10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000889348-14-000015`
Period End Date	20140331
Filing Date	20140509
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	cvu-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 20

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`	$2.17M	USD	Point-in-time
Cash	`Cash`	$1.26M	USD	Point-in-time
Cash	`Cash`	$2.71M	USD	Point-in-time
Common stock, par value (in dollars per value)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$973.52K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.39M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.11M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.41M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$119.21M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.46M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$112.60M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.46M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$417.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.41M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$417.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$737.87K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$609.27K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$129.44M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.85M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.73M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.13M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.08K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.08K	USD	Point-in-time
Total Assets	`Assets`	$124.27M	USD	Point-in-time
Total Assets	`Assets`	$133.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$654.87K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$499.17K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCost`	$276.17K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCost`	$179.70K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$993.14K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.02M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$21.35M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$28.85M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$736.54K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$512.70K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$89.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$89.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.86M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.95M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.20M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$788.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$788.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$592.31K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$593.21K	USD	Point-in-time
Total Liabilities	`Liabilities`	$35.32M	USD	Point-in-time
Total Liabilities	`Liabilities`	$42.19M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,460,785 and 8,410,493 shares, respectively, issued and outstanding	`CommonStockValueOutstanding`	$8.46K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,460,785 and 8,410,493 shares, respectively, issued and outstanding	`CommonStockValueOutstanding`	$8.41K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$50.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$50.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$40.31M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$38.58M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.94K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-21.11K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$82.76M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$88.95M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$80.59M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$91.12M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.27M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$133.31M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$21.88M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$19.93M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$17.39M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$15.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.44M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.84M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.56M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.65M	USD	1 Quarter
Interest expense	`InterestExpense`	$141.37K	USD	1 Quarter
Interest expense	`InterestExpense`	$143.60K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.51M	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`	$780.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.67M	USD	1 Quarter
Change in unrealized loss- interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.71K	USD	1 Quarter
Change in unrealized loss- interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.18K	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.67M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.73M	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.21	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`	$0.20	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.53M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.45M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$163.51K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$175.04K	USD	1 Quarter
Deferred rent	`DeferredRent`	$4.27K	USD	1 Quarter
Deferred rent	`DeferredRent`	$13.65K	USD	1 Quarter
Stock compensation	`AllocatedShareBasedCompensationExpense`	$102.81K	USD	1 Quarter
Stock compensation	`AllocatedShareBasedCompensationExpense`	$360.96K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-16.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$108.00K	USD	1 Quarter
Tax benefit (provision) from stock option plans	`TaxBenefitFromStockOptionsExercised1`	$26.00K	USD	1 Quarter
Tax benefit (provision) from stock option plans	`TaxBenefitFromStockOptionsExercised1`	$-52.00K	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.62M	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.72M	USD	1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$6.61M	USD	1 Quarter
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$1.10M	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$179.70K	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$128.60K	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.49M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-39.13K	USD	1 Quarter
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts	`AdjustmentsNoncashItemsIncreaseDecreaseInBillingsInExcessOfCostsAndEstimatedEarningsOnUncompletedContracts`	$-346.83K	USD	1 Quarter
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts	`AdjustmentsNoncashItemsIncreaseDecreaseInBillingsInExcessOfCostsAndEstimatedEarningsOnUncompletedContracts`	$-96.47K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$169.53K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-171.84K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.69M	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`	$56.14K	USD	1 Quarter
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$294.63K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$272.98K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$281.77K	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfDebt`	-	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`	$7.50M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$278.10K	USD	1 Quarter
Tax (benefit) provision of stock option exercise	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$52.00K	USD	1 Quarter
Tax (benefit) provision of stock option exercise	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-26.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.56M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.19M	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.19M	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.45M	USD	1 Quarter
Cash at beginning of period	`Cash`	$2.17M	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.26M	USD	Point-in-time
Cash at beginning of period	`Cash`	$2.71M	USD	Point-in-time
Cash at beginning of period	`Cash`	$973.52K	USD	Point-in-time
Cash at end of period	`Cash`	$2.17M	USD	Point-in-time
Cash at end 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`	$973.52K	USD	Point-in-time
Common stock issued for bonuses	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Common stock issued for bonuses	`StockIssuedDuringPeriodValueNewIssues`	$152.07K	USD	1 Quarter
Interest	`InterestPaid`	$238.44K	USD	1 Quarter
Interest	`InterestPaid`	$250.85K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$500.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$850.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$82.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$80.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$91.12M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$1.73M	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`	$3.18K	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$278.10K	USD	1 Quarter
Tax provision (benefit) of stock option exercise	`TaxBenefitFromStockOptionsExercised1`	$26.00K	USD	1 Quarter
Tax provision (benefit) of stock option exercise	`TaxBenefitFromStockOptionsExercised1`	$-52.00K	USD	1 Quarter
Common stock issued as bonus	`StockIssuedDuringPeriodValueNewIssues`	-	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`	$102.81K	USD	1 Quarter
Balance	`StockholdersEquity`	$82.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$80.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$91.12M	USD	Point-in-time

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