FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Jun. 30, 2017
Current assets    
Cash and cash equivalents $ 1,185 $ 727
Accounts receivable, net of allowance for doubtful accounts of $167 and $150, respectively 16,545 13,638
Inventories, net 11,161 7,677
Vendor deposits 651 1,393
Costs in excess of billings on uncompleted contracts 2,267 86
Other current assets 1,261 279
Total current assets 33,070 23,800
Equipment and improvements, net 1,953 1,272
Intangible assets, net 11,953 7,160
Goodwill 29,808 24,753
Other assets 1,161 150
Total assets 77,945 57,135
Current liabilities    
Accounts payable and accrued expenses 11,800 12,317
Accrued employee expenses 1,931 1,546
Customer deposits 9,251 4,457
Billings in excess of costs on uncompleted contracts 1,472 2,146
Current portion of long-term debt 1,195 714
Total current liabilities 25,649 21,180
Long-term debt, net 9,905 3,731
Total liabilities 35,554 24,911
Commitments and contingencies
Shareholders' equity    
Preferred stock, $1.00 par value; authorized shares - 200,000; none issued and outstanding
Common stock, $.025 par value; authorized shares - 20,000,000; 10,865,374 shares issued at December 31, 2017 and 10,499,481 shares issued at June 30, 2017, including shares held in treasury 271 262
Additional paid-in capital 36,808 27,018
Retained earnings 5,619 4,948
Treasury stock, 42,554 shares at December 31, 2017 and 31,768 shares at June 30, 2017, at cost (307) (4)
Total shareholders' equity 42,391 32,224
Total liabilities and shareholders' equity $ 77,945 $ 57,135

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]        
Revenues $ 36,135 $ 33,398 $ 62,408 $ 42,870
Cost of sales 27,904 26,330 48,190 33,782
Gross profit 8,231 7,068 14,218 9,088
Selling, general and administrative expenses 6,023 4,792 11,027 6,247
Operating income 2,208 2,276 3,191 2,841
Interest expense, net 117 50 183 50
Income before provision for income taxes 2,091 2,226 3,008 2,791
Provision for income taxes 581 897 935 1,111
Net income $ 1,510 $ 1,329 $ 2,073 $ 1,680
Net earnings per share - basic $ 0.13 $ 0.13 $ 0.18 $ 0.19
Net earnings per share - diluted $ 0.13 $ 0.13 $ 0.18 $ 0.19

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating activities:    
Net income $ 2,073 $ 1,680
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 547 158
Amortization of debt discount 9 3
Provision for (recovery of) bad debt expense 18 (26)
Share-based compensation 773 46
Inventory reserve 67 35
Benefit for deferred income taxes (12) (38)
(Increase) decrease in operating assets:    
Accounts receivable 491 (6,230)
Inventories (804) 191
Vendor deposits 781 1,535
Costs in excess of billings on uncompleted contracts (2,181) 7
Other assets (430) (235)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (4,140) 3,198
Accrued employee expenses 385 1,199
Customer deposits 3,505 (1,927)
Billings in excess of costs on uncompleted contracts (674) 1,890
Net cash provided by operating activities 408 1,486
Investing activities:    
Capital expenditures (116) (7)
Cash paid for acquisition, net of cash acquired (6,177) (13,394)
Net cash used by investing activities (6,293) (13,401)
Financing activities:    
Proceeds from borrowings 33,434 12,583
Debt repayments (26,788) (7,702)
Proceeds from issuance of common shares with related party 6,000
Payment of debt issuance costs (66)
Purchase of vested shares (303)
Net cash provided by financing activities 6,343 10,815
Net increase (decrease) in cash and cash equivalents 458 (1,100)
Cash and cash equivalents at beginning of period 727 3,942
Cash and cash equivalents at end of period 1,185 2,842
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 143 50
Cash paid during the period for income taxes 855 466
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisition 9,028 16,053
Dividends payable $ 1,403 $ 1,039

Source