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 November 8, 2011, reporting the Registrant’s financial results for its quarter ended September 30, 2011.
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Dated: November 8, 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 November 8, 2011, reporting the Registrant’s financial results for its quarter ended September 30, 2011.
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CPI AEROSTRUCTURES ANNOUNCES 2011 THIRD QUARTER RESULTS
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·
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Revenue increased 28% to $16,607,638 from $12,976,084;
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·
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Gross margin was 25.1% as compared to 26.1%;
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·
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Pre-tax income increased 17% to $2,531,042, compared to $2,171,363; and,
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·
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Net income increased 26% to $1,805,042, or $0.25 per diluted share, compared to $1,429,363, or $0.21 per diluted share.
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·
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Revenue increased 37% to $50,043,470 from $36,526,238;
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·
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Gross margin was 24.5% as compared to 26%;
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·
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Pre-tax income increased 25% to $6,637,907 compared to $5,301,431;
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·
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Net income increased 36% to $4,743,907 or $0.66 per diluted share, compared to $3,495,431 or $0.53 per diluted share; and,
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·
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Unawarded solicitations remain at a high level with open solicitations totaling a maximum realizable value of approximately $399 million.
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Vincent Palazzolo
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Investor Relations Counsel:
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Chief Financial Officer
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The Equity Group Inc.
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CPI Aero
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Lena Cati (212) 836-9611
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(631) 586-5200
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Linda Latman (212) 836-9609
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www.cpiaero.com
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www.theequitygroup.com
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2011
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2010
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2011
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2010
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(Unaudited)
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(Unaudited)
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Revenue
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$ | 16,607,638 | $ | 12,976,084 | $ | 50,043,470 | $ | 36,526,238 | ||||||||
Cost of Sales
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12,440,033 | 9,593,671 | 37,780,959 | 27,043,414 | ||||||||||||
Gross profit
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4,167,605 | 3,382,413 | 12,262,511 | 9,482,824 | ||||||||||||
Selling, general and administrative expenses
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1,525,386 | 1,181,369 | 5,408,273 | 4,051,737 | ||||||||||||
Income from operations
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2,642,219 | 2,201,044 | 6,854,238 | 5,431,087 | ||||||||||||
Interest expense
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111,177 | 29,681 | 216,331 | 129,656 | ||||||||||||
Income before provision for income taxes
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2,531,042 | 2,171,363 | 6,637,907 | 5,301,431 | ||||||||||||
Provision for income taxes
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726,000 | 742,000 | 1,894,000 | 1,806,000 | ||||||||||||
Net income
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$ | 1,805,042 | $ | 1,429,363 | $ | 4,743,907 | $ | 3,495,431 | ||||||||
Earnings per common share – basic
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$ | 0.26 | $ | 0.21 | $ | 0.69 | $ | 0.54 | ||||||||
Earnings per common share – diluted
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$ | 0.25 | $ | 0.21 | $ | 0.66 | $ | 0.53 | ||||||||
Shares used in computing earnings per common share:
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||||||||||||||||
Basic
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6,915,313 | 6,650,756 | 6,853,073 | 6,417,729 | ||||||||||||
Diluted
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7,158,715 | 6,972,156 | 7,138,801 | 6,641,159 |
September 30,
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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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$ | 353,377 | $ | 823,376 | ||||
Accounts receivable, net
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9,187,805 | 6,152,544 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
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65,466,840 | 47,165,166 | ||||||
Prepaid expenses and other current assets
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686,767 | 606,369 | ||||||
Total current assets
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75,694,789 | 54,747,455 | ||||||
Property and equipment, net
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1,819,466 | 881,915 | ||||||
Deferred income taxes
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889.000 | 668,000 | ||||||
Other assets
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112,080 | 159,817 | ||||||
Total Assets
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$ | 78,515,335 | $ | 56,457,187 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 10,548,776 | $ | 8,267,330 | ||||
Accrued expenses
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362,945 | 301,941 | ||||||
Current portion of long-term debt
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882,291 | 685,008 | ||||||
Line of credit
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12,600,000 | 800,000 | ||||||
Income taxes payable
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1,670,006 | 134,006 | ||||||
Deferred income taxes
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182,000 | 182,000 | ||||||
Total current liabilities
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26,246,018 | 10,370,285 | ||||||
Long-term debt, net of current portion
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1,029,070 | --- | ||||||
Deferred income taxes
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30,000 | --- | ||||||
Other liabilities
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125,034 | 226,362 | ||||||
Total Liabilities
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27,430,122 | 11,786,744 | ||||||
Commitments
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||||||||
Shareholders’ Equity:
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||||||||
Common stock - $.001 par value; authorized 50,000,000 shares, issued 7,048,570 and 6,911,570 shares, respectively, and outstanding 6,915,313 and 6,789,736 shares, respectively
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7,049 | 6,912 | ||||||
Additional paid-in capital
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35,084,963 | 33,272,237 | ||||||
Retained earnings
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17,161,831 | 12,417,924 | ||||||
Accumulated other comprehensive loss
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(28,404 | ) | (45,404 | ) | ||||
Treasury stock, 133,257 and 121,834 shares, respectively (at cost)
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(1,140,226 | ) | (981,226 | ) | ||||
Total Shareholders’ Equity
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51,085,213 | 44,670,443 | ||||||
Total Liabilities and Shareholders’ Equity
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$ | 78,515,335 | $ | 56,457,187 |