Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Schedule of Costs, Estimated Earnings and Billings on Percentage of Completion Contracts

Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2019 and 2018 consisted of the following (in thousands):

 

June 30,   2019   2018
         
Costs incurred on uncompleted contracts   $ 19,285     $ 5,286  
Estimated earnings     1,224       1,072  
Less: revenues recognized to date     (19,673 )     (5,605 )
Retainage     797        
Ending balance   $ 1,633     $ 753  
Schedule of Amounts Included in Consolidated Balance Sheet

These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands):

June 30,   2019   2018
Contract assets   $ 2,487     $ 1,012  
Contract liabilities     (854 )     (259 )
Ending balance   $ 1,633     $ 753  
Schedule of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for fiscal 2019 and fiscal 2018 are computed as follows (in thousands, except per share data):

 

    For the years ended
June 30,
    2019   2018
         
Net income   $ 3,743     $ 3,966  
Less: distributed and
       undistributed income
       allocated to non-vested
       restricted common stock
    260       295  
Net income allocated to EVI
       Industries, Inc.
       shareholders
  $ 3,483     $ 3,671  
Weighted average shares
       outstanding used in basic
       earnings per share
    11,533       10,840  
                 
Dilutive common share
       equivalents
    489       437  
Weighted average shares
       outstanding used in
       dilutive earnings per share
    12,022       11,277  
Basic earnings per share   $ 0.30     $ 0.34  
Diluted earnings per share   $ 0.29     $ 0.33