form10_q.htm

0000889348-12-000013.txt : 20120509 0000889348-12-000013.hdr.sgml : 20120509 20120509152503 ACCESSION NUMBER: 0000889348-12-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120426 FILED AS OF DATE: 20120509 DATE AS OF CHANGE: 20120509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPI AEROSTRUCTURES INC CENTRAL INDEX KEY: 0000889348 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 112520310 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11398 FILM NUMBER: 12825429 BUSINESS ADDRESS: STREET 1: 200A EXECUTIVE DR CITY: EDGEWOOD STATE: NY ZIP: 11717 BUSINESS PHONE: 5165865200 10-Q 1 form10_q.htm 1Q 2012 form10_q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period	Commission File Number 1-11398
ended March 31, 2012

CPI AEROSTRUCTURES, INC.

(Exact name of registrant as specified in its charter)

New York	11-2520310 (IRS Employer Identification Number)
(State or other jurisdiction
of incorporation or organization)

91 Heartland Blvd., Edgewood, NY	11717
(Address of principal executive offices)	(zip code)

(631) 586-5200

(Registrant’s telephone number including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer o	Accelerated filer x
Non-accelerated filer o	Smaller reporting company o
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ⁭ No x

As of May 7, 2012, the number of shares of common stock, par value $.001 per share, outstanding was 7,007,719.

CPI AEROSTRUCTURES, INC.

INDEX

Part I - Financial Information

Item 1 – Condensed Financial Statements

Condensed Balance Sheets as of March 31, 2012 (Unaudited) and	3
December 31, 2011

Condensed Statements of Income and Comprehensive Income for the Three Months ended	4
March 31, 2012 (Unaudited) and 2011 (Unaudited)

Condensed Statements of Shareholders’ Equity for the Three Months	5
Ended March 31, 2012 (Unaudited) and 2011 (Unaudited)	5

Condensed Statements of Cash Flows for the Three Months ended March 31, 2012	6
(Unaudited) and 2011 (Unaudited)

Notes to Condensed Financial Statements (Unaudited)	7

Item 2 – Management’s Discussion and Analysis of Financial Condition	14
and Results of Operations

Item 3 – Quantitative and Qualitative Disclosures About Market Risk	20

Item 4 – Controls and Procedures	20

Part II - Other Information Item 1 - Legal Proceedings Item 1A - Risk Factors Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds Item 3 - Defaults Upon Senior Securites Item 4 - Mine Safety Disclosures Item 5 - Other Information	21 21 21 21 21 21


Item 6 – Exhibits	21

Signatures	22

Exhibits	22

CPI AEROSTRUCTURES, INC.

Part I - Financial Information

Item 1 – Financial Statements

CONDENSED BALANCE SHEETS

	March 31,	December 31,
	2012	2011
	(Unaudited)	(Note 1)

ASSETS
Current Assets:
Cash	$530,578		$878,200
Accounts receivable, net	8,209,188		4,285,570
Costs and estimated earnings in excess of billings on uncompleted
Contracts	82,583,986		79,010,362
Deferred income taxes	257,000		257,000
Prepaid expenses and other current assets	450,452		662,326

Total current assets	92,031,204		85,093,458

Plant and equipment, net	2,990,250		2,629,569
Deferred income taxes	1,155,000		1,105,000
Other assets	108,080		112,080
Total Assets	$96,284,534		$88,940,107

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$11,721,567		$11,998,244
Accrued expenses	211,373		994,398
Current portion of long-term debt	1,694,480		887,380
Line of credit	17,600,000		16,100,000
Income tax payable	2,630,000		2,802,000
Deferred income taxes	125,000		125,000
Total current liabilities	33,982,420		32,907,022

Long-term debt, net of current portion	4,351,306		889,239
Deferred income taxes	660,000		660,000
Other liabilities	518,597		457,639

Total Liabilities	39,512,323		34,913,900

Shareholders’ Equity:
Common stock - $.001 par value; authorized 50,000,000 shares,
issued 7,007,719 and 7,079,638 shares, respectively, and
outstanding 7,007,719 and 6,946,381 shares, respectively	7,008		7,080
Additional paid-in capital	35,058,081		35,346,273
Retained earnings	21,754,172	19,834,852
Accumulated other comprehensive loss	(47,050)	(21,772)
Treasury stock, 0 and 133,257 shares, respectively (at cost)	----		(1,140,226)
Total Shareholders’ Equity	56,772,211		54,026,207
Total Liabilities and Shareholders’ Equity	$96,284,534		$88,940,107

See Notes to Condensed Financial Statements

CPI AEROSTRUCTURES, INC.

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31,

	2012	2011
	(Unaudited) (Unaudited)

Revenue	$19,721,095	$16,009,608
Cost of sales	14,756,709	12,159,504

Gross profit	4,964,386	3,850,104
Selling, general and administrative expenses	2,104,881	1,800,422
Income from operations	2,859,505	2,049,682
Interest expense	149,185	37,632
Income before provision for
income taxes	2,710,320	2,012,050

Provision for income taxes	791,000	644,000
Net income	1,919,320	1,368,050

Other comprehensive income (loss), net of tax
Change in unrealized loss – interest rate swap	(25,278)	7,736

Comprehensive Income	$1,894,042	$1,375,786

Income per common share – basic	$0.28	$0.20

Income per common share – diluted	$0.27	$0.19

Shares used in computing income per common share:
Basic	6,952,910	6,795,229
Diluted	7,228,061	7,193,073

See Notes to Condensed Financial Statements

CPI AEROSTRUCTURES, INC

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY

	Common Stock Shares			Amount			Additional Paid-in Capital			Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss			Total Shareholders’ Equity

Balance at January 1, 2011		6,911,570		$	6,912		$	33,272,237		$	12,417,924	$	(981,226	)	$	(45,404	)	$	44,670,443
Net Income		----			----			----			1,368,050		----			----			1,368,050
Change in unrealized loss from interest rate swap		----			----			----			----		----			7,736			7,736

Common stock issued upon exercise of options		35,000			35			278,215			----		----			----			278,250
Stock compensation expense		----			----			286,806			----		----			----			286,806
Treasury stock acquired		----			----			----			----		(159,000	)		----			(159,000	)
Balance at March 31,2011		6,946,570		$	6,947		$	33,837,258		$	13,785,974	$	(1,140,226	)	$	(37,668	)	$	46,452,285


Balance at January 1, 2012		7,079,638			$7,080			$35,346,273			$19,834,852		$(1,140,226	)		$(21,772	)		$54,026,207
Net Income		----			----			----			1,919,320		----			----			1,919,320
Change in unrealized loss from interest rate swap		----			----			----			----		----			(25,278	)		(25,278	)

Common stock issued upon exercise of options		46,078			46			240,969			----		----			----			241,015
Common stock issued as bonus		15,260			15			228,275			----		----			----			228,290
Stock compensation expense		----			----			382,657			----		----			----			382,657
Treasury stock retired		(133,257	)		(133	)		(1,140,093	)		----		1,140,226			----			----
Balance at March 31, 2012		7,007,719		$	$7,008		$	35,058,081		$	21,754,172	$	----		$	(47,050	)	$	56,772,211

See Notes to Condensed Financial Statements

CPI AEROSTRUCTURES, INC.

CONDENSED STATEMENTS OF CASH FLOWS


For the Three Months Ended March 31,	2012	2011
	(Unaudited)

Cash flows from operating activities:
Net income	$1,919,320		$1,368,050
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization	145,126		97,722
Deferred rent	22,680		(4,469)
Stock compensation	382,657		286,806

Deferred income taxes	(37,000)		(2,000)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(3,923,618)		1,437,376
Increase in costs and estimated earnings in excess of billings on
uncompleted contracts	(3,573,624)		(8,133,868)
Decrease in prepaid expenses and other assets	215,874		90,377
(Decrease) Increase in accounts payable and accrued expenses	(831,412)		1,222,951
(Decrease) increase in income taxes payable	(172,000)		466,000

Net cash used in operating activities	(5,851,997)		(3,171,055)
Cash used in investing activities - purchase of plant and equipment	(505,807)		(205,934)
Cash flows from financing activities:
Payments on long-term debt		(230,833)	(180,447)
Proceeds from long-term debt		4,500,000	----
Proceeds from line of credit	1,500,000		2,900,000
Proceeds from exercise of stock options	241,015		119,250
Net cash provided by financing activities	6,010,182		2,838,803

Net decrease in cash	(347,622)		(538,186)
Cash at beginning of period	878,200		823,376

Cash at end of period	$530,578		$285,190
Supplemental disclosures of cash flow information:

Non cash investing and financing activities:

Equipment acquired under capital lease			$185,722
Common stock issued for bonuses	$228,290		----

Cash paid during the period for:
Interest	$272,113		$40,592

Income taxes	$1,000,000		$180,000

See Notes to Condensed Financial Statements

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1. INTERIM FINANCIAL STATEMENTS

The condensed financial statements of CPI Aerostructures, Inc. (the “Company”) as of March 31, 2012 and for the three months ended March 31, 2012 and 2011 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

The condensed balance sheet at December 31, 2011 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected as required by the SEC. Such adjustments are of a normal, recurring nature. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.

On January 1, 2012, the Company adopted the provisions of Accounting Standards Codification 220, “Comprehensive Income.” The new guidance requires the Company to present Comprehensive Income either on one continuous Statement of Income and Comprehensive Income, or on a separate Statement of Comprehensive income. The new guidance does not change the computation of Net Income or Comprehensive Income.

2. STOCK-BASED COMPENSATION

The Company accounts for compensation expense associated with stock options based on the fair value of the options on the date of grant.

The Company’s net income for the three months ended March 31, 2012 includes approximately $383,000 of non-cash compensation expense related to the Company’s stock options. The Company’s net income for the three months ended March 31, 2011 includes approximately $287,000 of non-cash compensation expense related to the Company’s stock options. The non-cash compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of selling, general and administrative expenses.

