CPI Aerostructures Reports Second Quarter And Six Month 2021 Results
19 Aprile 2022 - 10:46PM
CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE
American: CVU) today announced financial results for the three and
six month periods ended June 30, 2021.
“Our reported results for the first half of 2021 came in at the
high end of the estimated ranges that were previously published”
said Dorith Hakim, president and CEO. “The combination of a 45%
increase in revenue and the nearly tripling of gross margin to
16.0% resulted in a $6.6 million increase in bottom line
profitability versus the first half of 2020. Revenue growth was
driven by continued execution of our funded military backlog, with
revenue from contracts with our military OEM customers increasing
75% and revenue from commercial aviation contracts declining
47%.”
“For the second quarter, cash flow from operations was $2.4
million, an expected reversal from the $4.9 million use of funds
for the first quarter as product deliveries began to reduce
contract assets and inventory. As a result, we continue to expect
to report positive cash flow from operations for the second half of
2021 and for the full year of 2021. We also continued to pay down
our debt and, as of June 30, 2021, had an outstanding balance on
our term loan of $6.2 million.”
Added Ms. Hakim, “Funded backlog as of June 30, 2021 of
approximately $157 million was, as expected, 23% lower than the
funded backlog as of June 30, 2020, reflecting the receipt of more
than $60 million in new firm orders during the first quarter of
2020. Since June 30, 2021, we have won, but not yet been able to
announce, several new contracts for military applications in key
strategic sectors including electronic warfare, hypersonic and
unmanned systems. We remain on track to report more than $500
million in total backlog as of the end of 2021.”
“In addition to reaffirming our expectation for generating
positive cash flow from operations for 2021, we continue to expect
to report higher revenue and improved profitability. Based on an
updated review of our program portfolio, we expect to report 2021
revenue of greater than $100 million compared to $87.6 million for
2020, and net income between $7.5m to $8.0 million, including the
$4.8 million of other income related to the forgiveness of our
Paycheck Protection Program loan, compared to a net loss of $(3.7)
million for 2020.”
Concluded Ms. Hakim, “In the several weeks since my appointment
as CEO of CPI Aero, I have been immediately impressed by the
dedication of the Company’s employees to sustaining our reputation
for high quality performance and reliability in partnership with
our customers on increasingly complex programs. I am excited about
the opportunities ahead to build on that reputation and grow the
Company as our customers continue to outsource high value work to
their supply chains, including CPI Aero.”
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 “believe,” “remain on track,” “expect,” and
“will,” 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 the
Company’s expected financial results for the year ended December
31, 2021.
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 periods ending September 30, 2021 and December 31, 2021,
any delay in the filing of 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.
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/A for the
period ended December 31, 2020 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.
Contact |
|
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 |
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2021
(Unaudited) |
|
2020 (As
Restated) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,599,993 |
|
|
$ |
6,033,537 |
|
Accounts receivable, net |
|
|
7,071,228 |
|
|
|
4,962,906 |
|
