Discontinued Operations

12 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase stockholder value. This review entails an evaluation of both external market factors and our position in each market, and over time has resulted in the decision to discontinue certain of our homebuilding operations. During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, the results of our New Jersey division are not included in the discontinued operations information shown below.

We have classified the results of operations of our discontinued operations separately in the accompanying consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of September 30, 2020 or September 30, 2019. Discontinued operations were not segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions in the consolidated statements of cash flows will not agree with the respective data in the consolidated statements of operations. The results of our discontinued operations in the consolidated statements of operations for the periods presented were as follows:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Total revenue	$	—	$	55	$	633
Home construction and land sales expenses (a)	1,245		61		612
Inventory impairments and abandonments	—		—		450
Gross loss	(1,245)		(6)		(429)

General and administrative expenses	173		125		101

Operating loss	(1,418)		(131)		(530)
Equity in (loss) income of unconsolidated entities	—		(1)		93
Other income (expense), net	19		5		(4)
Loss from discontinued operations before income taxes	(1,399)		(127)		(441)
Benefit from income taxes	(309)		(28)		(112)
Loss from discontinued operations, net of tax	$	(1,090)	$	(99)	$	(329)

(a) Home construction and land sales expenses for the year ended September 30, 2020 include a $1.3 million litigation settlement accrual relating to a case regarding alleged past construction defects in our discontinued operations.