The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model. The following weighted-average assumptions were used for the options granted during the three months ended March 31, 2012 and 2011:

	2012	2011
Risk-free interest rate	0.9%	2.0%

Expected volatility	102%	101%

Dividend yield	0%	0%
Expected option term	5 years	5 years

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

A summary of the status of the Company’s stock option plans as of March 31, 2012 and changes during the three months ended March 31, 2012 is as follows:

		Weighted average Exercise Price	Weighted average remaining contractual term (in years)	Aggregate Intrinsic Value
	Options	Weighted average Exercise Price	Weighted average remaining contractual term (in years)	Aggregate Intrinsic Value
Outstanding
at beginning of period	695,000	$6.68
Granted	40,517	11.87
Exercised	(55,000)	6.91
Outstanding and expected to vest,
at end of period	680,517	$8.65	2.74	$4,252,993
Vested
at end of period	665,517	$8.70	2.49	$4,128,943

As of March 31, 2012, all compensation cost related to non-vested stock option awards has been recognized.

Options to acquire 40,517 shares of common stock were granted on January 1, 2012 to members of our board of directors as part of their normal compensation.

During the three months ended March 31, 2012, 20,000 stock options were exercised for cash resulting in proceeds to the Company of $138,200. During the same period an additional 10,000 options were exercised, pursuant to provisions of the stock option plan, where the Company received no cash and 4,589 shares of its common stock in exchange for the 10,000 shares issued in the exercise. The 4,589 shares that the Company received were valued at $69,095, the fair market value of the shares on the date of exercise. Lastly, an additional 25,000 options were exercised, pursuant to provisions of the stock option plan, for a combination of cash and common shares. The Company received $102,815 in cash and 4,333 shares in exchange for the 25,000 shares issued in this exercise. The 4,333 shares that the Company received were valued at $69,930, the fair market value of the shares on the date of exercise.

The intrinsic value of all options exercised during the three months ended March 31, 2012 and 2011 was approximately $451,450 and $208,700, respectively.

3. DERIVATIVE INSTRUMENTS AND FAIR VALUE

Our use of derivative instruments has been to hedge interest rates. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use.

We record these derivative financial instruments on the condensed balance sheets at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED

Any ineffective portion of the gain or loss on the derivative instrument for a cash flow hedge is recorded in the results of operations immediately. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately. See below for a discussion of our use of derivative instruments, management of credit risk inherent in derivative instruments and fair value information.

In October 2008 and March 2012, the Company entered into interest rate swaps with the objective of reducing our exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date, and currency of these contracts match those of the underlying debt. The Company has designated these interest rate swap contracts as cash flow hedges. The Company measures ineffectiveness by comparing the cumulative change in the forward contact with the cumulative change in the hedged item. No material ineffectiveness was recognized in the quarter ended March 31, 2012. As of March 31, 2012 and December 31, 2011, we had a net deferred loss associated with cash flow hedges of approximately $71,000 and $33,000, respectively, due to the interest rate swap which has been included in Other Liabilities.

As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties may fail to meet their contractual obligations. Recent adverse developments in the global financial and credit markets could negatively impact the creditworthiness of our counterparties and cause one or more of our counterparties to fail to perform as expected. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. To date, all counterparties have performed in accordance with their contractual obligations.

Fair Value

At March 31, 2012 and December 31, 2011, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.

	March 31, 2012
	Carrying Amount	Fair Value
Debt
Short-term borrowings and long-term debt	$23,645,786	$23,645,786

	December 31, 2011
	Carrying Amount	Fair Value
Debt
Short-term borrowings and long-term debt	$17,876,619	$17,876,619

We estimated the fair value of debt using market quotes and calculations based on market rates.

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2012 and December 31, 2011:

		Fair Value Measurements March 31, 2012
Description	Total	Quoted Prices in Active Markets for Identical assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$ 71,288	--	$ 71,288	--
Total	$ 71,288	--	$ 71,288	--

		Fair Value Measurements December 31, 2011
Description	Total	Quoted Prices in Active Markets for Identical assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$32,988	--	$32,988	--
Total	$32,988	--	$32,988	--

The fair value of the Company’s interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the “replacement swap rate,” which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date. The market value is then determined by calculating the present value interest differential between the contractual swap and the replacement swap.

As of March 31, 2012 and December 31, 2011, $71,288 and $32,988, respectively, was included in Other Liabilities related to the fair value of the Company’s interest rate swap, and $47,050 and $21,772, respectively, net of tax of $24,238 and $11,216, was included in Accumulated Other Comprehensive Loss.

The change in unrealized loss from the Company’s interest rate swaps of $(25,278) and $7,736 is included in other comprehensive income for the three months ended March 31, 2012 and 2011, respectively.

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings in excess of billings on uncompleted contracts consist of:

	March 31, 2012
	U.S
	Government	Commercial	Total

Costs incurred on uncompleted
Contracts	$189,076,054	$28,167,371	$217,243,425
Estimated earnings	60,938,883	17,020,641	77,959,524
Sub-total	250,014,937	45,188,012	295,202,949
Less billings to date	184,277,184	28,341,779	212,618,963
Costs and estimated earnings
in excess of billings on
uncompleted contracts	$65,737,753	$16,846,233	$82,583,986

	December 31, 2011
	U.S.
	Government	Commercial	Total
Costs incurred on uncompleted
contracts	$162,233,699	$24,713,310	$186,947,009
Estimated earnings	72,883,505	15,029,802	87,913,307
Sub-total	235,117,204	39,743,112	274,860,316
Less billings to date	171,694,325	24,155,629	195,849,954
Costs and estimated earnings in excess of billings on uncompleted contracts	$63,422,879	$15,587,483	$79,010,362

U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontracts.

Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the three months ended March 31, 2012 and 2011, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $600,000 and $1,200,000, respectively, from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years.

Although management believes it has established adequate procedures for estimating costs to complete on uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

5.	INCOME PER COMMON SHARE

Basic income per common share is computed using the weighted average number of shares outstanding. Diluted income per common share for the three month period ended March 31, 2012 and 2011 is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. Incremental shares of 625,517 were used in the calculation of diluted income per common share in the three month period ended March 31, 2012. Incremental shares of 55,000 were not included in the diluted earnings per share calculations for the three month period ended March 31, 2012 as their exercise price was in excess of the Company’s average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive. Incremental shares of 397,844 were used in the calculation of diluted income per common share in the three months ended March 31, 2011. All incremental shares were included in the diluted earnings per share calculations for the three months ended March 31, 2011.

6.	LINE OF CREDIT

In August 2007, we entered into a revolving credit facility with Sovereign Bank (the “Sovereign Revolving Facility”), secured by all of our assets.

On May 26, 2010, the Company and Sovereign Bank entered into a third amendment to the Sovereign Revolving Facility increasing the existing revolving credit facility under the Credit Agreement (the “Credit Agreement”) from an aggregate of $3.5 million to an aggregate of $4.0 million and extending the term of the revolving credit facility from August 2011 to August 2013. In addition, the interest rate on borrowings under the revolving credit facility was decreased to (i) the greater of 3.75% or 3.25% in excess of the LIBOR Rate or (ii) the greater of 3.75% or 0.50% in excess of Sovereign Bank’s prime rate, as elected by the Company in accordance with the Credit Agreement.

On May 10, 2011, the Company entered into a fifth amendment to its credit agreement with Sovereign Bank, increasing the existing revolving credit facility from an aggregate of $4.0 million to an aggregate of $10.0 million and extending the term from August 2013 to August 2014. In addition, the interest rate of borrowings under the revolving credit facility will no longer be subject to a minimum rate of 3.75%.

On September 1, 2011, the Company entered into a sixth amendment to its credit agreement with Sovereign Bank, dated as of August 13, 2007, as amended as of October 22, 2008, July 7, 2009, May 21, 2010, March 14, 2011 and May 10, 2011, providing for a $3.0 million increase until November 30, 2011 of the existing revolving credit facility under the Credit Agreement, from an aggregate of $10.0 million to an aggregate of $13.0 million.

On November 29, 2011, the Company entered into a seventh amendment to its credit agreement with Sovereign Bank, which increased the revolving credit facility under the Credit Agreement from an aggregate of $13.0 million to an aggregate of $18.0 million and extended the term of earlier terminating revolving credit loans to August 2014. The Amendment also provides for a reduction in the interest rate of borrowings under the revolving credit facility to 2.75% in excess of the LIBOR rate or Sovereign Bank’s prime rate, as elected by the Company in accordance with the Credit Agreement, a reduction in the commitment fee to a rate of 0.4% per annum on the average daily unused portion of the revolving credit commitment, commencing December 31, 2011 and the addition of a covenant to the Credit Agreement requiring that the Company maintain a ratio of Unsubordinated Liabilities to Capital Base, as such terms are defined in the Credit Agreement.

As of March 31, 2012, the Company was in compliance with all of the financial covenants, as amended, contained in the Credit Agreement and $17.6 million was outstanding under the Sovereign Revolving Facility.

7. LONG-TERM DEBT

On October 22, 2008, the Company obtained a $3.0 million term loan from Sovereign Bank to be amortized over five years (the “Sovereign Term Facility”). The Sovereign Term Facility bears interest at LIBOR (0.22% at March 31, 2012) plus 2.5% and is secured by all of the assets of the Company.

The terms and conditions of the Sovereign Revolving Facility are applicable to the Sovereign Term Facility.

Additionally, the Company and Sovereign Bank entered into a five-year interest rate swap agreement, in the notional amount of $3 million. Under the interest rate swap, the Company pays an amount to Sovereign Bank representing interest on the notional amount at a rate of 5.8% and receives an amount from Sovereign representing interest on the notional amount at a rate equal to the one-month LIBOR. The effect of this interest rate swap will be the Company paying a fixed interest rate of 5.8% over the term of the Sovereign Term Facility.

On March 9, 2012, the Company entered into an eighth amendment to its credit agreement with Sovereign Bank, which Amendment provides for an additional term loan from the Sovereign in the principal amount of $4.5 million to be amortized over five years (the “Sovereign Term Facility 2”). The Sovereign Term Facility 2 shall be used by the Company to purchase tooling and equipment in connection with certain contracts. The Sovereign Term Facility 2 is subject to the same acceleration provision as the Revolving Credit Loans and the Sovereign Term Facility, which provision allows Sovereign, at its option, to declare all Loans and other outstanding amounts under the Credit Agreement as due and payable upon the occurrence of any Event of Default. The Amendment also requires a prepayment of the Sovereign Term Facility 2 upon the Company’s receipt of a termination or cancellation payment in connection with the Designated Contracts in an amount equal to the lesser of 50% of such payment or the outstanding principal balance of the Sovereign Term Facility 2.

