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
|
|||
3-4
|
|||
5
|
|||
6
|
|||
7-8
|
|||
9-25
|
|||
26-38
|
|||
39
|
|||
40
|
|||
40
|
|||
40
|
|||
40
|
|||
40
|
|||
40
|
|||
41
|
January
31,
|
April
30,
|
|||||||
ASSETS
|
2009
|
2008
|
||||||
(Unaudited)
|
(Note
1)
|
|||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 9,665,638 | $ | 7,449,530 | ||||
Accounts
receivable, net of allowance of $113,613 and $98,786 at January 31, 2009
and April 30, 2008, respectively
|
23,225,223 | 29,092,488 | ||||||
Costs
and estimated earnings in excess of billings on uncompleted
contracts
|
4,572,978 | 3,887,152 | ||||||
Inventory
|
2,757,475 | 2,791,782 | ||||||
Prepaid
expenses and other current assets
|
1,768,849 | 1,002,993 | ||||||
Prepaid
income taxes
|
361,103 | 122,342 | ||||||
Deferred
tax assets
|
114,999 | 35,939 | ||||||
Total
current assets
|
42,466,265 | 44,382,226 | ||||||
PROPERTY
AND EQUIPMENT, net
|
6,598,938 | 6,828,162 | ||||||
OTHER
INTANGIBLE ASSETS, net
|
2,069,547 | 2,929,937 | ||||||
GOODWILL
|
32,256,592 | 28,987,501 | ||||||
OTHER
ASSETS
|
159,166 | 820,315 | ||||||
Total
assets
|
$ | 83,550,508 | $ | 83,948,141 |
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
January
31,
|
April
30,
|
||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Note
1)
|
|||||||
CURRENT
LIABILITIES:
|
||||||||
Current
portion of loans payable
|
$ | 97,339 | $ | 1,272,112 | ||||
Borrowings
under line of credit
|
- | 750,000 | ||||||
Current
portion of capital lease obligations
|
97,425 | 91,491 | ||||||
Accounts
payable and accrued expenses
|
6,589,306 | 9,305,791 | ||||||
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
3,366,170 | 3,602,422 | ||||||
Deferred
revenue
|
706,449 | 602,560 | ||||||
Due
to shareholders
|
3,334,135 | 2,300,083 | ||||||
Total
current liabilities
|
14,190,824 | 17,924,459 | ||||||
Borrowings
under line of credit
|
7,626,056 | 4,376,056 | ||||||
Loans
payable, net of current portion
|
86,786 | 156,978 | ||||||
Capital
lease obligations, net of current portion
|
183,024 | 215,780 | ||||||
Deferred
tax liabilities
|
1,253,252 | 1,173,786 | ||||||
Total
liabilities
|
23,339,942 | 23,847,059 | ||||||
Minority
interest in subsidiary
|
1,466,887 | 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, 25,000,000 shares authorized, 6,942,266 and
7,251,083 shares issued and outstanding at January 31, 2009 and April 30,
2008, respectively
|
694 | 725 | ||||||
Additional
paid-in capital
|
50,133,358 | 50,775,938 | ||||||
Retained
earnings
|
9,087,779 | 7,709,562 | ||||||
Accumulated
other comprehensive (loss) income on foreign currency
translation
|
(478,152 | ) | 283,007 | |||||
Total
shareholders' equity
|
58,743,679 | 58,769,232 | ||||||
Total
liabilities and shareholders' equity
|
$ | 83,550,508 | $ | 83,948,141 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
January
31,
|
January
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUE
|
$ | 25,323,422 | $ | 24,802,079 | $ | 82,358,634 | $ | 74,723,129 | ||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Cost
of revenue
|
18,369,219 | 18,010,149 | 59,975,397 | 53,844,717 | ||||||||||||
Selling,
general and administrative expenses
|
5,904,094 | 5,573,644 | 17,787,254 | 14,151,781 | ||||||||||||
Depreciation
and amortization
|
614,699 | 618,002 | 1,954,880 | 1,616,204 | ||||||||||||
Total
costs and expenses
|
24,888,012 | 24,201,795 | 79,717,531 | 69,612,702 | ||||||||||||
OPERATING
INCOME
|
435,410 | 600,284 | 2,641,103 | 5,110,427 | ||||||||||||
OTHER
EXPENSE (INCOME):
|
||||||||||||||||
Interest
expense
|
85,480 | 69,269 | 333,764 | 377,487 | ||||||||||||
Interest
income
|
(3,042 | ) | (81,082 | ) | (51,155 | ) | (436,257 | ) | ||||||||
