FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Jun. 30, 2017
Current assets    
Cash and cash equivalents $ 1,330 $ 727
Accounts receivable, net of allowance for doubtful accounts of $233 and $150, respectively 16,026 13,638
Inventories, net 15,350 7,677
Vendor deposits 606 1,393
Costs in excess of billings on uncompleted contracts 1,012 86
Other current assets 2,050 279
Total current assets 36,374 23,800
Equipment and improvements, net 2,983 1,272
Intangible assets, net 15,775 7,160
Goodwill 37,061 24,753
Other assets 3,281 150
Total assets 95,474 57,135
Current liabilities    
Accounts payable and accrued expenses 11,742 12,317
Accrued employee expenses 4,248 1,546
Customer deposits 11,624 4,457
Billings in excess of costs on uncompleted contracts 259 2,146
Current portion of long-term debt 1,195 714
Total current liabilities 29,068 21,180
Deferred income taxes, net 558
Long-term debt, net 8,817 3,731
Total liabilities 38,443 24,911
Commitments and contingencies (Note 16)
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; 11,239,656 shares issued at June 30, 2018 and 10,499,481 shares issued at June 30, 2017, including shares held in treasury 281 262
Additional paid-in capital 49,950 27,018
Retained earnings 7,511 4,948
Treasury stock, 52,686 shares, at cost, at June 30, 2018 and 31,768 shares, at cost, at June 30, 2017 (711) (4)
Total shareholders' equity 57,031 32,224
Total liabilities and shareholders' equity $ 95,474 $ 57,135

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]    
Revenues $ 150,007 $ 93,978
Cost of sales 113,501 73,639
Gross profit 36,506 20,339
Selling, general and administrative expenses 29,572 14,989
Operating income 6,934 5,350
Interest expense, net 552 160
Income before provision for income taxes 6,382 5,190
Provision for income taxes 2,416 2,023
Net income $ 3,966 $ 3,167
Net earnings per share - basic $ 0.34 $ 0.31
Net earnings per share - diluted $ 0.33 $ 0.31

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net income $ 3,966 $ 3,167
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 1,579 576
Amortization of debt discount 18 10
Bad debt expense 105 61
Share-based compensation 1,575 421
Inventory reserve 77 52
Provision (benefit) for deferred income taxes 681 (3)
Gain on sale of assets 15
(Increase) decrease in operating assets:    
Accounts receivable 3,773 (2,390)
Inventories (1,884) (838)
Vendor deposits 826 1,356
Costs in excess of billings on uncompleted contracts (926) (86)
Other assets (533) 1,055
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (4,320) 2,040
Accrued employee expenses 2,702 335
Customer deposits 5,593 (1,439)
Billings in excess of costs on uncompleted contracts (1,887) (1,742)
Net cash provided by operating activities 11,345 2,590
Investing activities:    
Capital expenditures (829) (237)
Cash paid for acquisitions, net of cash acquired (13,352) (14,708)
Net cash used in investing activities (14,181) (14,945)
Financing activities:    
Dividends paid (1,403) (1,040)
Proceeds from borrowings 71,628 25,934
Debt repayments (66,079) (21,666)
Payment of debt issuance costs (88)
Proceeds from issuance of common shares to related party 6,000
Purchase of shares (707)
Net cash provided by financing activities 3,439 9,140
Net increase (decrease) in cash and cash equivalents 603 (3,215)
Cash and cash equivalents at beginning of year 727 3,942
Cash and cash equivalents at end of year 1,330 727
Supplemental information:    
Cash paid for interest 499 152
Cash paid for income taxes $ 1,223 $ 1,843
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions 21,376 18,587

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