Three Months Ended
		July 31,
		2007				2006
REVENUE		$	21,816,006			$	16,436,278
COSTS AND EXPENSES:
Cost of revenue			15,187,752				11,691,468
Selling, general and administrative expenses			4,059,256				3,096,322
Depreciation and amortization			529,587				233,649
Total costs and expenses			19,776,595				15,021,439
OPERATING INCOME			2,039,411				1,414,839
OTHER EXPENSE (INCOME):
Interest expense			122,582				79,934
Interest income			(214,512	)			(100,535	)
Minority interest			3,648				-
INCOME BEFORE INCOME TAX PROVISION			2,127,693				1,435,440
Income tax provision			855,078				521,013
NET INCOME		$	1,272,615			$	914,427
Basic net income per common share		$	0.18			$	0.17
Diluted net income per common share		$	0.16			$	0.16
Basic weighted average number of common shares outstanding			6,973,659				5,316,482
Diluted weighted average number of common shares outstanding			8,050,686				5,668,242

		July 31,				April 30,
ASSETS		2007				2007
		(Unaudited)				(Note 1)
CURRENT ASSETS:
Cash and cash equivalents		$	22,019,110			$	21,558,739
Accounts receivable, net of allowance of $98,786 at July 31, 2007 and April 30, 2007			17,593,447				16,560,636
Costs and estimated earnings in excess of billings on uncompleted contracts			3,041,330				2,499,940
Inventory			2,934,912				2,260,082
Prepaid expenses and other current assets			1,230,011				732,043
Deferred tax assets			48,000				54,000
Total current assets			46,866,810				43,665,440
PROPERTY AND EQUIPMENT, net			5,384,097				5,488,920
OTHER INTANGIBLE ASSETS, net			1,544,188				1,683,349
GOODWILL			20,494,573				20,469,608
DEFERRED TAX ASSETS			144,000				111,000
OTHER ASSETS			273,653				273,353
Total assets		$	74,707,321			$	71,691,670

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY		July 31,				April 30,
		2007				2007
		(Unaudited)				(Note 1)
CURRENT LIABILITIES:
Current portion of loans payable		$	2,601,940			$	2,598,872
Accounts payable and accrued expenses			8,461,248				6,802,110
Billings in excess of costs and estimated earnings on uncompleted contracts			1,392,662				2,272,688
Deferred revenue			695,834				504,458
Due to shareholders			653,000				707,000
Income taxes payable			982,456				433,361
Deferred tax liabilities			26,000				27,000
Total current liabilities			14,813,140				13,345,489
Borrowings under line of credit			4,454,217				4,454,217
Loans payable, net of current portion			242,331				284,016
Deferred tax liabilities			827,000				722,000
Total liabilities			20,336,688				18,805,722
Minority interest in subsidiary			1,357,613				1,353,965
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock - $0.0001 par value, 5,000,000 shares authorized, none issued			-				-
Common stock - $0.0001 par value, 75,000,000 shares authorized, 6,985,422 and 6,971,698 shares issued and outstanding at July 31, 2007 and April 30, 2007, respectively			698				696
Additional paid-in capital			48,045,815				47,901,160
Retained earnings			4,903,830				3,631,215
Accumulated other comprehensive income (loss) on foreign currency translation			62,677				(1,088	)
Total shareholders' equity			53,013,020				51,531,983
Total liabilities and shareholders' equity		$	74,707,321			$	71,691,670