Note 7 - Property, Plant and Equipment

6 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

7. Property, Plant and Equipment

In February 2023, the Company completed the sale of its satellite property located at 6410 Langfield Road in Houston, Texas for a cash price of $3.7 million, net of closing costs of $0.3 million, and realized a gain on disposal of $1.3 million.  The Company is in the process of relocating the operations of this facility to its main campus at 7007 Pinemont Drive in Houston, Texas.  The satellite property provides additional warehousing and maintenance and repair capacity for the Company’s marine rental equipment operations.  In conjunction with the sale, the Company entered into a three-month lease agreement with the buyer to remain in possession of the facility during the relocation process.  The sale was part of the Company’s plan to streamline operations and reduce costs. 

Property, plant and equipment consisted of the following (in thousands):

	March 31, 2023			September 30, 2022
Land and land improvements	$	7,290		$	7,855
Building and building improvements		21,903			24,588
Machinery and equipment		49,657			59,393
Furniture and fixtures		1,489			1,434
Tools and molds		3,280			3,243
Construction in progress		962			341
Transportation equipment		75			74
		84,656			96,928
Accumulated depreciation and impairment		(61,966	)		(70,330	)
	$	22,690		$	26,598

Property, plant and equipment depreciation expense for the three and six months ended March 31, 2023 was $0.9 million and $1.9 million, respectively.  Property, plant and equipment depreciation expense for the three and six months ended March 31, 2022 was $1.0 million and $2.1 million, respectively.