FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2017
Jun. 30, 2016
Current assets    
Cash and cash equivalents $ 3,612 $ 3,942
Accounts receivable, net of allowance for doubtful accounts of $195 and $160, respectively 10,672 1,833
Inventories, net 6,465 2,627
Vendor deposits 1,265 803
Other current assets 561 673
Total current assets 22,575 9,878
Equipment and improvements, net 979 135
Intangible assets, net 6,240 27
Goodwill 22,139
Other assets 330 121
Total assets 52,263 10,161
Current liabilities    
Accounts payable and accrued expenses 8,649 2,898
Accrued employee expenses 900 961
Customer deposits 3,863 1,213
Billings in excess of costs on uncompleted contracts 5,055
Current portion of long-term debt 714
Total current liabilities 19,181 5,072
Deferred income taxes 298
Long-term debt, net 3,906
Total liabilities 23,385 5,072
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 March 31, 2017 and 15,000,000 shares authorized at June 30, 2016; 10,850,787 shares issued at March 31, 2017 and 7,065,500 shares issued at June 30, 2016, including shares held in treasury 260 177
Additional paid-in capital 24,271 2,095
Retained earnings 4,351 2,821
Treasury stock, 31,768 shares, at cost (4) (4)
Total shareholders' equity 28,878 5,089
Total liabilities and shareholders' equity $ 52,263 $ 10,161

Source

v3.7.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]        
Revenues $ 24,653 $ 12,760 $ 67,523 $ 27,623
Cost of sales 19,073 9,919 52,855 21,457
Gross profit 5,580 2,841 14,668 6,166
Selling, general and administrative expenses 4,081 1,600 10,328 4,066
Operating income 1,499 1,241 4,340 2,100
Interest expense (income), net 62 (1) 112 (2)
Income before provision for income taxes 1,437 1,242 4,228 2,102
Provision for income taxes 547 468 1,658 792
Net income $ 890 $ 774 $ 2,570 $ 1,310
Net earnings per share - basic $ 0.08 $ 0.11 $ 0.27 $ 0.19
Net earnings per share - diluted $ 0.08 $ 0.11 $ 0.27 $ 0.19

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net income $ 2,570 $ 1,310
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 409 47
Amortization of debt discount 6
(Recovery of) bad debt expense (33)
Share-based compensation 200
Inventory reserve (27) 15
Provision for deferred income taxes 89 20
(Increase) decrease in operating assets:    
Accounts receivable (209) (1,561)
Inventories (376) 165
Vendor deposits 1,484 (1,077)
Other assets 789 156
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (548) 2,667
Accrued employee expenses (311) 96
Customer deposits (1,597) (1,383)
Billings in excess of costs on uncompleted contracts 1,167
Net cash provided by operating activities 3,613 455
Investing activities:    
Capital expenditures (123) (2)
Cash paid for acquisition, net of cash acquired (13,394)
Net cash used by investing activities (13,517) (2)
Financing activities:    
Dividends paid (1,040) (1,407)
Proceeds from borrowings 25,938
Debt repayments (21,236)
Payment of debt issuance costs (88)
Proceeds from issuance of common shares to related party 6,000
Net cash provided (used) by financing activities 9,574 (1,407)
Net decrease in cash and cash equivalents (330) (954)
Cash and cash equivalents at beginning of period 3,942 3,909
Cash and cash equivalents at end of period 3,612 2,955
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 72
Cash paid during the period for income taxes $ 1,370 $ 316
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisition 16,053

Source