Minority
interest
|
73,840 | (23,907 | ) | 135,037 | 36,881 | |||||||||||
INCOME
BEFORE INCOME TAX PROVISION
|
279,132 | 636,004 | 2,223,457 | 5,132,316 | ||||||||||||
Income
tax provision
|
101,036 | 252,701 | 845,240 | 1,974,885 | ||||||||||||
NET
INCOME
|
$ | 178,096 | $ | 383,303 | $ | 1,378,217 | $ | 3,157,431 | ||||||||
Basic
net income per common share
|
$ | 0.03 | $ | 0.05 | $ | 0.19 | $ | 0.45 | ||||||||
Diluted
net income per common share
|
$ | 0.03 | $ | 0.05 | $ | 0.19 | $ | 0.40 | ||||||||
Basic
weighted average number of common shares outstanding
|
7,077,249 | 7,093,662 | 7,193,138 | 7,049,099 | ||||||||||||
Diluted
weighted average number of common shares outstanding
|
7,077,249 | 7,804,998 | 7,213,744 | 7,956,557 |
Additional
|
Accumulated
Other
Compre-hensive
|
Total
|
||||||||||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
Paid-In
|
Retained
|
Income
|
Shareholders' | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Earnings
|
(Loss)
|
Equity
|
|||||||||||||||||||||||||
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
|
- | - | - | - | 92,119 | - | - | 92,119 | ||||||||||||||||||||||||
Equity
issuance cost
|
- | - | - | - | (5,000 | ) | - | - | (5,000 | ) | ||||||||||||||||||||||
Repurchase
of common stock
|
- | - | (308,817 | ) | (31 | ) | (729,699 | ) | - | - | (729,730 | ) | ||||||||||||||||||||
Accumulated
other comprehensive loss
|
- | - | - | - | - | - | (761,159 | ) | (761,159 | ) | ||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 1,378,217 | - | 1,378,217 | ||||||||||||||||||||||||
BALANCE,
JANUARY 31, 2009
|
- | $ | - | 6,942,266 | $ | 694 | $ | 50,133,358 | $ | 9,087,779 | $ | (478,152 | ) | $ | 58,743,679 |
Nine
Months Ended
|
||||||||
January
31,
|
||||||||
2009
|
2008
|
|||||||
OPERATING
ACTIVITIES :
|
||||||||
Net
income
|
$ | 1,378,217 | $ | 3,157,431 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
1,954,880 | 1,616,204 | ||||||
Fair
value of stock options granted to employees
|
92,119 | 38,047 | ||||||
Provision
for doubtful accounts
|
74,883 | - | ||||||
Amortization
of debt issuance costs
|
8,714 | - | ||||||
Excess
tax benefit from exercise of stock options
|
- | (16,000 | ) | |||||
Minority
interest
|
135,037 | 36,881 | ||||||
Loss
(gain) on sale of fixed assets
|
22,942 | (2,335 | ) | |||||
Deferred
income taxes
|
(109,387 | ) | 135,314 | |||||
Changes
in operating assets and liabilities, net of effects of
acquisitions:
|
||||||||
Accounts
receivable
|
5,702,216 | (1,559,220 | ) | |||||
Costs
and estimated earnings in excess of billings on uncompleted
contracts
|
(772,277 | ) | (148,787 | ) | ||||
Inventory
|
(41,401 | ) | (762,668 | ) | ||||
Prepaid
expenses and other current assets
|
(400,126 | ) | (307,902 | ) | ||||
Other
assets
|
479,408 | (155,011 | ) | |||||
Accounts
payable and accrued expenses
|
(2,655,174 | ) | (664,778 | ) | ||||
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
(285,676 | ) | (734,400 | ) | ||||
Deferred
revenue
|
103,889 | 235,804 | ||||||
Income
taxes payable
|
(175,802 | ) | (585,757 | ) | ||||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
5,512,462 | 282,823 |
INVESTING
ACTIVITIES:
|
||||||||
Acquisition
of property and equipment, net
|
(918,004 | ) | (618,950 | ) | ||||
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 | ) | (69,601 | ) | ||||
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 | ) | (1,772,874 | ) | ||||
Acquisition
of James, net of cash received
|
(287,735 | ) | (914,237 | ) | ||||
Acquisition
of Energize, net of cash received
|
(24,516 | ) | - | |||||
Acquisition
of BRT, net of cash received
|
(157,901 | ) | - | |||||
NET
CASH USED IN INVESTING ACTIVITIES
|
(4,603,322 | ) | (6,936,567 | ) | ||||
