Annual report [Section 13 and 15(d), not S-K Item 405]

Note 11 - Assets Held for Sale and Discontinued Operations (Tables)

v3.25.3
Note 11 - Assets Held for Sale and Discontinued Operations (Tables)
12 Months Ended
Sep. 30, 2025
Notes Tables  
Disposal Groups, Including Discontinued Operations [Table Text Block]

(in thousands)

 

Year Ended September 30, 2025

   

Year Ended September 30, 2024

   

Year Ended September 30, 2023

 

Net sales

  $ 32,831     $ 41,137     $ 42,998  

Cost of sales

    30,665       38,095       37,576  

Gross profit

    2,166       3,042       5,422  
                         

Selling, general and administrative expenses

    6,212       7,030       5,712  

Operating loss

    (4,046 )     (3,988 )     (290 )
                         

Net investment income

    -       -       7  

Interest expense

    (387 )     (506 )     (711 )
                         

Loss from discontinued operations before income taxes

    (4,433 )     (4,494 )     (994 )

Income tax (benefit) expense

    (486 )     (555 )     196  

Loss from discontinued operations, net of tax

  $ (3,947 )   $ (3,939 )   $ (1,190 )
                         

Loss from impairment of discontinued operations before income taxes

  $ (16,589 )   $ -     $ -  

Income tax (benefit) expense

    (6,176 )     -       -  

Loss from impairment of discontinued operations, net of tax

  $ (10,413 )   $ -     $ -  

(in thousands)

 

September 30, 2025

   

September 30, 2024

 

Cash and cash equivalents

  $ 942     $ 2,019  

Accounts receivable, net

    8,094       7,466  

Inventories, net

    11,591       10,670  

Other current assets

    710       -  

Current assets held for sale

  $ 21,337     $ 20,155  

Property, plant and equipment, net

  $ 2,953     $ 8,082  

Goodwill

    -       1,918  

Intangible assets, net

    521       1,672  

Right-of-use lease assets

    2,842       4,840  

Other non-current assets

    (1,488 )     1,357  

Non-current assets held for sale

  $ 4,828     $ 17,869  

Current portion of lease liability

  $ 1,342     $ 825  

Current maturities of long-term debt

    2,347       -  

Accounts payable

    3,390       3,937  

Accrued compensation

    2,265       2,268  

Factoring liability

    6,260       2,920  

Other current liabilities

    2,353       2,115  

Current liabilities held for sale

  $ 17,957     $ 12,065  

Long-term debt

  $ -     $ 2,228  

Long-term portion of lease liability

    7,468       4,014  

Other non-current liabilities

    5       161  

Non-current liabilities held for sale

  $ 7,473     $ 6,403