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 12, 2013, reporting the Registrant’s financial results for its year ended December 31, 2012.
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Dated: March 12, 2013
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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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CPI AEROSTRUCTURES ANNOUNCES RECORD 2012 RESULTS
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2012 was the Best Year in CPI Aero’s History; 48.5% Increase in 2012 Net Income on 20.4% Increase in Revenue
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·
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Revenue increased 13.5% to $27,356,029, compared to $24,092,200;
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·
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Gross margin was 28.1%, compared to 27.2%;
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·
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Pre-tax income increased 47.8% to $5,765,354, compared to $3,901,020; and,
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·
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Net income increased 34.7% to $3,600,354, or $0.43 per diluted share, compared to $2,673,020, or $0.37 per diluted share.
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·
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Revenue increased 20.4% to $89,272,582, compared to $74,135,669;
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·
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Gross margin was 27.1%, compared to 25.4%;
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·
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Pre-tax income increased 56.8% to $16,525,130, compared to $10,538,928; and,
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·
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Net income increased 48.5% to $11,011,130 or $1.40 per diluted share, compared to $7,416,928 or $1.04 per diluted share.
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·
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Revenue and earnings to be lower than 2012 and more similar to those of 2011, which was the second best year in the history of our company.
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·
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Product shipments to be greater than in 2012, or any other year, as many of our programs have transitioned from development to production.
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·
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Commercial programs to generate a larger percentage of our overall revenue as compared to 2012, due to higher production rates.
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·
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Increased shipments, combined with less spending for startup costs associated with new contracts and a decline in non-recurring expenses on our maturing programs, to result in positive cash flow from operations of approximately $3 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
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(631) 586-5200
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(212) 836-9611
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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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||||
2012
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2011
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2012
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2011
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(Unaudited)
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(Audited)
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||||
Revenue
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$27,356,029
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$24,092,200
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$89,272,582
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$74,135,669
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Cost of Sales
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19,660,870
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17,544,770
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65,039,969
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55,325,729
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Gross profit
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7,695,159
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6,547,430
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24,232,623
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18,809,940
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Selling, general and administrative expenses
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2,031,631
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2,523,313
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7,322,630
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7,931,586
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Income from operations
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5,663,528
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4,024,117
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16,909,983
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10,878,354
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Other income (expense), net
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101,826
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(123,097)
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(384,853)
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(339,426)
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Income before provision for income taxes
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5,765,354
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3,901,020
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16,525,130
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10,538,928
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Provision for income taxes
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2,165,000
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1,228,000
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5,514,000
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3,122,000
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Net income
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$3,600,354
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$2,673,020
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$11,011,130
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$7,416,928
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Basic net income per common share
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$0.43
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$0.39
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$1.43
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$1.08
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Diluted net income per common share
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$0.43
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$0.37
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$1.40
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$1.04
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Shares used in computing earnings per common share:
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|||||
Basic
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8,355,762
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6,918,739
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7,721,304
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6,869,624
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Diluted
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8,446,215
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7,156,720
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7,865,090
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7,133,604
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December 31,
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December 31,
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2012
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2011
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ASSETS
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Current Assets:
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Cash
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$2,709,803
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$878,200
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Accounts receivable, net
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6,774,346
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4,285,570
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Costs and estimated earnings in excess of billings on uncompleted
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||
contracts
Deferred income taxes
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108,909,844
534,000
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79,126,828
257,000
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Prepaid expenses and other current assets
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426,063
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662,326
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Total current assets
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119,354,056
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85,209,924
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Property and equipment, net
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2,907,476
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2,629,569
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Deferred income taxes
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1,001,000
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1,105,000
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Other assets
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1,620,984
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112,080
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Total Assets
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$124,883,516
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$89,056,573
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current Liabilities:
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Accounts payable
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$13,286,558
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$11,998,244
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Accrued expenses
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943,356
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994,398
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Billings in excess of costs and estimated earnings on uncompleted contracts
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656,853
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116,466
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Current portion of long-term debt
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1,100,564
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887,380
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Line of credit
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23,450,000
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16,100,000
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Deferred income taxes
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102,000
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125,000
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Income taxes payable
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106,000
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2,802,000
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Total current liabilities
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39,645,331
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33,023,488
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Long-term debt, net of current portion
Deferred income taxes
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3,209,873
867,000
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889,239
660,000
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Other liabilities
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567,113
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457,639
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Total Liabilities
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44,289,317
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35,030,366
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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 8,371,439 and 7,079,638 shares, respectively, and
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||
outstanding 8,371,439 and 6,946,381 shares, respectively
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8,371
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7,080
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Additional paid-in capital
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49,780,673
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35,346,273
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Retained earnings
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30,845,982
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19,834,852
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Accumulated other comprehensive loss
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(40,827)
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(21,772)
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Treasury stock, 0 and 133,257 shares, respectively
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of common stock (at cost)
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---
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(1,140,226)
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Total Shareholders’ Equity
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80,594,199
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54,026,207
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Total Liabilities and Shareholders’ Equity
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$124,883,516
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$89,056,573
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