Delaware
|
98-0204758
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification No.)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Smaller
reporting company x
|
(Do
not check if a smaller reporting company)
|
INDEX
|
|||
PART
I.
|
FINANCIAL
INFORMATION
|
||
ITEM
1.
|
Condensed
consolidated balance sheets at October 31, 2008 (unaudited) and April 30,
2008
|
3-4
|
|
Condensed
consolidated statements of income for the three and six months ended
October 31, 2008 and 2007 (unaudited)
|
5
|
||
Condensed
consolidated statement of shareholders’ equity for the six months ended
October 31, 2008 (unaudited)
|
6
|
||
Condensed
consolidated statements of cash flows for the six months ended October 31,
2008 and 2007 (unaudited)
|
7-8
|
||
Notes
to unaudited condensed consolidated financial statements
|
9-23
|
||
ITEM
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
24-35
|
|
ITEM
3.
|
Controls
and Procedures
|
36
|
|
PART
II.
|
OTHER
INFORMATION
|
||
ITEM
1
|
Legal
proceedings
|
37
|
|
ITEM
2
|
Unregistered
sales of equity securities and use of proceeds
|
37
|
|
ITEM
3
|
Defaults
upon senior securities
|
37
|
|
ITEM
4
|
Submission
of matters to a vote of security holders
|
37
|
|
ITEM
5
|
Other
information
|
37
|
|
ITEM
6
|
Exhibits
|
37
|
|
SIGNATURES
|
38
|
October
31,
|
April
30,
|
|||||||
ASSETS
|
2008
|
2008
|
||||||
(Unaudited)
|
(Note
1)
|
|||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 13,235,880 | $ | 7,449,530 | ||||
Accounts
receivable, net of allowance of $133,803 and $98,786 at October 31, 2008
and April 30, 2008, respectively
|
26,542,341 | 29,092,488 | ||||||
Costs
and estimated earnings in excess of billings on uncompleted
contracts
|
4,819,434 | 3,887,152 | ||||||
Inventory
|
3,186,090 | 2,791,782 | ||||||
Prepaid
expenses and other current assets
|
1,826,629 | 1,002,993 | ||||||
Prepaid
income tax
|
- | 122,342 | ||||||
Deferred
tax assets
|
166,329 | 35,939 | ||||||
Total
current assets
|
49,776,703 | 44,382,226 | ||||||
PROPERTY
AND EQUIPMENT, net
|
6,858,020 | 6,828,162 | ||||||
OTHER
INTANGIBLE ASSETS, net
|
2,236,574 | 2,929,937 | ||||||
GOODWILL
|
32,081,048 | 28,987,501 | ||||||
OTHER
ASSETS
|
154,765 | 820,315 | ||||||
Total
assets
|
$ | 91,107,110 | $ | 83,948,141 |
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
October
31,
|
April
30,
|
||||||
2008
|
2008
|
|||||||
(Unaudited)
|
(Note
1)
|
|||||||
CURRENT
LIABILITIES:
|
||||||||
Current
portion of loans payable
|
$ | 107,475 | $ | 1,272,112 | ||||
Borrowings
under line of credit
|
- | 750,000 | ||||||
Current
portion of capital lease obligations
|
105,908 | 91,491 | ||||||
Accounts
payable and accrued expenses
|
10,715,483 | 9,305,791 | ||||||
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
6,144,343 | 3,602,422 | ||||||
Deferred
revenue
|
808,251 | 602,560 | ||||||
Due
to shareholders
|
3,194,611 | 2,300,083 | ||||||
Income
taxes payable
|
170,816 | - | ||||||
Total
current liabilities
|
21,246,887 | 17,924,459 | ||||||
Borrowings
under line of credit
