10-Q Filing

LIMBACH HOLDINGS, INC. CIK: 1606163 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-027625`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	lmbh-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 19 Cash Flow Statement 38 Stockholders Equity 6

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.20M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.60M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.41M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$113.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$113.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$113.97M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	7.45M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$107.47M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	7.45M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$29.72M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	7.45M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$31.96M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	7.45M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.73M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$155.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$148.04M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $4.2 million and $2.6 million at March 31, 2017 and December 31, 2016, respectively	`PropertyPlantAndEquipmentNet`	$18.54M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $4.2 million and $2.6 million at March 31, 2017 and December 31, 2016, respectively	`PropertyPlantAndEquipmentNet`	$17.88M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.80M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$17.81M	USD	Point-in-time
Goodwill	`Goodwill`	$10.49M	USD	Point-in-time
Goodwill	`Goodwill`	$10.49M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$4.27M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$5.35M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$558.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$588.00K	USD	Point-in-time
Total assets	`Assets`	$206.88M	USD	Point-in-time
Total assets	`Assets`	$199.12M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.99M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.48M	USD	Point-in-time
Accounts payable, including retainage	`AccountsPayableCurrent`	$53.84M	USD	Point-in-time
Accounts payable, including retainage	`AccountsPayableCurrent`	$57.03M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$34.12M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$39.19M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$21.07M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$26.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$126.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$115.02M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$26.77M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$21.51M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$817.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$722.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$149.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$142.51M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	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 at March 31, 2017 and December 31, 2016, respectively ($10,569 and $10,365 redemption value at March 31, 2017 and December 31, 2016, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$10.37M	USD	Point-in-time
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, 400,000 issued and outstanding at March 31, 2017 and December 31, 2016, respectively ($10,569 and $10,365 redemption value at March 31, 2017 and December 31, 2016, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$10.61M	USD	Point-in-time
Common stock, $.0001 par value; 100,000,000 shares authorized, 7,454,491 issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $.0001 par value; 100,000,000 shares authorized, 7,454,491 issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$55.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$55.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.71M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$47.45M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$46.00M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$199.12M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$206.88M	USD	Point-in-time

Income Statement 19 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$115.19M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$101.42M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.77M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$14.57M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$15.57M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.81M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-454.00K	USD	1 Quarter
Gain (loss) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-37.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-491.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.30M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.08M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.21M	USD	1 Quarter
Dividends on cumulative redeemable convertible preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$238.00K	USD	1 Quarter
Net loss attributable to Limbach Holdings, Inc. common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.45M	USD	1 Quarter
Net loss attributable to Limbach common stockholders	`EarningsPerShareBasic`	$-0.19	USD	1 Quarter
Net loss attributable to Limbach common stockholders	`EarningsPerShareDiluted`	$-0.19	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.45M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.45M	shares	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Dividends, Preferred Stock	`DividendsPreferredStock`	$238.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.21M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.65M	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$266.00K	USD	1 Quarter
Capitalized deferred interest on subordinated debt	`InterestExpenseDebt`	-	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$45.00K	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.08M	USD	1 Quarter
Accretion of preferred stock discount to redemption value	`PreferredStockAccretionOfRedemptionDiscount`	$2.00K	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-37.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.23M	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$-2.24M	USD	1 Quarter
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$573.00K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.20M	USD	1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-5.08M	USD	1 Quarter
Increase (decrease) in accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-4.96M	USD	1 Quarter
Increase (decrease) in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-94.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-4.73M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$7.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$630.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-623.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Payments on revolving credit facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Payments on Credit Agreement term loan	`RepaymentsOfOtherLongTermDebt`	$750.00K	USD	1 Quarter
Proceeds from Credit Agreement revolver	`ProceedsFromCreditAgreementRevolver`	$13.03M	USD	1 Quarter
Payments on Credit Agreement revolver	`PaymentsOnCreditAgreementRevolver`	$7.03M	USD	1 Quarter
Payments on term loan	`RepaymentsOfMediumTermNotes`	$20.00K	USD	1 Quarter
Payments on insurance financed premium	`PaymentsToAcquireLifeInsurancePolicies`	$591.00K	USD	1 Quarter
Payments on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$404.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.24M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.11M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`Cash`	$7.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`Cash`	$6.29M	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$7.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$6.29M	USD	Point-in-time
Property and equipment acquired financed with capital leases	`CapitalLeaseObligationsIncurred`	$393.00K	USD	1 Quarter
Insurance financed premium	`InsurancePremiumFinancedPayable`	$2.13M	USD	1 Quarter
Interest paid	`InterestPaid`	$409.00K	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$47.45M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$46.00M	USD	Point-in-time
Dividends on redeemable convertible preferred stock	`DividendsPreferredStock`	$238.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.21M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$47.45M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$46.00M	USD	Point-in-time

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