Insurance recovery receivable |
|
|
2,850,000 |
|
|
|
— |
|
Contract assets |
|
|
23,996,068 |
|
|
|
19,729,638 |
|
Inventory |
|
|
5,281,161 |
|
|
|
6,386,288 |
|
Refundable income taxes |
|
|
40,647 |
|
|
|
40,000 |
|
Prepaid expenses and other current assets |
|
|
802,755 |
|
|
|
534,857 |
|
Total current
assets |
|
|
42,641,852 |
|
|
|
37,687,226 |
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use
assets |
|
|
3,223,540 |
|
|
|
4,075,048 |
|
Property and equipment,
net |
|
|
2,065,351 |
|
|
|
2,521,742 |
|
Intangibles, net |
|
|
187,500 |
|
|
|
250,000 |
|
Goodwill |
|
|
1,784,254 |
|
|
|
1,784,254 |
|
Other assets |
|
|
166,331 |
|
|
|
191,179 |
|
Total
assets |
|
$ |
50,068,828 |
|
|
$ |
46,509,449 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
13,548,612 |
|
|
$ |
12,092,684 |
|
Accrued expenses |
|
|
4,551,239 |
|
|
|
5,937,921 |
|
Litigation settlement obligation |
|
|
3,371,162 |
|
|
|
— |
|
Contract liabilities |
|
|
1,525,573 |
|
|
|
1,650,549 |
|
Loss reserve |
|
|
1,664,804 |
|
|
|
2,009,247 |
|
Current portion of long-term debt |
|
|
8,165,438 |
|
|
|
6,501,666 |
|
Operating lease liabilities |
|
|
1,848,291 |
|
|
|
1,819,237 |
|
Income tax payable |
|
|
— |
|
|
|
948 |
|
Total current
liabilities |
|
|
34,675,119 |
|
|
|
30,012,252 |
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
21,000,000 |
|
|
|
20,738,685 |
|
Long-term operating lease
liabilities |
|
|
1,607,917 |
|
|
|
2,537,149 |
|
Long-term debt, net of current
portion |
|
|
3,345,047 |
|
|
|
6,205,095 |
|
Total
liabilities |
|
|
60,628,083 |
|
|
|
59,493,181 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ Deficit: |
|
|
|
|
|
|
|
|
Common stock - $.001 par value; authorized 50,000,000 shares,
12,267,930 and 11,951,271shares, respectively, issued and
outstanding |
|
|
12,268 |
|
|
|
11,951 |
|
Additional paid-in capital |
|
|
72,574,307 |
|
|
|
72,005,841 |
|
Accumulated deficit |
|
|
(83,145,830 |
) |
|
|
(85,001,524 |
) |
Total Shareholders’
Deficit |
|
|
(10,559,255 |
) |
|
|
(12,983,732 |
) |
Total Liabilities and
Shareholders’ Deficit |
|
$ |
50,068,288 |
|
|
$ |
46,509,449 |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) |
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
(As Restated) |
|
|
|
|
|
|
(As Restated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
22,301,190 |
|
$ |
19,740,767 |
|
|
$ |
53,119,936 |
|
$ |
36,599,154 |
|
Cost of sales |
|
18,704,588 |
|
|
17,924,428 |
|
|
|
44,603,246 |
|
|
34,629,831 |
|
Gross profit |
|
3,596,602 |
|
|
1,816,339 |
|
|
|
8,516,690 |
|
|
1,969,323 |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
2,677,688 |
|
|
2,815,252 |
|
|
|
6,068,494 |
|
|
5,908,342 |
|
Income (loss) from operations |
|
918,914 |
|
|
(998,913 |
) |
|
|
2,448,196 |
|
|
(3,939,019 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
293,685 |
|
|
360,126 |
|
|
|
588,174 |
|
|
776,797 |
|
Income (loss) before provision for income taxes |
|
625,229 |
|
|
(1,359,039 |
) |
|
|
1,860,022 |
|
|
(4,715,816 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
2,078 |
|
|
1,522 |
|
|
|
4,328 |
|
|
2,100 |
|
Net income (loss) |
$ |
623,151 |
|
$ |
(1,360,561 |
) |
|
$ |
1,855,694 |
|
$ |
(4,717,916 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share – basic |
$ |
0.05 |
|
$ |
(0.11 |
) |
|
$ |
0.15 |
|
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share – diluted |
$ |
0.05 |
|
$ |
(0.11 |
) |
|
$ |
0.15 |
|
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
12,188,197 |
|
|
11,855,404 |
|
|
|
12,086,299 |
|
|
11,846,260 |
|
Diluted |
|
12,255,950 |
|
|
11,855,404 |
|
|
|
12,154,052 |
|
|
11,846,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni CPI Aerostructures (AMEX:CVU)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni CPI Aerostructures (AMEX:CVU)
Storico
Da Set 2023 a Set 2024