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, 2009 (unaudited) and April 30,
2009
|
3-4
|
|
Condensed
consolidated statements of income for the three and six months ended
October 31, 2009 and 2008 (unaudited)
|
5
|
||
Condensed
consolidated statement of equity for the six months ended October 31, 2009
(unaudited)
|
6
|
||
Condensed
consolidated statements of cash flows for the six months ended October 31,
2009 and 2008 (unaudited)
|
7-8
|
||
Notes
to unaudited condensed consolidated financial statements
|
9-21
|
||
ITEM
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
22-35
|
|
ITEM
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
36
|
|
ITEM
4T.
|
Controls
and Procedures
|
37
|
|
PART II. OTHER INFORMATION | |||
ITEM
1
|
Legal
proceedings
|
38
|
|
ITEM
1A
|
Risk
factors
|
38
|
|
ITEM
2
|
Unregistered
sales of equity securities and use of proceeds
|
38
|
|
ITEM
3
|
Defaults
upon senior securities
|
38
|
|
ITEM
4
|
Submission
of matters to a vote of security holders
|
38
|
|
ITEM
5
|
Other
information
|
38
|
|
ITEM
6
|
Exhibits
|
38
|
|
SIGNATURES
|
39
|
October
31,
|
April
30,
|
|||||||
ASSETS
|
2009
|
2009
|
||||||
(Unaudited)
|
Note
1
|
|||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 8,511,319 | $ | 6,396,810 | ||||
Accounts
receivable, net of allowance of $105,889 and $155,458 at October 31, 2009
and April 30, 2009, respectively
|
24,728,415 | 25,662,784 | ||||||
Costs
and estimated earnings in excess of billings on uncompleted
contracts
|
4,034,783 | 5,229,043 | ||||||
Inventory
|
3,093,949 | 2,481,383 | ||||||
Prepaid
expenses and other current assets
|
2,344,190 | 1,674,952 | ||||||
Prepaid
income taxes
|
- | 295,683 | ||||||
Deferred
tax assets
|
268,922 | 70,413 | ||||||
Total
current assets
|
42,981,578 | 41,811,068 | ||||||
PROPERTY
AND EQUIPMENT, net
|
6,498,162 | 6,668,032 | ||||||
OTHER
INTANGIBLE ASSETS, net
|
1,823,932 | 1,983,879 | ||||||
GOODWILL
|
33,094,959 | 32,549,186 | ||||||
OTHER
ASSETS
|
132,204 | 132,948 | ||||||
Total
assets
|
$ | 84,530,835 | $ | 83,145,113 |
LIABILITIES
AND EQUITY
|
October
31,
|
April
30,
|
||||||
2009
|
2009
|
|||||||
(Unaudited)
|
Note
1
|
|||||||
CURRENT
LIABILITIES:
|
||||||||
Current
portion of loans payable
|
$ | 54,662 | $ | 89,210 | ||||
Borrowings
under line of credit
|
5,626,056 | 5,626,056 | ||||||
Current
portion of capital lease obligations
|
93,298 | 96,001 | ||||||
Accounts
payable and accrued expenses
|
8,894,587 | 8,997,296 | ||||||
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
2,164,517 | 2,511,220 | ||||||
Deferred
revenue
|
640,156 | 507,650 | ||||||
Due
to shareholders
|
2,988,674 | 2,951,008 | ||||||
Income
taxes payable
|
190,423 | - | ||||||
Total
current liabilities
|
20,652,373 | 20,778,441 | ||||||
Loans
payable, net of current portion
|
51,511 | 71,634 | ||||||
Capital
lease obligations, net of current portion
|
106,786 | 151,425 | ||||||
Deferred
tax liabilities
|
1,565,866 | 1,467,971 | ||||||
Total
liabilities
|
22,376,536 | 22,469,471 | ||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
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 shares
issued and outstanding at October 31, 2009 and April 30, 2009,
respectively
|
694 | 694 | ||||||
Additional
paid-in capital
|
50,246,439 | 50,175,479 | ||||||
