UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter) |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(Address of Principal Executive Offices) |
Registrant’s telephone number, including area
code:
N/A |
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition. |
On August 19, 2022, CPI Aerostructures, Inc. issued a press release announcing financial results for the quarter and year ended December 31, 2021. The press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits. |
Exhibit | Description |
99.1 | Press Release, dated August 19, 2022. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 19, 2022
CPI AEROSTRUCTURES, INC.
By: /s/ Andrew Davis
Andrew Davis
Chief Financial Officer
3
Exhibit 99.1
CPI AEROSTRUCTURES REPORTS
FOURTH QUARTER AND FULL YEAR 2021 RESULTS
Fourth Quarter 2021 vs. Fourth Quarter 2020 (Re-stated)
· | Revenue of $26.4 million compared to $25.4 million; |
· | Gross profit of $2.8 million compared to $3.6 million; |
· | Gross margin of 10.8% compared to 14.1%; |
· | Net loss of $(0.5) million compared to net income of $0.2 million; |
· | Loss per diluted share of $(0.04) compared to earnings per diluted share of $0.02; |
· | Cash flow from operations of $4.1 million compared to $1.7 million. |
Full Year 2021 vs. Full Year 2020 (Re-stated)
· | Revenue of $103.4 million compared to $87.6 million; |
· | Gross profit of $15.0 million compared to $9.8 million; |
· | Gross margin of 14.5% compared to 11.1%; |
· | Net income of $6.8 million ($2.0 million excluding $4.8 million in PPP loan forgiveness) compared to net loss of $(3.7) million; |
· | Earnings per diluted share of $0.56 ($0.17 excluding $0.39 in PPP loan forgiveness) compared to loss per diluted share of $(0.31); |
· | Cash flow from operations of $2.8 million compared to a use of $(1.6) million; |
· | Debt as of December 31, 2021 of $26.2 million compared to $33.4 million as of December 31, 2020, which included the $4.8 million in PPP loan forgiven by the lender and the Small Business Administration on July 1, 2021. |
EDGEWOOD, N.Y. – August 19, 2022 – CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (OTC Expert Market: CVUA) today announced financial results for the three and twelve month periods ended December 31, 2021.
“We closed the year with EPS and cash flow from operations meeting our outlook for 2021,” said Dorith Hakim, President and CEO. “The combination of the 18% increase in revenue and 3.4 bps increase in gross margin resulted in $6.8 million in bottom line profitability, including our PPP loan forgiveness of $4.8 million. We achieved a $10.5 million improvement in net income and a $4.4 million improvement in operating cash flow compared to 2020, while reducing our debt by $7.2 million. In addition, total backlog as of December 31, 2021 increased to $501.7 million compared to $476.2 as of December 31, 2020,” said Dorith Hakim, president and CEO.
Page 2
CPI Aero Full Year ’21 Earnings Press Release
August 19, 2022
Added Ms. Hakim, “Today we filed our Annual Report on Form 10-K for the year ended December 31, 2021. We are focused on becoming current with our Securities and Exchange Commission reports which will occur upon the filing of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 (the “Forms 10-Q”). The Company believes the filing of the Forms 10-Q will resolve the condition that led to NYSE American suspending trading in the Company’s common stock on the Exchange and its determination to commence proceedings to delist the common stock from the Exchange. The Forms 10-Q will be filed as soon as practicable.”
Concluded Ms. Hakim, “Having completed a number of programs during 2021, we expect 2022 will be a transition year for CPI Aero while we prepare to ramp up on newer programs. As a result, we expect lower revenue in 2022 and have implemented actions in the first quarter of 2022 to align our costs with our outlook for revenue, and maintain our commitment to sustain profitability and positive operating cash flow for the year. We remain confident in CPI Aero’s long-term outlook and are looking forward to the opportunities ahead as we build on our reputation for high quality and reliable performance for our customers.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI Aero is also a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The words “expect,” “will,” “anticipate,” believe,” “outlook,” “opportunities ahead” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, those statements regarding resolution of the condition that led to the NYSE American suspending trading in the Company’s common stock and its determination to commence delisting proceedings and the Company’s expected financial results for the year ending December 31, 2022.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. Factors that may cause future results to differ materially from the Company’s current expectations include, among other things, the Company’s completion of its financial statements for the period ended March 31, 2022 and the period ending June 30, 2022, any delay in the filing of Securities and Exchange Commission periodic reports, adverse effects on the Company’s business related to the disclosures made in this press release or the reactions of customers or suppliers, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price.
Page 3
CPI Aero Full Year ’21 Earnings Press Release
August 19, 2022
The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 and in the Company’s subsequent filings with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.us on Twitter @CPIAERO.
