Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 9,366 $ 22,244
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 14,639 11,308
Amortization of deferred debt issuance costs and debt discount 55 39
Provision for bad debt 290 290
Gain on sale of equipment, net (1,027) (1,031)
Equity-based compensation expense 0 604
Earnings from investment in joint venture (539) (230)
Deferred income taxes 0 (3,470)
Changes in operating assets and liabilities:    
Contracts receivable including retainage, net 14,460 44,811
Costs and estimated earnings in excess of billings on uncompleted contracts (3,261) (5,540)
Inventories (7,965) (2,342)
Other current assets (2,987) (8,090)
Other assets 4,119 (11,960)
Accounts payable (15,911) (15,078)
Billings in excess of costs and estimated earnings on uncompleted contracts (4,081) (1)
Accrued expenses and other current liabilities (1,972) (3,247)
Other long-term liabilities 113 (183)
Net cash provided by operating activities, net of acquisitions 5,299 28,124
Cash flows from investing activities:    
Purchases of property, plant and equipment (19,802) (21,966)
Proceeds from sale of equipment 2,585 2,487
Business acquisition, net of cash acquired (8,854) 0
Acquisition of liquid asphalt terminal assets (10,848) 0
Investment in joint venture 0 (400)
Distributions received from investment in joint venture 1,800 0
Net cash used in investing activities (35,119) (19,879)
Cash flows from financing activities:    
Repayments on revolving credit facility 0 (5,000)
Repayments of long-term debt (7,406) (5,000)
Proceeds from reissuance of treasury stock 0 5
Net cash used in financing activities (7,406) (9,995)
Net change in cash and cash equivalents (37,226) (1,750)
Cash and cash equivalents:    
Beginning of period 99,137 27,547
End of period 61,911 25,797
Supplemental cash flow information:    
Cash paid for interest 1,365 970
Cash paid for income taxes 1,532 2,707
Non-cash items:    
Property, plant and equipment financed with accounts payable $ 369 $ 2,347