10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001140361-11-041704`
Period End Date	20110630
Filing Date	20110815
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	cvu-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 52 Cash Flow Statement 64

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$669.73K	USD	Point-in-time
Cash	`Cash`	$823.38K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$2.22M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$774.33K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.15M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.45M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.05M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.91M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.92M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$60.88M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.79M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$47.17M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	121,834.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$606.37K	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	133,257.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$619.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$66.62M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$881.91K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.28M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$668.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$941.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$29.31K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$159.82K	USD	Point-in-time
Total Assets	`Assets`	$68.86M	USD	Point-in-time
Total Assets	`Assets`	$56.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.31M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$259.99K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$301.94K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$819.42K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$685.01K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$800.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$7.80M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.02M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$134.01K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$182.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$182.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.37M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.01M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.19M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$226.36K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$206.16K	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.79M	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.61M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares,issued 7,048,570 and 6,911,570 shares, respectively, and outstanding 6,915,313 and 6,789,736 shares, respectively	`CommonStockValueOutstanding`	$7.05K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares,issued 7,048,570 and 6,911,570 shares, respectively, and outstanding 6,915,313 and 6,789,736 shares, respectively	`CommonStockValueOutstanding`	$6.91K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$35.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$33.27M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.42M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-45.40K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-34.14K	USD	Point-in-time
Treasury stock, 133,257 and 121,834 shares, respectively (at cost)	`TreasuryStockValue`	$1.14M	USD	Point-in-time
Treasury stock, 133,257 and 121,834 shares, respectively (at cost)	`TreasuryStockValue`	$981.23K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$44.67M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$49.25M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$56.46M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$68.86M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$33.44M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$23.55M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$17.43M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$12.54M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$13.18M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$9.19M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$25.34M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$17.45M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.24M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.09M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.08M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.87M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.88M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.87M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.23M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$4.21M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.16M	USD	1 Quarter
Interest expense	`InterestExpense`	$67.52K	USD	1 Quarter
Interest expense	`InterestExpense`	$105.15K	USD	2 Qtrs
Interest expense	`InterestExpense`	$40.33K	USD	1 Quarter
Interest expense	`InterestExpense`	$99.97K	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.11M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.83M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.13M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.09M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$524.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$621.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.06M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.17M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.94M	USD	2 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.43	USD	2 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.33	USD	2 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	2 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.41	USD	2 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.30M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.56M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.85M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.82M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.12M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.79M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.15M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.47M	shares	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.94M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$210.58K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$173.91K	USD	2 Qtrs
Deferred rent	`DeferredRent`	$-1.79K	USD	2 Qtrs
Deferred rent	`DeferredRent`	$-8.94K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$942.23K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$497.05K	USD	2 Qtrs
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-273.00K	USD	2 Qtrs
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-171.00K	USD	2 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	-	USD	2 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	$438.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.71M	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.67M	USD	2 Qtrs
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$-13.72M	USD	2 Qtrs
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$-6.02M	USD	2 Qtrs
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$117.84K	USD	2 Qtrs
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$128.37K	USD	2 Qtrs
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-763.76K	USD	2 Qtrs
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-538.00	USD	2 Qtrs
(Increase) decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.33M	USD	2 Qtrs
(Increase) decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.04M	USD	2 Qtrs
(Increase) decrease in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-625.00	USD	2 Qtrs
(Increase) decrease in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.19M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.47M	USD	2 Qtrs
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-261.02K	USD	2 Qtrs
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-91.45K	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$389.64K	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$334.57K	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$7.00M	USD	2 Qtrs
Repayment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	2 Qtrs
Repayment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	$-2.20M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$112.50K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$251.95K	USD	2 Qtrs
Proceeds from sale of commom stock	`ProceedsFromIssuanceOfCommonStock`	$3.53M	USD	2 Qtrs
Proceeds from sale of commom stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	-	USD	2 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	$438.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.11M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.30M	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-1.45M	USD	2 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-153.65K	USD	2 Qtrs
Cash at beginning of period	`Cash`	$669.73K	USD	Point-in-time
Cash at beginning of period	`Cash`	$823.38K	USD	Point-in-time
Cash at beginning of period	`Cash`	$2.22M	USD	Point-in-time
Cash at beginning of period	`Cash`	$774.33K	USD	Point-in-time
Cash at end of period	`Cash`	$669.73K	USD	Point-in-time
Cash at end of period	`Cash`	$823.38K	USD	Point-in-time
Cash at end of period	`Cash`	$2.22M	USD	Point-in-time
Cash at end of period	`Cash`	$774.33K	USD	Point-in-time
Settlement of other receivables	`SettlementOfOtherReceivables`	-	USD	2 Qtrs
Settlement of other receivables	`SettlementOfOtherReceivables`	$60.00K	USD	2 Qtrs
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$343.49K	USD	2 Qtrs
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$101.69K	USD	2 Qtrs
Accrued expenses settled in exchange for common stock	`StockIssued1`	$99.70K	USD	2 Qtrs
Accrued expenses settled in exchange for common stock	`StockIssued1`	-	USD	2 Qtrs
Interest	`InterestPaid`	$108.37K	USD	2 Qtrs
Interest	`InterestPaid`	$97.05K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$180.00K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$2.28M	USD	2 Qtrs

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