10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001437749-16-031356`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	cvu-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 30 Cash Flow Statement 64 Stockholders Equity 23

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
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`	$824.35K	USD	Point-in-time
Cash	`Cash`	$1.50M	USD	Point-in-time
Cash	`Cash`	$838.37K	USD	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $470,748 as of March 31, 2016 and $75,000 as of December 31, 2015	`AccountsReceivableNetCurrent`	$7.67M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.58M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $470,748 as of March 31, 2016 and $75,000 as of December 31, 2015	`AccountsReceivableNetCurrent`	$9.74M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	8.60M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$92.88M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$102.62M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.60M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	8.58M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.07M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$104.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$112.36M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.36M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.49M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$7.30M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.08K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$223.47K	USD	Point-in-time
Total Assets	`Assets`	$114.73M	USD	Point-in-time
Total Assets	`Assets`	$116.71M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.93M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.14M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$71.97K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$175.44K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.01M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$641.92K	USD	Point-in-time
Contract loss	`ProvisionForLossOnContracts`	$5.16M	USD	Point-in-time
Contract loss	`ProvisionForLossOnContracts`	$549.72K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$23.70M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$20.74M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$189.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$23.97K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.06M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$483.96K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$9.81M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$633.66K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$626.39K	USD	Point-in-time
Total Liabilities	`Liabilities`	$53.14M	USD	Point-in-time
Total Liabilities	`Liabilities`	$46.18M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,596,982 and 8,583,511 shares, respectively, issued and outstanding	`CommonStockValueOutstanding`	$8.60K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,596,982 and 8,583,511 shares, respectively, issued and outstanding	`CommonStockValueOutstanding`	$8.58K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$52.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$52.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.39M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.17M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.45K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$64.81M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$70.53M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$66.13M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$61.59M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$114.73M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$116.71M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$19.88M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$12.67M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$16.27M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$24.31M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$3.60M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-11.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.02M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.72M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-14.36M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.58M	USD	1 Quarter
Interest expense	`InterestExpense`	$275.73K	USD	1 Quarter
Interest expense	`InterestExpense`	$214.59K	USD	1 Quarter
Income (loss) before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.37M	USD	1 Quarter
Income (loss) before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.64M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-5.42M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$440.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$928.12K	USD	1 Quarter
Change in unrealized gain- interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.45K	USD	1 Quarter
Change in unrealized gain- interest rate swap	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$1.01K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-9.22M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$929.13K	USD	1 Quarter
Income (loss) per common share basic (in dollars per share)	`EarningsPerShareBasic`	$-1.07	USD	1 Quarter
Income (loss) per common share basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Income (loss) per common share diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Income (loss) per common share diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.07	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.52M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.60M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.59M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.60M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-9.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$928.12K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$194.07K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$204.68K	USD	1 Quarter
Deferred rent	`DeferredRent`	$1.37K	USD	1 Quarter
Deferred rent	`DeferredRent`	$11.50K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$273.06K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$273.04K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$395.75K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$50.07K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-5.42M	USD	1 Quarter
Tax benefit from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$33.00K	USD	1 Quarter
Tax benefit from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.25M	USD	1 Quarter
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.47M	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$-9.74M	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`	$199.42K	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$129.49K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$193.34K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.37M	USD	1 Quarter
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-70.24K	USD	1 Quarter
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-103.46K	USD	1 Quarter
Increase in accrued losses on uncompleted contracts	`IncreaseDecreaseInAccruedLossOnUncompletedContracts`	$211.26K	USD	1 Quarter
Increase in accrued losses on uncompleted contracts	`IncreaseDecreaseInAccruedLossOnUncompletedContracts`	$4.61M	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-170.22K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$48.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.73M	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`	$89.74K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.24M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$249.58K	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$10.00M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$26.24M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$4.00M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$29.20M	USD	1 Quarter
Debt issue costs paid	`PaymentsOfDebtIssuanceCosts`	$153.85K	USD	1 Quarter
Debt issue costs paid	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$80.00K	USD	1 Quarter
Tax benefit from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$33.00K	USD	1 Quarter
Tax benefit from stock option plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.65M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.86M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-666.53K	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-177.68K	USD	1 Quarter
Cash at beginning of period	`Cash`	$824.35K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.50M	USD	Point-in-time
Cash at beginning of period	`Cash`	$838.37K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.00M	USD	Point-in-time
Cash at end of period	`Cash`	$824.35K	USD	Point-in-time
Cash at end of period	`Cash`	$1.50M	USD	Point-in-time
Cash at end of period	`Cash`	$838.37K	USD	Point-in-time
Cash at end of period	`Cash`	$1.00M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$232.57K	USD	1 Quarter
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$91.83K	USD	1 Quarter
Interest	`InterestPaid`	$383.52K	USD	1 Quarter
Interest	`InterestPaid`	$233.07K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$29.00	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$165.03K	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesIssued`	8.58M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	8.60M	shares	Point-in-time
Balance	`StockholdersEquity`	$64.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$70.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$66.13M	USD	Point-in-time
Balance	`StockholdersEquity`	$61.59M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-9.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$928.12K	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.01K	USD	1 Quarter
Common stock issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$80.00K	USD	1 Quarter
Tax benefit of stock option exercise	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$33.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$273.06K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$273.04K	USD	1 Quarter
Balance (in shares)	`CommonStockSharesIssued`	8.58M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	8.60M	shares	Point-in-time
Balance	`StockholdersEquity`	$64.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$70.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$66.13M	USD	Point-in-time
Balance	`StockholdersEquity`	$61.59M	USD	Point-in-time
Loss on settlement and reclassification into earnings	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.45K	USD	1 Quarter
Loss on settlement and reclassification into earnings	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$1.01K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$273.06K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$273.04K	USD	1 Quarter

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