|
7,626,056 | 4,376,056 | ||||||
Loans
payable, net of current portion
|
104,420 | 156,978 | ||||||
Capital
lease obligations, net of current portion
|
203,766 | 215,780 | ||||||
Deferred
tax liabilities
|
1,174,380 | 1,173,786 | ||||||
Total
liabilities
|
30,355,509 | 23,847,059 | ||||||
Minority
interest in subsidiary
|
1,393,046 | 1,331,850 | ||||||
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, 7,251,083 shares
issued and outstanding at October 31, 2008 and April 30,
2008
|
725 | 725 | ||||||
Additional
paid-in capital
|
50,827,277 | 50,775,938 | ||||||
Retained
earnings
|
8,909,683 | 7,709,562 | ||||||
Accumulated
other comprehensive (loss) income on foreign currency
translation
|
(379,130 | ) | 283,007 | |||||
Total
shareholders' equity
|
59,358,555 | 58,769,232 | ||||||
Total
liabilities and shareholders' equity
|
$ | 91,107,110 | $ | 83,948,141 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
REVENUE
|
$ | 28,767,681 | $ | 28,105,044 | $ | 57,035,212 | $ | 49,921,050 | ||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Cost
of revenue
|
21,421,304 | 20,646,816 | 41,606,178 | 35,834,568 | ||||||||||||
Selling,
general and administrative expenses
|
5,945,671 | 4,518,881 | 11,883,160 | 8,578,137 | ||||||||||||
Depreciation
and amortization
|
651,039 | 468,615 | 1,340,181 | 998,202 | ||||||||||||
Total
costs and expenses
|
28,018,014 | 25,634,312 | 54,829,519 | 45,410,907 | ||||||||||||
OPERATING
INCOME
|
749,667 | 2,470,732 | 2,205,693 | 4,510,143 | ||||||||||||
OTHER
EXPENSE (INCOME):
|
||||||||||||||||
Interest
expense
|
136,681 | 185,636 | 248,284 | 308,218 | ||||||||||||
Interest
income
|
(22,073 | ) | (140,663 | ) | (48,112 | ) | (355,175 | ) | ||||||||
Minority
interest
|
19,950 | 57,140 | 61,196 | 60,788 | ||||||||||||
INCOME
BEFORE INCOME TAX PROVISION
|
615,109 | 2,368,619 | 1,944,325 | 4,496,312 | ||||||||||||
Income
tax provision
|
253,299 | 867,106 | 744,204 | 1,722,184 | ||||||||||||
NET
INCOME
|
$ | 361,810 | $ | 1,501,513 | $ | 1,200,121 | $ | 2,774,128 | ||||||||
Basic
net income per common share
|
$ | 0.05 | $ | 0.21 | $ | 0.17 | $ | 0.39 | ||||||||
Diluted
net income per common share
|
$ | 0.05 | $ | 0.19 | $ | 0.17 | $ | 0.35 | ||||||||
Basic
weighted average number of common shares outstanding
|
7,251,083 | 7,079,977 | 7,251,083 | 7,026,818 | ||||||||||||
Diluted
weighted average number of common shares outstanding
|
7,262,419 | 7,958,535 | 7,259,353 | 8,013,332 |
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
Paid-In Capital
|
Other
Compre-
|
Total
Shareholders' Equity
|
||||||||||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
Retained
|
hensive
|
|||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Earnings
|
Income(loss)
|
|||||||||||||||||||||||||||
BALANCE,
MAY 1, 2008
|
- | $ | - | 7,251,083 | $ | 725 | $ | 50,775,938 | $ | 7,709,562 | $ | 283,007 | $ | 58,769,232 | ||||||||||||||||||
Fair
value of stock options granted to employees
|
- | - | - | - | 56,339 | - | - | 56,339 | ||||||||||||||||||||||||
