangements 0 (51)
Net cash provided by financing activities 2,956 22,219
Change in cash 180 (432)
Cash, beginning of period 4,309 4,600
Cash, end of period 4,489 4,168
Supplemental cash flow disclosures:    
Interest paid 6,665 4,602
Income taxes paid, net 106 43
Noncash financing and investing activities:    
Noncash items related to acquisition 0 36,900
PMW Acquisition    
Noncash financing and investing activities:    
Goodwill adjustment 233 0
CRO acquisition    
Noncash financing and investing activities:    
Noncash items related to acquisition 725 0
Flooring Liquidators adjustment    
Noncash financing and investing activities:    
Noncash items related to acquisition $ 1,501 $ 0

Source