Industrials › Aircraft Part And Auxiliary Equipment, Nec
CVU Stock Price Correlated With CPI Aerostructures Financials
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Income Statement
Cash Flow
Balance Sheet
CVU Income Statement
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Revenue, Net:
Cost of Goods & Services Sold:
Gross Profit:
Selling, General & Admin Expense:
Research & Development Expense:
Total Operating Expenses:
Operating Income:
Income Taxes:
Net Income:
CVU Cash Flow
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Operating Activities Net Income:
Depreciation, Depletion & Amortization:
Change in Accounts Receiveable:
Net Cash from Operations:
Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
Cash Dividends Paid:
Net Cash from Financing Activities:
Property, Plant & Equipment Purchases:
Purchases of Businesses, Net of Cash:
Net Cash from Investing Activities:
Net Change in Cash & Equivalents:
CVU Balance Sheet
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Cash and Cash Equivalents:
Short-Term Investments:
Accounts Receivable, Net:
Inventories:
Total Current Assets:
Property, Plant & Equipment, Net:
Total Assets:
Accounts Payable:
Current Portion of Long-Term Debt:
Total Short-Term Liabilities:
Long Term Debt, Non-Current Portion:
Total Long-Term Liabilities:
Total Liabilities:
COMPANY PROFILE
1. PRINCIPAL BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company consists of CPI Aerostructures,
Inc. (“CPI”) and Welding Metallurgy, Inc. (“WMI”), a wholly owned subsidiary acquired on December 20, 2018
and Compac Development Corporation (“Compac”), a wholly owned subsidiary of WMI, collectively the “Company.”
CPI is a U.S. supplier of aircraft parts for fixed wing aircraft
and helicopters in both the commercial and defense markets. We manufacture complex aerostructure assemblies, as well as aerosystems.
Additionally, we supply parts for maintenance, repair and overhaul (“MRO”) and kitting contracts.
An operating segment, in part, is a component
of an enterprise whose operating results are regularly reviewed by the chief operating decision maker (the “CODM”)
to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated
only to a limited extent. The Company’s CODM, the Chief Executive Officer, reviews financial information presented on a consolidated
basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial
performance. The Company has determined that it has a single operating and reportable segment.
The accompanying consolidated financial
statements include the accounts of the Company and its wholly owned subsidiaries. All inter-company accounts and transactions have
been eliminated in consolidation.
Use of Estimates
The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires
the use of estimates by management. Actual results could differ from these estimates.
Business Combinations
The Company applied acquisition
accounting for the WMI acquisition in accordance with Accounting Standards Codification 805, “Business Combinations”
(“ASC 805”). Acquisition accounting requires that the assets acquired and liabilities assumed be recorded at their
respective estimated fair values at the date of acquisition. The excess purchase price over fair value of the net assets acquired
is recorded as goodwill. In determining estimated fair values, we are required to make estimates and assumptions that affect the
recorded amounts including, but not limited to, expected future cash flows, discount rates, remaining useful lives of long-lived
assets, useful lives of identified intangible assets, replacement or reproduction costs of property and equipment and the amounts
to be recovered in future periods from acquired net operating losses and other deferred tax assets. Our estimates in this area
impact, among other items, the amount of depreciation and amortization, impairment charges in certain instances if the asset becomes
impaired, and income tax expense or benefit that we report. Our estimates of fair value are based upon assumptions believed to
be reasonable, but which are inherently uncertain.
Revenue Recognition
Effective January
1, 2018, the Company adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“ASC
606”), using the modified retrospective method. In accordance with ASC 606, the Company recognizes revenue when it transfers
control of a promised good or service to a customer in an amount that reflects the consideration it expects to be entitled to in
exchange for the good or service. The majority of the Company’s performance obligations are satisfied over-time as the Company
(i) sells products with no alternative use to the Company and (ii) has an enforceable right to recover costs incurred plus a reasonable
profit margin for work completed to date. Under the over-time revenue recognition model, revenue and gross profit are recognized
over the contract period as work is performed based on actual costs incurred and an estimate of costs to complete and resulting
total estimated costs at completion. In 2020, the Company corrected it
The Company consists of CPI Aerostructures,
Inc. (“CPI”) and Welding Metallurgy, Inc. (“WMI”), a wholly owned subsidiary acquired on December 20, 2018
and Compac Development Corporation (“Compac”), a wholly owned subsidiary of WMI, collectively the “Company.”
CPI is a U.S. supplier of aircraft parts for fixed wing aircraft
and helicopters in both the commercial and defense markets. We manufacture complex aerostructure assemblies, as well as aerosystems.
Additionally, we supply parts for maintenance, repair and overhaul (“MRO”) and kitting contracts.
An operating segment, in part, is a component
of an enterprise whose operating results are regularly reviewed by the chief operating decision maker (the “CODM”)
to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated
only to a limited extent. The Company’s CODM, the Chief Executive Officer, reviews financial information presented on a consolidated
basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial
performance. The Company has determined that it has a single operating and reportable segment.
The accompanying consolidated financial
statements include the accounts of the Company and its wholly owned subsidiaries. All inter-company accounts and transactions have
been eliminated in consolidation.
Use of Estimates
The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires
the use of estimates by management. Actual results could differ from these estimates.
Business Combinations
The Company applied acquisition
accounting for the WMI acquisition in accordance with Accounting Standards Codification 805, “Business Combinations”
(“ASC 805”). Acquisition accounting requires that the assets acquired and liabilities assumed be recorded at their
respective estimated fair values at the date of acquisition. The excess purchase price over fair value of the net assets acquired
is recorded as goodwill. In determining estimated fair values, we are required to make estimates and assumptions that affect the
recorded amounts including, but not limited to, expected future cash flows, discount rates, remaining useful lives of long-lived
assets, useful lives of identified intangible assets, replacement or reproduction costs of property and equipment and the amounts
to be recovered in future periods from acquired net operating losses and other deferred tax assets. Our estimates in this area
impact, among other items, the amount of depreciation and amortization, impairment charges in certain instances if the asset becomes
impaired, and income tax expense or benefit that we report. Our estimates of fair value are based upon assumptions believed to
be reasonable, but which are inherently uncertain.
Revenue Recognition
Effective January
1, 2018, the Company adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“ASC
606”), using the modified retrospective method. In accordance with ASC 606, the Company recognizes revenue when it transfers
control of a promised good or service to a customer in an amount that reflects the consideration it expects to be entitled to in
exchange for the good or service. The majority of the Company’s performance obligations are satisfied over-time as the Company
(i) sells products with no alternative use to the Company and (ii) has an enforceable right to recover costs incurred plus a reasonable
profit margin for work completed to date. Under the over-time revenue recognition model, revenue and gross profit are recognized
over the contract period as work is performed based on actual costs incurred and an estimate of costs to complete and resulting
total estimated costs at completion. In 2020, the Company corrected it
Free historical financial statements for CPI Aerostructures Inc. See how revenue, income, cash flow, and balance sheet financials have changed over 51 quarters since 2012. Compare with CVU stock chart to see long term trends.
Data imported from CPI Aerostructures Inc SEC filings. Check original filings before making any investment decision.