Retained
earnings
|
10,152,893 | 9,381,189 | ||||||
Accumulated
other comprehensive income (loss) on foreign currency
translation
|
488,933 | (321,798 | ) | |||||
Total
WPCS shareholders' equity
|
60,888,959 | 59,235,564 | ||||||
Noncontrolling
interest
|
1,265,340 | 1,440,078 | ||||||
Total
equity
|
62,154,299 | 60,675,642 | ||||||
Total
liabilities and equity
|
$ | 84,530,835 | $ | 83,145,113 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUE
|
$ | 24,301,560 | $ | 28,767,681 | $ | 49,585,343 | $ | 57,035,212 | ||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Cost
of revenue
|
16,752,484 | 21,421,304 | 34,910,296 | 41,606,178 | ||||||||||||
Selling,
general and administrative expenses
|
6,286,661 | 5,945,671 | 12,140,145 | 11,883,160 | ||||||||||||
Depreciation
and amortization
|
658,199 | 651,039 | 1,308,143 | 1,340,181 | ||||||||||||
Total
costs and expenses
|
23,697,344 | 28,018,014 | 48,358,584 | 54,829,519 | ||||||||||||
OPERATING
INCOME
|
604,216 | 749,667 | 1,226,759 | 2,205,693 | ||||||||||||
OTHER
EXPENSE (INCOME):
|
||||||||||||||||
Interest
expense
|
78,277 | 136,681 | 140,637 | 248,284 | ||||||||||||
Interest
income
|
(1,612 | ) | (22,073 | ) | (3,531 | ) | (48,112 | ) | ||||||||
INCOME
BEFORE INCOME TAX PROVISION
|
527,551 | 635,059 | 1,089,653 | 2,005,521 | ||||||||||||
Income
tax provision
|
254,605 | 253,299 | 492,687 | 744,204 | ||||||||||||
NET
INCOME
|
272,946 | 381,760 | 596,966 | 1,261,317 | ||||||||||||
Less:
Net (loss) income attributable to noncontrolling interest
|
(63,841 | ) | 19,950 | (174,738 | ) | 61,196 | ||||||||||
NET
INCOME ATTRIBUTABLE TO WPCS
|
$ | 336,787 | $ | 361,810 | $ | 771,704 | $ | 1,200,121 | ||||||||
Basic
net income per common share attributable to WPCS
|
$ | 0.05 | $ | 0.05 | $ | 0.11 | $ | 0.17 | ||||||||
Diluted
net income per common share attributable to WPCS
|
$ | 0.05 | $ | 0.05 | $ | 0.11 | $ | 0.17 | ||||||||
Basic
weighted average number of common shares outstanding
|
6,942,266 | 7,251,083 | 6,942,266 | 7,251,083 | ||||||||||||
Diluted
weighted average number of common shares outstanding
|
6,976,256 | 7,262,419 | 6,968,524 | 7,259,353 |
Accumulated
|
||||||||||||||||||||||||||||||||||||
Other
Compre-
|
||||||||||||||||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
Additional
Paid-In
|
Retained
|
hensive
Income
|
Noncontrolling
|
Total
|
||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Earnings
|
(Loss)
|
Interest
|
Equity
|
||||||||||||||||||||||||||||
BALANCE,
MAY 1, 2009
|
- | $ | - | 6,942,266 | $ | 694 | $ | 50,175,479 | $ | 9,381,189 | $ | (321,798 | ) | $ | 1,440,078 | $ | 60,675,642 | |||||||||||||||||||
Fair
value of stock options granted to employees
|
- | - | - | - | 70,960 | - | - | - | 70,960 | |||||||||||||||||||||||||||
Accumulated
other comprehensive income
|
- | - | - | - | - | - | 810,731 | - | 810,731 | |||||||||||||||||||||||||||
Net
loss attributable to noncontrolling interest
|
- | - | - | - | - | - | - | (174,738 | ) | (174,738 | ) | |||||||||||||||||||||||||
Net
income attributable to WPCS
|
- | - | - | - | - | 771,704 | - | - | 771,704 | |||||||||||||||||||||||||||
BALANCE,
OCTOBER 31, 2009
|
- | $ | - | 6,942,266 | $ | 694 | $ | 50,246,439 | $ | 10,152,893 | $ | 488,933 | $ | 1,265,340 | $ | 62,154,299 |
