Note 7 - Property, Plant and Equipment

9 Months Ended

Jun. 30, 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 satellite property provided additional warehousing and maintenance and repair capacity for the Company’s marine rental equipment operations.  The Company has relocated the operations of this facility to its main campus at 7007 Pinemont Drive in Houston, Texas.  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):

	June 30, 2023			September 30, 2022
Land and land improvements	$	7,291		$	7,855
Building and building improvements		22,080			24,588
Machinery and equipment		49,588			59,393
Furniture and fixtures		1,495			1,434
Tools and molds		3,362			3,243
Construction in progress		509			341
Transportation equipment		75			74
		84,400			96,928
Accumulated depreciation and impairment		(62,481	)		(70,330	)
	$	21,919		$	26,598

Property, plant and equipment depreciation expense for the three and nine months ended June 30, 2023 was $0.9 million and $2.8 million, respectively.  Property, plant and equipment depreciation expense for the three and nine months ended June 30, 2022 was $1.0 million and $3.1 million, respectively.