FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.6.0.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Current assets    
Cash and cash equivalents $ 2,842 $ 3,942
Accounts receivable, net of allowance for doubtful accounts of $194 and $160, respectively 16,686 1,833
Inventories, net 5,830 2,627
Vendor deposits 1,214 803
Other current assets 1,641 673
Total current assets 28,213 9,878
Equipment and improvements, net 942 135
Intangible assets, net 6,412 27
Goodwill 22,069
Other assets 306 121
Total assets 57,942 10,161
Current liabilities    
Accounts payable and accrued expenses 13,434 2,898
Accrued employee expenses 2,410 961
Customer deposits 3,533 1,213
Billings in excess of costs on uncompleted contracts 5,778
Current portion of long-term debt 714
Total current liabilities 25,869 5,072
Deferred income taxes 140
Long-term debt 4,104
Total liabilities 30,113 5,072
Commitments and contingencies
Shareholders' equity    
Preferred stock, $1.00 par value; authorized shares - 200,000; none issued and outstanding
Common stock, $.025 par value; 20,000,000 shares authorized at December 31, 2016 and 15,000,000 shares authorized at June 30, 2016; 10,815,575 shares issued at December 31, 2016 and 7,065,500 shares issued at June 260 177
Additional paid-in capital 24,111 2,095
Retained earnings 3,462 2,821
Treasury stock, 31,768 shares, at cost (4) (4)
Total shareholders' equity 27,829 5,089
Total liabilities and shareholders' equity $ 57,942 $ 10,161

Source

v3.6.0.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]        
Revenues $ 33,398 $ 8,626 $ 42,870 $ 14,863
Cost of sales 26,330 6,735 33,782 11,537
Gross profit 7,068 1,891 9,088 3,326
Selling, general and administrative expenses 4,792 1,284 6,247 2,466
Operating income 2,276 607 2,841 860
Interest expense (income), net 50 (1) 50 (1)
Income before provision for income taxes 2,226 608 2,791 861
Provision for income taxes 897 229 1,111 325
Net income $ 1,329 $ 379 $ 1,680 $ 536
Net earnings per share - basic and diluted $ 0.13 $ 0.05 $ 0.19 $ 0.08
Weighted average number of basic and diluted common shares outstanding 10,043 7,034 8,538 7,034

Source

v3.6.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating activities:    
Net income $ 1,680 $ 536
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 158 33
Amortization of debt discount 3
(Recovery of) bad debt expense (26) (2)
Share-based compensation 46
Inventory reserve 35 8
Provision (benefit) for deferred income taxes (38) 17
(Increase) decrease in operating assets:    
Accounts receivable (6,230) 691
Inventories 191 405
Vendor deposits 1,535
Other assets (228) (825)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 3,198 (181)
Accrued employee expenses 1,199 (286)
Customer deposits (1,927) 1,699
Billings in excess of costs on uncompleted contracts 1,890
Net cash provided by operating activities 1,486 2,095
Investing activities:    
Capital expenditures (7) (1)
Cash paid for acquisition, net of cash acquired (13,394)
Net cash used by investing activities (13,401) (1)
Financing activities:    
Dividends paid (1,407)
Proceeds from borrowings 12,583
Debt repayments (7,702)
Payment of debt issuance costs (66)
Proceeds from issuance of common shares with related party 6,000
Net cash provided (used) by financing activities 10,815 (1,407)
Net (decrease) increase in cash and cash equivalents (1,100) 687
Cash and cash equivalents at beginning of period 3,942 3,909
Cash and cash equivalents at end of period 2,842 4,596
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 50
Cash paid during the period for income taxes $ 466 $ 265
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisition 16,053
Dividends payable $ 1,039

Source