10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001387131-18-006111`
Period End Date	20180930
Filing Date	20181113
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	cvu-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 60 Cash Flow Statement 61 Stockholders Equity 21

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance for doubtful	`AllowanceForDoubtfulAccountsReceivableCurrent`	$275.00K	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
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$1.04M	USD	Point-in-time
Cash	`Cash`	$1.43M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$711.08K	USD	Point-in-time
Cash	`Cash`	$828.59K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.86M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $275,000 and $150,000 as of September 30, 2018 and December 31, 2017, respectively	`AccountsReceivableNetCurrent`	$5.38M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.95M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $275,000 and $150,000 as of September 30, 2018 and December 31, 2017, respectively	`AccountsReceivableNetCurrent`	$6.36M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$111.16M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$114.09M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.95M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.41M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$123.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.38M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.05M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$500.32K	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`	$286.53K	USD	Point-in-time
Total Assets	`Assets`	$124.18M	USD	Point-in-time
Total Assets	`Assets`	$127.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.91M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$464.82K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$246.33K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.44M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$22.84M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$27.54M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$109.33K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.24M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$5.67M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$7.02M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$548.82K	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`	$48.35M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,953,137 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$8.95K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,953,137 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$8.86K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$54.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$53.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$24.39M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.80K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$74.31M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$78.75M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$67.61M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$72.11M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$127.10M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.18M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$20.71M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$19.94M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$58.40M	USD	3 Qtrs
Revenue	`SalesRevenueNet`	$57.47M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$15.79M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$44.96M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$44.34M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$15.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.80M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.13M	USD	3 Qtrs
Gross profit	`GrossProfit`	$13.43M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.21M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.04M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.58M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.19M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.21M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$6.24M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.87M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$6.92M	USD	3 Qtrs
Interest expense	`InterestExpense`	$402.62K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.44M	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.26M	USD	3 Qtrs
Interest expense	`InterestExpense`	$574.76K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.80M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.47M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.66M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.64M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.95M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$960.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$770.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$311.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.71M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.84M	USD	3 Qtrs
Other comprehensive income (loss), net of tax - Change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$20.60K	USD	1 Quarter
Other comprehensive income (loss), net of tax - Change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$14.80K	USD	3 Qtrs
Other comprehensive income (loss), net of tax - Change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.90K	USD	3 Qtrs
Other comprehensive income (loss), net of tax - Change in unrealized (gain) loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-2.30K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.86M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.35M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.71M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.69M	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.42	USD	3 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.43	USD	3 Qtrs
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.42	USD	3 Qtrs
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.43	USD	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.95M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.85M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.93M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.82M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.95M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.98M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.87M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.84M	shares	3 Qtrs

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.71M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.84M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$521.25K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$459.26K	USD	3 Qtrs
Debt issuance costs	`AmortizationOfFinancingCosts`	$58.99K	USD	3 Qtrs
Debt issuance costs	`AmortizationOfFinancingCosts`	$48.13K	USD	3 Qtrs
Deferred rent	`OtherNoncashIncome`	$53.07K	USD	3 Qtrs
Deferred rent	`OtherNoncashIncome`	$22.52K	USD	3 Qtrs
Loss on disposal of fixed asset	`GainLossOnDispositionOfAssets`	$-21.01K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$536.17K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$787.29K	USD	3 Qtrs
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$45.91K	USD	3 Qtrs
Adjustment for maturity of interest rate swap	`AdjustmentForMaturityOfInterestRateSwap`	$-20.60K	USD	3 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	$150.00K	USD	3 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	$125.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.80M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.07M	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.62M	USD	3 Qtrs
Increase in contract assets	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$2.94M	USD	3 Qtrs
Increase in contract assets	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$8.80M	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$299.32K	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-82.36K	USD	3 Qtrs
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.35M	USD	3 Qtrs
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-888.22K	USD	3 Qtrs
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$218.49K	USD	3 Qtrs
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-798.88K	USD	3 Qtrs
Decrease in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-10.98K	USD	3 Qtrs
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-109.33K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-209.02K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.05M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$521.50K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$240.92K	USD	3 Qtrs
Proceeds from sale of fixed asset	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.48K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-521.50K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-198.44K	USD	3 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.52M	USD	3 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$921.05K	USD	3 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$3.00M	USD	3 Qtrs
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$6.20M	USD	3 Qtrs
Payments on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$1.50M	USD	3 Qtrs
Payments on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$2.00M	USD	3 Qtrs
Debt issue costs paid	`PaymentsOfDebtIssuanceCosts`	$209.08K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$78.95K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.97M	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-602.28K	USD	3 Qtrs
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-328.50K	USD	3 Qtrs
Cash at beginning of period	`Cash`	$1.04M	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.43M	USD	Point-in-time
Cash at beginning of period	`Cash`	$711.08K	USD	Point-in-time
Cash at beginning of period	`Cash`	$828.59K	USD	Point-in-time
Cash at end of period	`Cash`	$1.04M	USD	Point-in-time
Cash at end of period	`Cash`	$1.43M	USD	Point-in-time
Cash at end of period	`Cash`	$711.08K	USD	Point-in-time
Cash at end of period	`Cash`	$828.59K	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$649.16K	USD	3 Qtrs
Interest	`InterestPaidNet`	$1.17M	USD	3 Qtrs
Interest	`InterestPaidNet`	$1.60M	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$144.61K	USD	3 Qtrs

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$78.75M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$72.11M	USD	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.95M	shares	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Net income	`NetIncomeLoss`	$1.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.71M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.84M	USD	3 Qtrs
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$1.90K	USD	3 Qtrs
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$14.80K	USD	3 Qtrs
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$45.91K	USD	3 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$787.29K	USD	3 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$536.17K	USD	3 Qtrs
Balance, ending	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$78.75M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$72.11M	USD	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.95M	shares	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time

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