AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, 2024 2023 2024 2023 Revenue$19,419,879 $20,399,369 $59,311,356 $62,963,592 Cost of sales 15,200,210 16,693,279 46,422,514 49,990,986 Gross profit 4,219,669 3,706,090 12,888,842 12,972,606 Selling, general and administrative expenses 2,742,036 2,535,065 8,231,875 8,210,603 Income from operations 1,477,633 1,171,025 4,656,967 4,762,003 Interest expense (573,366) (663,857) (1,793,472) (1,816,408) Income before provision for income taxes 904,267 507,168 2,863,495 2,945,595 Provision for income taxes 154,590 205,804 535,634 503,850 Net income$749,677 $301,364 $2,327,861 $2,441,745 Income per common share, basic$0.06 $0.02 $0.19 $0.19 Income per common share, diluted$0.06 $0.02 $0.18 $0.19 Shares used in computing income per common share: Basic 12,647,023 12,759,971 12,559,876 12,613,899 Diluted 12,717,128 12,793,133 12,650,340 12,647,061 Adjusted EBITDA (1)$1,653,193 $1,429,625 $5,491,998 $5,772,832 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 SUBSIDIARIESCONSOLIDATED BALANCE SHEETS September 30,2024 (Unaudited) December 31,2023 ASSETS Current Assets: Cash$1,708,987 $5,094,794 Accounts receivable, net 6,574,853 4,352,196 Contract assets, net 33,618,971 35,312,068 Inventory 1,052,286 1,436,647 Refundable income taxes 40,000 40,000 Prepaid expenses and other current assets 377,858 678,026 Total Current Assets 43,372,955 46,913,731 Operating lease right-of-use assets 3,334,992 4,740,193 Property and equipment, net 819,078 794,056 Deferred tax asset 19,425,407 19,938,124 Goodwill 1,784,254 1,784,254 Other assets 151,077 189,774 Total Assets$68,887,763 $74,360,132 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable$14,994,451 $10,487,012 Accrued expenses 5,742,854 10,275,695 Contract liabilities 1,390,127 5,937,629 Loss reserve 24,888 337,351 Current portion of line of credit 2,730,000 2,400,000 Current portion of long-term debt 31,330 44,498 Operating lease liabilities, current 2,118,329 1,999,058 Income taxes payable 28,748 30,107 Total Current Liabilities 27,060,727 31,511,350 Line of credit, net of current portion 15,390,000 17,640,000 Long-term operating lease liabilities 1,494,942 3,100,571 Long-term debt, net of current portion 2,734 26,483 Total Liabilities 43,948,403 52,278,404 Commitments and Contingencies (see note 11) Shareholders’ Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 12,933,408 and 12,771,434 shares, respectively, issued and outstanding 12,933 12,771 Additional paid-in capital 74,402,288 73,872,679 Accumulated deficit (49,475,861) (51,803,722) Total Shareholders’ Equity 24,939,360 22,081,728 Total Liabilities and Shareholders’ Equity$68,887,763 $74,360,132 CPI AEROSTRUCTURES, INC.
Nine Months 2023 Revenue of $59.3 million compared to $63.0 million;Gross profit of $12.9 million compared to $13.0 million;Gross margin of 21.7% compared to 20.6%;Net income of $2.3 million compared to $2.4 million;Earnings per diluted share of $0.18 compared to $0.19;Adjusted EBITDA (1) of $5.5 million compared to $5.8 million;Cash flow used in operations of $(0.8) million compared to $0.8 million generated by operations;Debt as of September 30, 2024 of $18.2 million compared to $20.9 million at September, 2023.EDGEWOOD, N.Y., Nov.13, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc.("CPI Aero” or the "Company”) (NYSE American: CVU) today announced financial results for the three and nine month periods ended September 30, 2024.
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