Equity
issuance cost
|
- | - | - | - | (5,000 | ) | - | - | (5,000 | ) | ||||||||||||||||||||||
Accumulated
other comprehensive loss
|
- | - | - | - | - | - | (662,137 | ) | (662,137 | ) | ||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 1,200,121 | - | 1,200,121 | ||||||||||||||||||||||||
BALANCE,
OCTOBER 31, 2008
|
- | $ | - | 7,251,083 | $ | 725 | $ | 50,827,277 | $ | 8,909,683 | $ | (379,130 | ) | $ | 59,358,555 |
Six
Months Ended
|
||||||||
October
31,
|
||||||||
2008
|
2007
|
|||||||
OPERATING
ACTIVITIES :
|
||||||||
Net
income
|
$ | 1,200,121 | $ | 2,774,128 | ||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation
and amortization
|
1,340,181 | 998,202 | ||||||
Fair
value of stock options granted to employees
|
56,339 | 24,435 | ||||||
Provision
for doubtful accounts
|
52,932 | - | ||||||
Amortization
of debt issuance costs
|
5,161 | - | ||||||
Excess
tax benefit from exercise of stock options
|
- | (12,000 | ) | |||||
Minority
interest
|
61,196 | 60,788 | ||||||
(Gain)
loss on sale of fixed assets
|
(3,822 | ) | 4,875 | |||||
Deferred
income taxes
|
(87,146 | ) | 68,000 | |||||
Changes
in operating assets and liabilities, net of effects of
acquisitions:
|
||||||||
Accounts
receivable
|
2,299,194 | (2,804,552 | ) | |||||
Costs
and estimated earnings in excess of billings on uncompleted
contracts
|
(1,004,154 | ) | (862,180 | ) | ||||
Inventory
|
(475,630 | ) | (947,733 | ) | ||||
Prepaid
expenses and other current assets
|
(454,208 | ) | (429,078 | ) | ||||
Other
assets
|
471,681 | 139,883 | ||||||
Accounts
payable and accrued expenses
|
1,511,588 | 1,619,596 | ||||||
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
2,488,644 | (913,039 | ) | |||||
Deferred
revenue
|
205,653 | 151,597 | ||||||
Income
taxes payable
|
350,351 | (53,918 | ) | |||||
NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
8,018,081 | (180,996 | ) |
INVESTING
ACTIVITIES:
|
||||||||
Acquisition
of property and equipment, net
|
(714,151 | ) | (370,230 | ) | ||||
Acquisition
of NECS, net of cash received
|
- | (3,534 | ) | |||||
Acquisition
of SECS, net of cash received
|
- | 57,451 | ||||||
Acquisition
of Voacolo, net of cash received
|
(2,500,000 | ) | (66,000 | ) | ||||
Acquisition
of Lincoln Wind, net of cash received
|
(420,464 | ) | - | |||||
Acquisition
of Major, net of cash received
|
- | (3,091,777 | ) | |||||
Acquisition
of Max, net of cash received
|
(287,181 | ) | (523,045 | ) | ||||
Acquisition
of Empire, net of cash received
|
(7,521 | ) | - | |||||
Acquisition
of James, net of cash received
|
(287,735 | ) | - | |||||
Acquisition
of Energize, net of cash received
|
(24,516 | ) | - | |||||
NET
CASH USED IN INVESTING ACTIVITIES
|
(4,241,568 | ) | (3,997,135 | ) | ||||
FINANCING
ACTIVITIES:
|
||||||||
Net
proceeds from exercise of stock options
|
- | 55,042 | ||||||
Excess
tax benefit from exercise of stock options
|
- | 12,000 | ||||||
Equity
issuance costs
|
(5,000 | ) | (4,959 | ) | ||||
Borrowings/(repayments)