Pursuant to the terms of the ISDA 2002 Master Agreement and Schedule between Sovereign and the Company, dated October 22, 2008, the Company also entered into a five-year interest rate swap agreement in the notional amount of $4.5 million. Under the Interest Rate Swap, the Company pays an amount to Sovereign representing interest on the notional amount at a fixed rate of 4.11% and receives an amount from Sovereign representing interest on the notional amount at a rate equal to the one month LIBOR rate plus 300 basis points. The effect of this Interest Rate Swap will be the Company paying a fixed interest rate of 4.11% over the term of the Sovereign Term Facility 2.

CPI AEROSTRUCTURES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

The maturities of long-term debt are as follows:


Twelve months ending March 31,
2013	1,694,480
2014	1,418,585
2015	884,479
2016	887,175
2017 Thereafter	861,067 300,000
	$6,045,786

In addition to the Sovereign Term Facilities, included in long-term debt are capital leases and notes payable of $545,786, including a current portion of $254,480.

8. MAJOR CUSTOMERS

During the three months ended March 31, 2012 and 2011, 10% and 8%, respectively, of revenue was directly from the U.S. Government. In addition, during the three months ended March 31, 2012, the Company’s three largest commercial customers accounted for 38%, 20% and 15% of revenue, respectively. During the three months ended March 31, 2011, the Company’s three largest commercial customers accounted for 35%, 34% and 11% of revenue, respectively.

At March 31, 2012 and December 31, 2011, 6.1% and 7.5% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts, respectively, were from the U.S. Government.

At March 31, 2012, 41%, 20,%, 16% and 12% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the Company's four largest commercial customers. At December 31, 2011, 40%, 21,%, 15% and 13% of Cost and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the Company's four largest commercial customers.

9. SUBSEQUENT EVENT

On April 30, 2012, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commisssion. Under the shelf registration statement, when declared effective by the SEC, the Company may offer and sell from time to time in the future, in one or more public offerings, up to $20 million of common stock, preferred stock, debt securities, warrants or units, or any combination thereof.

CPI AEROSTRUCTURES, INC.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Company’s Condensed Financial Statements and notes thereto contained in this report.

Forward Looking Statements

When used in this Form 10-Q and in future filings by us with the Securities and Exchange Commission, the words or phrases “will likely result,” “management expects” or “we expect,” “will continue,” “is anticipated,” “estimated” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The risks are included in Item 1A - Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2011 and Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q. We have no obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.

Business Operations

We are engaged in the contract production of structural aircraft parts principally for the U.S. Air Force and other branches of the U.S. armed forces, either as a prime contractor or as a subcontractor to other defense prime contractors. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. Our strategy for growth has been focused primarily as a subcontractor for defense prime contractors. Due to our success as a subcontractor to defense prime contractors we have pursued opportunities to increase our commercial subcontracting business.

Marketing and New Business

From the beginning of the current fiscal year through May 4, 2012, we received approximately $32.2 million of new contract awards, which included approximately $0.2 million of government prime contract awards, approximately $31.4 million of government subcontract awards and approximately $0.6 million of commercial subcontract awards, compared to a total of $46.8 million of new contract awards, of all types, in the same period last year.

Included in new contract awards are:

·	A $12.7 million purchase order from Boeing for assemblies on the A-10 aircraft.

·	A $10.7 million order from Goodrich Corporation for the supply of structural aerospace assemblies. In addition, we will have, for the first time in our history, design authority for design modifications to the structure it is manufacturing.

We have approximately $952 million in formalized bids outstanding as of May 4, 2012 and continue to make bids on contracts on a weekly basis. Unawarded solicitations include two bids totaling approximately $647 million to an international aerospace company for work on the Boeing 787. While we cannot predict the probability of obtaining or the timing of awards, some of these outstanding proposals are significant in amount.

CPI AEROSTRUCTURES, INC.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

While historically our direct U.S. Government work has typically ranged from six months to two years, our major subcontract awards for the E-2D, A-10 and G650 average a 7 year life. Except in cases where contract terms permit us to bill on a progress basis, we must incur upfront costs in producing assemblies, amortize the costs and bill our customers upon delivery. Because of the upfront costs incurred, the timing of our billings and the nature of the percentage-of-completion method of accounting described below, there can be a significant disparity between the periods in which (a) costs are expended, (b) revenue and earnings are recorded and (c) cash is received.

Critical Accounting Policies

Revenue Recognition

We recognize revenue from our contracts over the contractual period under the percentage-of-completion (“POC”) method of accounting. Under the POC method of accounting, sales and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Costs and estimated earnings in excess of billings on uncompleted contracts.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Billings in excess of costs and estimated earnings on uncompleted contracts.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in cost of sales in the period the change becomes known. The use of the POC method of accounting involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received by us during any reporting period. We continually evaluate all of the issues related to the assumptions, risks and uncertainties inherent with the application of the POC method of accounting; however, we cannot assure you that our estimates will be accurate. If our estimates are not accurate or a contract is terminated, we will be forced to adjust revenue in later periods. Furthermore, even if our estimates are accurate, we may have a shortfall in our cash flow and we may need to borrow money, or seek access to other forms of liquidity, to fund our work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

CPI AEROSTRUCTURES, INC.

Item 2 – Management’s Discussion and Analysis of Financial Condition and

Results of Operations

Revenue

Revenue for the three months ended March 31, 2012 was $19,721,095 compared to $16,009,608 for the same period last year, representing an increase of $3,711,487 or 23%.

We generate revenue from government contracts for which we act as a prime contractor or as a subcontractor as well as from commercial contracts. Revenue generated from prime government contracts for the three months ended March 31, 2012 was $1,899,397 compared to $1,341,460 for the three months ended March 31, 2011, an increase of $557,937 or 41.6%. Revenue generated from government subcontracts for the three months ended March 31, 2012 was $12,376,798 compared to $12,793,580 for the three months ended March 31, 2011, a decrease of $416,782 or 3.3%. Revenue generated from commercial contracts was $5,444,900 for the three months ended March 31, 2012 compared to $1,874,568 for the three months ended March 31, 2011, an increase of $3,570,332 or 190.5%.

The majority of the increase in revenue was related to increases in production of leading edges for the Gulfstream G650.

Inflation historically has not had a material effect on our operations.

Gross Profit

Gross profit for the three months ended March 31, 2012 was $4,964,386 compared to $3,850,104 for the three months ended March 31, 2011, an increase of $1,114,282. As a percentage of revenue, gross profit for the three months ended March 31, 2012 was 25.2% compared to 24.0% for the same period last year. Our gross margin of 25.2% for the three months ended March 31, 2012 was in line with our expected gross margin percentage range of 25%-27%.

We expect our gross margin for the full year to fall within our expected range of 25%-27%.

CPI AEROSTRUCTURES, INC.

Item 2 – Management’s Discussion and Analysis of Financial Condition and

Results of Operations

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2012 were $2,104,881 compared to $1,800,422 for the three months ended March 31, 2011, an increase of $304,459, or 16.9%. The increase is primarily due to a $128,000 increase in public fees, which was the result of our changing our policy of issuing options to most of our board of directors in the second quarter of the year. In 2012, we issued all options to our board of directors on the first business day of the year, which will result in lower expense over the entire year. In addition we had an increase in accounting and legal fees of $117,000.

Income Before Provision for Income Taxes

Income before provision for income taxes for the three months ended March 31, 2012 was $2,710,320 compared to $2,012,050 for the same period last year, an increase of $698,270.

Provision for Income Taxes

Provision for income taxes was $791,000 for the three months ended March 31, 2012, or 29% of pre-tax income, compared to $644,000 or 32% of pre-tax income for the three months ended March 31, 2011. The provision for income taxes as a percentage of pre-tax income decreased because in 2011, the Company began taking a deduction for domestic production activity which results in approximately a 2%-3% tax savings. This deduction, however, was not estimated until the second quarter of 2011, so it was not taken in the quarter ended March 31, 2011.

CPI AEROSTRUCTURES, INC.

Item 2 – Management’s Discussion and Analysis of Financial Condition and

Results of Operations

Net Income

Net income for the three months ended March 31, 2012 was $1,919,320, or $0.28 per basic share, compared to net income of $1,368,050, or $0.20 per basic share, for the same period last year. Diluted income per share for the three months ended March 31, 2012 was $0.27, calculated utilizing 7,228,061 average shares outstanding.

Liquidity and Capital Resources

General

At March 31, 2012, we had working capital of $58,048,784 compared to $52,186,436 at December 31, 2011, an increase of $5,862,348, or 11.2%.

Cash Flow

A large portion of our cash is used to pay for materials and processing costs associated with contracts that are in process and which do not provide for progress payments. Contracts that permit us to bill on a progress basis must be classified as “on time” for us to apply for progress payments. Costs for which we are not able to bill on a progress basis are components of “Costs and estimated earnings in excess of billings on uncompleted contracts” on our condensed balance sheets and represent the aggregate costs and related earnings for uncompleted contracts for which the customer has not yet been billed. These costs and earnings are recovered upon shipment of products and presentation of billings in accordance with contract terms.

Because the POC method of accounting requires us to use estimates in determining revenue, costs and profits and in assigning the amounts to accounting periods, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash that we receive during any reporting period. Accordingly, it is possible that we may have a shortfall in our cash flow and may need to borrow money, or to raise additional capital, until the reported earnings materialize into actual cash receipts.

At March 31, 2012, we had a cash balance of $530,578 compared to $878,200 at December 31, 2011.

Our costs and estimated earnings in excess of billings increased by approximately $3.6 million during the three months ended March 31, 2012. The Boeing A-10 contract accounted for approximately $2.3 million of this increase. Although this contract does provide for milestone billings, the Company has been limited in its ability to invoice Boeing because of the lack of performance by certain vendors. This has resulted in us not achieving certain milestone billing events. Additionally, the contract provides that we can’t bill Boeing for approved changes to first articles until such time as the government approves the entire A-10 wing. We have submitted all first articles on this program and are awaiting government approval of Boeing’s complete submission. Lastly, a significant amount of production has been completed, however such items can’t be shipped and invoiced, as we are awaiting a minor Boeing configuration change.

