Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

Acquisition (Tables)
9 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Schedule of Purchase Price

The computation of the purchase price consideration and the allocation thereof to the net assets acquired are presented in the following tables (in thousands):


Purchase price consideration:      
Cash Consideration, net of cash acquired(a)   $ 13,394  
Stock Consideration(b)     16,053  
Total purchase price consideration, net of cash acquired   $ 29,447  

(a)Includes $18.5 million net of $5.1 million of cash acquired.

(b)Calculated as 2,044,990 shares of common stock, multiplied by $7.85, the closing price of the Company’s common stock on the Closing Date.

Schedule of Allocation of Purchase Price Consideration
Allocation of purchase price consideration (in thousands):      
Accounts receivable   $ 8,597  
Inventory     3,429  
Other assets     2,623  
Property, plant and equipment     879  
Intangible assets     6,464  
Accounts payable and accrued expenses     (6,549 )
Customer deposits     (4,247 )


Billings in excess of costs on uncompleted contracts     (3,888 )
Total identifiable net assets     7,378  
Goodwill     22,139  
Total   $ 29,447  
Schedule of Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the Western State Design Acquisition, as if the Company had completed the Western State Design Acquisition and related financing transactions on July 1, 2015, but using the preliminary estimates of the fair values of the assets acquired and liabilities assumed as of the Closing Date. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the Western State Design Acquisition had occurred on the date assumed, nor are they indicative of future results of operations.


    For the nine months ended
March 31,
(in thousands)   2017
Revenues   $ 84,193     $ 74,453  
Net income     3,450       2,651