FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Jun. 30, 2018
Current assets    
Cash and cash equivalents $ 10,173 $ 1,330
Accounts receivable, net of allowance for doubtful accounts of $308 and $233, respectively 30,556 16,026
Inventories, net 23,316 15,350
Vendor deposits 843 606
Contract assets 49 1,012
Other current assets 3,156 2,050
Total current assets 68,093 36,374
Equipment and improvements, net 4,394 2,983
Intangible assets, net 20,157 15,775
Goodwill 47,977 37,061
Other assets 3,919 3,281
Total assets 144,540 95,474
Current liabilities    
Accounts payable and accrued expenses 17,617 11,742
Accrued employee expenses 3,711 4,248
Customer deposits 9,305 11,624
Contract liabilities 2,816 259
Current portion of long-term debt 1,195
Total current liabilities 33,449 29,068
Deferred tax liabilities, net 933 558
Long-term debt, net 37,545 8,817
Total liabilities 71,927 38,443
Commitments and contingencies (Note 11)
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; 11,556,421 shares issued at December 31, 2018 and 11,239,656 shares issued at June 30, 2018, including shares held in treasury 290 281
Additional paid-in capital 65,440 49,950
Retained earnings 7,953 7,511
Treasury stock, 62,809 shares at December 31, 2018 and 52,686 June 30, 2018, at cost (1,070) (711)
Total shareholders' equity 72,613 57,031
Total liabilities and shareholders' equity $ 144,540 $ 95,474

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]        
Revenues $ 60,841 $ 36,135 $ 104,216 $ 62,408
Cost of sales 47,164 27,904 80,817 48,190
Gross profit 13,677 8,231 23,399 14,218
Selling, general and administrative expenses 11,575 6,023 19,865 11,027
Operating income 2,102 2,208 3,534 3,191
Interest expense, net 374 117 539 183
Income before provision for income taxes 1,728 2,091 2,995 3,008
Provision for income taxes 463 581 934 935
Net income $ 1,265 $ 1,510 $ 2,061 $ 2,073
Net earnings per share - basic $ 0.10 $ 0.13 $ 0.17 $ 0.18
Net earnings per share - diluted $ 0.10 $ 0.13 $ 0.16 $ 0.18

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating activities:    
Net income $ 2,061 $ 2,073
Adjustments to reconcile net income to net cash (used) provided by operating activities:    
Depreciation and amortization 1,255 547
Amortization of debt discount 68 9
Provision for bad debt expense 104 18
Share-based compensation 838 773
Inventory reserve 91 67
Provision (benefit) for deferred income taxes 131 (12)
(Increase) decrease in operating assets:    
Accounts receivable (10,985) 491
Inventories (3,347) (804)
Vendor deposits (237) 781
Contract assets 963 (2,181)
Other assets (1,492) (430)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 2,402 (4,140)
Accrued employee expenses (907) 385
Customer deposits (3,357) 3,505
Contract liabilities 2,557 (674)
Net cash (used) provided by operating activities (9,855) 408
Investing activities:    
Capital expenditures (1,200) (116)
Cash paid for acquisitions, net of cash acquired (7,231) (6,177)
Net cash used by investing activities (8,431) (6,293)
Financing activities:    
Proceeds from borrowings 99,963 33,434
Debt repayments (72,235) (26,788)
Payment of debt issuance costs (263)
Repurchases of common stock in satisfaction of employee tax withholding obligations (359) (303)
Issuances of common stock 23
Net cash provided by financing activities 27,129 6,343
Net increase in cash and cash equivalents 8,843 458
Cash and cash equivalents at beginning of period 1,330 727
Cash and cash equivalents at end of period 10,173 1,185
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 387 143
Cash paid during the period for income taxes 1,117 855
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions 14,633 9,028
Dividends payable $ 1,619 $ 1,403

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