10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001437749-15-009409`
Period End Date	20150331
Filing Date	20150508
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	cvu-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 25

Balance Sheet 72 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`	$2.17M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$973.52K	USD	Point-in-time
Cash	`Cash`	$838.37K	USD	Point-in-time
Cash	`Cash`	$1.50M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.72M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.47M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.54M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.50M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$82.92M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$79.05M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.50M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.54M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.71M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.71M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$8.48M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$8.14M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$957.76K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$828.27K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$103.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$97.70M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.76M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.75M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.59M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.20M	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`	$109.67M	USD	Point-in-time
Total Assets	`Assets`	$104.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.93M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$978.92K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$193.65K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$123.41K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$971.71K	USD	Point-in-time
Contract loss	`ProvisionForLossOnContracts`	$396.18K	USD	Point-in-time
Contract loss	`ProvisionForLossOnContracts`	$607.44K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$25.15M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$29.15M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$6.07K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$21.07K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$128.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$128.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.84M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.29M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$622.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$622.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$604.41K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$593.91K	USD	Point-in-time
Total Liabilities	`Liabilities`	$39.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$43.54M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,538,742 and 8,500,555 shares, respectively, issued and outstanding	`CommonStockValueOutstanding`	$8.54K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,538,742 and 8,500,555 shares, respectively, issued and outstanding	`CommonStockValueOutstanding`	$8.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$51.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$51.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$14.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.37M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.71K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.72K	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$66.13M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$64.81M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$91.12M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$88.95M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$109.67M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$104.15M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$19.88M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$21.88M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$16.27M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$17.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.49M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.02M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.84M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.58M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.65M	USD	1 Quarter
Interest expense	`InterestExpense`	$143.60K	USD	1 Quarter
Interest expense	`InterestExpense`	$214.59K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.37M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.51M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$780.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$440.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$928.12K	USD	1 Quarter
Change in unrealized gain on interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.18K	USD	1 Quarter
Change in unrealized gain on interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$1.01K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.73M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$929.13K	USD	1 Quarter
Income per common share basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Income per common share basic (in dollars per share)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Income per common share diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	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`	8.52M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.53M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.59M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$928.12K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$204.68K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$175.04K	USD	1 Quarter
Deferred rent	`DeferredRent`	$4.27K	USD	1 Quarter
Deferred rent	`DeferredRent`	$11.50K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$273.04K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$102.81K	USD	1 Quarter
Deferred and refundable income taxes	`DeferredIncomeTaxExpenseBenefit`	$50.07K	USD	1 Quarter
Deferred and refundable income taxes	`DeferredIncomeTaxExpenseBenefit`	$108.00K	USD	1 Quarter
Tax benefit (provision) from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$33.00K	USD	1 Quarter
Tax benefit (provision) from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$52.00K	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.25M	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.72M	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$6.61M	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$3.86M	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$129.49K	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$128.60K	USD	1 Quarter
Decrease (increase) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$193.34K	USD	1 Quarter
Decrease (increase) 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	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-96.47K	USD	1 Quarter
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-70.24K	USD	1 Quarter
Increase in accrued losses on uncompleted contracts	`IncreaseDecreaseInAccruedLossOnUncompletedContracts`	$211.26K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$48.00K	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`	$-4.42M	USD	1 Quarter
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$105.44K	USD	1 Quarter
Cash used in investing activities - purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.14K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$249.58K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$272.98K	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$7.50M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$4.00M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$278.10K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$80.00K	USD	1 Quarter
Tax benefit from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$52.00K	USD	1 Quarter
Tax benefit from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$33.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.86M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.56M	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-666.53K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.19M	USD	1 Quarter
Cash at beginning of period	`Cash`	$2.17M	USD	Point-in-time
Cash at beginning of period	`Cash`	$973.52K	USD	Point-in-time
Cash at beginning of period	`Cash`	$838.37K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.50M	USD	Point-in-time
Cash at end of period	`Cash`	$2.17M	USD	Point-in-time
Cash at end of period	`Cash`	$973.52K	USD	Point-in-time
Cash at end of period	`Cash`	$838.37K	USD	Point-in-time
Cash at end of period	`Cash`	$1.50M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$91.83K	USD	1 Quarter
Interest	`InterestPaid`	$233.07K	USD	1 Quarter
Interest	`InterestPaid`	$250.85K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$850.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$29.00	USD	1 Quarter

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance (in shares)	`CommonStockSharesIssued`	8.54M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesIssued`	8.50M	shares	Point-in-time
Beginning Balance	`StockholdersEquity`	$66.13M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$64.81M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$91.12M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$88.95M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$928.12K	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.01K	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$3.18K	USD	1 Quarter
Common stock issued upon exercise of options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	55,000.00	shares	1 Quarter
Stock Issued During Period, Value, Stock Options Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$278.10K	USD	1 Quarter
Stock Issued During Period, Value, Stock Options Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$80.00K	USD	1 Quarter
Tax benefit of stock option exercise	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$-52.00K	USD	1 Quarter
Tax benefit of stock option exercise	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$-33.00K	USD	1 Quarter
Stock- based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$273.04K	USD	1 Quarter
Stock- based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$102.81K	USD	1 Quarter
Ending Balance (in shares)	`CommonStockSharesIssued`	8.54M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesIssued`	8.50M	shares	Point-in-time
Ending Balance	`StockholdersEquity`	$66.13M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$64.81M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$91.12M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$88.95M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$928.12K	USD	1 Quarter

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