Because of our high growth rate, in order to perform on new programs, such as the recently announced Goodrich and Embraer programs, we may be required to expend up-front costs that may have to be amortized over a portion of production units. In the case of significant program delays and/or program cancellations, we could be required to bear impairment charges which may be material, for costs that are not recoverable. Such charges and the loss of up-front costs could have a material impact on our liquidity.

We continue to work to obtain better payment terms with our customers, including accelerated progress payment arrangements, as well as exploring alternative funding sources.

CPI AEROSTRUCTURES, INC.

Item2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Credit Facilities

Line of Credit

In August 2007, we entered into a revolving credit facility with Sovereign Bank (the “Sovereign Revolving Facility”), secured by all of our assets.

On May 26, 2010, the Company entered into a third amendment to its credit agreement with Sovereign Bank increasing the existing revolving credit facility under the Credit Agreement (the “Credit Agreement”) from an aggregate of $3.5 to an aggregate of $4.0 and extending the term of the revolving credit facility from August 2011 to August 2013. In addition, the interest rate on borrowings under the revolving credit facility was decreased to (i) the greater of 3.75% or 3.25% in excess of the LIBOR Rate or (ii) the greater of 3.75% or 0.50% in excess of Sovereign Bank’s prime rate, as elected by the Company in accordance with the Credit Agreement.

On November 29, 2011, the Company entered into a seventh amendment to the Sovereign Revolving Facility which increased the existing revolving credit facility from an aggregate of $13.0 million to an aggregate of $18.0 million and extended the term of earlier terminating revolving credit loans to August 2014. The Amendment also provides for a reduction in the interest rate of borrowings under the revolving credit facility to 2.75% in excess of the LIBOR rate or Sovereign Bank’s prime rate, as elected by the Company in accordance with the Credit Agreement, a reduction in the commitment fee to a rate of 0.4% per annum on the average daily unused portion of the revolving credit commitment, commencing December 31, 2011 and the addition of a covenant to the Credit Agreement requiring that the Company maintain a ratio of Unsubordinated Liabilities to Capital Base, as such terms are defined in the Credit Agreement.

As of March 31, 2012, we were in compliance with all of the financial covenants contained in the Credit Agreement, as amended, and $17.6 million was outstanding under the Sovereign Revolving Facility.

Term Loan

On October 22, 2008, we obtained a $3.0 million term loan from Sovereign Bank to be amortized over five years (the “Sovereign Term Facility”). The Sovereign Term Facility bears interest at LIBOR plus 2.5% and is secured by all of our assets.

The terms and conditions of the Sovereign Revolving Facility are applicable to the Sovereign Term Facility.

Additionally, the Company and Sovereign Bank entered into a five-year interest rate swap agreement, in the notional amount of $3.0 million. Under the interest rate swap, the Company pays an amount to Sovereign Bank representing interest on the notional amount of 5.8% and receives an amount from Sovereign representing interest on the notional amount at a rate equal to the one-month LIBOR plus 2.5%. The effect of this interest rate swap will be the Company paying a fixed interest rate of 5.8% over the term of the Sovereign Term Facility.

On March 9, 2012, the Company entered into an eighth amendment to its credit agreement with Sovereign Bank which provides for an additional term loan from the Sovereign in the principal amount of $4.5 to be amortized over five years (the “Sovereign Term Facility 2”). The Sovereign Term Facility 2 shall be used by the Company to purchase tooling and equipment in connection with certain contracts. The Sovereign Term Facility 2 is subject to the same acceleration provision as the Revolving Credit Loans and Sovereign Term Facility, which provision allows the Sovereign, at its option, to declare all Loans and other outstanding amounts under the Credit Agreement as due and payable upon the occurrence of any Event of Default. The Amendment also requires a prepayment of the Sovereign Term Facility 2 upon the Company’s receipt of a termination or cancellation payment in connection with the Designated Contracts in an amount equal to the lesser of 50% of such payment or the outstanding principal balance of the Sovereign Term Facility 2.

Pursuant to the terms of the ISDA 2002 Master Agreement and Schedule between Sovereign and the Company, dated October 22, 2008, the Company also entered into a five-year interest rate swap agreement in the notional amount of $4.5. Under the Interest Rate Swap, the Company pays an amount to the Sovereign representing interest on the notional amount at a fixed rate of 4.11% and receives an amount from Sovereign representing interest on the notional amount at a rate equal to the one month LIBOR rate plus 300 basis points. The effect of this Interest Rate Swap will be the Company paying a fixed interest rate of 4.11% over the term of the Sovereign Term Facility 2.

Contractual Obligations

For information concerning our contractual obligations, see “Contractual Obligations” under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2011

CPI AEROSTRUCTURES, INC.

Item 3 – Quantitative and Qualitative Disclosure About Market Risk

Market risk represents the risk of loss that may impact our financial position, results of operations or cash flows. We are exposed to market risk primarily due to fluctuations in the interest rates. We do not utilize any particular strategy or instruments to manage our interest rate risk.

Item 4 – Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management has established disclosure controls and procedures designed to ensure that information it is required to disclose in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within time periods specified in the Securities and Exchange Commission rules and forms. Such disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information the Company is required to disclose in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management to allow timely decisions regarding required disclosure.

Based on an evaluation of the Company’s disclosure controls and procedures as of March 31, 2012 made by management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) were effective as of March 31, 2012.

Changes in Internal Control Over Financial Reporting

No change in our internal control over financial reporting occurred during the quarter ended March 31, 2012 that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

CPI AEROSTRUCTURES, INC.

Part II: Other Information

Item 1 – Legal Proceedings

None.

Item 1A – Risk Factors

There have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

There have been no sales of unregistered sales of our equity securities for the three months ended March 31, 2012. The following table sets forth information for the three months ended March 31, 2012 with respect to repurchases of our outstanding common stock:

Issuer Purchases of Equity Securities

Period	Total number of shares purchased (1)	Average price paid per share	Total number of shares (or units) purchased as part of publicly announced plans or programs	Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
January 1, 2012 – January 31, 2012	—	—	—	—
February 1, 2012 – February 29, 2012	—	—	—	—
March 1, 2012 – March 31, 2012	8,922	15.32	—	—
Total	8,922	15.32	—	—

(1)	Represents shares that were delivered to the Company pursuant to provisions of stock option agreements and the Performance Equity Plan 2009, which permit payment of the exercise price of options in shares of common stock delivered to the Company.

Item 3 – Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Discosures

Not applicable.

Item 5 – Other Information

None.

Item 6 – Exhibits

Exhibit 10.1	Eighth Amendment to Credit Agreement, dated as of March 9, 2012 by and between CPI Aerostructures, Inc. and Sovereign Bank, N.A. (1)
Exhibit 31.1	Section 302 Certification by Chief Executive Officer and President
Exhibit 31.2	Section 302 Certification by Chief Financial Officer (Principal Accounting Officer)
Exhibit 32	Section 906 Certification by Chief Executive Officer and Chief Financial Officer
Exhibit 101	The following financial information from CPI Aerostructures, Inc. Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Income and Comprehensive Income, (iii) the Condensed Statements of Shareholders Equity, (iv) the Condensed Statements of Cash Flows, and (v) the Notes to the Condensed Financial Statements

(1)	Filed as an exhibit to the Company’s Current Report on Form 8-K dated March 12, 2012 and incorporated herein by reference.

CPI AEROSTRUCTURES, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CPI AEROSTRUCTURES, INC.



Dated: May 9, 2012	By.	/s/ Edward J. Fred
		Edward J. Fred
		Chief Executive Officer and President



Dated: May 9, 2012	By.	/s/ Vincent Palazzolo
		Vincent Palazzolo
		Chief Financial Officer (Principal Accounting Officer)

EX-31.1 2 ex31_1.htm CERTIFICATION CEO & PRESIDENT ex31_1.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Edward J. Fred, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of CPI Aerostructures, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fourth fiscal quarter ( the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 9, 2012	CPI AEROSTRUCTURES, INC.
	(Registrant)
	By:	/s/ Edward J. Fred
		Edward J. Fred Chief Executive Officer, President and Director

EX-31.2 3 ex31_2.htm CERTIFICATION CFO ex31_2.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Vincent Palazzolo, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of CPI Aerostructures, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter ( the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 9, 2012	CPI AEROSTRUCTURES, INC.
	(Registrant)

	By:	/s/ Vincent Palazzolo
		Vincent Palazzolo Chief Financial Officer and Secretary

EX-32 4 ex32_.htm CERTIFICATION CEO & CFO ex32_.htm

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CPI Aerostructures, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2012 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated: May 9, 2012	CPI AEROSTRUCTURES, INC.
	(Registrant)

	By:	/s/ Edward J. Fred
		Edward J. Fred Chief Executive Officer, President and Director

Dated: May 9, 2012	CPI AEROSTRUCTURES, INC.
	(Registrant)

	By:	/s/ Vincent Palazzolo
		Vincent Palazzolo Chief Financial Officer and Secretary

EX-10.1 5 ex10_1.htm 8TH AMENDMENT TO CREDIT AGGREEMENT ex10_1.htm

EIGHTH AMENDMENT TO CREDIT AGREEMENT

EIGHTH AMENDMENT (the “Amendment”) entered into as of March 7, 2012 by and between CPI AEROSTRUCTURES, INC. (the “Borrower”), and SOVEREIGN BANK, N.A., formerly known as Sovereign Bank (the “Bank”).

WHEREAS, the Borrower and the Bank are parties to that Amended and Restated Loan Agreement dated as of August 13, 2007, as amended by that First Amendment dated as of October 22, 2008, that Second Amendment dated as of July 7, 2009, that Third Amendment dated as of May 21, 2010, that Fourth Amendment dated as of March 14, 2011, that Fifth Amendment dated as of May 10, 2011, that Sixth Amendment dated as of September 1, 2011, and that Seventh Amendment dated as of November 28, 2011 as same may be hereafter amended and modified (the “Agreement”); and

WHEREAS, the Borrower has requested that the Bank make available, and the Bank has agreed to extend to Borrower, a second term loan facility in the principal amount of up to $4,500,000.00, subject to the provisions hereof; and

WHEREAS, the Borrower has requested that the Bank amend and the Bank has agreed to amend certain provisions of the Agreement, subject to the terms and conditions hereinafter set forth.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1. All capitalized terms used herein, unless otherwise defined herein, have the same meanings provided therefor in the Agreement.

