10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0000889348-12-000013`
Period End Date	20120331
Filing Date	20120509
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	cvu-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 21

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per value)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$878.20K	USD	Point-in-time
Cash	`Cash`	$530.58K	USD	Point-in-time
Cash	`Cash`	$285.19K	USD	Point-in-time
Cash	`Cash`	$823.38K	USD	Point-in-time
Common stock, par value (in dollars per value)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.21M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.29M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.08M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.01M	shares	Point-in-time
Contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$82.58M	USD	Point-in-time
Contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$79.01M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.95M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.01M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	133,257.00	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$257.00K	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$257.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$450.45K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$662.33K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$92.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$85.09M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.63M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.99M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.16M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.08K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$112.08K	USD	Point-in-time
Total Assets	`Assets`	$96.28M	USD	Point-in-time
Total Assets	`Assets`	$88.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$994.40K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$211.37K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.69M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$887.38K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$17.60M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$16.10M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.80M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.63M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$125.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$125.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$33.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.91M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$4.35M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$889.24K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$660.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$660.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$457.64K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$518.60K	USD	Point-in-time
Total Liabilities	`Liabilities`	$34.91M	USD	Point-in-time
Total Liabilities	`Liabilities`	$39.51M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, issued 7,007,719 and 7,079,638 shares, respectively, and outstanding 7,007,719 and 6,946,381 shares, respectively	`CommonStockValueOutstanding`	$7.08K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, issued 7,007,719 and 7,079,638 shares, respectively, and outstanding 7,007,719 and 6,946,381 shares, respectively	`CommonStockValueOutstanding`	$7.01K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$35.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$35.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.83M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.75M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.05K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-21.77K	USD	Point-in-time
Treasury stock, 0 and 133,257 shares, respectively (at cost)	`TreasuryStockValue`	$1.14M	USD	Point-in-time
Treasury stock, 0 and 133,257 shares, respectively (at cost)	`TreasuryStockValue`	-	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$56.77M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$54.03M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$96.28M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$88.94M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$19.72M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$16.01M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$14.76M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$12.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.85M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.10M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.80M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.86M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.05M	USD	1 Quarter
Interest expense	`InterestExpense`	$37.63K	USD	1 Quarter
Interest expense	`InterestExpense`	$149.19K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.01M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.71M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$644.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$791.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.37M	USD	1 Quarter
Change in unrealized loss - interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-25.28K	USD	1 Quarter
Change in unrealized loss - interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$7.74K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.38M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.89M	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.80M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.95M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.19M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.23M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$97.72K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$145.13K	USD	1 Quarter
Deferred rent	`DeferredRent`	$-22.68K	USD	1 Quarter
Deferred rent	`DeferredRent`	$4.47K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$382.66K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$286.81K	USD	1 Quarter
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.00K	USD	1 Quarter
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-37.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.92M	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.44M	USD	1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$3.57M	USD	1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$8.13M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-90.38K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-215.87K	USD	1 Quarter
(Decrease) increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-831.41K	USD	1 Quarter
(Decrease) increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.22M	USD	1 Quarter
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$466.00K	USD	1 Quarter
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-172.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.85M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.17M	USD	1 Quarter
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$205.93K	USD	1 Quarter
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$505.81K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$180.45K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$230.83K	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfDebt`	$4.50M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$2.90M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$1.50M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$241.01K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$119.25K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.01M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.84M	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-538.19K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-347.62K	USD	1 Quarter
Cash at beginning of period	`Cash`	$878.20K	USD	Point-in-time
Cash at beginning of period	`Cash`	$530.58K	USD	Point-in-time
Cash at beginning of period	`Cash`	$285.19K	USD	Point-in-time
Cash at beginning of period	`Cash`	$823.38K	USD	Point-in-time
Cash at end of period	`Cash`	$878.20K	USD	Point-in-time
Cash at end of period	`Cash`	$530.58K	USD	Point-in-time
Cash at end of period	`Cash`	$285.19K	USD	Point-in-time
Cash at end of period	`Cash`	$823.38K	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$-185.72K	USD	1 Quarter
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter
Accrued expenses settled in exchange for common stock	`StockIssued1`	$-228.29K	USD	1 Quarter
Accrued expenses settled in exchange for common stock	`StockIssued1`	-	USD	1 Quarter
Interest	`InterestPaid`	$-272.11K	USD	1 Quarter
Interest	`InterestPaid`	$-40.59K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$-1.00M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$-180.00K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$56.77M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$46.45M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$54.03M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$44.67M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$1.92M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$1.37M	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-25.28K	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$7.74K	USD	1 Quarter
Common stock issued in share offering	`StockIssuedDuringPeriodValueNewIssues`	$241.01K	USD	1 Quarter
Common stock issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$278.25K	USD	1 Quarter
Common stock issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$228.29K	USD	1 Quarter
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	-	USD	1 Quarter
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	-	USD	1 Quarter
Stock compensation expense	`AllocatedShareBasedCompensationExpense`	$286.81K	USD	1 Quarter
Stock compensation expense	`AllocatedShareBasedCompensationExpense`	$382.66K	USD	1 Quarter
Treasury stock acquired	`TreasuryStockValueAcquiredCostMethod`	$-159.00K	USD	1 Quarter
Treasury stock retired	`TreasuryStockRetiredCostMethodAmount`	-	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$56.77M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$46.45M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$54.03M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$44.67M	USD	Point-in-time

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