10-Q/A Filing

LIMBACH HOLDINGS, INC. CIK: 1606163 Q3 2016

Filing Information

Form Type	10-Q/A
Accession Number	`0001144204-16-134630`
Period End Date	20160930
Filing Date	20161115
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	lmbh-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 35 Income Statement 23 Cash Flow Statement 47 Stockholders Equity 12

Balance Sheet 35 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$546.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$63.00K	USD	Point-in-time
Accounts receivable trade, net of allowance for doubtful accounts of $0.1 million as of September 30, 2016 and $0.1 million as of December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$122.31M	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$100.00K	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$28.61M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Advances to and equity in joint ventures, net	`DueFromJointVenturesCurrent`	$7.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.36M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	5.93M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$153.90M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	5.93M	shares	Point-in-time
Property and equipment net	`PropertyPlantAndEquipmentNet`	$19.14M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$19.56M	USD	Point-in-time
Goodwill	`Goodwill`	$11.86M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$619.00K	USD	Point-in-time
Total assets	`Assets`	$208.12M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.38M	USD	Point-in-time
Accounts payable, including retainage	`AccountsPayableCurrent`	$49.00M	USD	Point-in-time
Billing in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$43.41M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$20.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$117.36M	USD	Point-in-time
Long-term debt, net of current portion and debt issuance costs	`LongTermDebtNoncurrent`	$46.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$165.02M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, 400,000 issued and outstanding as of September 30, 2016 ($10,160 redemption value as of September 30, 2016)	`TemporaryEquityCarryingAmountAttributableToParent`	$10.11M	USD	Point-in-time
Members equity, 10,000,000 Class A units authorized, issued and outstanding as of December 31, 2015 (Predecessor)	`MembersEquity`	-	USD	Point-in-time
Common stock, par value $0.0001, 100,000,000 shares authorized; 5,927,818 issued and outstanding as of September 30, 2016 (Successor)	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$37.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.94M	USD	Point-in-time
Total stockholders equity/members equity	`StockholdersEquity`	$-80.00K	USD	Point-in-time
Total stockholders equity/members equity	`StockholdersEquity`	$32.99M	USD	Point-in-time
Total liabilities and stockholders equity and members equity	`LiabilitiesAndStockholdersEquity`	$208.12M	USD	Point-in-time

Income Statement 23 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$91.89M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$79.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.07M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$10.21M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	-	USD	Point-in-time
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.45M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.66M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$2.31M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-745.00K	USD	Point-in-time
Operating income (loss)	`OperatingIncomeLoss`	$410.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-853.00K	USD	1 Quarter
Gain (loss) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-21.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-874.00K	USD	1 Quarter
Net income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-464.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.28M	USD	1 Quarter
Net income (loss) and total comprehensive income (loss)	`NetIncomeLoss`	$1.81M	USD	1 Quarter
Dividends on cumulative redeemable convertible preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$160.00K	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.65M	USD	1 Quarter
Net income attributable to Limbach common stockholders	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Net income attributable to Limbach common stockholders	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.73M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	`NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1`	$51.00M	USD	Point-in-time
Noncash or Part Noncash Acquisition, Value of Assets Acquired	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	$39.10M	USD	Point-in-time
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued	`NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1`	2.20M	shares	Point-in-time
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued	`NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationWarrantsIssued1`	1.67M	shares	Point-in-time
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Fair Value Warrants Issued	`NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationFairValueWarrantsIssued`	$18.60M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.79M	USD	1 Quarter
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	100,000.00	shares	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$134.00K	USD	1 Quarter
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	`BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned`	$901.00K	USD	Point-in-time
Stock based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Capitalized deferred interest on subordinated debt	`InterestExpenseDebt`	$84.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$52.00K	USD	1 Quarter
Deferred tax provision	`DeferredIncomeTaxExpenseBenefit`	$-2.67M	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-21.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$42.85M	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$-10.83M	USD	1 Quarter
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$251.00K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-94.00K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.72M	USD	1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$12.86M	USD	1 Quarter
Increase (decrease) in accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-6.04M	USD	1 Quarter
Increase (decrease) in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$28.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-15.38M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$69.00K	USD	1 Quarter
Advances to joint ventures	`PaymentsToAcquireInterestInJointVenture`	$1.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$468.00K	USD	1 Quarter
Acquisition of Limbach Holdings, LLC, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$32.16M	USD	1 Quarter
Proceeds from trust account	`ProceedsFromTrustAccount`	$19.55M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-13.01M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$16.57M	USD	1 Quarter
Proceeds from term loan	`ProceedsFromIssuanceOfMediumTermNotes`	$24.00M	USD	1 Quarter
Proceeds from subordinated debt	`ProceedsFromIssuanceOfSubordinatedLongTermDebt`	$13.00M	USD	1 Quarter
Payments on revolving credit facility	`RepaymentsOfLinesOfCredit`	$8.30M	USD	1 Quarter
Payments on term loan	`RepaymentsOfMediumTermNotes`	$1.27M	USD	1 Quarter
Payments on subordinated debt facility	`MaturitiesOfSubordinatedDebt`	$23.60M	USD	1 Quarter
Payment on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$345.00K	USD	1 Quarter
Proceeds from issuance of redeemable convertible preferred stock	`ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock`	$9.95M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.31M	USD	1 Quarter
Distributions to members	`PaymentsOfDistributionsToAffiliates`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$28.68M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$286.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`Cash`	$546.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`Cash`	$238.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$546.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$238.00K	USD	Point-in-time
Property and equipment acquired financed with capital leases	`CapitalLeaseObligationsIncurred`	$467.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-80.00K	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$32.99M	USD	Point-in-time
Reclassify common shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$39.96M	USD	1 Quarter
Issuance of merger shares	`StockIssuedDuringPeriodValueAcquisitions`	$17.46M	USD	1 Quarter
Issuance of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.09M	USD	1 Quarter
Repurchase of shares from redeeming shareholders	`StockRepurchasedDuringPeriodValue`	$28.00M	USD	1 Quarter
Conversion of stock rights	`StockIssuedDuringPeriodValueConversionOfUnits`	-	USD	1 Quarter
Issuance of shares to underwriter	`StockIssuedDuringPeriodValueOther`	$901.00K	USD	1 Quarter
Dividends on redeemable convertible preferred stock	`DividendsPreferredStock`	$160.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.81M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-80.00K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$32.99M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.