2. Subject to the terms and conditions hereof, the Agreement is hereby amended as follows:

(A) Section 1.1 is amended by deleting the definitions of Credit Limit, Loan, Loan Documents, Master Agreement, Maturity Date, Note and Termination Date contained therein, and substituting the following therefor :

““Loan Documents” shall mean, collectively, this Agreement, the Revolving Credit Note, the Term Note, the Second Term Note, the Security Agreement, the Master Agreement together with all other documents executed in connection with the interest rate swap transaction (if any) with respect to the Term Loan or the Second Term Loan, the Additional Documents (as defined in Section 10.14 hereof), the Replacement Documents (as defined in Section 10.15 hereof) and each document, agreement and instrument executed in connection herewith or pursuant hereto together with each document, agreement and instrument made by the Borrower or any Guarantor with or in favor of or owing to the Bank.”

““Loan” or “Loans” shall mean each Revolving Credit Loan, the Term Loan, the Second Term Loan, or any or all of same as the context may require.”

““Master Agreement” shall mean the ISDA Master Agreement dated as of October 22, 2008 between the Bank and the Borrower, as same may be thereafter amended or reaffirmed.”

““Maturity Date” shall mean (i) November 1, 2013, with respect to the Term Loan, and (ii) March 9, 2017 with respect to the Second Term Loan.”

““Note” or “Notes” shall mean the Revolving Credit Note, the Term Note, the Second Term Note or any or all of the same as the context may require.”

““Termination Date” shall mean (i) with respect to Revolving Credit Loans, August 31, 2014, (ii) with respect to the Term Loan, the applicable Maturity Date, and (iii) with respect to the Second Term Loan, the applicable Maturity Date, or if such dates are not a Business Day, the Business Day next succeeding such date.”

(B) Section 1.1 is amended by adding the definitions of “Contract Termination Payment”, “Designated Amount”, “Designated Contract”, “Second Term Loan” and “Second Term Note” to read as follows:

“”Contract Termination Payment” shall mean any termination, cancellation, rejection or similar fee or amount received by Borrower upon any early termination, cancellation, rejection, expiration or inability to agree (each a “Cancellation”) with respect to any Designated Contract or any damages or other amounts received by Borrower for the foregoing.”

“”Designated Amount” shall mean the lesser of (i) fifty (50%) percent of each Contract Termination Payment received by Borrower, and (ii) the outstanding principal balance of the Second Term Loan.”

“”Designated Contract” means those three (3) contracts executed (or to be executed) by the Borrower and disclosed in detail to the Bank, including (without limitation) each such final contract, any amendments and additions thereto, and any letter subcontract, memorandum of understanding, term sheet or supporting documentation in connection therewith.”

““Second Term Loan” shall mean the second term loan made pursuant to Section 2.1.2 hereof.”

““Second Term Note” shall mean the second term note referred to in Section 2.2.2 hereof.”

“SECTION 2. AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENT AND TERM LOANS”

(D) The last paragraph of Section 2.7 is amended by deleting the language contained therein and substituting the following therefor:

“In the event that the Borrower shall not give notice to continue any Libor Rate Loan into a subsequent Interest Period or convert any such Loan, into a Loan of another type, on the last day of the Interest Period thereof, such Loan (unless prepaid) shall automatically be converted into a Prime Rate Loan. The Interest Period applicable to any Libor Rate Loan resulting from a conversion or continuation shall be specified by the Borrower in the irrevocable notice delivered by the Borrower pursuant to this Section and Section 2.3; provided, however, that, if such notice does not specify either the type of Loan or the Interest Period to be applicable thereto, the Loan shall automatically be converted into, or continued as, as the case may be, a Prime Rate Loan until such required information is furnished pursuant to the terms hereof. Notwithstanding the foregoing, if the Term Loan or the Second Term Loan is subject to an interest rate swap transaction pursuant to the Master Agreement, the Term Loan and/or the Second Term Loan will be automatically continued as a Libor Rate Loan with a one month Interest Period. Notwithstanding anything to the contrary contained above, if an Event of Default shall have occurred and is continuing, no Libor Rate Loan may be continued into a subsequent Interest Period and no Prime Rate Loan may be converted into a Libor Rate Loan.”

(E) Section 2.8 is amended by deleting the language contained therein and substituting the following therefor:

“2.8 Prepayment.

(a) Voluntary. The Borrower may prepay any Prime Rate Loan in whole or in part without premium or penalty; provided, however, that each partial prepayment on account of any Prime Rate Loan shall be in an amount not less than $100,000.00. Except as provided in Section 2.8(b) or in connection with a termination or reduction of the Commitment pursuant to Section 2.6, the Borrower may not prepay any Libor Rate Loan prior to the last day of the Interest Period therefor. Any amount prepaid on account of a Revolving Credit Loan may be reborrowed in accordance with the provisions of Section 2.1 hereof. Any prepayment of the Term Loan or the Second Term Loan subject to an interest rate swap transaction pursuant to the Master Agreement, shall be subject to the provisions of the Master Agreement.”

(b) Mandatory.

(i) If, at any time, the aggregate outstanding principal balance of Revolving Credit Loans exceeds the Commitment, within three (3) days of the first day there exists such excess the Borrower shall make payment to the Bank in an amount equal to such excess together with any amounts payable pursuant to Section 2.12 in connection therewith. Such payment shall be applied to reduce the aggregate unpaid principal balance of Revolving Credit Loans then outstanding in the Bank’s reasonable discretion. Each prepayment shall be made together with payment of accrued interest on the amount prepaid to and including the date of prepayment.

(ii) If the Borrower decides to proceed with a public offering of its stock and raises $10,000,000.00 or more, Borrower shall then utilize an amount equal to 25% of Borrower’s net proceeds from such offering to pay down and reduce the outstanding Revolving Credit Loans under the Commitment. Each prepayment shall be made together with payment of accrued interest on the amount prepaid to and including the date of prepayment.”

(iii) If the Borrower receives a Contract Termination Payment, Borrower shall then (at Borrower’s option) either (i) prepay the Second Term Loan on the last day of the current one month Libor Rate Interest Period in the principal amount equal to the Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) deposit into a bank account held by and pledged (as additional collateral for the Loans hereunder) to the Bank, on terms and documentation satisfactory to the Bank and its counsel, an amount equal to the Designated Amount.

(F) Section 2.10 is amended by deleting the language contained therein and substituting the following therefor:

“2.10. Use of Proceeds. The proceeds of (i) Revolving Credit Loans hereunder shall be used to finance working capital requirements of the Borrower and for general corporate purposes, (ii) the Term Loan shall finance the initial costs related to a long-term contract with Spirit Aero, and (iii) the Second Term Loan shall finance tooling and equipment purchases in connection with the Designated Contracts. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Federal Reserve Board Regulations including Regulations T, U and X.”

(G) The Agreement is hereby amended to add new Section 2.1.2 to read as follows:

“2.1.2 Second Term Loan. Subject to the terms and conditions hereof, the Bank agrees to make a second term loan (the “Second Term Loan”) to the Borrower on or about the effective date of the Eighth Amendment to this Agreement in an amount equal Four Million Five Hundred Thousand and 00/100 ($4,500,000.00) Dollars.”

(H) The Agreement is hereby amended to add new Sections 2.2.2 to read as follows:

“2.2.2 Second Term Note. The Second Term Loan shall be evidenced by the second term note of the Borrower, payable to the order of the Bank, substantially in the form of Exhibit C attached hereto, with blanks appropriately completed. The Second Term Note shall be dated a date on or about the date of the Eighth Amendment to this Agreement and shall mature on the applicable Maturity Date at which time the entire outstanding principal balance and all interest thereon shall be due and payable. The Second Term Loan shall bear interest at a rate per annum equal to (a) the Prime Rate, or (b) 3.0% in excess of the Libor Rate for a one month Interest Period, the entire outstanding principal balance of which, at the Borrower’s option (subject to availability), shall be swapped into a fixed rate acceptable to the Bank for the remainder of the term pursuant to the Master Agreement. Interest shall be payable pursuant to Section 2.9 hereof and continued or converted in accordance with the requirements of Section 2.7 hereof. Prepayments shall be subject to Section 2.8 hereof. The Second Term Note shall be entitled to the benefits and subject to the provisions of this Agreement.”

(I) The Agreement is hereby amended to add a new Section 2.9.2 to read as follows:

“2.9.2 Repayment of Second Term Note. The principal balance of the Second Term Note shall be payable in sixty (60) consecutive monthly installments of principal, the first fifty-nine (59) of which shall be in an amount equal to Seventy-Five Thousand and 00/100 ($75,000.00) Dollars each, commencing on May 1, 2012 with each succeeding installment being due on the first day of each month thereafter until March 1, 2017 with a final payment due on the applicable Maturity Date in an amount equal to the then outstanding principal balance of the Second Term Note. Notwithstanding the foregoing, upon Borrower’s receipt of each Contract Termination Payment, Borrower shall either prepay or cash secure (in part) the Second Term Loan in accordance with Section 2.8(b)(iii) of this Ageement.”

(J) The Agreement is hereby amended to add new Sections 4.1.2 to read as follows:

“4.1.2 Conditions to Second Term Loan. The obligations of the Bank to make the Second Term Loan to the Borrower is subject to the satisfaction of the following conditions precedent:

(a) Eighth Amendment to Credit Agreement. The Bank shall have received the Eighth Amendment to Credit Agreement duly executed by the Borrower, together with evidence that all conditions thereto have been satisfied.

(b) Second Term Note. The Bank shall have received the Second Term Note conforming to the requirements hereof, substantially in the form of Exhibit C hereto with appropriate insertions and duly executed by the Borrower.