under lines of credit, net
|
2,500,000 | (6,540,991 | ) | |||||
(Repayments)/borrowings
under loans payable, net
|
(1,217,195 | ) | 399,797 | |||||
Borrowings/(repayments)
of amounts due to shareholders
|
827,678 | (238,420 | ) | |||||
Payments
of capital lease obligations
|
(25,887 | ) | (45,009 | ) | ||||
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
2,079,596 | (6,362,540 | ) | |||||
Effect
of exchange rate changes on cash
|
(69,759 | ) | 6,036 | |||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
5,786,350 | (10,534,635 | ) | |||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
|
7,449,530 | 21,558,739 | ||||||
CASH
AND CASH EQUIVALENTS, END OF THE PERIOD
|
$ | 13,235,880 | $ | 11,024,104 |
Wireless
|
Specialty
|
Total
|
||||||||||
Infrastructure
|
Communication
|
|||||||||||
Beginning
balance, May 1, 2008
|
$ | 4,583,701 | $ | 24,403,800 | $ | 28,987,501 | ||||||
Voacolo
acquisition - additional earnout payment
|
- | 2,500,000 | 2,500,000 | |||||||||
Major
acquisition - NTAV and purchase price adjustment
|
- | 6,353 | 6,353 | |||||||||
Max
acquisition - additional earnout payment
|
287,181 | - | 287,181 | |||||||||
Lincoln
Wind acquisition
|
- | 280,494 | 280,494 | |||||||||
Empire
acquisition - purchase price adjustment
|
- | 81,366 | 81,366 | |||||||||
James
acquisition - purchase price adjustment
|
- | 408,727 | 408,727 | |||||||||
Energize
acquisition - purchase price adjustment
|
- | 62,460 | 62,460 | |||||||||
Foreign
currency translation adjustments
|
- | (533,034 | ) | (533,034 | ) | |||||||
Ending
balance, October 31, 2008
|
$ | 4,870,882 | $ | 27,210,166 | $ | 32,081,048 |
Estimated
useful life (years)
|
October
31,
2008
|
April
30,
2008
|
||||||||||
Customer
lists
|
5 -
9
|
$ | 3,886,113 | $ | 4,119,269 | |||||||
Contract
backlog
|
1 -
3
|
885,127 | 919,722 | |||||||||
4,771,240 | 5,038,991 | |||||||||||
Less
accumulated amortization expense
|
2,534,666 | 2,109,054 | ||||||||||
$ | 2,236,574 | $ | 2,929,937 |
Basic
earnings per share computation
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
Numerator:
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
income
|
$ | 361,810 | $ | 1,501,513 | $ | 1,200,121 | $ | 2,774,128 | ||||||||
Denominator:
|
||||||||||||||||
Basic
weighted average shares outstanding
|
7,251,083 | 7,079,977 | 7,251,083 | 7,026,818 | ||||||||||||
Basic
net income per common share
|
$ | 0.05 | $ | 0.21 | $ | 0.17 | $ | 0.39 | ||||||||
Diluted
earnings per share computation
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
Numerator:
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
income
|
$ | 361,810 | $ | 1,501,513 | $ | 1,200,121 | $ | 2,774,128 | ||||||||
Denominator:
|
||||||||||||||||
Basic
weighted average shares outstanding
|
7,251,083 | 7,079,977 | 7,251,083 | 7,026,818 | ||||||||||||
Incremental
shares from assumed conversion:
|
||||||||||||||||
Conversion
of stock options
|
11,336 | 200,598 | 8,270 | 221,472 | ||||||||||||
Conversion
of common stock warrants
|
