FOR INFORMATION: 305.754.8676

Financials at a Glance

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Current assets    
Cash and cash equivalents $ 6,730 $ 1,330
Accounts receivable, net of allowance for doubtful accounts of $350 and $233, respectively 26,572 16,026
Inventories, net 27,830 15,350
Vendor deposits 1,044 606
Contract assets 3,457 1,012
Other current assets 3,290 2,050
Total current assets 68,923 36,374
Equipment and improvements, net 5,070 2,983
Intangible assets, net 22,757 15,775
Goodwill 54,554 37,061
Other assets 3,923 3,281
Total assets 155,227 95,474
Current liabilities    
Accounts payable and accrued expenses 18,065 11,742
Accrued employee expenses 3,346 4,248
Customer deposits 10,498 11,624
Contract liabilities 514 259
Current portion of long-term debt 1,195
Total current liabilities 32,423 29,068
Deferred tax liabilities, net 1,074 558
Long-term debt, net 41,550 8,817
Total liabilities 75,047 38,443
Commitments and contingencies (Note 11)
Common stock related to acquiree's Employee Stock Ownership Plan ("ESOP") 4,240
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; 11,799,077 shares issued at March 31, 2019 and 11,239,656 shares issued at June 30, 2018, including shares held in treasury 294 281
Additional paid-in capital 72,537 49,950
Retained earnings 8,419 7,511
Treasury stock, 62,809 shares at March 31, 2019 and 52,686 at June 30, 2018, at cost (1,070) (711)
Common stock related to acquiree's ESOP (4,240)
Total shareholders' equity 75,940 57,031
Total liabilities and shareholders' equity $ 155,227 $ 95,474

Source

v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]        
Revenues $ 59,290 $ 43,673 $ 163,436 $ 105,995
Cost of sales 45,867 32,500 126,615 80,604
Gross profit 13,423 11,173 36,821 25,391
Selling, general and administrative expenses 12,316 9,286 32,180 20,313
Operating income 1,107 1,887 4,641 5,078
Interest expense, net 403 193 942 376
Income before provision for income taxes 704 1,694 3,699 4,702
Provision for income taxes 238 558 1,172 1,493
Net income $ 466 $ 1,136 $ 2,527 $ 3,209
Net earnings per share - basic $ 0.04 $ 0.10 $ 0.20 $ 0.28
Net earnings per share - diluted $ 0.04 $ 0.09 $ 0.20 $ 0.27

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net income $ 2,527 $ 3,209
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and amortization 1,894 1,023
Amortization of debt discount 82 14
Provision for bad debt expense 181 25
Share-based compensation 1,287 1,164
Inventory reserve 125 77
Provision for deferred income taxes 234 388
(Increase) decrease in operating assets:    
Accounts receivable (4,847) (1,630)
Inventories (5,759) (900)
Vendor deposits (438) 278
Contract assets (2,445) (2,792)
Other assets (1,384) (731)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 2,899 (4,327)
Accrued employee expenses (1,600) 1,261
Customer deposits (2,629) 1,917
Contract liabilities 255 (466)
Net cash used by operating activities (9,618) (1,490)
Investing activities:    
Capital expenditures (1,741) (395)
Cash paid for acquisitions, net of cash acquired (12,542) (13,352)
Net cash used by investing activities (14,283) (13,747)
Financing activities:    
Dividends paid (1,619) (1,403)
Proceeds from borrowings 110,963 58,387
Debt repayments (79,435) (40,650)
Payment of debt issuance costs (272)
Repurchases of common stock in satisfaction of employee tax withholding obligations (359) (303)
Issuances of common stock 23
Net cash provided by financing activities 29,301 16,031
Net increase in cash and cash equivalents 5,400 794
Cash and cash equivalents at beginning of period 1,330 727
Cash and cash equivalents at end of period 6,730 1,521
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 799 300
Cash paid during the period for income taxes 1,354 855
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions $ 21,290 $ 21,376

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