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

 

		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