10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001387131-18-003802`
Period End Date	20180630
Filing Date	20180809
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	cvu-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 60 Cash Flow Statement 57 Stockholders Equity 21

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance for doubtful	`AllowanceForDoubtfulAccountsReceivableCurrent`	$150.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful	`AllowanceForDoubtfulAccountsReceivableCurrent`	$150.00K	USD	Point-in-time
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`	$1.04M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$1.03M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$1.12M	USD	Point-in-time
Cash	`Cash`	$1.43M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.94M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $150,000 as of June 30, 2018 and December 31, 2017	`AccountsReceivableNetCurrent`	$5.38M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.86M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $150,000 as of June 30, 2018 and December 31, 2017	`AccountsReceivableNetCurrent`	$5.39M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Contract assets	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$111.16M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.94M	shares	Point-in-time
Contract assets	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$115.18M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.41M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$124.30M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.58M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.05M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$811.32K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$1.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$188.30K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$156.21K	USD	Point-in-time
Total Assets	`Assets`	$127.85M	USD	Point-in-time
Total Assets	`Assets`	$124.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.17M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.91M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$583.58K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$246.33K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.37M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$22.84M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$27.34M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$109.33K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.71M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$6.22M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$7.02M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$566.51K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$607.06K	USD	Point-in-time
Total Liabilities	`Liabilities`	$49.87M	USD	Point-in-time
Total Liabilities	`Liabilities`	$50.50M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,938,491 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$8.86K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,938,491 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$8.94K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$54.28M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$53.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$23.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.55M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.80K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$77.35M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$67.61M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$74.31M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$70.32M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.18M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$127.85M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$38.45M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$36.76M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$16.73M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$20.26M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$28.54M	USD	2 Qtrs
Cost of revenue	`CostOfGoodsSold`	$29.82M	USD	2 Qtrs
Cost of revenue	`CostOfGoodsSold`	$13.05M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$15.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.63M	USD	2 Qtrs
Gross profit	`GrossProfit`	$8.22M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.58M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.17M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.61M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.03M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.03M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.06M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.68M	USD	1 Quarter
Interest expense	`InterestExpense`	$416.83K	USD	1 Quarter
Interest expense	`InterestExpense`	$465.90K	USD	1 Quarter
Interest expense	`InterestExpense`	$864.10K	USD	2 Qtrs
Interest expense	`InterestExpense`	$856.24K	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.61M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.20M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.16M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.22M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$649.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.18M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$353.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$450.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.51M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$765.65K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.01M	USD	2 Qtrs
Other comprehensive income (loss), net of tax - change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$14.80K	USD	2 Qtrs
Other comprehensive income (loss), net of tax - change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$4.20K	USD	2 Qtrs
Other comprehensive income (loss), net of tax - change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-1.00K	USD	1 Quarter
Other comprehensive income (loss), net of tax - change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$20.60K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.28M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.53M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.02M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$764.65K	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.28	USD	2 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	2 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.28	USD	2 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	2 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.83M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.94M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.81M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.91M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.87M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.84M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.98M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.95M	shares	2 Qtrs

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.51M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$765.65K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.01M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$333.28K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$302.03K	USD	2 Qtrs
Debt issuance costs	`AmortizationOfFinancingCosts`	$42.78K	USD	2 Qtrs
Debt issuance costs	`AmortizationOfFinancingCosts`	$42.79K	USD	2 Qtrs
Deferred rent	`OtherAmortizationOfDeferredCharges`	$-15.34K	USD	2 Qtrs
Deferred rent	`OtherAmortizationOfDeferredCharges`	$-35.38K	USD	2 Qtrs
Loss on disposal of fixed asset	`GainLossOnDispositionOfAssets`	$-21.01K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$697.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$459.72K	USD	2 Qtrs
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$45.91K	USD	2 Qtrs
Adjustment for maturity of interest rate swap	`AdjustmentForMaturityOfInterestRateSwap`	$-20.60K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$755.50K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.16M	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.17M	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.72K	USD	2 Qtrs
Increase in contract assets	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$2.11M	USD	2 Qtrs
Increase in contract assets	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$4.02M	USD	2 Qtrs
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$340.03K	USD	2 Qtrs
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$284.16K	USD	2 Qtrs
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.62M	USD	2 Qtrs
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.97M	USD	2 Qtrs
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-80.08K	USD	2 Qtrs
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$337.25K	USD	2 Qtrs
Decrease in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-10.98K	USD	2 Qtrs
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-109.33K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.11M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.58M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$147.96K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$369.74K	USD	2 Qtrs
Proceeds from sale of fixed asset	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.48K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-369.74K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-105.48K	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$504.53K	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$946.52K	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$3.00M	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$4.50M	USD	2 Qtrs
Payments on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$1.20M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.55M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.30M	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$75.71K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-398.78K	USD	2 Qtrs
Cash at beginning of period	`Cash`	$1.04M	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.03M	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.12M	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.43M	USD	Point-in-time
Cash at end of period	`Cash`	$1.04M	USD	Point-in-time
Cash at end of period	`Cash`	$1.03M	USD	Point-in-time
Cash at end of period	`Cash`	$1.12M	USD	Point-in-time
Cash at end of period	`Cash`	$1.43M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$497.60K	USD	2 Qtrs
Interest	`InterestPaidNet`	$1.05M	USD	2 Qtrs
Interest	`InterestPaidNet`	$795.15K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$28.47K	USD	2 Qtrs

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$77.35M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$70.32M	USD	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.94M	shares	Point-in-time
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.51M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$765.65K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.01M	USD	2 Qtrs
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$14.80K	USD	2 Qtrs
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$4.20K	USD	2 Qtrs
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$45.91K	USD	2 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$697.00K	USD	2 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$459.72K	USD	2 Qtrs
Balance, ending	`StockholdersEquity`	$77.35M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$70.32M	USD	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.94M	shares	Point-in-time

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