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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91 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 March 7, 2012, reporting the Registrant’s financial results for its year ended December 31, 2011.
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Dated: March 7, 2012
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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 March 7, 2012, reporting the Registrant’s financial results for its year ended December 31, 2011.
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CPI AEROSTRUCTURES ANNOUNCES RECORD 2011 FOURTH QUARTER
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AND FULL YEAR RESULTS
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·
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Revenue increased to $24,092,200 from $7,464,546;
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·
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Gross margin was 27%, compared to a negative margin of 45%;
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·
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Pre-tax income was $3,901,020, compared to pre-tax loss of $4,758,536; and,
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·
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Net income was $2,673,020, or $0.37 per diluted share, compared to net loss of $2,965,536, or $0.44 per share.
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·
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Revenue increased to $74,135,669 from $43,990,784;
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·
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Gross margin was 25% compared to 14%;
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·
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Pre-tax income was $10,538,928, compared to $542,896;
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·
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Net income was $7,416,928 or $1.04 per diluted share, compared to $529,896 or $0.08 per diluted share;
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·
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New orders were a record $83.6 million, compared to $61.7 million; and,
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·
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Solicitations not yet awarded totaled a maximum realizable value of approximately $282 million at February 29, 2012.
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* Note: The termination of the T-38 program one release year earlier than expected, resulted in a revenue adjustment based on a change in estimate for the fourth quarter of 2010 and the year as a whole. This non-cash adjustment was a GAAP change in estimate, and conformed to the procedures used for the percentage of completion method (“POC”) of accounting.
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Vincent Palazzolo
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Investor Relations Counsel:
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Chief Financial Officer
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The Equity Group Inc.
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CPI Aero
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Lena Cati (212) 836-9611
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(631) 586-5200
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Linda Latman (212) 836-9609
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www.cpiaero.com
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www.theequitygroup.com
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For the Three Months Ended December 31,
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For the Twelve Months Ended December 31,
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||||||||||||||||
2011
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2010
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2011
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2010
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||||||||||||||
(Unaudited)
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(Audited)
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||||||||||||||||
Revenue
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$ | 24,092,200 | $ | 7,464,546 | $ | 74,135,669 | $ | 43,990,784 | |||||||||
Cost of Sales
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17,544,770 | 10,834,546 | 55,325,729 | 37,877,960 | |||||||||||||
Gross profit (loss)
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6,547,430 | (3,370,000 | ) | 18,809,940 | 6,112,824 | ||||||||||||
Selling, general and administrative expenses
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2,523,313 | 1,363,556 | 7,931,586 | 5,415,292 | |||||||||||||
Income (loss) from operations
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4,024,117 | (4,733,556 | ) | 10,878,354 | 697,532 | ||||||||||||
Other income (expense), net
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(123,097 | ) | (24,980 | ) | (339,426 | ) | (154,636 | ) | |||||||||
Income (loss) before provision for (benefit from) income taxes
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3,901,020 | (4,758,536 | ) | 10,538,928 | 542,896 | ||||||||||||
Provision for (benefit from) income taxes
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1,228,000 | (1,793,000 | ) | 3,122,000 | 13,000 | ||||||||||||
Net income (loss)
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$ | 2,673,020 | $ | (2,965,536 | ) | $ | 7,416,928 | $ | 529,896 | ||||||||
Basic net income (loss) per common share
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$ | 0.39 | $ | (0.44 | ) | $ | 1.08 | $ | 0.08 | ||||||||
Diluted net income (loss) per common share
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$ | 0.37 | $ | (0.44 | ) | $ | 1.04 | $ | 0.08 | ||||||||
Shares used in computing earnings per common share:
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|||||||||||||||||
Basic
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6,918,739 | 6,704,229 | 6,869,624 | 6,489,942 | |||||||||||||
Diluted
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7,156,720 | 6,704,229 | 7,133,604 | 6,736,501 |
December 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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$ | 878,200 | $ | 823,376 | ||||
Accounts receivable, net
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4,285,570 | 6,152,544 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
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79,010,362 | 47,165,166 | ||||||
Deferred income taxes
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257,000 | 93,500 | ||||||
Prepaid expenses and other current assets
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662,326 | 512,869 | ||||||
Total current assets
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85,093,458 | 54,747,455 | ||||||
Property and equipment, net
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2,629,569 | 881,915 | ||||||
Deferred income taxes
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1,105,000 | 668,000 | ||||||
Other assets
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112,080 | 159,817 | ||||||
Total Assets
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$ | 88,940,107 | $ | 56,457,187 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 11,998,244 | $ | 8,267,330 | ||||
Accrued expenses
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994,398 | 301,941 | ||||||
Current portion of long-term debt
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887,380 | 685,008 | ||||||
Line of credit
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16,100,000 | 800,000 | ||||||
Deferred income taxes
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125,000 | 182,000 | ||||||
Income taxes payable
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2,802,000 | 134,006 | ||||||
Total current liabilities
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32,907,022 | 10,370,285 | ||||||
Long-term debt, net of current portion
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889,239 | 1,190,097 | ||||||
Deferred income taxes
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660,000 | --- | ||||||
Other liabilities
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457,639 | 226,362 | ||||||
Total Liabilities
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34,913,900 | 11,786,744 | ||||||
Commitments
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||||||||
Shareholders’ Equity:
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||||||||
Common stock - $.001 par value, authorized 50,000,000 shares, issued 7,079,638 and 6,911,570 shares, respectively, and outstanding 6,946,381 and 6,789,736 shares, respectively
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7,080 | 6,912 | ||||||
Additional paid-in capital
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35,346,273 | 33,272,237 | ||||||
Retained earnings
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19,834,852 | 12,417,924 | ||||||
Accumulated other comprehensive loss
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(21,772 | ) | (45,404 | ) | ||||
Treasury stock, 133,257 and 121,834 shares, respectively (at cost)
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(1,140,226 | ) | (981,226 | ) | ||||
Total Shareholders’ Equity
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54,026,207 | 44,670,443 | ||||||
Total Liabilities and Shareholders’ Equity
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$ | 88,940,107 | $ | 56,457,187 |