Three Months Ended								Nine Months Ended
		January 31,								January 31,
		2008				2007				2008				2007
REVENUE		$	24,802,079			$	18,121,405			$	74,723,129			$	52,310,727
COSTS AND EXPENSES:
Cost of revenue			18,010,149				12,150,372				53,844,717				36,202,802
Selling, general and administrative expenses			5,573,644				3,538,395				14,151,781				9,874,455
Depreciation and amortization			618,002				310,074				1,616,204				880,965
Total costs and expenses			24,201,795				15,998,841				69,612,702				46,958,222
OPERATING INCOME			600,284				2,122,564				5,110,427				5,352,505
OTHER EXPENSE (INCOME):
Interest expense			69,269				112,387				377,487				326,823
Interest income			(81,082	)			(120,164	)			(436,257	)			(294,916	)
Minority interest			(23,907	)			-				36,881				-
INCOME BEFORE INCOME TAX PROVISION			636,004				2,130,341				5,132,316				5,320,598
Income tax provision			252,701				878,462				1,974,885				2,089,642
NET INCOME		$	383,303			$	1,251,879			$	3,157,431			$	3,230,956
Basic net income per common share		$	0.05			$	0.23			$	0.45			$	0.59
Diluted net income per common share		$	0.05			$	0.20			$	0.40			$	0.54
Basic weighted average number of common shares outstanding			7,093,662				5,547,671				7,049,099				5,454,911
Diluted weighted average number of common shares outstanding			7,801,597				6,323,169				7,951,545				6,011,224

		January 31,				April 30,
ASSETS		2008				2007
		(Unaudited)				(Note 1)
CURRENT ASSETS:
Cash and cash equivalents		$	8,417,056			$	21,558,739
Accounts receivable, net of allowance of $98,786 at January 31, 2008 and April 30, 2007			25,017,770				16,560,636
Costs and estimated earnings in excess of billings on uncompleted contracts			4,599,455				2,499,940
Inventory			3,430,194				2,260,082
Prepaid expenses and other current assets			1,605,511				732,043
Deferred tax assets			75,271				27,000
Total current assets			43,145,257				43,638,440
PROPERTY AND EQUIPMENT, net			6,571,669				5,488,920
OTHER INTANGIBLE ASSETS, net			2,315,778				1,683,349
GOODWILL			23,966,807				20,469,608
OTHER ASSETS			439,999				273,353
Total assets		$	76,439,510			$	71,553,670

 

LIABILITIES AND SHAREHOLDERS' EQUITY		January 31,				April 30,
		2008				2007
		(Unaudited)				(Note 1)
CURRENT LIABILITIES:
Current portion of loans payable		$	3,059,968			$	2,598,872
Current portion of borrowings under line of credit			570,000				-
Current portion of capital lease obligations			30,205				-
Accounts payable and accrued expenses			8,931,405				6,802,110
Billings in excess of costs and estimated earnings on uncompleted contracts			2,680,072				2,272,688
Deferred revenue			740,381				504,458
Due to shareholders			168,365				707,000
Income taxes payable			354,767				433,361
Total current liabilities			16,535,163				13,318,489
Borrowings under line of credit			644,000				4,454,217
Loans payable, net of current portion			195,738				284,016
Capital lease obligations, net of current portion			307,270				-
Deferred tax liabilities			835,447				611,000
Total liabilities			18,517,618				18,667,722
Minority interest in subsidiary			1,390,846				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, 7,105,104 and 6,971,698 shares issued and outstanding at January 31, 2008 and April 30, 2007, respectively			710				697
Additional paid-in capital			49,494,446				47,901,159
Retained earnings			6,788,646				3,631,215
Accumulated other comprehensive income (loss) on foreign currency translation			247,244				(1,088	)
Total shareholders' equity			56,531,046				51,531,983
Total liabilities and shareholders' equity		$	76,439,510			$	71,553,670

 

 

 

4