10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001140361-11-052553`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	cvu-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 52 Cash Flow Statement 62

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$353.38K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$2.22M	USD	Point-in-time
Cash	`Cash`	$651.22K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$823.38K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.19M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.15M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	7.05M	shares	Point-in-time
Common stock, Shares issued (in shares)	`CommonStockSharesIssued`	6.91M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$47.17M	USD	Point-in-time
Common stock, Shares issued (in shares)	`CommonStockSharesIssued`	6.91M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$65.47M	USD	Point-in-time
Common stock, Shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.79M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$686.77K	USD	Point-in-time
Common stock, Shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.92M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$606.37K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$75.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.75M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	121,834.00	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	133,257.00	shares	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$881.91K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.82M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$668.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$889.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$112.08K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$159.82K	USD	Point-in-time
Total Assets	`Assets`	$56.46M	USD	Point-in-time
Total Assets	`Assets`	$78.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.55M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$362.94K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$301.94K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$882.29K	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`	$12.60M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$134.01K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.67M	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`	$26.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.37M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.03M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.19M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$125.03K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$226.36K	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.79M	USD	Point-in-time
Total Liabilities	`Liabilities`	$26.25M	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`	$33.27M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$35.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.16M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.42M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-28.40K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-45.40K	USD	Point-in-time
Treasury stock, 133,257 and 121,834 shares, respectively (at cost)	`TreasuryStockValue`	$981.23K	USD	Point-in-time
Treasury stock, 133,257 and 121,834 shares, respectively (at cost)	`TreasuryStockValue`	$1.14M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$44.67M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$51.09M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$78.52M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$56.46M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$12.98M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$36.53M	USD	3 Qtrs
Revenue	`SalesRevenueNet`	$16.61M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$50.04M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$12.44M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$37.78M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$9.59M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$27.04M	USD	3 Qtrs
Gross profit	`GrossProfit`	$4.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.26M	USD	3 Qtrs
Gross profit	`GrossProfit`	$9.48M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.05M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.18M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.53M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.41M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$6.85M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.43M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.64M	USD	1 Quarter
Interest expense	`InterestExpense`	$111.18K	USD	1 Quarter
Interest expense	`InterestExpense`	$129.66K	USD	3 Qtrs
Interest expense	`InterestExpense`	$29.68K	USD	1 Quarter
Interest expense	`InterestExpense`	$216.33K	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.30M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.17M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.64M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.53M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$726.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.89M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.81M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$742.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.74M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.50M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.81M	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.26	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`	$0.69	USD	3 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.54	USD	3 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.66	USD	3 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.53	USD	3 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Basic (in share)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.92M	shares	1 Quarter
Basic (in share)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.85M	shares	3 Qtrs
Basic (in share)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.42M	shares	3 Qtrs
Basic (in share)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.65M	shares	1 Quarter
Diluted (in share)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.14M	shares	3 Qtrs
Diluted (in share)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.16M	shares	1 Quarter
Diluted (in share)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.64M	shares	3 Qtrs
Diluted (in share)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.97M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.74M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.50M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$271.94K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$380.89K	USD	3 Qtrs
Deferred rent	`DeferredRent`	$81.33K	USD	3 Qtrs
Deferred rent	`DeferredRent`	$3.62K	USD	3 Qtrs
Stock option expense	`StockOptionPlanExpense`	$528.64K	USD	3 Qtrs
Stock option expense	`StockOptionPlanExpense`	$963.91K	USD	3 Qtrs
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-171.00K	USD	3 Qtrs
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-194.00K	USD	3 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	-	USD	3 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	$438.00K	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.04M	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.92M	USD	3 Qtrs
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$9.88M	USD	3 Qtrs
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$18.30M	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$32.66K	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-51.27K	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.34M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$715.85K	USD	3 Qtrs
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.97M	USD	3 Qtrs
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-299.37K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.68M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.37M	USD	3 Qtrs
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$144.81K	USD	3 Qtrs
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$742.90K	USD	3 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$539.29K	USD	3 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$506.93K	USD	3 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$11.80M	USD	3 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	3 Qtrs
Repayment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	$2.20M	USD	3 Qtrs
Repayment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$112.50K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$251.95K	USD	3 Qtrs
Proceeds from sale of commom stock	`ProceedsFromIssuanceOfCommonStock`	$3.53M	USD	3 Qtrs
Proceeds from sale of commom stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	-	USD	3 Qtrs
Tax benefit of stock options	`TaxBenefitFromStockOptionsExercised`	$438.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.95M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$937.45K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-470.00K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-1.57M	USD	3 Qtrs
Cash at beginning of period	`Cash`	$353.38K	USD	Point-in-time
Cash at beginning of period	`Cash`	$2.22M	USD	Point-in-time
Cash at beginning of period	`Cash`	$651.22K	USD	Point-in-time
Cash at beginning of period	`Cash`	$823.38K	USD	Point-in-time
Cash at end of period	`Cash`	$353.38K	USD	Point-in-time
Cash at end of period	`Cash`	$2.22M	USD	Point-in-time
Cash at end of period	`Cash`	$651.22K	USD	Point-in-time
Cash at end of period	`Cash`	$823.38K	USD	Point-in-time
Settlement of other receivables	`SettlementOfOtherReceivables`	$-60.00K	USD	3 Qtrs
Settlement of other receivables	`SettlementOfOtherReceivables`	-	USD	3 Qtrs
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$-575.54K	USD	3 Qtrs
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$-101.69K	USD	3 Qtrs
Accrued expenses settled in exchange for common stock	`StockIssued1`	$-99.70K	USD	3 Qtrs
Accrued expenses settled in exchange for common stock	`StockIssued1`	-	USD	3 Qtrs
Interest	`InterestPaid`	$-220.20K	USD	3 Qtrs
Interest	`InterestPaid`	$-127.78K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$-2.28M	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$-180.00K	USD	3 Qtrs

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