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 May 7, 2013, reporting the Registrant’s financial results for its quarter ended March 31, 2013.
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Dated: May 7, 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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Exhibit
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Description
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99.1
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Press release dated May 7, 2013, reporting the Registrant’s financial results for its quarter ended March 31, 2013.
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CPI AEROSTRUCTURES ANNOUNCES 2013 FIRST QUARTER RESULTS
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·
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Revenue increased to $19,927,433 as compared to $19,721,095;
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·
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Gross margin was 22.3% as compared to 25.2%;
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·
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Pre-tax income decreased to $2,421,276 as compared to $2,710,320; and,
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·
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Net income decreased to $1,671,276, or $0.20 per diluted share as compared to $1,919,320, or $0.27 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.
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·
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Commercial programs to generate a larger percentage of our overall revenue as compared to 2012.
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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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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
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OfficerThe 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
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||
March 31,
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2013
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2012
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(Unaudited)
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Revenue
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$19,927,433
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$19,721,095
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Cost of sales
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15,486,863
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14,756,709
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Gross profit
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4,440,570
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4,964,386
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Selling, general and administrative expenses
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1,877,922
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2,104,881
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Income from operations
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2,562,648
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2,859,505
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Interest expense
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141,372
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149,185
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Income before provision for income taxes
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2,421,276
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2,710,320
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Provision for income taxes
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750,000
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791,000
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Net income
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1,671,276
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1,919,320
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Other comprehensive income (loss), net of tax
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||
Change in unrealized gain (loss)- interest rate swap
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3,711
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(25.278)
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Comprehensive income
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$1,674,987
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$1,894,042
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Income per common share – basic
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$0.20
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$0.28
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Income per common share – diluted
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$0.20
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$0.27
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Shares used in computing income per common share:
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Basic
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8,377,654
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6,952,910
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Diluted
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8,447,974
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7,228,061
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March 31,
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December 31,
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2013
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2012
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(Unaudited)
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(Audited)
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ASSETS
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Current Assets:
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Cash
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$1,260,876
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$2,709,803
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Accounts receivable, net
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10,908,527
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6,774,346
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Costs and estimated earnings in excess of billings on uncompleted
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|||
contracts
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110,011,430
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108,909,844
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Deferred income taxes
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526,000
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534,000
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Prepaid expenses and other current assets
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605,767
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426,063
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Total current assets
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123,312,600
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119,354,056
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Plant and equipment, net
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3,038,601
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2,907,476
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Deferred income taxes
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1,008,000
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1,001,000
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Other assets
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108,080
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1,620,984
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Total Assets
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$127,467,281
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$124,883,516
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current Liabilities:
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Accounts payable
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$8,426,740
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$13,286,558
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Accrued expenses
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167,642
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943,356
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Billings in excess of costs and estimated earnings on uncompleted contracts
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310,027
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656,853
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Current portion of long-term debt
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1,083,425
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1,100,564
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Line of credit
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29,950,000
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23,450,000
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Income tax payable
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301,530
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106,000
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Deferred income taxes
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100,000
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102,000
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Total current liabilities
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40,339,364
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39,645,331
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Long-term debt, net of current portion
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2,945,238
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3,209,873
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Deferred income taxes
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852,000
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867,000
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Other liabilities
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574,455
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567,113
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Total Liabilities
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44,711,057
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44,289,317
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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 8,391,954 and 8,371,439 shares, respectively, and
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outstanding 8,391,954 and 8,371,439 shares, respectively
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8,392
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8,371
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Additional paid-in capital
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50,267,690
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49,780,673
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Retained earnings
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32,517,258
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30,845,982
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Accumulated other comprehensive loss
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(37,116)
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(40,827)
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Total Shareholders’ Equity
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82,756,224
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80,594,199
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Total Liabilities and Shareholders’ Equity
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$127,467,281
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$124,883,516
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