New York
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001-11398
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11-2520310
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(State or Other Jurisdiction
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(Commission
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(IRS Employer
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of Incorporation)
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File Number)
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Identification No.)
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60 Heartland Boulevard, Edgewood, New York
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11717
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(Address of Principal Executive Offices)
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(Zip Code)
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statement and Exhibits.
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(d) Exhibits:
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Exhibit
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Description
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99.1
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Press Release dated May 4, 2011, reporting the Registrant’s financial results for its quarter ended March 31, 2011.
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Dated: May 4, 2011
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CPI AEROSTRUCTURES, INC
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By:
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/s/ Vincent Palazzolo
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Vincent Palazzolo
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Chief Financial Officer
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Exhibit
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Description
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99.1
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Press release dated May 4, 2011, reporting the Registrant’s financial results for its quarter ended March 31, 2011.
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CPI AEROSTRUCTURES ANNOUNCES FIRST QUARTER RESULTS
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·
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Revenue increased 45% to $16,009,608 from $11,005,529;
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·
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Gross margin was 24%, compared to 25%;
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·
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Pretax income increased 54% to $2,012,050, compared to $1,303,815;
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·
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Net income increased 59% to $1,368,050, or $0.19 per diluted share, compared to $860,815, or $0.14 per diluted share*; and,
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·
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Unawarded solicitations remain at a high level with open solicitations as of March 31, 2011 totaling a maximum realizable value of approximately $499 million.
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* Diluted earnings per share for the current first quarter were calculated on 15.7% more shares than in the prior year period due to the Company’s 500,000 share public offering completed in April 2010.
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•
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A $17.7 million long-term contract for structural assemblies and kits to be supplied to Sikorsky Aircraft Corp. The contract includes seventeen different deliverable items for the S-92 helicopter.
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•
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A $7.9 million order from the U.S. Air Force for a variety of spoilers and wing tips under our C-5 TOP contract. Orders under this program have totaled $44.9 million since the inception of the contract.
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•
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A $7.5 million order from Northrop Grumman under a previously awarded purchase order for Outer Wing Panel (OWP) Kits for use in the manufacture of complete wings for the E-2D Hawkeye and the C-2A Greyhound aircraft. Since June 2008, when CPI Aero began work on OWP Kits, orders totaled approximately $31.8 million.
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•
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An initial purchase order from our new customer, Bell Helicopter for the manufacture of various structural panel assemblies for the AH-1Z ZULU attack helicopter. While the initial order requirement is small, it should lead to more sizable orders as the aircraft transitions to full scale production.”
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For the Three Months
Ended March 31,
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||||||||
2011
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2010
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|||||||
Revenue
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$ | 16,009,608 | $ | 11,005,529 | ||||
Cost of sales
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12,159,504 | 8,256,447 | ||||||
Gross profit
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3,850,104 | 2,749,082 | ||||||
Selling, general and administrative expenses
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1,800,422 | 1,385,627 | ||||||
Income from operations
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2,049,682 | 1,363,455 | ||||||
Interest expense
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37,632 | 59,640 | ||||||
Income before provision for income taxes
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2,012,050 | 1,303,815 | ||||||
Provision for income taxes
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644,000 | 443,000 | ||||||
Net income
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$ | 1,368,050 | $ | 860,815 | ||||
Basic net income per common share:
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$ | 0.20 | $ | 0.14 | ||||
Diluted net income per common share:
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$ | 0.19 | $ | 0.14 | ||||
Shares used in computing earnings per common share:
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||||||||
Basic
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6,795,229 | 6,037,373 | ||||||
Diluted
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7,193,073 | 6,217,024 |
March 31,
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December 31,
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|||||||
2011
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2010
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash
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$ | 285,190 | $ | 823,376 | ||||
Accounts receivable, net
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4,845,168 | 6,152,544 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
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55,299,034 | 47,165,166 | ||||||
Prepaid expenses and other current assets
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516,496 | 606,369 | ||||||
Total current assets
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60,945,888 | 54,747,455 | ||||||
Property and equipment, net
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1,175,849 | 881,915 | ||||||
Deferred income taxes
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670,000 | 668,000 | ||||||
Other assets
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29,313 | 159,817 | ||||||
Total Assets
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$ | 62,821,050 | $ | 56,457,187 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 9,635,234 | $ | 8,267,330 | ||||
Accrued expenses
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156,988 | 301,941 | ||||||
Current portion of long-term debt
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777,081 | 685,008 | ||||||
Line of credit
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3,700,000 | 800,000 | ||||||
Deferred income taxes
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600,006 | 182,000 | ||||||
Income taxes payable
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182,000 | 134,006 | ||||||
Total current liabilities
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15,051,309 | 10,370,285 | ||||||
Long-term debt, net of current portion
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1,103,299 | 1,190,097 | ||||||
Other liabilities
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214,158 | 226,362 | ||||||
Total Liabilities
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16,368,766 | 11,786,744 | ||||||
Commitments
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||||||||
Shareholders’ Equity:
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||||||||
Common stock - $.001 par value; authorized 50,000,000 shares,
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||||||||
issued 6,946,570 and 6,911,570 shares, respectively, and
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||||||||
outstanding 6,813,313 and 6,789,736 shares, respectively
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6,947 | 6,912 | ||||||
Additional paid-in capital
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33,837,257 | 33,272,237 | ||||||
Retained earnings
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13,785,974 | 12,417,924 | ||||||
Accumulated other comprehensive loss
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(37,668 | ) | (45,404 | ) | ||||
Treasury stock, 133,257 and 121,834 shares, respectively
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||||||||
of common stock (at cost)
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(1,140,226 | ) | (981,226 | ) | ||||
Total Shareholders’ Equity
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46,452,284 | 44,670,443 | ||||||
Total Liabilities and Shareholders’ Equity
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$ | 62,821,050 | $ | 56,457,187 |