Contacts:
Investor Relations Counsel | CPI Aerostructures, Inc. |
LHA Investor Relations | Andrew L. Davis |
Jody Burfening | Chief Financial Officer |
(212) 838-3777 | (631) 586-5200 |
cpiaero@lhai.com | adavis@cpiaero.com |
www.lhai.com | www.cpiaero.com |
Page 4
CPI Aero Full Year ’21 Earnings Press Release
August 19, 2022
CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, | December 31, | |||||||
2021 |
2020 (As Restated – |
|||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 6,308,866 | $ | 6,033,537 | ||||
Accounts receivable, net | 4,967,714 | 4,962,906 | ||||||
Insurance recovery receivable | 2,850,000 | — | ||||||
Contract assets | 24,459,339 | 19,729,638 | ||||||
Inventory | 4,028,925 | 6,386,288 | ||||||
Refundable income taxes | 40,000 | 40,000 | ||||||
Prepaid expenses and other current assets | 625,075 | 534,857 | ||||||
Total Current Assets | 43,279,919 | 37,687,226 | ||||||
Operating lease right-of-use assets | 7,796,768 | 4,075,048 | ||||||
Property and equipment, net | 1,646,863 | 2,521,742 | ||||||
Intangibles, net | 125,000 | 250,000 | ||||||
Goodwill | 1,784,254 | 1,784,254 | ||||||
Other assets | 372,741 | 191,179 | ||||||
Total Assets | $ | 55,005,545 | $ | 46,509,449 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 10,429,018 | $ | 12,092,684 | ||||
Accrued expenses | 6,102,587 | 5,937,921 | ||||||
Litigation settlement obligation | 3,003,259 | — | ||||||
Contract liabilities | 5,122,766 | 1,650,549 | ||||||
Loss reserve | 1,495,714 | 2,009,247 | ||||||
Current portion of long-term debt | 3,365,181 | 6,501,666 | ||||||
Operating lease liabilities | 1,580,453 | 1,819,237 | ||||||
Income taxes payable | 5,165 | 948 | ||||||
Total Current Liabilities | 31,104,143 | 30,012,252 | ||||||
Line of credit | 21,250,000 | 20,738,685 | ||||||
Long-term operating lease liabilities | 6,445,728 | 2,537,149 | ||||||
Long-term debt, net of current portion | 1,540,747 | 6,205,095 | ||||||
Total Liabilities | 60,340,618 | 59,493,181 | ||||||
Shareholders’ Deficit: | ||||||||
Common stock - $.001 par value; authorized 50,000,000 shares, 12,335,683 and 11,951,271 shares, respectively, issued and outstanding | 12,336 | 11,951 | ||||||
Additional paid-in capital | 72,833,742 | 72,005,841 | ||||||
Accumulated deficit | (78,181,151 | ) | (85,001,524 | ) | ||||
Total Shareholders’ Deficit | (5,335,073 | ) | (12,983,732 | ) | ||||
Total Liabilities and Shareholders’ Deficit | $ | 55,005,545 | $ | 46,509,449 |
Page 5
CPI Aero Full Year ’21 Earnings Press
August 19, 2022
CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31, | 2021 |
2020 (As Restated |
||||||
Revenue | $ | 103,369,544 | $ | 87,584,690 | ||||
Cost of sales | 88,364,452 | 77,824,732 | ||||||
Gross profit | 15,005,092 | 9,759,958 | ||||||
Selling, general and administrative expenses | 11,823,921 | 12,046,170 | ||||||
Income (loss) from operations | 3,181,171 | (2,286,212 | ) | |||||
Other expense: | ||||||||
Other income | 4,795,000 | — | ||||||
Interest expense | (1,141,189 | ) | (1,421,955 | ) | ||||
Total other income (expense), net | 3,653,811 | (1,421,955 | ) | |||||
Income (loss) before provision for income taxes | 6,834,982 | (3,708,167 | ) | |||||
Provision for (benefit from) income taxes | 14,609 | (53,414) | ||||||
Net income (loss) | $ | 6,820,373 | $ | (3,654,753 | ) | |||
Income (loss) per common share-basic | $ | 0.56 | $ | (0.31 | ) | |||
Income (loss) per common share-diluted | $ | 0.56 | $ | (0.31 | ) | |||
Shares used in computing income (loss) per common share: | ||||||||
Basic | 12,193,826 | 11,884,307 | ||||||
Diluted | 12,193,826 | 11,884,307 |
Cover |
Aug. 19, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Aug. 19, 2022 |
Entity File Number | 001-11398 |
Entity Registrant Name | CPI AEROSTRUCTURES, INC. |
Entity Central Index Key | 0000889348 |
Entity Tax Identification Number | 11-2520310 |
Entity Incorporation, State or Country Code | NY |
Entity Address, Address Line One | 91 Heartland Boulevard |
Entity Address, City or Town | Edgewood |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 11717 |
City Area Code | (631) |
Local Phone Number | 586-5200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, $0.001 par value per share |
Trading Symbol | CVUA |
Security Exchange Name | NYSEAMER |
Entity Emerging Growth Company | false |
*!KJQ?(2.=_R79_
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M&DTL -8?20$3;8T.P6BP^0"X99K>]9!:G
M
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end