10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0000889348-13-000018`
Period End Date	20130331
Filing Date	20130510
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	cvu-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 58 Stockholders Equity 22

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$2.71M	USD	Point-in-time
Common stock, par value (in dollars per value)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per value)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$530.58K	USD	Point-in-time
Cash	`Cash`	$878.20K	USD	Point-in-time
Cash	`Cash`	$1.26M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.77M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.91M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$110.01M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$108.91M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.37M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.39M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$526.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.37M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.39M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$534.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$426.06K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$605.77K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$119.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$123.31M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.04M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.91M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.01M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.08K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.62M	USD	Point-in-time
Total Assets	`Assets`	$124.88M	USD	Point-in-time
Total Assets	`Assets`	$127.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$167.64K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$943.36K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCost`	$656.85K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCost`	$310.03K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.08M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.10M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$23.45M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$29.95M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$301.53K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$106.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$100.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$102.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.34M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.21M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.95M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$867.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$852.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$567.11K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$574.46K	USD	Point-in-time
Total Liabilities	`Liabilities`	$44.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$44.71M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, issued 8,391,954 and 8,371,439 shares, respectively, and outstanding 8,391,954 and 8,371,439 shares, respectively	`CommonStockValueOutstanding`	$8.37K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, issued 8,391,954 and 8,371,439 shares, respectively, and outstanding 8,391,954 and 8,371,439 shares, respectively	`CommonStockValueOutstanding`	$8.39K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$50.27M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$49.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$30.85M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-37.12K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-40.83K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$56.77M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$82.76M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$80.59M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$54.03M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.88M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$127.47M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$19.93M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$19.72M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$15.49M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$14.76M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.96M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.56M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.86M	USD	1 Quarter
Interest expense	`InterestExpense`	$141.37K	USD	1 Quarter
Interest expense	`InterestExpense`	$149.19K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.71M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.42M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$750.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$791.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.67M	USD	1 Quarter
interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-25.28K	USD	1 Quarter
interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.71K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.67M	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`	$0.20	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.38M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.95M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.45M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.23M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$163.51K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$145.13K	USD	1 Quarter
Deferred rent	`DeferredRent`	$22.68K	USD	1 Quarter
Deferred rent	`DeferredRent`	$13.65K	USD	1 Quarter
Stock compensation	`AllocatedShareBasedCompensationExpense`	$360.96K	USD	1 Quarter
Stock compensation	`AllocatedShareBasedCompensationExpense`	$382.66K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-16.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-37.00K	USD	1 Quarter
Tax benefit from stock option plans	`TaxBenefitFromStockOptionsExercised1`	$26.00K	USD	1 Quarter
Tax benefit from stock option plans	`TaxBenefitFromStockOptionsExercised1`	-	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.92M	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.62M	USD	1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$1.10M	USD	1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$3.48M	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$179.70K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-215.87K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-831.41K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.49M	USD	1 Quarter
Costs in Excess of Billings on Uncompleted Contracts or Programs	`AdjustmentsNoncashItemsIncreaseDecreaseInBillingsInExcessOfCostsAndEstimatedEarningsOnUncompletedContracts`	$-93.41K	USD	1 Quarter
Costs in Excess of Billings on Uncompleted Contracts or Programs	`AdjustmentsNoncashItemsIncreaseDecreaseInBillingsInExcessOfCostsAndEstimatedEarningsOnUncompletedContracts`	$-346.83K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-172.00K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$169.53K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.85M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.35M	USD	1 Quarter
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$294.63K	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`	$281.77K	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`	$6.50M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$1.50M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndWarrants`	$241.01K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndWarrants`	-	USD	1 Quarter
Tax benefit from stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Tax benefit from stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-26.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.19M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.01M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.45M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-347.62K	USD	1 Quarter
Cash at beginning of period	`Cash`	$2.71M	USD	Point-in-time
Cash at beginning of period	`Cash`	$530.58K	USD	Point-in-time
Cash at beginning of period	`Cash`	$878.20K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.26M	USD	Point-in-time
Cash at end of period	`Cash`	$2.71M	USD	Point-in-time
Cash at end of period	`Cash`	$530.58K	USD	Point-in-time
Cash at end of period	`Cash`	$878.20K	USD	Point-in-time
Cash at end of period	`Cash`	$1.26M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter
Common stock issued for bonuses	`StockIssuedDuringPeriodValueNewIssues`	$228.29K	USD	1 Quarter
Common stock issued for bonuses	`StockIssuedDuringPeriodValueNewIssues`	$152.07K	USD	1 Quarter
Interest	`InterestPaid`	$238.44K	USD	1 Quarter
Interest	`InterestPaid`	$272.11K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$500.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.00M	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$56.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$80.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.03M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$1.92M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$1.67M	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$3.71K	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-25.28K	USD	1 Quarter
Common stock issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$241.01K	USD	1 Quarter
Common stock issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	20,000.00	shares	1 Quarter
Tax benefit of stock option exercise	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Tax benefit of stock option exercise	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-26.00K	USD	1 Quarter
Common stock issued as bonus	`StockIssuedDuringPeriodValueNewIssues`	$228.29K	USD	1 Quarter
Common stock issued as bonus	`StockIssuedDuringPeriodValueNewIssues`	$152.07K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$360.96K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$382.66K	USD	1 Quarter
Treasury stock retired	`TreasuryStockValueAcquiredCostMethod`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$56.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$80.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.03M	USD	Point-in-time

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