- | 677,960 | - | 765,042 | ||||||||||||
Diluted
weighted average shares
|
7,262,419 | 7,958,535 | 7,259,353 | 8,013,332 | ||||||||||||
Diluted
net income per common share
|
$ | 0.05 | $ | 0.19 | $ | 0.17 | $ | 0.35 |
Three
months ended
|
Six
months ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income
|
$ | 361,810 | $ | 1,501,513 | $ | 1,200,121 | $ | 2,774,128 | ||||||||
Other
comprehensive (loss) income –
foreign
currency translation adjustments, net
|
(735,869 | ) | 46,200 | (662,137 | ) | 109,965 | ||||||||||
Comprehensive
(loss) income
|
$ | (374,059 | ) | $ | 1,547,713 | $ | 537,984 | $ | 2,884,093 |
Assets
purchased:
|
||||
Cash
|
$ | 584,094 | ||
Accounts
receivable
|
2,095,564 | |||
Inventory
|
217,500 | |||
Prepaid
expenses
|
46,858 | |||
Costs
and estimated earnings in excess of billings
|
215,143 | |||
Fixed
assets
|
346,569 | |||
Backlog
|
200,200 | |||
Customer
lists
|
132,000 | |||
Goodwill
|
3,988,732 | |||
7,826,660 | ||||
Liabilities
assumed:
|
||||
Accounts
payable
|
(732,252 | ) | ||
Accrued
expenses
|
(102,832 | ) | ||
Payroll
and other payables
|
(79,943 | ) | ||
Billings
in excess of costs and estimated earnings
|
(935,179 | ) | ||
Deferred
income tax payable
|
(181,000 | ) | ||
Income
tax payable
|
(28,171 | ) | ||
Loan
payable
|
(602,984 | ) | ||
Notes
payable
|
(100,436 | ) | ||
(2,762,797 | ) | |||
Purchase
price
|
$ | 5,063,863 |
Assets
purchased:
|
||||
Accounts
receivable
|
$ | 3,830,626 | ||
Inventory
|
162,647 | |||
Prepaid
expenses
|
117,349 | |||
Costs
and estimated earnings in excess of billings
|
1,445,749 | |||
Fixed
assets
|
682,637 | |||
Other
assets
|
8,855 | |||
Backlog
|
130,000 | |||
Customer
lists
|
390,000 | |||
Goodwill
|
4,511,915 | |||
11,279,778 | ||||
Liabilities
assumed:
|
||||
Cash
overdraft
|
(52,618 | ) | ||
Accounts
payable
|
(424,513 | ) | ||
Accrued
expenses
|
(12,788 | ) | ||
Payroll
and other payable
|
(605,456 | ) | ||
Billings
in excess of costs and estimated earnings
|
(1,059,123 | ) | ||
Deferred
tax liabilities
|
(304,000 | ) | ||
Line
of credit
|
(2,086,774 | ) | ||
Loan
payable
|
(24,638 | ) | ||
Capital
lease obligation
|
(242,297 | ) | ||
Shareholder
loan
|
(175,420 | ) | ||
(4,987,627 | ) | |||
Purchase
price
|
$ | 6,292,151 |
Assets
purchased:
|
||||
Cash
|
$ | 105,926 | ||
Accounts
receivable
|
256,829 | |||
Costs
and estimated earnings in excess of billings
|
4,500 | |||
Fixed
assets
|
21,890 | |||
Other
assets
|
1,950 | |||
Customer
lists
|
216,000 | |||
Goodwill
|
591,588 | |||
1,198,683 | ||||
Liabilities
assumed:
|
||||
Accrued
expenses
|
(59,186 | ) | ||
Payroll
and other payable
|
(19,318 | ) | ||
Accrued
tax payable
|
(2,500 | ) | ||
(81,004 | ) | |||
Purchase
price
|
$ | 1,117,679 |
Assets
purchased:
|
||||
Cash
|
$ | 83,155 | ||
Accounts
receivable
|
2,313,633 | |||
Inventory
|
124,983 | |||
Prepaid
expenses
|
6,569 | |||
Prepaid
income tax
|
76,426 | |||
Costs
and estimated earnings in excess of billings
|
72,518 | |||
Fixed
assets
|
284,451 | |||
Backlog
|
344,900 | |||