(c) Master Agreement. The Bank shall have received the completed Master Agreement (or any reaffirmation or modification thereof) together with all other documents necessary to evidence, secure, authorize and effectuate the interest rate swap transaction duly executed by the Borrower.

(d) Officers’ Certificate. Certificate of an officer of the Borrower dated on or about the date of the first amendment to this Agreement certifying as to (w) no change to the copies of the Borrower’s certificate of incorporation and all amendments thereto previously delivered to the Bank, (x) no change to the copies of the bylaws of the Borrower and all amendments thereto, previously delivered to the Bank, (y) true and correct copies of resolutions adopted by the board of directors of the Borrower authorizing (1) the execution, delivery and performance by the Borrower of each of the Loan Documents to which it is a party and the performance by the Borrower of its obligations under each of the Loan Documents to which it is a party, (2) approving forms in substantially execution form of each of the Loan Documents to which it is a party, and (3) authorizing officers of the Borrower to execute and deliver each of the Loan Documents to which it is a party, and (z) the incumbency and specimen signatures of the duly authorized officers of the Borrower executing the Loan Documents and any other documents delivered to the Bank by the Borrower in connection herewith.

(e) UCC Searches; Good Standing Certificate. The Bank shall have received current UCC Searches and an updated Good Standing Certificate, each for the Borrower from the New York Secretary of State, in each case satisfactory to the Bank.

(f) Opinion of Counsel. The Bank shall have received an opinion of the Borrower’s counsel with respect to the Second Term Loan, satisfactory to the Bank in all respects.

(g) Designated Contracts. Borrower shall have delivered to the Bank all Designated Contracts together with any other documents and information in connqection therewith.

(h) Other Information. The Bank shall have received such other information and documents with respect to the Borrower, its business or the collateral as is reasonably requested.”

(i) Additional Matters. All other documents and legal matters in connection with the transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Bank and its counsel.

(K) The Agreement is hereby amended to add a new Exhibit C on the form annexed hereto.

(L) Except as amended herein, all other provisions of the Agreement shall remain in full force and effect, and are hereby ratified.

3. The Bank and the Borrower agree that as of March 2, 2012, the aggregate outstanding principal amount of: (i) the Revolving Credit Loans as evidenced by the Revolving Credit Note is $17,600,000.00, (ii) the Term Loan as evidenced by the Term Note is $1,000,000.00 and interest has been paid through (but not including) March 1, 2012.

4. The Borrower hereby represents and warrants to the Bank that:

(a) Each and every of the representations and warranties set forth in the Agreement is true as of the date hereof and with the same effect as though made on the date hereof, and is hereby incorporated herein in full by reference as if fully restated herein in its entirety; provided, however, that the December 31, 2006 date in Section 3.1 of the Agreement shall be deemed to be December 31, 2010, and the March 31, 2007 date in Section 3.1 of the Agreement shall be deemed to be September 30, 2011.

(b) No Default or Event of Default and no event or condition which, with the giving of notice or lapse of time or both, would constitute such a Default or Event of Default, now exists or would exist after giving effect hereto.

(c) There are no defenses or offsets to the Borrower’s obligations under the Agreement, the Notes or the Loan Documents or any of the other agreements in favor of the Bank referred to in the Agreement.

5. It is expressly understood and agreed that all collateral security for the Loans and other extensions of credit set forth in the Agreement prior to the amendment provided for herein is and shall continue to be collateral security for the Loans and other extensions of credit provided in the Agreement as herein amended, including (without limitation) Borrower’s obligations under the Master Agreement, except those receivables sold in accordance with Section 7.7 of the Agreement as amended herein. Without limiting the generality of the foregoing, the Borrower hereby absolutely and unconditionally confirms that each document and instrument executed by the Borrower pursuant to the Agreement continues in full force and effect, is ratified and confirmed and is and shall continue to be applicable to the Agreement (as herein amended).

6. The amendments set forth herein are limited precisely as written and shall not be deemed to (a) be a consent to or a waiver of any other term or condition of the Agreement or any of the documents referred to therein, or (b) prejudice any right or rights which the Bank may now have or may have in the future under or in connection with the Agreement or any documents referred to therein. Whenever the Agreement is referred to in the Amendment or any of the instruments, agreements or other documents or papers executed and delivered in connection therewith, it shall be deemed to mean the Agreement as modified by this Amendment.

7. The Borrower agrees to pay on demand, and the Bank may charge any deposit or loan account(s) of the Borrower, all expenses (including reasonable attorney’s fees) incurred by the Bank in connection with the negotiation and preparation of the Agreement as amended hereby.

8. This Amendment shall become effective on such date as all of the following conditions shall be satisfied retroactive to the date hereof:

(a) The Bank shall have received four (4) executed, original counterparts of this Amendment together with the original, executed Second Term Note.

(b) The Bank shall have received the documents set forth in Section 4.1.2 of the Agreement.

(c) The Bank shall have received four (4) executed counterparts of the Officer’s Certificate of the Borrower together with any other action (in form and substance satisfactory to the Bank and its counsel) taken by the Borrower to authorize the execution, delivery and performance of this Amendment and such other documents as the Bank or its counsel may require.

(d) The Bank shall have received payment of the fees and disbursements of the Bank’s outside counsel with respect to this Amendment and the related documents.

9. This Amendment is dated as of the date set forth in the first paragraph hereof and shall be effective (after satisfaction of the conditions set forth in paragraph 8 above) on the date of execution by the Bank retroactive to such date.

10. This Amendment may be executed in counterparts, each of which shall constitute an original, and each of which taken together shall constitute one and the same agreement.

[NO FURTHER TEXT ON THIS PAGE]

2434662.6

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the date first above written.

CPI AEROSTRUCTURES, INC.

By:______________________

Vincent Palazzolo

Chief Financial Officer

SOVEREIGN BANK, N.A.

By:______________________

Christine Gerula

Senior Vice President

State of New York, County of Suffolk, ss:

On the ____ day of March, in the year 2012, before me the undersigned, personally appeared VINCENT PALAZZOLO, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument.

______________________________

Notary Public

State of New York, County of Suffolk, ss:

On the ____ day of March, in the year 2012, before me the undersigned, personally appeared CHRISTINE GERULA, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her capacity, and that by her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument.

_____________________________

Notary Public

2434662.6

EXHIBIT C

FORM OF

SECOND TERM NOTE

$4,500,000.00 As of March 9, 2012

FOR VALUE RECEIVED, on the applicable Maturity Date (as defined in the Agreement), CPI AEROSTRUCTURES, INC., a New York corporation, having its principal place of business at 91 Heartland Boulevard, Edgewood, New York 11717 (”Borrower”), promises to pay to the order of SOVEREIGN BANK, N.A., formerly known as Sovereign Bank (“Bank”), at its offices located at 330 South Service Road, Melville, New York 11747, the principal sum of FOUR MILLION FIVE HUNDRED THOUSAND AND 00/100 ($4,500,000.00) DOLLARS payable in consecutive monthly installments, each in the amount set forth in Section 2.9.2 of the Agreement, due on the first day of each month commencing May 1, 2012 and on the first day of each month thereafter with a final installment equal to the then unpaid principal balance of this Note payable on the Maturity Date for the Second Term Loan. The Borrower further promises to pay interest at said office in like money on the unpaid principal balance of this Note from time to time outstanding at an annual rate as selected by the Borrower pursuant to the terms of Section 2 of the Agreement, as hereinafter defined. Interest shall be computed on the basis of a 360-day year for actual days elapsed and shall be payable as provided in the Agreement. After the stated or accelerated maturity hereof, this Note shall bear interest at a rate as set forth in the Agreement, payable on demand, but in no event in excess of the maximum rate of interest permitted under any applicable law.

The Borrower shall make payment to the Bank at the Bank’s address above or such other place as Bank may from time to time specify in writing in lawful currency of the United States of America in immediately available funds, not later than 12:00 noon, New York City time on the date when due, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments. The Borrower authorizes the Bank to charge its deposit account maintained at the Bank for any payment due under this Second Term Note on the due date thereof. Except as provided in the definition of “Interest Period” in the Agreement, if any payment on this Second Term Note becomes due and payable on a day which is not a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable during such extension.

This Note is the Second Term Note referred to in that certain Credit Agreement between Borrower and Bank dated as of August 13, 2007, as amended pursuant to that certain First Amendment dated October 22, 2008, that Second Amendment dated as of July 7, 2009, that Third Amendment dated as of May 21, 2010, that Fourth Amendment dated as of March 14, 2011, that Fifth Amendment dated as of May 10, 2011, Sixth Amendment dated as of September 1, 2011, that Seventh Amendment dated as of November 28, 2011 and that Eighth Amendment dated as of March 7, 2012 as same may be further amended from time to time (the “Agreement”), and is subject to prepayment and its maturity is subject to acceleration upon the terms contained in said Agreement. This Second Term Note is secured by the collateral described in the Agreement. All capitalized terms used in this Second Term Note and not defined herein shall have the meanings given them in the Agreement.

Upon the occurrence of any one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Second Term Note may be declared to be immediately due and payable as provided in the Agreement.

If any action or proceeding be commenced to collect this Second Term Note or enforce any of its provisions, Borrower further agrees to pay all costs and expenses of such action or proceeding and attorneys' fees and expenses and further expressly waives any and every right to interpose any counterclaim in any such action or proceeding. Borrower hereby submits to the jurisdiction of the Supreme Court of the State of New York and agrees with Bank that personal jurisdiction over Borrower shall rest with the Supreme Court of the State of New York for purposes of any action on or related to this Second Term Note, the liabilities, or the enforcement of either or all of the same. Borrower hereby waives personal service by manual delivery and agrees that service of process may be made by post-paid certified mail directed to the Borrower at the Borrower's address set forth above or at such other address as may be designated in writing by the Borrower to Bank in accordance with Section 10.1 of the Agreement, and that upon mailing of such process such service be effective with the same effect as though personally served. Borrower hereby expressly waives any and every right to a trial by jury in any action on or related to this Second Term Note, the liabilities or the enforcement of either or all of the same.

