New York
|
001-11398
|
11-2520310
|
(State or Other Jurisdiction
|
(Commission
|
(IRS Employer
|
of Incorporation)
|
File Number)
|
Identification No.)
|
91 Heartland Boulevard, Edgewood, New York
|
11717
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statement and Exhibits.
|
|
(d) Exhibits:
|
Exhibit
|
Description
|
99.1
|
Press Release dated November 9, 2012, reporting the Registrant’s financial results for its quarter ended September 30, 2012.
|
Dated: November 9, 2012
|
CPI AEROSTRUCTURES, INC
|
By:
|
/s/ Vincent Palazzolo
|
Vincent Palazzolo
|
|
Chief Financial Officer
|
Exhibit
|
Description
|
99.1
|
Press release dated November 9, 2012, reporting the Registrant’s financial results for its quarter ended September 30, 2012.
|
CPI AEROSTRUCTURES ANNOUNCES RECORD 2012 THIRD QUARTER RESULTS
|
54.9% Increase in Third Quarter Net Income on 28.5% Increase in Revenue
|
·
|
Revenue increased 28.5% to $21,340,831 from $16,607,638;
|
·
|
Gross margin was 27.2% as compared to 25.1%;
|
·
|
Pre-tax income increased 59.0% to $4,025,437, compared to $2,531,042; and,
|
·
|
Net income increased 54.9% to $2,795,437, or $0.33 per diluted share, compared to $1,805,042, or $0.25 per diluted share.
|
·
|
Revenue increased 23.7% to $61,916,552 from $50,043,470;
|
·
|
Gross margin was 26.7% as compared to 24.5%;
|
·
|
Pre-tax income increased 62.1% to $10,759,775, compared to $6,637,907; and,
|
·
|
Net income increased 56.2% to $7,410,775 or $0.96 per diluted share, compared to $4,743,907 or $0.66 per diluted share.
|
·
|
A $12.7 million purchase order from Boeing for assemblies on the A-10 aircraft.
|
·
|
A $10.7 million order from Goodrich Corporation to supply structural aerospace assemblies; for the first time in CPI Aero’s history, this contract gives the Company the authority to design modifications to the structure it is manufacturing.
|
·
|
An $18.8 million long-term agreement with Sikorsky to manufacture gunner window assemblies for the BLACK HAWK helicopter.
|
·
|
A $5 million initial order as part of an approximately $41 million long-term contract with Cessna to supply structural assemblies, predominately wing spars, for the Citation X aircraft.
|
Contact:
|
|
Vincent Palazzolo
|
Investor Relations Counsel:
|
Chief Financial Officer
|
The Equity Group Inc.
|
CPI Aero
|
Lena Cati
|
(631) 586-5200
|
(212) 836-9611
|
www.cpiaero.com
|
www.theequitygroup.com
|
For the Three Months
|
For the Nine Months
|
|||
Ended September 30,
|
Ended September 30,
|
|||
2012
|
2011
|
2012
|
2011
|
|
(Unaudited)
|
(Unaudited)
|
|||
Revenue
|
$21,340,831
|
$16,607,638
|
$61,916,552
|
$50,043,470
|
Cost of Sales
|
15,536,407
|
12,440,033
|
45,379,099
|
37,780,959
|
Gross profit
|
5,804,424
|
4,167,605
|
16,537,453
|
12,262,511
|
Selling, general and administrative expenses
|
1,615,888
|
1,525,386
|
5,290,999
|
5,408,273
|
Income from operations
|
4,188,536
|
2,642,219
|
11,246,454
|
6,854,238
|
Interest expense
|
163,099
|
111,177
|
486,679
|
216,331
|
Income before provision for income taxes
|
4,025,437
|
2,531,042
|
10,759,775
|
6,637,907
|
Provision for income taxes
|
1,230,000
|
726,000
|
3,349,000
|
1,894,000
|
Net income
|
$2,795,437
|
$1,805,042
|
$7,410,775
|
$4,743,907
|
Change in unrealized gain (loss) - interest rate
|
||||
swap
|
(1,490)
|
5,732
|
(33,836)
|
17,000
|
Comprehensive income
|
$2,793,947
|
$1,810,774
|
$7,376,949
|
$4,760,907
|
Earnings per common share – basic
|
$0.33
|
$0.26
|
$0.99
|
$0.69
|
Earnings per common share – diluted
|
$0.33
|
$0.25
|
$0.96
|
$0.66
|
Shares used in computing earnings per common share:
|
||||
Basic
|
8,347,086
|
6,915,313
|
7,510,581
|
6,853,073
|
Diluted
|
8,476,691
|
7,158,715
|
7,684,508
|
7,138,801
|
September 30,
|
December 31,
|
|
2012
|
2011
|
|
ASSETS
|
||
Current Assets:
|
||
Cash
|
$1,072,107
|
$878,200
|
Accounts receivable, net
|
8,858,740
|
4,285,570
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
96,208,681
|
79,010,362
|
Deferred income taxes
|
257,000
|
257,000
|
Prepaid expenses and other current assets
|
397,637
|
662,326
|
Total current assets
|
106,794,165
|
85,093,458
|
Plant and equipment, net
|
2,956,666
|
2,629,569
|
Deferred income taxes
|
1,159,000
|
1,105,000
|
Other assets
|
108,080
|
112,080
|
Total Assets
|
$111,017,911
|
$88,940,107
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||
Current Liabilities:
|
||
Accounts payable
|
$8,897,673
|
$11,998,244
|
Accrued expenses
|
405,728
|
994,398
|
Current portion of long-term debt
|
1,724,265
|
887,380
|
Line of credit
|
16,600,000
|
16,100,000
|
Income taxes payable
|
1,723,292
|
2,802,000
|
Deferred income taxes
|
125,000
|
125,000
|
Total current liabilities
|
29,475,958
|
32,907,022
|
Long-term debt, net of current portion
|
3,581,970
|
889,239
|
Deferred income taxes
|
660,000
|
660,000
|
Other liabilities
|
575,671
|
457,639
|
Total Liabilities
|
34,293,599
|
34,913,900
|
Commitments
|
||
Shareholders’ Equity:
|
||
Common stock - $.001 par value, authorized 50,000,000 shares, issued 8,353,469 and 7,079,638 shares, respectively, and outstanding 8,353,469 and 6,946,381 shares, respectively
|
8,353
|
7,080
|
Additional paid-in capital
|
49,525,930
|
35,346,273
|
Retained earnings
|
27,245,627
|
19,834,852
|
Accumulated other comprehensive loss
|
(55,598)
|
(21,772)
|
Treasury stock, 0 and 133,257 shares, respectively (at cost)
|
----
|
(1,140,226)
|
Total Shareholders’ Equity
|
76,724,312
|
54,026,207
|
Total Liabilities and Shareholders’ Equity
|
$111,017,911
|
$88,940,107
|