Customer
lists
|
100,000 | |||
Goodwill
|
1,878,075 | |||
5,284,710 | ||||
Liabilities
assumed:
|
||||
Accounts
payable
|
(1,113,789 | ) | ||
Accrued
expenses
|
(53,871 | ) | ||
Payroll
and other payable
|
(327,112 | ) | ||
Billings
in excess of costs and estimated earnings
|
(420,874 | ) | ||
Line
of credit
|
(400,000 | ) | ||
Deferred
tax liability
|
(235,000 | ) | ||
Notes
payable
|
(47,024 | ) | ||
Shareholder
loan
|
(168,365 | ) | ||
(2,766,035 | ) | |||
Purchase
price
|
$ | 2,518,675 |
Assets
purchased:
|
||||
Cash
|
$ | 231,386 | ||
Accounts
receivable
|
312,135 | |||
Prepaid
expenses
|
6,450 | |||
Deferred
tax assets
|
17,431 | |||
Costs
and estimated earnings in excess of billings
|
26,272 | |||
Fixed
assets
|
115,343 | |||
Other
assets
|
830 | |||
Customer
lists
|
270,748 | |||
Backlog
|
112,369 | |||
Goodwill
|
843,563 | |||
1,936,527 | ||||
Liabilities
assumed:
|
||||
Accounts
payable
|
(26,288 | ) | ||
Accrued
expenses
|
(74,510 | ) | ||
Payroll
and other payable
|
(9,409 | ) | ||
Loan
payable
|
(6,099 | ) | ||
Sales
and use tax payable
|
(40,516 | ) | ||
Income
tax payable
|
(216,826 | ) | ||
(373,648 | ) | |||
Purchase
price
|
$ | 1,562,879 |
Assets
purchased:
|
||||
Cash
|
$ | 21,429 | ||
Accounts
receivable
|
189,197 | |||
Inventory
|
55,084 | |||
Costs
and estimated earnings in excess of billings
|
415 | |||
Fixed
assets
|
106,165 | |||
Deferred
tax assets
|
2,108 | |||
Customer
lists
|
509,740 | |||
Goodwill
|
1,023,660 | |||
1,907,798 | ||||
Liabilities
assumed:
|
||||
Accounts
payable
|
(69,562 | ) | ||
Accrued
expenses
|
(7,444 | ) | ||
Payroll
and other payable
|
(37,175 | ) | ||
Sales
and use tax payable
|
(12,449 | ) | ||
Income
tax payable
|
(91,412 | ) | ||
(218,042 | ) | |||
Purchase
price
|
$ | 1,689,756 |
Assets
purchased:
|
||||
Fixed
assets
|
$ | 139,970 | ||
Goodwill
and other intangible assets
|
280,494 | |||
Purchase
price
|
$ | 420,464 |
Consolidated
Pro Forma
|
||||||||||||
Three
months
|
Six
months
|
Six
months
|
||||||||||
ended
|
ended
|
ended
|
||||||||||
October
31, 2007
|
October
31, 2008
|
October
31, 2007
|
||||||||||
Revenues
|
$ | 32,299,992 | $ | 57,164,133 | $ | 61,258,226 | ||||||
Net
income
|
1,415,218 | 1,128,320 | 3,444,281 | |||||||||
Basic
weighted shares
|
7,249,564 | 7,251,083 | 7,248,866 | |||||||||
Diluted
weighted shares
|
8,128,122 | 7,259,353 | 8,235,380 | |||||||||
Basic
net income per share
|
$ | 0.20 | $ | 0.16 | $ | 0.48 | ||||||
Diluted
net income per share
|
$ | 0.17 | $ | 0.16 | $ | 0.42 |
October
31, 2008
|
April
30, 2008
|
|||||||
Costs
incurred on uncompleted contracts
|
$ | 72,533,571 | $ | 66,331,553 | ||||
Estimated
contract profit
|
21,595,383 | 20,900,509 | ||||||
94,128,954 | 87,232,062 | |||||||
Less:
billings to date
|
95,453,863 | 86,947,332 | ||||||
Net
excess of (billings)costs
|
$ | (1,324,909 | ) | $ | 284,730 | |||
Costs
and estimated earnings in excess of billings
on
uncompleted contracts
|
$ | 4,819,434 | $ | 3,887,152 | ||||
Billings
in excess of costs and estimated earnings