Six
Months Ended
|
||||||||
October
31,
|
||||||||
2009
|
2008
|
|||||||
OPERATING
ACTIVITIES :
|
||||||||
Net
income
|
$ | 596,966 | $ | 1,261,317 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
1,308,143 | 1,340,181 | ||||||
Fair
value of stock options granted to employees
|
70,960 | 56,339 | ||||||
Provision
for doubtful accounts
|
46,826 | 52,932 | ||||||
Amortization
of debt issuance costs
|
21,326 | 5,161 | ||||||
Loss
(gain) on sale of fixed assets
|
12,117 | (3,822 | ) | |||||
Deferred
income taxes
|
(110,186 | ) | (87,146 | ) | ||||
Changes
in operating assets and liabilities, net of effects of
acquisitions:
|
||||||||
Accounts
receivable
|
1,088,550 | 2,299,194 | ||||||
Costs
and estimated earnings in excess of billings on uncompleted
contracts
|
1,230,573 | (1,004,154 | ) | |||||
Inventory
|
(602,546 | ) | (475,630 | ) | ||||
Prepaid
expenses and other current assets
|
(803,592 | ) | (454,208 | ) | ||||
Other
assets
|
6,080 | 471,681 | ||||||
Accounts
payable and accrued expenses
|
(118,385 | ) | 1,511,588 | |||||
Billings
in excess of costs and estimated earnings on uncompleted
contracts
|
(354,528 | ) | 2,488,644 | |||||
Deferred
revenue
|
132,507 | 205,653 | ||||||
Income
taxes payable
|
490,496 | 350,351 | ||||||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
3,015,307 | 8,018,081 |
INVESTING
ACTIVITIES:
|
||||||||
Acquisition
of property and equipment, net
|
(804,384 | ) | (714,151 | ) | ||||
Acquisition
of Trenton Operations, net of cash received
|
- | (2,500,000 | ) | |||||
Acquisition
of Seattle Operations, net of cash received
|
119,092 | - | ||||||
Acquisition
of Max Engineering and Lincoln Wind, net of cash received
|
- | (707,645 | ) | |||||
Acquisition
of Sacramento Operations, net of cash received
|
- | (7,521 | ) | |||||
Acquisition
of Brisbane Operations, net of cash received
|
- | (287,735 | ) | |||||
Acquisition
of Brendale Operations, net of cash received
|
(1,750 | ) | (24,516 | ) | ||||
Acquisition
of Portland Operations, net of cash received
|
(104,154 | ) | - | |||||
NET
CASH USED IN INVESTING ACTIVITIES
|
(791,196 | ) | (4,241,568 | ) | ||||
FINANCING
ACTIVITIES:
|
||||||||
Equity
issuance costs
|
- | (5,000 | ) | |||||
Borrowings
under lines of credit
|
- | 2,500,000 | ||||||
Repayments
under loans payable, net
|
(54,671 | ) | (1,217,195 | ) | ||||
Borrowings
of amounts due to shareholders
|
- | 827,678 | ||||||
Repayments
of capital lease obligations
|
(47,342 | ) | (25,887 | ) | ||||
NET
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
(102,013 | ) | 2,079,596 | |||||
Effect
of exchange rate changes on cash
|
(7,589 | ) | (69,759 | ) | ||||
NET
INCREASE IN CASH AND CASH EQUIVALENTS
|
2,114,509 | 5,786,350 | ||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
6,396,810 | 7,449,530 | ||||||
CASH
AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 8,511,319 | $ | 13,235,880 |
Wireless
|
Specialty
|
Electrical
|
||||||||||||||
Communication
|
Construction
|
Power
|
Total
|
|||||||||||||
Beginning
balance, May 1, 2009
|
$ | 10,921,998 | $ | 5,956,201 | $ | 15,670,987 | $ | 32,549,186 | ||||||||
Reclass:
segment reorganization
|
- | (1,824,249 | ) | 1,824,249 | - | |||||||||||
Brendale
Operations acquisition
|
- | - | 1,750 | 1,750 | ||||||||||||
Portland
