Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2021
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, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Costs incurred on uncompleted contracts

$

26,833

$

17,019

Estimated earnings

3,697

1,580

Less: billings to date

(33,615

)

(16,637

)

Retainage

200

923

Ending balance

$

(2,885

)

$

2,885

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,

2021

2020

Contract assets

$

347

$

3,443

Contract liabilities

(3,232

)

(558

)

Ending balance

$

(2,885

)

$

2,885

Schedule of Basic and Diluted Earnings Per Share

 

 

For the years

ended June 30,

 

 

2021

 

2020

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

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

 

 

731

 

 

 

62

 

Net income allocated to EVI Industries, Inc. shareholders

 

$

7,653

 

 

$

713

 

Weighted average shares outstanding used in basic earnings per share

 

 

12,142

 

 

 

11,841

 

 

 

 

 

 

 

 

 

 

Dilutive common share equivalents

 

 

436

 

 

 

330

 

Weighted average shares outstanding used in dilutive earnings per share

 

 

12,578

 

 

 

12,171

 

Basic earnings per share

 

$

0.63

 

 

$

0.06

 

Diluted earnings per share

 

$

0.61

 

 

$

0.06