|
||||||||
on
uncompleted contracts
|
(6,144,343 | ) | (3,602,422 | ) | ||||
Net
excess of (billings)costs
|
$ | (1,324,909 | ) | $ | 284,730 |
2002
Plan
|
||||||||||||||||
Number
of Shares
|
Weighted-average
Exercise Price
|
Weighted-
average Remaining Contractual Term
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding,
May 1, 2008
|
238,092 | $ | 8.21 | |||||||||||||
Granted
|
25,900 | $ | 4.56 | |||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited/Expired
|
(74,576 | ) | $ | 10.97 | ||||||||||||
Outstanding,
October 31, 2008
|
189,416 | $ | 6.62 | 1.9 | $ | 5,607 | ||||||||||
Vested
and expected to vested, October 31, 2008
|
182,835 | $ | 6.65 | 1.8 | $ | 4,954 | ||||||||||
Exercisable,
October 31, 2008
|
146,083 | $ | 6.83 | 1.1 | $ | 0 |
2006
Plan
|
||||||||||||||||
Number
of Shares
|
Weighted-average
Exercise Price
|
Weighted-average
Remaining Contractual Term
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding,
May 1, 2008
|
327,726 | $ | 6.32 | |||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited/Expired
|
(667 | ) | $ | 7.27 | ||||||||||||
Outstanding,
October 31, 2008
|
327,059 | $ | 6.32 | 2.0 | $ | 0 | ||||||||||
Vested
and expected to vested, October 31, 2008
|
326,386 | $ | 6.30 | 2.0 | $ | 0 | ||||||||||
Exercisable,
October 31, 2008
|
320,549 | $ | 6.24 | 2.0 | $ | 0 |
2007
Plan
|
||||||||||||||||
Number
of Shares
|
Weighted-average
Exercise Price
|
Weighted-average
Remaining Contractual Term
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding,
May 1, 2008
|
80,000 | $ | 6.33 | |||||||||||||
Granted
|
95,000 | $ | 2.37 | |||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited/Expired
|
- | - | ||||||||||||||
Outstanding,
October 31, 2008
|
175,000 | $ | 4.18 | 4.7 | $ | 59,850 | ||||||||||
Vested
and expected to vested, October 31, 2008
|
146,402 | $ | 4.06 | 4.7 | $ | 52,883 | ||||||||||
Exercisable,
October 31, 2008
|
- | $ | 0.00 | 0.0 | $ | 0 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Risk-free
interest rate
|
1.87 - 2.84 | % | 4.31 | % | 1.87 - 2.84 | % | 4.31 - 4.74 | % | ||||||||
Expected
volatility
|
50.8 - 53.3 | % | 57.0 | % | 50.8 - 53.3 | % | 57.0 - 58.3 | % | ||||||||
Expected
dividend yield
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||
Expected
term ( in years)
|
3.25 - 3.5 | 3.5 | 3.25 - 3.5 | 3.5 |
For
Three Months Ended and as of October 31, 2008
|
For
Three Months Ended and as of October 31, 2007
|
|||||||||||||||||||||||||||||||
Corporate
|
Wireless
Infrastructure
|
Specialty
Communication
|
Total
|
Corporate
|
Wireless Infrastructure
|
Specialty Communication
|
Total
|
|||||||||||||||||||||||||
Revenue
|
$ | - | $ | 3,255,476 | $ | 25,512,205 | $ | 28,767,681 | $ | - | $ | 3,090,764 | $ | 25,014,280 | $ | 28,105,044 | ||||||||||||||||
Depreciation
and amortization
|
$ | 8,664 | $ | 66,015 | $ | 576,360 | $ | 651,039 | $ | 8,786 | $ | 65,903 | $ | 393,926 | $ | 468,615 | ||||||||||||||||
Income
(loss) before income taxes
|
$ | (975,782 |