Bank may transfer this Second Term Note and may deliver the security or any part thereof to the transferee or transferees, who shall thereupon become vested with all the powers and rights above given to Bank in respect thereto, and Bank shall thereafter be forever relieved and fully discharged from any liability or responsibility in the matter. The failure of any holder of this Second Term Note to insist upon strict performance of each and/or all of the terms and conditions hereof shall not be construed or deemed to be a waiver of any such term or condition.

Borrower and all endorsers and guarantors hereof waive presentment and demand for payment, notice of non-payment, protest, and notice of protest. This Second Term Note shall be construed in accordance with and governed by the laws of the State of New York.

CPI AEROSTRUCTURES, INC.

2434662.6

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<div><div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">3.        DERIVATIVE INSTRUMENTS AND FAIR VALUE</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Our use of derivative instruments has been to hedge interest rates. These derivative contracts are entered into with financial institutions.  We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We record these derivative financial instruments on the condensed balance sheets at fair value.  For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.</div><div><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Any ineffective portion of the gain or loss on the derivative instrument for a cash flow hedge is recorded in the results of operations immediately.  For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately.  See below for a discussion of our use of derivative instruments, management of credit risk inherent in derivative instruments and fair value information.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">In October 2008 and March 2012, the Company entered into interest rate swaps with the objective of reducing our exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt.  The notional amount, maturity date, and currency of these contracts match those of the underlying debt.  The Company has designated these interest rate swap contracts as cash flow hedges.  The Company measures ineffectiveness by comparing the cumulative change in the forward contact with the cumulative change in the hedged item.  No material ineffectiveness was recognized in the quarter ended March 31, 2012.  As of March 31, 2012 and December 31, 2011, we had a net deferred loss associated with cash flow hedges of approximately $71,000 and $33,000, respectively, due to the interest rate swap which has been included in Other Liabilities.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties may fail to meet their contractual obligations.  Recent adverse developments in the global financial and credit markets could negatively impact the creditworthiness of our counterparties and cause one or more of our counterparties to fail to perform as expected.  To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties.  To date, all counterparties have performed in accordance with their contractual obligations.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Fair Value</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">At March 31, 2012 and December 31, 2011, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="width: 42%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="2" valign="top" style="width: 37%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">March 31, 2012</div></td></tr><tr><td valign="top" style="padding-bottom: 2px; width: 42%; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="padding-bottom: 2px; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Carrying Amount</div></td><td valign="top" style="width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Fair Value</div></td></tr><tr><td valign="top" style="width: 42%;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Debt</div></td><td valign="top" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 19%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="padding-bottom: 4px; width: 42%;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Short-term borrowings and long-term debt</div></td><td valign="top" style="padding-bottom: 4px; width: 17%;"><div style="border-bottom: 1pt double; text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">$23,645,786</div></td><td valign="top" style="width: 19%;"><div style="border-bottom: 1pt double; text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">$23,645,786</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="width: 42%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="2" valign="top" style="width: 37%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">December 31, 2011</div></td></tr><tr><td valign="top" style="padding-bottom: 2px; width: 42%; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="padding-bottom: 2px; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Carrying Amount</div></td><td valign="top" style="width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Fair Value</div></td></tr><tr><td valign="top" style="width: 42%;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 35.4pt;">Debt</div></td><td valign="top" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 19%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="padding-bottom: 4px; width: 42%;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Short-term borrowings and long-term debt</div></td><td valign="bottom" style="padding-bottom: 4px; width: 17%;"><div style="border-bottom: 1pt double; text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">$17,876,619</div></td><td valign="top" style="width: 19%;"><div style="border-bottom: 1pt double; text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">$17,876,619</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">We estimated the fair value of debt using market quotes and calculations based on market rates.</div><div><br /></div><div style="text-indent: 0pt; display: block;">The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2012 and December 31, 2011:</div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="width: 36%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="3" valign="top" style="width: 53%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Fair Value Measurements March 31, 2012</div></td><td valign="top" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; width: 36%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Description</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 11%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: -2.55pt;">Total</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 20%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Quoted Prices in Active Markets for Identical assets (Level 1)</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Significant Other Observable Inputs (Level 2)</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Significant Unobservable Inputs (Level 3)</div></td><td valign="top" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; width: 36%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Interest Rate Swap, net</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 11%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$ 71,288</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 20%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">--</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$ 71,288</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0.9pt;">--</div></td><td valign="top" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="bottom" style="padding-bottom: 4px; width: 36%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Total</div></td><td valign="middle" style="border-bottom: black 4px double; width: 11%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$ 71,288</div></td><td valign="middle" style="border-bottom: black 4px double; width: 20%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">--</div></td><td valign="middle" style="border-bottom: black 4px double; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$ 71,288</div></td><td valign="middle" style="border-bottom: black 4px double; width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">--</div></td><td valign="top" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="bottom" style="width: 36%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="middle" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="middle" style="width: 20%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="middle" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="middle" style="width: 16%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="width: 36%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="4" valign="top" style="width: 53%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">Fair Value Measurements December 31, 2011</div></td></tr><tr><td valign="bottom" style="padding-bottom: 2px; width: 36%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Description</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 11%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: -2.55pt;">Total</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 20%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Quoted Prices in Active Markets for Identical assets (Level 1)</div></td><td valign="bottom" style="border-bottom: black 2px solid; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Significant Other Observable Inputs (Level 2)</div></td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid; width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Significant Unobservable Inputs (Level 3)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 2px; width: 36%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Interest Rate Swap, net</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 11%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$32,988</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 20%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">--</div></td><td valign="middle" style="border-bottom: black 2px solid; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$32,988</div></td><td colspan="2" valign="middle" style="border-bottom: black 2px solid; width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0.9pt;">--</div></td></tr><tr><td valign="bottom" style="padding-bottom: 4px; width: 36%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Total</div></td><td valign="middle" style="border-bottom: black 4px double; width: 11%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$32,988</div></td><td valign="middle" style="border-bottom: black 4px double; width: 20%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">--</div></td><td valign="middle" style="border-bottom: black 4px double; width: 17%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$32,988</div></td><td colspan="2" valign="middle" style="border-bottom: black 4px double; width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">--</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The fair value of the Company's interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the "replacement swap rate," which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date.  The market value is then determined by calculating the present value interest differential between the contractual swap and the replacement swap.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">As of March 31, 2012 and December 31, 2011, $71,288 and $32,988, respectively, was included in Other Liabilities related to the fair value of the Company's interest rate swap, and $47,050 and $21,772, respectively, net of tax of $24,238 and $11,216, was included in Accumulated Other Comprehensive Loss.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The change in unrealized loss from the Company's interest rate swaps of $(25,278) and $7,736 is included in other comprehensive income for the three months ended March 31, 2012 and 2011, respectively.</div></div></div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div></div>

0.27

0.19

382657

286806

4964386

3850104

149185

37632

39512323

34913900

96284534

88940107

17600000

16100000

<div><div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS</div><div style="text-indent: 0pt; display: block;"> </div><div style="text-indent: 0pt; display: block;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Costs and estimated earnings in excess of billings on uncompleted contracts consist of:</div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="border-bottom: black 2px solid; width: 30%; font-family: times new roman; font-size: 10pt;">  </td><td colspan="3" valign="top" style="border-bottom: black 2px solid; width: 50%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 2.9pt;">March 31, 2012</div></td></tr><tr><td valign="top" style="width: 30%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="text-align: right; width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">U.S</div></td><td valign="top" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 25%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="border-bottom: black 2px solid; width: 30%; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="border-bottom: black 2px solid; text-align: right; width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Government</div></td><td valign="top" style="border-bottom: black 2px solid; text-align: right; width: 23%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Commercial</div></td><td valign="top" style="border-bottom: black 2px solid; text-align: right; width: 25%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Total</div></td></tr><tr><td valign="top" style="width: 30%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 22%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 25%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="bottom" style="width: 30%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Costs incurred on uncompleted</div></td><td valign="bottom" style="width: 22%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 25%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="bottom" style="width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Contracts</div></td><td align="right" valign="bottom" style="width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$189,076,054</div></td><td align="right" valign="bottom" style="width: 23%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$28,167,371</div></td><td align="right" valign="bottom" style="width: 25%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$217,243,425</div></td></tr><tr><td align="left" valign="bottom" style="padding-bottom: 2px; width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Estimated earnings</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">60,938,883</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 23%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">17,020,641</div></td><td align="right" valign="bottom" style="width: 25%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">77,959,524</div></td></tr><tr><td align="left" valign="bottom" style="width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Sub-total</div></td><td align="right" valign="bottom" style="width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">250,014,937</div></td><td align="right" valign="bottom" style="width: 23%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">45,188,012</div></td><td align="right" valign="bottom" style="width: 25%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">295,202,949</div></td></tr><tr><td align="left" valign="bottom" style="padding-bottom: 2px; width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Less billings to date</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">184,277,184</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 23%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">28,341,779</div></td><td align="right" valign="bottom" style="width: 25%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt; text-decoration: underline;">212,618,963</div></td></tr><tr><td align="left" valign="bottom" style="width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">Costs and estimated earnings</div></td><td valign="bottom" style="width: 22%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 25%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="bottom" style="width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">in excess of billings on</div></td><td valign="bottom" style="width: 22%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 25%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 4px double; width: 30%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">uncompleted contracts</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; width: 22%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$65,737,753</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; width: 23%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$16,846,233</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; width: 25%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">$82,583,986</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="width: 22%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="3" valign="top" style="width: 50%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 2.9pt;">December 31, 2011</div></td><td valign="top" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="width: 22%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="text-align: right; width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 2.9pt;">U.S.</div></td><td valign="top" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="2" valign="top" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="border-bottom: black 2px solid; width: 22%; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="border-bottom: black 2px solid; text-align: right; width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 2.9pt;">Government</div></td><td valign="top" style="border-bottom: black 2px solid; text-align: right; width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 2.9pt;">Commercial</div></td><td colspan="2" valign="top" style="border-bottom: black 2px solid; text-align: right; width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 2.9pt;">Total</div></td></tr><tr><td align="left" valign="bottom" style="width: 22%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 1.45pt;">Costs incurred on uncompleted</div></td><td valign="bottom" style="width: 16%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="bottom" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td colspan="2" valign="bottom" style="width: 17%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="bottom" style="width: 22%;"><div style="text-align: left; text-indent: 9pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">contracts</div></td><td align="right" valign="bottom" style="width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$162,233,699</div></td><td align="right" valign="bottom" style="width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$24,713,310</div></td><td align="right" colspan="2" valign="bottom" style="width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$186,947,009</div></td></tr><tr><td align="left" valign="bottom" style="padding-bottom: 2px; width: 22%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Estimated earnings</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">72,883,505</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">15,029,802</div></td><td align="right" colspan="2" valign="bottom" style="width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">87,913,307</div></td></tr><tr><td align="left" valign="bottom" style="width: 22%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Sub-total</div></td><td align="right" valign="bottom" style="width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">235,117,204</div></td><td align="right" valign="bottom" style="width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">39,743,112</div></td><td align="right" colspan="2" valign="bottom" style="width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">274,860,316</div></td></tr><tr><td align="left" valign="bottom" style="padding-bottom: 2px; width: 22%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Less billings to date</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">171,694,325</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">24,155,629</div></td><td align="right" colspan="2" valign="bottom" style="width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">195,849,954</div></td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 4px double; width: 22%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 1.45pt;">Costs and estimated earnings in excess of billings on uncompleted contracts</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; width: 16%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$63,422,879</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$15,587,483</div></td><td align="right" colspan="2" valign="bottom" style="border-bottom: black 4px double; width: 17%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$79,010,362</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontracts.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the three months ended March 31, 2012 and 2011, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $600,000 and $1,200,000, respectively, from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Although management believes it has established adequate procedures for estimating costs to complete on uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.</div></div></div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div></div>

