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CPI Aerostructures Reports Second Quarter and Six Month 2022 Results

| Source: CPI Aerostructures, Inc.

Second Quarter 2022 vs. Second Quarter 2021

  • Revenue of $18.9 million compared to $22.3 million;
  • Gross profit of $3.7 million compared to $3.6 million;
  • Gross margin of 19.3% compared to 16.1%;
  • Net income of $0.5 million compared to $0.6 million;
  • Earnings per diluted share of $0.04 compared to $0.05;
  • Cash flow from operations of $0.3 million compared to $2.4 million.

Six Months 2022 vs. Six Months 2021

  • Revenue of $39.1 million compared to $53.1 million;
  • Gross profit of $7.1 million compared to $8.5 million;
  • Gross margin of 18.2% compared to 16.0%;
  • Net income of $0.5 million ($1.3 million excluding the first quarter severance accrual of $0.8 million) compared to $1.9 million;
  • Earnings per diluted share of $0.04 ($0.10 excluding the first quarter severance accrual of $0.06) compared to $0.15;
  • Cash flow used by operations of $(2.1) million compared to $(2.5) million;
  • Debt as of June 30, 2022 of $24.6 million compared to $27.7 million as of June 30, 2021 (excluding the $4.8 million Paycheck Protection Loan that was forgiven by the Small Business Administration on July 1, 2021).

EDGEWOOD, N.Y., Sept. 29, 2022 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (OTC Expert Market: CVUA) today announced financial results for the three and six month periods ended June 30, 2022.

“Today we filed our second quarter 2022 results on Form 10-Q for the period ended June 30, 2022 and we are now current with our Securities and Exchange Commission reports. The Company believes the filing of this Form 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. We intend to request that the Exchange retract its delisting determination and resume trading of our common stock although there can be no assurance as to if or when the Exchange may do so,” said Dorith Hakim, President and CEO.

Added Ms. Hakim, “During the second quarter we continued to on-board new programs with first deliveries starting in the fourth quarter of 2022. Our gross profit margin increased 320 basis points due to a 19% increase in revenues in our Aerostructures programs and improved performance in our Welding products. Finally, we continued to pay down our debt while generating positive operating cash flow.”

Concluded Ms. Hakim, “With a total backlog of $504 million as of June 30, 2022, 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.”

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.

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 “believes,” “will,” “outlook,” “looking forward,” ”opportunities ahead,” “intend” 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 the Company’s belief that the filing of the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022 will resolve the condition that led to NYSE American suspending trading in the Company’s common stock and its determination to commence delisting proceedings.

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, 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 the trading price and volatility of the Company’s common stock.

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 other 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.

 
CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
             
    June 30,     December 31,

    2022

(Unaudited)
    2021

             
ASSETS                
Current Assets:                
Cash   $ 2,626,061       $ 6,308,866  
Accounts receivable, net     4,846,553         4,967,714  
Insurance recovery receivable     3,500,693         2,850,000  
Contract assets     27,491,183         24,459,339  
Inventory     3,587,781         4,028,925  
Refundable income taxes     42,335         40,000  
Prepaid expenses and other current assets     508,968         625,075  
Total current assets     42,603,574         43,279,919  
                 
Operating lease right-of-use assets     6,937,956         7,796,768  
Property and equipment, net     1,390,929         1,646,863  
Intangibles, net     62,500         125,000  
Goodwill     1,784,254         1,784,254  
Other assets     325,854         372,741  
Total assets   $ 53,105,067       $ 55,005,545  
                 
LIABILITIES AND SHAREHOLDERS’ DEFICIT                
Current Liabilities:                
Accounts payable   $ 11,293,990       $ 10,429,018  
Accrued expenses     5,110,731         6,102,587  
Litigation settlement obligation     3,600,000         3,003,259  
Contract liabilities     5,027,832         5,122,766  
Loss reserve     918,548         1,495,714  
Current portion of long-term debt     3,332,391         3,365,181  
Operating lease liabilities     1,641,243         1,580,453  
Income tax payable             5,165  
Total current liabilities     30,924,735         31,104,143  
                 
Line of credit     21,000,000         21,250,000  
Long-term operating lease liabilities     5,604,664         6,445,728  
Long-term debt, net of current portion     262,656         1,540,747  
Total liabilities     57,792,055         60,340,618  
                 
Shareholders’ Deficit:                
Common stock – $.001 par value; authorized 50,000,000 shares,                  
12,449,327 and 12,335,683 shares, respectively, issued and

outstanding
    12,449         12,336  
Additional paid-in capital     72,997,009         72,833,742  
Accumulated deficit     (77,696,446 )       (78,181,151
Total Shareholders’ Deficit     (4,686,988 )       (5,335,073 )
Total Liabilities and Shareholders’ Deficit   $ 53,105,067       $ 55,005,545  
                   
CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
 
    For the Three Months Ended  

June 30,
  For the Six  Months Ended 

June 30,
    2022   2021   2022   2021
                 
Revenue   $ 18,925,406   $ 22,301,190   $ 39,060,503   $ 53,119,936
Cost of sales     15,265,716     18,704,588     31,966,204     44,603,246
Gross profit     3,659,690     3,596,602     7,094,299     8,516,690
                 
Selling, general and administrative expenses     2,697,392     2,677,688     5,835,049     6,068,494
Income from operations     962,298     918,914     1,259,250     2,448,196
                 
Interest expense     438,437     293,685     767,045     588,174
Income before provision for income taxes     523,861     625,229     492,205     1,860,022
                 
Provision for income taxes     6,225     2,078     7,500     4,328
Net income   $ 517,636   $ 623,151   $ 484,705   $ 1,855,694
                 
Income per common share – basic   $ 0.04   $ 0.05   $ 0.04   $ 0.15
                 
Income per common share – diluted   $ 0.04   $ 0.05   $ 0.04   $ 0.15
                 
Shares used in computing loss per common share:                
Basic     12,439,000     12,188,197     12,401,281     12,086,299
Diluted     12,534,058     12,255,950     12,496,339     12,154,052

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