Operations acquisition
|
- | - | 92,154 | 92,154 | ||||||||||||
Foreign
currency translation adjustments
|
- | 192,582 | 259,287 | 451,869 | ||||||||||||
Ending
balance, October 31, 2009
|
$ | 10,921,998 | $ | 4,324,534 | $ | 17,848,427 | $ | 33,094,959 |
Estimated
useful life
|
October
31,
|
April
30,
|
||||||||||
(years)
|
2009
|
2009
|
||||||||||
Customer
list
|
3-9 | $ | 3,983,493 | $ | 3,969,240 | |||||||
Less
accumulated amortization expense
|
(2,173,353 | ) | (2,084,302 | ) | ||||||||
$ | 1,810,140 | $ | 1,884,938 | |||||||||
Contract
backlog
|
1-3 | $ | 915,598 | $ | 893,009 | |||||||
Less
accumulated amortization expense
|
(901,806 | ) | (794,068 | ) | ||||||||
$ | 13,792 | $ | 98,941 |
Basic
earnings per share computation
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Numerator:
|
||||||||||||||||
Net
income attributable to WPCS
|
$ | 336,787 | $ | 361,810 | $ | 771,704 | $ | 1,200,121 | ||||||||
Denominator:
|
||||||||||||||||
Basic
weighted average shares outstanding
|
6,942,266 | 7,251,083 | 6,942,266 | 7,251,083 | ||||||||||||
Basic
net income per common share attributable to WPCS
|
$ | 0.05 | $ | 0.05 | $ | 0.11 | $ | 0.17 | ||||||||
Diluted earnings per share computation | ||||||||||||||||
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
|
2009 | 2008 | 2009 | 2008 | ||||||||||||
Numerator:
|
||||||||||||||||
Net
income attributable to WPCS
|
$ | 336,787 | $ | 361,810 | $ | 771,704 | $ | 1,200,121 | ||||||||
Denominator:
|
||||||||||||||||
Basic
weighted average shares outstanding
|
6,942,266 | 7,251,083 | 6,942,266 | 7,251,083 | ||||||||||||
Incremental
shares from assumed conversion:
|
||||||||||||||||
Conversion
of stock options
|
33,990 | 11,336 | 26,258 | 8,270 | ||||||||||||
Conversion
of common stock warrants
|
- | - | - | - | ||||||||||||
Diluted
weighted average shares
|
6,976,256 | 7,262,419 | 6,968,524 | 7,259,353 | ||||||||||||
Diluted
net income per common share attributable to WPCS
|
$ | 0.05 | $ | 0.05 | $ | 0.11 | $ | 0.17 |
October
31,
|
||||||||
2009
|
2008
|
|||||||
Balance,
beginning of period
|
$ | 1,440,078 | $ | 1,331,850 | ||||
Net
(loss) income attributable to noncontrolling interest
|
(174,738 | ) | 61,196 | |||||
Balance,
end of period
|
$ | 1,265,340 | $ | 1,393,046 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
income attributable to WPCS
|
$ | 336,787 | $ | 361,810 | $ | 771,704 | $ | 1,200,121 | ||||||||
Other
comprehensive income - foreign currency translation adjustments,
net
|
361,513 | (735,868 | ) | 810,731 | (662,137 | ) | ||||||||||
Comprehensive
income (loss) attributable to WPCS
|
$ | 698,300 | $ | (374,058 | ) | $ | 1,582,435 | $ | 537,984 |
Max Engineering LLC
|
Lincoln Wind LLC
|
Total
|
||||||||||
Assets
purchased:
|
||||||||||||
Cash
|
$ | 105,926 | $ | - | $ | 105,926 | ||||||
Accounts
receivable
|
256,829 | - | 256,829 | |||||||||
Costs
and estimate earnings in excess of billings
|
4,500 | - | 4,500 | |||||||||
Fixed
assets
|
21,890 | 139,970 | 161,860 | |||||||||
Other
assets
|
1,950 | - | 1,950 | |||||||||
Customer
lists
|
216,000 | 30,000 | 246,000 | |||||||||
Goodwill
|
591,588 | 252,389 | 843,977 | |||||||||
1,198,683 | 422,359 | 1,621,042 | ||||||||||
Liabilities
assumed:
|
||||||||||||
Accrued
expenses
|
(59,186 | ) | - | (59,186 | ) | |||||||
