FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Jun. 30, 2017
Current assets    
Cash and cash equivalents $ 1,521 $ 727
Accounts receivable, net of allowance for doubtful accounts of $182 and $150, respectively 21,493 13,638
Inventories, net 14,080 7,677
Vendor deposits 1,154 1,393
Costs in excess of billings on uncompleted contracts 2,878 86
Other current assets 2,000 279
Total current assets 43,126 23,800
Equipment and improvements, net 2,786 1,272
Intangible assets, net 16,094 7,160
Goodwill 37,051 24,753
Other assets 3,512 150
Total assets 102,569 57,135
Current liabilities    
Accounts payable and accrued expenses 11,407 12,317
Accrued employee expenses 2,807 1,546
Customer deposits 7,948 4,457
Billings in excess of costs on uncompleted contracts 1,680 2,146
Current portion of long-term debt 1,195 714
Total current liabilities 25,037 21,180
Long-term debt, net 21,001 3,731
Deferred tax liabilities, net 264
Total liabilities 46,302 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; 11,213,734 shares issued at March 31, 2018 and 10,499,481 shares issued at June 30, 2017, including shares held in treasury 280 262
Additional paid-in capital 49,540 27,018
Retained earnings 6,754 4,948
Treasury stock, 42,554 shares at March 31, 2018 and 31,768 shares at June 30, 2017, at cost (307) (4)
Total shareholders' equity 56,267 32,224
Total liabilities and shareholders' equity $ 102,569 $ 57,135

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]        
Revenues $ 43,673 $ 24,653 $ 105,995 $ 67,523
Cost of sales 32,500 19,073 80,604 52,855
Gross profit 11,173 5,580 25,391 14,668
Selling, general and administrative expenses 9,286 4,081 20,313 10,328
Operating income 1,887 1,499 5,078 4,340
Interest expense, net 193 62 376 112
Income before provision for income taxes 1,694 1,437 4,702 4,228
Provision for income taxes 558 547 1,493 1,658
Net income $ 1,136 $ 890 $ 3,209 $ 2,570
Net earnings per share - basic $ 0.10 $ 0.08 $ .28 $ 0.27
Net earnings per share - diluted $ 0.09 $ 0.08 $ .27 $ 0.27

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net income $ 3,209 $ 2,570
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,023 409
Amortization of debt discount 14 6
Provision for (recovery of) bad debt expense 25 (33)
Share-based compensation 1,164 200
Inventory reserve 77 (27)
Provision for deferred income taxes 388 89
(Increase) decrease in operating assets:    
Accounts receivable (1,630) (209)
Inventories (900) (376)
Vendor deposits 278 1,484
Costs in excess of billings on uncompleted contracts (2,792) 519
Other assets (731) 270
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (4,327) (548)
Accrued employee expenses 1,261 (311)
Customer deposits 1,917 (1,597)
Billings in excess of costs on uncompleted contracts (466) 1,167
Net cash (used) provided by operating activities (1,490) 3,613
Investing activities:    
Capital expenditures (395) (123)
Cash paid for acquisition, net of cash acquired (13,352) (13,394)
Net cash used by investing activities (13,747) (13,517)
Financing activities:    
Dividends paid (1,403) (1,040)
Proceeds from borrowings 58,387 25,938
Debt repayments (40,650) (21,236)
Proceeds from issuance of common shares to related party 6,000
Payment of debt issuance costs (88)
Purchase of vested shares (303)
Net cash provided by financing activities 16,031 9,574
Net increase (decrease) in cash and cash equivalents 794 (330)
Cash and cash equivalents at beginning of period 727 3,942
Cash and cash equivalents at end of period 1,521 3,612
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 300 72
Cash paid during the period for income taxes 855 1,370
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions $ 21,376 $ 16,053

Source