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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 10,520 $ 14,888
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,905 10,599
Amortization of deferred financing fees 94 94
Losses on disposals of property, plant and equipment 10 9
Stock-based compensation 669 0
Bad debt 45 45
Inventory obsolescence 1,544 1,722
Deferred income taxes (734) 108
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (3,440) (2,484)
Inventories (3,759) (3,405)
Prepaid expenses and other current assets (1,232) 1,196
Other non-current assets (58) (91)
Accounts payable 3,283 (277)
Accrued expenses (713) 1,037
Other non-current liabilities (260) 18
Net cash provided by operating activities 16,874 23,459
Cash flows from investing activities:    
Purchases of property, plant and equipment (6,475) (6,394)
Acquisitions of businesses (17,730) (26,235)
Net cash used in investing activities (24,205) (32,629)
Cash flows from financing activities:    
Proceeds from debt 20,500 27,000
Payments on debt (13,500) (12,500)
Proceeds from issuances of common stock 56 60
Purchases of common stock for treasury 0 (6,428)
Dividends paid on common stock (2,311) 0
Net cash provided by financing activities 4,745 8,132
Effect of exchange rate changes on cash (34) (4)
Net decrease in cash (2,620) (1,042)
Cash at beginning of period 6,803 [1] 4,615
Cash at end of period $ 4,183 $ 3,573
[1] The condensed consolidated balance sheet as of September 30, 2016 has been prepared using information from the audited financial statements at that date.