Investor Relations
Financials
v3.24.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Sep. 30, 2023
Assets    
Cash $ 5,569 $ 4,309
Trade receivables, net of allowance for doubtful accounts of $1.5 million at December 31, 2023 and $1.6 million at September 30, 2023 42,350 41,194
Inventories, net 132,455 131,314
Income taxes receivable 0 1,116
Prepaid expenses and other current assets 4,751 4,919
Total current assets 185,125 182,852
Property and equipment, net 79,683 80,703
Right of use asset - operating leases 65,799 54,544
Deposits and other assets 1,240 1,282
Intangible assets, net 28,163 26,568
Goodwill 76,639 75,866
Total assets 436,649 421,815
Liabilities:    
Accounts payable 25,406 27,190
Accrued liabilities 39,123 31,826
Income taxes payable 431 0
Current portion of lease obligations - operating leases 12,799 11,369
Current portion of lease obligations - finance leases 361 359
Total current liabilities 103,343 97,821
Lease obligation long term - operating leases 58,291 48,156
Lease obligation long term - finance leases 32,981 32,942
Deferred taxes 11,714 14,035
Other non-current obligations 5,975 4,104
Total liabilities 337,252 321,680
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,159,984 and 3,164,330 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively 2 2
Paid in capital 69,437 69,387
Treasury stock common 664,409 and 660,063 shares as of December 31, 2023 and September 30, 2023, respectively (8,312) (8,206)
Retained earnings 38,277 38,959
Total stockholders' equity 99,397 100,135
Total liabilities and stockholders' equity 436,649 421,815
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 December 31, 2023 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 December 31, 2023 and September 30, 2023, respectively (7) (7)
Nonrelated Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 21,223 23,077
Long-term debt, net of current portion 78,357 78,710
Related Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 4,000 4,000
Long-term debt, net of current portion 6,919 6,914
Related Party | Seller Notes    
Liabilities:    
Seller notes - related parties $ 39,672 $ 38,998

Source

v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Revenues $ 117,593 $ 68,986
Cost of revenues 81,266 47,042
Gross profit 36,327 21,944
Operating expenses:    
General and administrative expenses 27,679 14,600
Sales and marketing expenses 5,107 2,777
Total operating expenses 32,786 17,377
Operating income 3,541 4,567
Other expense:    
Interest expense, net (4,163) (2,047)
Other expense (284) (61)
Total other expense, net (4,447) (2,108)
(Loss) income before provision for income taxes (906) 2,459
(Benefit) provision for income taxes (224) 615
Net (loss) income $ (682) $ 1,844
(Loss) income per share:    
Basic (in usd per share) $ (0.22) $ 0.60
Diluted (in usd per share) $ (0.22) $ 0.60
Weighted average common shares outstanding:    
Basic (in shares) 3,163,541 3,059,035
Diluted (in shares) 3,163,541 3,089,741

Source

v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:    
Net (loss) income $ (682) $ 1,844
Adjustments to reconcile net (loss) income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 4,295 2,651
Amortization of seller note discount 673 0
Amortization of debt issuance cost 21 16
Stock based compensation expense 50 0
Amortization of right-of-use assets 1,143 540
Change in reserve for uncollectible accounts (32) 20
Change in reserve for obsolete inventory 1,001 (48)
Changes in assets and liabilities, net of acquisitions:    
Trade receivables 386 5,066
Inventories 267 223
Income taxes payable/receivable 1,547 558
Prepaid expenses and other current assets 468 100
Deposits and other assets 42 (173)
Accounts payable (3,572) (3,416)
Accrued liabilities 3,700 (1,050)
Change in deferred income taxes (1,435) 56
Other Liabilities 0 (133)
Net cash provided by operating activities 7,872 6,254
Investing Activities:    
Acquisition of CRO (1,034) 0
Acquisition of Johnson (500) 0
Purchase of property and equipment (1,655) (1,282)
Net cash used in investing activities (3,189) (1,282)
Financing Activities:    
Net payments under revolver loans (756) (51)
Proceeds from issuance of notes payable 0 5,709
Payments on notes payable (1,767) (1,362)
Purchase of common treasury stock (107) (622)
Payments on financing leases (793) (481)
Net cash (used in) provided by financing activities (3,423) 3,193
Increase in cash 1,260 8,165
Cash, beginning of period 4,309 4,600
Cash, end of period 5,569 12,765
Supplemental cash flow disclosures:    
Interest paid 3,271 1,927
Income taxes received 346 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
Kinetic Acquisition    
Noncash financing and investing activities:    
Goodwill adjustment 0 312
PMW Acquisition    
Noncash financing and investing activities:    
Goodwill adjustment $ 233 $ 0

Source