Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2017 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income |
$ 19,326,000
|
$ 20,960,000
|
$ 8,282,000
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
9,072,000
|
7,722,000
|
6,920,000
|
| Deferred tax expense (benefit) |
821,000
|
(6,775,000)
|
2,273,000
|
| Loss (gain) on sale of businesses and assets |
(2,966,000)
|
2,162,000
|
(838,000)
|
| Impairment of assets |
6,040,000
|
5,570,000
|
7,639,000
|
| Amortization of debt discount and issuance costs |
334,000
|
560,000
|
218,000
|
| Unrealized loss on equity securities |
612,000
|
|
|
| Gain on insurance |
(288,000)
|
(20,000)
|
|
| Gain on settlement of patron tax |
|
|
(102,000)
|
| Deferred rent expense |
282,000
|
203,000
|
272,000
|
| Debt prepayment penalty |
|
543,000
|
75,000
|
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
1,576,000
|
(3,622,000)
|
878,000
|
| Inventories |
(216,000)
|
(199,000)
|
(19,000)
|
| Prepaid insurance, other current assets and other assets |
(681,000)
|
(2,589,000)
|
(1,526,000)
|
| Accounts payable and accrued liabilities |
3,262,000
|
1,254,000
|
(2,978,000)
|
| Net cash provided by operating activities |
37,174,000
|
25,769,000
|
21,094,000
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Proceeds from sale of businesses and assets |
7,223,000
|
811,000
|
2,145,000
|
| Proceeds from notes receivable |
158,000
|
127,000
|
107,000
|
| Proceeds from insurance |
100,000
|
20,000
|
|
| Issuance of notes receivable |
(420,000)
|
|
|
| Additions to property and equipment |
(20,708,000)
|
(25,263,000)
|
(11,249,000)
|
| Acquisition of businesses, net of cash acquired |
(13,500,000)
|
(2,034,000)
|
(9,527,000)
|
| Net cash used in investing activities |
(27,147,000)
|
(26,339,000)
|
(18,524,000)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Proceeds from long-term debt |
13,511,000
|
84,233,000
|
12,399,000
|
| Payments on long-term debt |
(22,924,000)
|
(72,830,000)
|
(13,080,000)
|
| Purchase of treasury stock |
(2,901,000)
|
|
(1,099,000)
|
| Payment of dividends |
(1,252,000)
|
(1,168,000)
|
(1,170,000)
|
| Payment of loan origination costs |
(20,000)
|
(1,138,000)
|
(735,000)
|
| Debt prepayment penalty |
|
(543,000)
|
(75,000)
|
| Distribution to noncontrolling interests |
(70,000)
|
(180,000)
|
(215,000)
|
| Net cash provided by (used in) financing activities |
(13,656,000)
|
8,374,000
|
(3,975,000)
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(3,629,000)
|
7,804,000
|
(1,405,000)
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
17,726,000
|
9,922,000
|
11,327,000
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
14,097,000
|
17,726,000
|
9,922,000
|
| CASH PAID DURING YEAR FOR: |
|
|
|
| Interest paid, net of amounts capitalized |
9,797,000
|
9,685,000
|
8,347,000
|
| Income taxes paid (net of refunds of $42, $42 and $794 in 2019, 2018 and 2017, respectively) |
3,686,000
|
5,832,000
|
4,096,000
|
| Non-cash investing and financing transactions: |
|
|
|
| Debt incurred with seller in connection with acquisition of businesses |
12,000,000
|
1,000,000
|
20,552,000
|
| Notes receivable received as proceeds from sale of assets |
1,775,000
|
|
|
| Unrealized gain on marketable securities |
|
305,000
|
|
| Note payable reduction from sale proceeds of property |
|
|
1,500,000
|
| Refinanced long-term debt |
400,000
|
8,354,000
|
8,000,000
|
| Net increase in notes payable from trade-in of aircraft |
|
5,063,000
|
|
| Unpaid liabilities on capital expenditures |
$ 476,000
|
|
|