10-Q Filing

LIMBACH HOLDINGS, INC. CIK: 1606163 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-043252`
Period End Date	20170630
Filing Date	20170814
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	lmbh-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 38 Cash Flow Statement 42 Stockholders Equity 8

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.60M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$685.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$113.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$113.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	7.45M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$102.51M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	7.45M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$113.97M	USD	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
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	7.45M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$30.12M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.94M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$155.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$137.37M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $5.9 million and $2.6 million at June 30, 2017 and December 31, 2016, respectively	`PropertyPlantAndEquipmentNet`	$17.44M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $5.9 million and $2.6 million at June 30, 2017 and December 31, 2016, respectively	`PropertyPlantAndEquipmentNet`	$18.54M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$15.78M	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`	$4.95M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$4.27M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$588.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$527.00K	USD	Point-in-time
Total assets	`Assets`	$186.55M	USD	Point-in-time
Total assets	`Assets`	$206.88M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.48M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.39M	USD	Point-in-time
Accounts payable, including retainage	`AccountsPayableCurrent`	$45.83M	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`	$30.20M	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`	$26.03M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$28.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$110.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$126.73M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$18.11M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$21.51M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$914.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$817.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$149.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$129.27M	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 June 30, 2017 and December 31, 2016, respectively ($10,780 and $10,365 redemption value at June 30, 2017 and December 31, 2016, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$10.86M	USD	Point-in-time
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, 400,000 issued and outstanding at June 30, 2017 and December 31, 2016, respectively ($10,780 and $10,365 redemption value at June 30, 2017 and December 31, 2016, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$10.37M	USD	Point-in-time
Common stock, $.0001 par value; 100,000,000 shares authorized, 7,454,602 issued and outstanding at June 30, 2017 and 7,454,491 at December 31, 2016	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $.0001 par value; 100,000,000 shares authorized, 7,454,602 issued and outstanding at June 30, 2017 and 7,454,491 at December 31, 2016	`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`	$-7.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.74M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$47.45M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$46.42M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$206.88M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$186.55M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$233.03M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$117.84M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$203.72M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$102.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.54M	USD	1 Quarter
Gross profit	`GrossProfit`	$29.31M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$27.35M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.79M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.02M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.02M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$29.38M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$13.80M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$1.74M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-71.00K	USD	2 Qtrs
Interest income (expense), net	`InterestIncomeExpenseNet`	$-563.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-1.02M	USD	2 Qtrs
Loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-136.00K	USD	2 Qtrs
Loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-99.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-662.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-1.15M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.22M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.07M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$404.00K	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-679.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$669.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-545.00K	USD	2 Qtrs
Dividends on cumulative redeemable convertible preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$482.00K	USD	2 Qtrs
Dividends on cumulative redeemable convertible preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$244.00K	USD	1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.03M	USD	2 Qtrs
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$425.00K	USD	1 Quarter
Net earnings (loss) attributable to Limbach common stockholders	`EarningsPerShareBasic`	$-0.14	USD	2 Qtrs
Net earnings (loss) attributable to Limbach common stockholders	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Net earnings (loss) attributable to Limbach common stockholders	`EarningsPerShareDiluted`	$-0.14	USD	2 Qtrs
Net earnings (loss) attributable to Limbach common stockholders	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.45B	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.45B	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.45B	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.80B	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Dividends, Preferred Stock	`DividendsPreferredStock`	$482.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$669.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-545.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.36M	USD	2 Qtrs
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$245.00K	USD	2 Qtrs
Capitalized deferred interest on subordinated debt	`InterestExpenseDebt`	-	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$90.00K	USD	2 Qtrs
Deferred tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-679.00K	USD	2 Qtrs
Accretion of preferred stock discount to redemption value	`PreferredStockAccretionOfRedemptionDiscount`	$4.00K	USD	2 Qtrs
(Gain) loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-136.00K	USD	2 Qtrs
(Gain) loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-99.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-11.22M	USD	2 Qtrs
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$-1.84M	USD	2 Qtrs
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$72.00K	USD	2 Qtrs
(Increase) decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	2 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.20M	USD	2 Qtrs
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-8.99M	USD	2 Qtrs
Increase (decrease) in accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$2.79M	USD	2 Qtrs
Increase (decrease) in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$97.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$294.00K	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$7.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.66M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.65M	USD	2 Qtrs
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Payments on revolving credit facility	`RepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Payments on Credit Agreement term loan	`RepaymentsOfOtherLongTermDebt`	$3.37M	USD	2 Qtrs
Proceeds from Credit Agreement revolver	`ProceedsFromCreditAgreementRevolver`	$44.55M	USD	2 Qtrs
Payments on Credit Agreement revolver	`PaymentsOnCreditAgreementRevolver`	$44.55M	USD	2 Qtrs
Payments on term loan	`RepaymentsOfMediumTermNotes`	$33.00K	USD	2 Qtrs
Payments on financed insurance premium	`PaymentsToAcquireLifeInsurancePolicies`	$1.16M	USD	2 Qtrs
Payments of distributions	`PaymentsOfDistributionsToAffiliates`	-	USD	2 Qtrs
Payments on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$804.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.37M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.72M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`Cash`	$685.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`Cash`	$7.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$685.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$7.41M	USD	Point-in-time
Property and equipment acquired financed with capital leases	`CapitalLeaseObligationsIncurred`	$718.00K	USD	2 Qtrs
Financed insurance premium	`InsurancePremiumFinancedPayable`	$2.13M	USD	2 Qtrs
Interest paid	`InterestPaid`	$927.00K	USD	2 Qtrs

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$47.45M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$46.42M	USD	Point-in-time
Dividends on redeemable convertible preferred stock	`DividendsPreferredStock`	$482.00K	USD	2 Qtrs
Exercise of warrants	`StockIssuedDuringPeriodValueWarrantsExercised`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$669.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-545.00K	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$47.45M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$46.42M	USD	Point-in-time

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