Assets

Current assets:

Cash and cash equivalents

$

28,559,776

Accounts receivable - net

34,286,988

Costs and estimated earnings in excess of billings

4,543,644

Prepaid expenses and other current assets

976,618

Inventory

624,685

Service work in progress

1,314,693

Total current assets

70,306,404

Long-term assets:

Cash surrender value of life insurance

19,600

Property and equipment - net

10,039,200

Total long-term assets

10,058,800

Total assets

$

80,365,204

Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt

$

2,921,570

Accounts payable

10,553,645

Accrued liabilities

4,321,768

Accrued compensation

5,804,270

Billings in excess of costs and estimated earnings

12,240,632

Total current liabilities

35,841,885

Long-term liabilities:

Deferred compensation

2,076,398

Long-term debt - less current portion

4,825,833

Total long-term liabilities

6,902,231

Total liabilities

42,744,116

Stockholders’ equity

37,621,088

$

80,365,204

Revenue

$

92,313,724

Cost of Revenue

67,330,816

Gross profit

24,982,908

Operating expenses

17,615,049

Income from operations

7,367,859

Other income (expense):

Interest income

167,251

Other income

9,440

Interest expense

(181,354

)

Gain on sale of equipment

52,192

Total other expense

47,529

Net income

$

7,415,388

Accumulated

Additional

Other

Total

Common Stock

Paid-In

Retained

Comprehensive

Stockholders’

Shares

Amount

Capital

Earnings

Loss

Equity

Balance, December 31, 2009

115,903

$

115,903

$

15,992,217

$

17,773,317

$

(14,961

)

$

33,866,476

Net income

—

—

—

7,415,388

—

7,415,388

Dividends paid

—

—

—

(3,675,737

)

—

(3,675,737

)

Other comprehensive loss:

Change in unrealized loss on interest rate swap

—

—

—

—

14,961

14,961

Balance, June 30, 2010

115,903

$

115,903

$

15,992,217

$

21,512,968

$

—

$

37,621,088

Common stock authorized

150,000

Cash flows from operating activities:

Net income

$

7,415,388

Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization

1,482,957

Gain on sale of equipment

(52,192

)

Increase in cash surrender value of life insurance

(19,600

)

Changes in operating assets and liabilities:

Accounts receivable - net

290,819

Costs and estimated earnings in excess of billings

319,952

Prepaid expenses and other current assets

40,236

Inventory

132,874

Service work in progress

(927,569

)

Accounts payable

141,164

Accrued liabilities

(190,670

)

Accrued compensation

(2,753,006

)

Billings in excess of costs and estimated earnings

(646,972

)

Net cash provided by operating activities

5,233,381

Cash flows from investing activities:

Purchases of property and equipment

(1,239,762

)

Proceeds from sale of property and equipment

109,817

Net cash used in investing activities

(1,129,945

)

Cash flows from financing activities:

Payments on debt

(1,255,556

)

Proceeds from borrowings of long-term debt

940,707

Dividends paid

(3,675,737

)

Net cash used in financing activities

(3,990,586

)

Net increase in cash

112,850

Cash and cash equivalents, beginning of period

28,446,926

Cash and cash equivalents, end of period

$

28,559,776

Supplemental disclosure of cash flow information:

Cash paid for interest

$

138,642