Payroll
and other payable
|
(19,318 | ) | - | (19,318 | ) | |||||||
Accrued
tax payable
|
(2,500 | ) | - | (2,500 | ) | |||||||
(81,004 | ) | - | (81,004 | ) | ||||||||
Purchase
price
|
$ | 1,117,679 | $ | 422,359 | $ | 1,540,038 |
Energize Electrical
|
BRT
|
Total
|
||||||||||
Assets
purchased:
|
||||||||||||
Cash
|
$ | 21,429 | $ | - | $ | 21,429 | ||||||
Accounts
receivable
|
189,197 | - | 189,197 | |||||||||
Inventory
|
55,084 | 4,328 | 59,412 | |||||||||
Costs
and estimated earnings in excess of billings
|
415 | 7,775 | 8,190 | |||||||||
Fixed
assets
|
106,165 | 37,820 | 143,985 | |||||||||
Deferred
tax assets
|
2,108 | - | 2,108 | |||||||||
Customer
lists
|
509,740 | - | 509,740 | |||||||||
Goodwill
|
1,176,582 | 122,480 | 1,299,062 | |||||||||
2,060,720 | 172,403 | 2,233,123 | ||||||||||
Liabilities
assumed:
|
||||||||||||
Accounts
payable
|
(69,562 | ) | - | (69,562 | ) | |||||||
Accrued
expenses
|
(7,444 | ) | - | (7,444 | ) | |||||||
Payroll
and other payable
|
(37,175 | ) | - | (37,175 | ) | |||||||
Sales
and use tax payable
|
(12,449 | ) | - | (12,449 | ) | |||||||
Income
tax payable
|
(91,412 | ) | - | (91,412 | ) | |||||||
Deferred
tax liabilities
|
(152,922 | ) | - | (152,922 | ) | |||||||
(370,964 | ) | - | (370,964 | ) | ||||||||
Purchase
price
|
$ | 1,689,756 | $ | 172,403 | $ | 1,862,159 |
Assets
purchased:
|
||||
Cash
|
$ | 93,247 | ||
Accounts
receivable
|
86,555 | |||
Inventory
|
64,165 | |||
Prepaid
expenses
|
13,469 | |||
Costs
and estimated earnings in excess of billings
|
10,182 | |||
Fixed
assets
|
205,615 | |||
Customer
lists
|
12,000 | |||
Goodwill
|
110,042 | |||
595,275 | ||||
Liabilities
assumed:
|
||||
Accounts
payable
|
(30,842 | ) | ||
Accrued
expenses
|
(2,189 | ) | ||
Payroll
and other payable
|
(23,292 | ) | ||
Billings
in excess of costs and estimated earnings
|
(3,249 | ) | ||
Capital
lease obligation
|
(4,933 | ) | ||
(64,505 | ) | |||
Purchase
price
|
$ | 530,770 |
Consolidated
Pro Forma
|
||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||
October
31,
|
October
31,
|
|||||||
2008
|
2008 | |||||||
Revenue
|
$ | 29,237,350 | $ | 58,189,560 | ||||
Net
income attributable to WPCS
|
$ | 377,410 | $ | 1,109,648 | ||||
Basic
weighted average shares
|
7,251,083 | 7,251,083 | ||||||
Diluted
weighted average shares
|
7,262,419 | 7,259,353 | ||||||
Basic
net income per share attributable to WPCS
|
$ | 0.05 | $ | 0.15 | ||||
Diluted
net income per share attributable to WPCS
|
$ | 0.05 | $ | 0.15 |
October
31, 2009
|
April
30, 2009
|
|||||||
Costs
incurred on uncompleted contracts
|
$ | 68,354,964 | $ | 66,056,622 | ||||
Estimated
contract profit
|
22,550,910 | 21,903,172 | ||||||
|
90,905,874 | 87,959,794 | ||||||
Less:
billings to date
|
89,035,608 | 85,241,971 | ||||||
Net
excess of costs
|
$ | 1,870,266 | $ | 2,717,823 | ||||
Costs
and estimated earnings in excess of billings
on
uncompleted contracts
|
$ | 4,034,783 | $ | 5,229,043 | ||||
Billings
in excess of costs and estimated earnings
|
||||||||
on
uncompleted contracts
|
(2,164,517 | ) | (2,511,220 | ) | ||||
Net
excess of costs
|
$ | 1,870,266 | $ | 2,717,823 |
2002
Plan
|
||||||||||||||||
Number
of Shares
|
Weighted-average
Exercise Price
|
Weighted-
average Remaining Contractual Term
|
Aggregate Intrinsic
Value