FINANCING
ACTIVITIES:
|
||||||||
Net
proceeds from exercise of stock options
|
- | 60,532 | ||||||
Repurchase
of common stock
|
(729,730 | ) | - | |||||
Excess
tax benefit from exercise of stock options
|
- | 16,000 | ||||||
Equity
issuance costs
|
(5,000 | ) | (10,292 | ) | ||||
Borrowings/(repayments)
under lines of credit, net
|
2,500,000 | (5,726,991 | ) | |||||
(Repayments)/borrowings
under loans payable, net
|
(1,244,965 | ) | 94,707 | |||||
Borrowings/(repayments)
of amounts due to shareholders
|
962,965 | (882,420 | ) | |||||
Payments
of capital lease obligations
|
(55,112 | ) | (57,174 | ) | ||||
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
1,428,158 | (6,505,638 | ) | |||||
Effect
of exchange rate changes on cash
|
(121,190 | ) | 17,699 | |||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
2,216,108 | (13,141,683 | ) | |||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
|
7,449,530 | 21,558,739 | ||||||
CASH
AND CASH EQUIVALENTS, END OF THE PERIOD
|
$ | 9,665,638 | $ | 8,417,056 |
Wireless
|
Specialty
|
|||||||||||
Infrastructure
|
Communication
|
Total
|
||||||||||
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 - contingent earnout payment
|
287,181 | - | 287,181 | |||||||||
Empire
acquisition - purchase price adjustment
|
- | 81,366 | 81,366 | |||||||||
James
acquisition - purchase price adjustment
|
- | 522,866 | 522,866 | |||||||||
Energize
acquisition - purchase price adjustment
|
- | 215,382 | 215,382 | |||||||||
Lincoln
Wind acquisition
|
- | 250,494 | 250,494 | |||||||||
BRT
acquisition
|
- | 86,546 | 86,546 | |||||||||
Foreign
currency translation adjustments - Australia
|
- | (681,097 | ) | (681,097 | ) | |||||||
Ending
balance, January 31, 2009
|
$ | 4,870,882 | $ | 27,385,710 | $ | 32,256,592 |
Estimated
useful life (years)
|
January
31,
2009
|
April
30,
2008
|
||||||||||
Customer
lists
|
5 -
9
|
$ | 3,888,409 | $ | 4,119,269 | |||||||
Contract
backlog
|
1 -
3
|
881,016 | 919,722 | |||||||||
4,769,425 | 5,038,991 | |||||||||||
Less
accumulated amortization expense
|
2,699,878 | 2,109,054 | ||||||||||
$ | 2,069,547 | $ | 2,929,937 |
Basic
earnings per share computation
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
January
31,
|
January
31,
|
|||||||||||||||
Numerator:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
income
|
$ | 178,096 | $ | 383,303 | $ | 1,378,217 | $ | 3,157,431 | ||||||||
Denominator:
|
||||||||||||||||
Basic
weighted average shares outstanding
|
7,077,249 | 7,093,662 | 7,193,138 | 7,049,099 | ||||||||||||
Basic
net income per common share
|
$ | 0.03 | $ | 0.05 | $ | 0.19 | $ | 0.45 | ||||||||
Diluted
earnings per share computation
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
January
31,
|
January
31,
|
|||||||||||||||
Numerator:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
income
|
$ | 178,096 | $ | 383,303 | $ | 1,378,217 | $ | 3,157,431 | ||||||||
Denominator:
|
||||||||||||||||
Basic
weighted average shares outstanding
|
7,077,249 | 7,093,662 | 7,193,138 | 7,049,099 | ||||||||||||
Incremental
shares from assumed conversion:
|
||||||||||||||||
Conversion
of stock options
|
- | 168,450 | 20,606 | 205,685 | ||||||||||||
Conversion
of common stock warrants
|
- | 542,886 | - | 701,773 | ||||||||||||
Diluted
weighted average shares
|
7,077,249 | 7,804,998 | 7,213,744 | 7,956,557 | ||||||||||||
Diluted
net income per common share
|
$ | 0.03 | $ | 0.05 | $ | 0.19 | $ | 0.40 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
January
31,
|
January
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
income
|
$ | 178,096 | $ | 383,303 | $ | 1,378,217 | $ | 3,157,431 | ||||||||
Other
comprehensive income (loss) - foreign currency translation adjustments,
