Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2020
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, 2020 and 2019 consisted of the following (in thousands):

June 30,

2020

2019

 

Costs incurred on uncompleted contracts

$

17,019

$

19,285

Estimated earnings

1,580

1,224

Less: billings to date

(16,637

)

(19,673

)

Retainage

923

797

Ending balance

$

2,885

$

1,633

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,

2020

2019

Contract assets

$

3,443

$

2,487

Contract liabilities

(558

)

(854

)

Ending balance

$

2,885

$

1,633

Schedule of Basic and Diluted Earnings Per Share

 

 

For the years

ended June 30,

 

 

2020

 

2019

 

 

 

 

 

Net income

 

$

775

 

 

$

3,743

 

Less: distributed and undistributed income allocated to non-vested restricted common stock

 

 

62

 

 

 

260

 

Net income allocated to EVI Industries, Inc. shareholders

 

$

713

 

 

$

3,483

 

Weighted average shares outstanding used in basic earnings per share

 

 

11,841

 

 

 

11,533

 

 

 

 

 

 

 

 

 

 

Dilutive common share equivalents

 

 

330

 

 

 

489

 

Weighted average shares outstanding used in dilutive earnings per share

 

 

12,171

 

 

 

12,022

 

Basic earnings per share

 

$

0.06

 

 

$

0.30

 

Diluted earnings per share

 

$

0.06

 

 

$

0.29