|
|||||||||||||
Outstanding,
May 1, 2009
|
161,350 | $ | 6.28 | |||||||||||||
Granted
|
8,000 | $ | 3.24 | |||||||||||||
Exercised
|
- | $ | 0.00 | |||||||||||||
Forfeited/Expired
|
(84,594 | ) | $ | 6.62 | ||||||||||||
Outstanding,
October 31, 2009
|
84,756 | $ | 5.66 | 1.2 | $ | 5,785 | ||||||||||
Vested
and expected to vest, October 31, 2009
|
80,936 | $ | 5.69 | 2.2 | $ | 5,611 | ||||||||||
Exercisable,
October 31, 2009
|
54,277 | $ | 5.96 | 1.4 | $ | 2,893 |
2006
Plan
|
||||||||||||||||
Number
of Shares
|
Weighted-average
Exercise Price
|
Weighted-average
Remaining Contractual Term
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding,
May 1, 2009
|
288,602 | $ | 6.34 | |||||||||||||
Granted
|
- | $ | 0.00 | |||||||||||||
Exercised
|
- | $ | 0.00 | |||||||||||||
Forfeited/Expired
|
(500 | ) | $ | 7.04 | ||||||||||||
Outstanding,
October 31, 2009
|
288,102 | $ | 6.34 | 1.0 | $ | 0 | ||||||||||
Vested
and expected to vest, October 31, 2009
|
287,952 | $ | 6.33 | 1.0 | $ | 0 | ||||||||||
Exercisable,
October 31, 2009
|
285,602 | $ | 6.29 | 1.0 | $ | 0 |
2007
Plan
|
||||||||||||||||
Number
of Shares
|
Weighted-average
Exercise Price
|
Weighted-average
Remaining Contractual Term
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding,
May 1, 2009
|
180,000 | $ | 4.04 | |||||||||||||
Granted
|
75,000 | $ | 3.14 | |||||||||||||
Exercised
|
- | $ | 0.00 | |||||||||||||
Forfeited/Expired
|
- | $ | 0.00 | |||||||||||||
Outstanding,
October 31, 2009
|
255,000 | $ | 3.77 | 4.1 | $ | 64,750 | ||||||||||
Vested
and expected to vest, October 31, 2009
|
229,314 | $ | 3.72 | 4.1 | $ | 62,718 | ||||||||||
Exercisable,
October 31, 2009
|
66,250 | $ | 3.49 | 3.8 | $ | 30,875 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
October
31,
|
October
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Risk-free
interest rate
|
1.47 - 1.61 | % | 1.87 - 2.84 | % | 1.47 - 1.61 | % | 1.87 - 2.84 | % | ||||||||
Expected
volatility
|
59.9 | % | 50.8 - 53.3 | % | 59.9 | % | 50.8 - 53.3 | % | ||||||||
Expected
dividend yield
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||
Expected
term ( in years)
|
3.5 | 3.25-3.5 | 3.5 | 3.25-3.5 |
For
the Three Months Ended October 31, 2009
|
For
the Three Months Ended October 31, 2008
|
|||||||||||||||||||||||||||||||||||||||
Corporate
|
Wireless Communications
|
Specialty Construction
|
Electrical Power
|
Total
|
Corporate
|
Wireless Communications
|
Specialty Construction
|
Electrical Power
|
Total
|
|||||||||||||||||||||||||||||||
Revenue
|
$ | - | $ | 7,550,753 | $ | 1,765,705 | $ | 14,985,102 | $ | 24,301,560 | $ | - | $ | 9,066,766 | $ | 3,169,857 | $ | 16,531,058 | $ | 28,767,681 | ||||||||||||||||||||
Depreciation
and amortization
|
$ | 17,494 | $ | 188,386 | $ | 194,886 | $ | 257,433 | $ | 658,199 | $ | 8,664 | $ | 177,006 | $ | 223,383 | $ | 241,986 | $ | 651,039 | ||||||||||||||||||||
Income
(loss) before income taxes
|
$ | (1,261,806 | ) | $ | 252,318 | $ | (292,098 | ) | $ | 1,829,137 | $ | 527,551 | $ | (975,785 | ) | $ | 598,688 | $ | 143,148 | $ | 869,008 | $ | 635,059 | |||||||||||||||||
As
of and for the Six Months Ended October 31, 2009
|
As
of and for the Six Months Ended October 31, 2008
|
|||||||||||||||||||||||||||||||||||||||
Corporate
|
Wireless Communications
|