AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2024 2023 2024 2023 Revenue $20,810,334 $20,547,555 $39,891,477 $42,564,223 Cost of sales 15,694,910 15,943,555 31,222,304 33,297,707 Gross profit 5,115,424 4,604,000 8,669,173 9,266,516 Selling, general and administrative expenses 2,775,935 2,806,480 5,489,839 5,675,538 Income from operations 2,339,489 1,797,520 3,179,334 3,590,978 Interest expense (587,971) (541,655) (1,220,106) (1,152,551) Income before provision for income taxes 1,751,518 1,255,865 1,959,228 2,438,427 Provision for income taxes 341,572 98,789 381,044 298,046 Net income $1,409,946 $1,157,076 $1,578,184 $2,140,381 Income per common share, basic $0.11 $0.09 $0.13 $0.17 Income per common share, diluted $0.11 $0.09 $0.12 $0.17 Shares used in computing income per common share: Basic 12,440,426 12,558,793 12,515,824 12,539,652 Diluted 12,554,153 12,625,241 12,656,753 12,606,100 Adjusted EBITDA (1) $2,617,870 $2,094,281 $3,838,805 $4,343,207 Unaudited Reconciliation of GAAP to Non-GAAP Measures Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP income from operations plus depreciation, amortization and stock-compensation expense.
AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30,2024 (Unaudited) December 31,2023 ASSETS Current Assets: Cash $1,936,697 $5,094,794 Accounts receivable, net 6,228,639 4,352,196 Contract assets, net 34,183,988 35,312,068 Inventory 1,132,520 1,436,647 Refundable income taxes 40,000 40,000 Prepaid expenses and other current assets 563,147 678,026 Total Current Assets 44,084,991 46,913,731 Operating lease right-of-use assets 3,808,903 4,740,193 Property and equipment, net 793,664 794,056 Deferred tax asset 19,582,905 19,938,124 Goodwill 1,784,254 1,784,254 Other assets 162,803 189,774 Total Assets $70,217,520 $74,360,132 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $14,528,893 $10,487,012 Accrued expenses 5,994,894 10,275,695 Contract liabilities 2,482,535 5,937,629 Loss reserve 59,922 337,351 Current portion of line of credit 2,640,000 2,400,000 Current portion of long-term debt 30,663 44,498 Operating lease liabilities, current 2,076,851 1,999,058 Income taxes payable 31,734 30,107 Total Current Liabilities 27,845,492 31,511,350 Line of credit, net of current portion 16,200,000 17,640,000 Long-term operating lease liabilities 2,044,237 3,100,571 Long-term debt, net of current portion 10,821 26,483 Total Liabilities 46,100,550 52,278,404 Commitments and Contingencies (see note 11) Shareholders’ Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 12,962,863 and 12,771,434 shares, respectively, issued and outstanding 12,963 12,771 Additional paid-in capital 74,329,545 73,872,679 Accumulated deficit (50,225,538) (51,803,722)Total Shareholders’ Equity 24,116,970 22,081,728 Total Liabilities and Shareholders’ Equity $70,217,520 $74,360,132 CPI AEROSTRUCTURES, INC.
Six Months 2023 Revenue of $39.9 million compared to $42.6 million;Gross profit of $8.7 million compared to $9.3 million;Gross margin of 21.7% compared to 21.8%;Net income of $1.6 million compared to $2.1 million;Earnings per diluted share of $0.12 compared to $0.17;Adjusted EBITDA (1) of $3.8 million compared to $4.3 millionCash flow used in operations of $(1.6) million compared to $0.9 million generated by operations;Debt as of June 30, 2024 of $18.9 million compared to $21.3 million at June 30, 2023.EDGEWOOD, N.Y., Aug.13, 2024 (GLOBE NEWSWIRE) -- 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, 2024.
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