net
|
(99,021 | ) | 138,367 | (761,159 | ) | 248,332 | ||||||||||
Comprehensive
income
|
$ | 79,075 | $ | 521,670 | $ | 617,058 | $ | 3,405,763 |
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
|
957,702 | |||
2,050,666 | ||||
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 | ) | ||
Deferred
tax liabilities
|
(114,139 | ) | ||
(487,787 | ) | |||
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
|
1,176,582 | |||
2,060,720 | ||||
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 | ) | ||
Deferred
tax liabilities
|
(152,922 | ) | ||
(370,964 | ) | |||
Purchase
price
|
$ | 1,689,756 |
Assets
purchased:
|
||||
Fixed
assets
|
$ | 139,970 | ||
Customer
lists
|
30,000 | |||
Goodwill
|
250,494 | |||
Purchase
price
|
$ | 420,464 |
Assets
purchased:
|
||||
Accounts
receivable
|
$ | 40,754 | ||
Inventory
|
17,560 | |||
Costs
and estimated earnings in excess of billings
|
5,781 | |||
Fixed
assets
|
37,820 | |||
Goodwill
and other intangible assets
|
86,546 | |||
188,461 | ||||
Liabilities
assumed:
|
||||
Accounts
payable
|
(25,064 | ) | ||
Billings
in excess of costs and estimated earnings
|
(5,496 | ) | ||
(30,560 | ) | |||
Purchase
price
|
$ | 157,901 |
Consolidated
Pro Forma
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
January
31,
|
January
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues
|
$ | 25,391,198 | $ | 25,786,652 | $ | 82,763,627 | $ | 87,250,553 | ||||||||
Net
income
|
201,305 | 524,263 | 1,333,871 | 4,010,702 | ||||||||||||
Basic
weighted average shares
|
7,077,249 | 7,250,083 | 7,193,138 | 7,250,083 | ||||||||||||
Diluted
weighted average shares
|
7,077,249 | 8,128,641 | 7,213,744 | 8,236,597 | ||||||||||||
Basic
net income per share
|
$ | 0.03 | $ | 0.07 | $ | 0.19 | $ | 0.55 | ||||||||
Diluted
net income per share
|
$ | 0.03 | $ | 0.06 | $ | 0.19 | $ | 0.49 |
January
31, 2009
|
April
30, 2008
|
|||||||
Costs
incurred on uncompleted contracts
|
$ | 75,347,353 | $ | 66,331,553 | ||||
Estimated
contract profit
|
22,719,199 | 20,900,509 | ||||||
98,066,552 | 87,232,062 | |||||||
Less:
billings to date
|
96,859,744 | 86,947,332 | ||||||
Net
excess of costs
|
$ | 1,206,808 | $ | 284,730 | ||||
Costs
and estimated earnings in excess of billings
on
uncompleted contracts
|
$ | 4,572,978 | $ | 3,887,152 | ||||
Billings
in excess of costs and estimated earnings
|
||||||||
on
uncompleted contracts
|
(3,366,170 | ) | (3,602,422 | ) | ||||
Net
excess of costs
|
$ | 1,206,808 | $ | 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
|
- | $ | 0.00 | |||||||||||||
Forfeited/Expired
|
(86,594 | ) | $ | 10.32 | ||||||||||||
Outstanding,
January 31, 2009
|
177,398 | $ | 6.65 | 1.7 | $ | 0 | ||||||||||
Vested
and expected to vested, January 31, 2009
|
170,833 | $ | 6.68 | 1.6 | $ | 0 | ||||||||||
Exercisable,
January 31, 2009
|
134,232 | $ | 6.88 | 0.8 | $ | 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
|
- | $ | 0.00 | |||||||||||||
Exercised
|
- | $ | 0.00 | |||||||||||||
Forfeited/Expired
|
(38,824 | ) | $ | 6.16 | ||||||||||||
Outstanding,
January 31, 2009
|
288,902 | $ | 6.34 | 1.8 | $ | 0 | ||||||||||
Vested
and expected to vested, January 31, 2009
|
288,232 | $ | 6.33 | 1.8 | $ | 0 | ||||||||||
Exercisable,
January 31, 2009
|
282,442 | $ | 6.25 | 1.7 | $ | 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
|
105,000 | $ | 2.40 | |||||||||||||
Exercised
|
- | $ | 0.00 | |||||||||||||
Forfeited/Expired
|
(5,000 | ) | $ | 6.33 | ||||||||||||
Outstanding,
January 31, 2009
|
180,000 | $ | 4.04 | 4.4 | $ | 0 | ||||||||||
Vested
and expected to vested, January 31, 2009
|
151,898 | $ | 3.92 | 4.5 | $ | 0 | ||||||||||
Exercisable,
January 31, 2009
|
- | $ | 0.00 | 0.0 | $ | 0 |