Note 9 - Property, Plant and Equipment

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

9. Property, Plant and Equipment         

In February 2023, the Company sold 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):

	AS OF SEPTEMBER 30,
	2023			2022
Land and land improvements	$	7,069		$	7,855
Building and building improvements		21,931			24,588
Machinery and equipment		48,877			59,393
Furniture and fixtures		1,487			1,434
Tools and molds		3,287			3,243
Construction in progress		3,343			341
Transportation equipment		74			74
		86,068			96,928
Accumulated depreciation and impairment		(62,020	)		(70,330	)
	$	24,048		$	26,598

Property, plant and equipment depreciation expense was $3.7 and $4.1 million for the fiscal years ended September 30, 2023 and 2022. Impairment expense of $0.4 million was incurred on certain manufacturing equipment in fiscal year 2022. The impairment expense is included as a component of cost of revenue in the consolidated statement of operations.