FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Jun. 30, 2017
Current assets    
Cash and cash equivalents $ 414 $ 727
Accounts receivable, net of allowance for doubtful accounts of $159 and $150, respectively 10,844 13,638
Inventories, net 9,231 7,677
Vendor deposits 874 1,393
Other current assets 1,037 365
Total current assets 22,400 23,800
Equipment and improvements, net 1,180 1,272
Intangible assets, net 7,036 7,160
Goodwill 24,660 24,753
Other assets 319 150
Total assets 55,595 57,135
Current liabilities    
Accounts payable and accrued expenses 10,249 12,317
Accrued employee expenses 1,452 1,546
Customer deposits 4,989 4,457
Billings in excess of costs on uncompleted contracts 886 2,146
Current portion of long-term debt 714 714
Total current liabilities 18,290 21,180
Long-term debt, net 4,161 3,731
Total liabilities 22,451 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; 20,000,000 shares authorized and 10,499,481 shares issued, including shares held in treasury 262 262
Additional paid-in capital 27,375 27,018
Retained earnings 5,511 4,948
Treasury stock, 31,768 shares, at cost (4) (4)
Total shareholders' equity 33,144 32,224
Total liabilities and shareholders' equity $ 55,595 $ 57,135

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]    
Revenues $ 26,273 $ 9,472
Cost of sales 20,124 7,452
Gross profit 6,149 2,020
Selling, general and administrative expenses 5,166 1,454
Operating income 983 566
Interest expense, net 66
Income before provision for income taxes 917 566
Provision for income taxes 354 214
Net income $ 563 $ 352
Net earnings per share - basic $ 0.05 $ 0.05
Net earnings per share - diluted $ 0.05 $ 0.05

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net income $ 563 $ 352
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and amortization 219 13
Amortization of debt discount 5
Bad debt expense (recovery) 9 (15)
Share-based compensation 357
Inventory reserve 56 2
(Benefit) provision for deferred income taxes (163) 9
(Increase) decrease in operating assets:    
Accounts receivable 2,785 (3,231)
Inventories (1,610) 226
Vendor deposits 519 417
Other assets (585) 510
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (2,068) (325)
Accrued employee expenses (94) (411)
Customer deposits 532 (32)
Billings in excess of costs on uncompleted contracts (1,260)
Net cash used by operating activities (735) (2,485)
Investing activities:    
Capital expenditures (3)
Net cash used by investing activities (3)
Net proceeds from borrowings on revolving line of credit 603
Debt repayments on term loan (178)
Net cash provided by financing activities 425
Net decrease in cash and cash equivalents (313) (2,485)
Cash and cash equivalents at beginning of period 727 3,941
Cash and cash equivalents at end of period 414 1,456
Supplemental disclosures of cash flow information (In thousands):    
Cash paid during the period for interest 61
Cash paid during the period for income taxes $ 24 $ 3

Source