1694480

887380

4351306

889239

6010182

2838803

-5851997

-3171055

1919320

1368050

1919320

2859505

2049682

<div><div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">1. <font style="letter-spacing: 9pt;">  </font> INTERIM FINANCIAL STATEMENTS</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">The condensed financial statements of CPI Aerostructures, Inc. (the "Company") as of March 31, 2012 and for the three months ended March 31, 2012 and 2011 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">The condensed balance sheet at December 31, 2011 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected as required by the SEC. Such adjustments are of a normal, recurring nature. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">On January 1, 2012, the Company adopted the provisions of Accounting Standards Codification 220, "Comprehensive Income."  The new guidance requires the Company to present Comprehensive Income either on one continuous Statement of Income and Comprehensive Income, or on a separate Statement of Comprehensive income.  The new guidance does not change the computation of Net Income or Comprehensive Income.</div></div></div></div></div><div></div><div></div><div></div></div>

-25278

7736

-25278

1500000

2900000

241015

119250

2990250

2629569

505807

205934

230833

180447

21754172

19834852

19721095

16009608

2104881

1800422

-1000000

-180000

92031204

85093458

-133257

7228061

7193073

6952910

6795229

530578

878200

823376

285190

96284534

88940107

518597

457639

1155000

1105000

<div><div><div style="text-indent: 0pt; display: block; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">2. <font style="letter-spacing: 9pt;">  </font> STOCK-BASED COMPENSATION</div><div style="text-indent: 0pt; display: block;"> </div><div style="text-indent: 0pt; display: block; font-family: Times New Roman; font-size: 10pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The Company accounts for compensation expense associated with stock options based on the fair value of the options on the date of grant.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The Company's net income for the three months ended March 31, 2012 includes approximately $382,657 of non-cash compensation expense related to the Company's stock options.  The Company's net income for the three months ended March 31, 2011 includes approximately $287,000 of non-cash compensation expense related to the Company's stock options.  The non-cash compensation expense related to all of the Company's stock-based compensation arrangements is recorded as a component of selling, general and administrative expenses.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model.  The following weighted-average assumptions were used for the options granted during the three months ended March 31, 2012 and 2011:</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="padding-bottom: 2px; width: 23%; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="padding-bottom: 2px; width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">2012</div></td><td valign="top" style="width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">2011</div></td></tr><tr><td align="left" valign="top" style="width: 23%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Risk-free interest rate</div></td><td valign="top" style="width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">0.9%</div></td><td valign="top" style="width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2.0%</div></td></tr><tr><td valign="top" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 19%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 16%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 23%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Expected volatility</div></td><td valign="top" style="width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">102%</div></td><td valign="top" style="width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">101%</div></td></tr><tr><td valign="top" style="width: 23%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 19%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 16%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 23%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Dividend yield</div></td><td valign="top" style="width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">0%</div></td><td valign="top" style="width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">0%</div></td></tr><tr><td align="left" valign="top" style="width: 23%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Expected option term</div></td><td valign="top" style="width: 19%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">5 years</div></td><td valign="top" style="width: 16%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">5 years</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">A summary of the status of the Company's stock option plans as of March 31, 2012 and changes during the three months ended March 31, 2012 is as follows:</div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td colspan="2" valign="top" style="width: 38%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td rowspan="2" valign="bottom" style="width: 13%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 1.45pt;">Weighted average Exercise <font style="display: inline; font-size: 10pt;">Price</font></div></td><td rowspan="2" valign="bottom" style="width: 15%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 1.45pt;">Weighted average remaining contractual <font style="display: inline; font-size: 10pt;">term (in years)</font></div></td><td rowspan="2" valign="bottom" style="width: 14%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 1.45pt;">Aggregate Intrinsic Value</div></td></tr><tr><td align="left" valign="bottom" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 1.45pt;">Fixed Options</div></td><td align="left" valign="bottom" style="width: 11%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 1.45pt;">Options</div></td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Outstanding</div></td><td valign="top" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 13%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr style="height: 16px;"><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 1.45pt;">at beginning of period</div></td><td align="right" valign="top" style="width: 11%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">695,000</div></td><td valign="top" style="width: 13%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$6.68</div></td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Granted</div></td><td align="right" valign="top" style="width: 11%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">40,517</div></td><td valign="top" style="width: 13%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">11.87</div></td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Exercised</div></td><td align="right" valign="top" style="width: 11%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">(55,000)</div></td><td valign="top" style="width: 13%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">6.91</div></td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Outstanding and expected to vest,</div></td><td valign="top" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 13%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 1.45pt;">at end of period</div></td><td align="right" valign="top" style="border-bottom: #000000 3px double; width: 11%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">680,517</div></td><td valign="top" style="width: 13%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$8.65</div></td><td valign="top" style="width: 15%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2.74</div></td><td align="right" valign="top" style="width: 14%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$4,252,993</div></td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Vested</div></td><td valign="top" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 13%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td align="left" valign="top" style="width: 27%;"><div style="text-align: left; text-indent: 9pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">at end of period</div></td><td align="right" valign="top" style="border-bottom: #000000 3px double; width: 11%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt; text-decoration: underline;">665,517</div></td><td valign="top" style="width: 13%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$8.70</div></td><td valign="top" style="width: 15%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2.49</div></td><td align="right" valign="top" style="width: 14%;"><div style="text-align: right; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$4,128,943</div></td></tr><tr><td valign="top" style="width: 27%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 11%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 13%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 15%; display: inline; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">As of March 31, 2012, all compensation cost related to non-vested stock option awards have been recognized.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Options to acquire 40,517 shares of common stock were granted on January 1, 2012 to members of our board of directors as part of their normal compensation.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">During the three months ended March 31, 2012, 20,000 stock options were exercised for cash resulting in proceeds to the Company of $138,200.  During the same period an additional 10,000 options were exercised, pursuant to provisions of the stock option plan, where the Company received no cash and 4,589 shares of its common stock in exchange for the 10,000 shares issued in the exercise.  The 4,589 shares that the Company received were valued at $69,095, the fair market value of the shares on the date of exercise.  Lastly, an additional 25,000 options were exercised, pursuant to provisions of the stock option plan, for a combination of cash and common shares.  The Company received $102,815 in cash and 4,333 shares in exchange for the 25,000 shares issued in this exercise.  The 4,333 shares that the Company received were valued at $69,930, the fair market value of the shares on the date of exercise.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The intrinsic value of all options exercised during the three months ended March 31, 2012 and 2011 was approximately $451,450 and $208,700, respectively.</div></div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div></div>

-185722

1140226

108080

112080

2710320

2012050

0.001

133257

7008

7080

56772211

54026207

791000

644000

<div><div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">7.        LONG-TERM DEBT</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">On October 22, 2008, the Company obtained a $3.0 million term loan from Sovereign Bank to be amortized over five years (the "Sovereign Term Facility"). The Sovereign Term Facility bears interest at LIBOR (0.22% at March 31, 2012) plus 2.5% and is secured by all of the assets of the Company.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The terms and conditions of the Sovereign Revolving Facility are applicable to the Sovereign Term Facility.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Additionally, the Company and Sovereign Bank entered into a five-year interest rate swap agreement, in the notional amount of $3 million. Under the interest rate swap, the Company pays an amount to Sovereign Bank representing interest on the notional amount at a rate of 5.8% and receives an amount from Sovereign representing interest on the notional amount at a rate equal to the one-month LIBOR.  The effect of this interest rate swap will be the Company paying a fixed interest rate of 5.8% over the term of the Sovereign Term Facility.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">On March 9, 2012, the Company entered into an eighth amendment to its credit agreement with Sovereign Bank, which Amendment provides for an additional term loan from the Sovereign in the principal amount of $4.5 million to be amortized over five years (the "Sovereign Term Facility 2").  The Sovereign Term Facility 2 shall be used by the Company to purchase tooling and equipment in connection with certain contracts.  The Sovereign Term Facility 2 is subject to the same acceleration provision as the Revolving Credit Loans and the Sovereign Term Facility, which provision allows  Sovereign, at its option, to declare all Loans and other outstanding amounts under the Credit Agreement as due and payable upon the occurrence of any Event of Default.  The Amendment also requires a prepayment of the Sovereign Term Facility 2 upon the Company's receipt of a termination or cancellation payment in connection with the Designated Contracts in an amount equal to the lesser of 50% of such payment or the outstanding principal balance of the Sovereign Term Facility 2.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Pursuant to the terms of the ISDA 2002 Master Agreement and Schedule between Sovereign and the Company, dated October 22, 2008, the Company also entered into a five-year interest rate swap agreement in the notional amount of $4.5 million.  Under the Interest Rate Swap, the Company pays an amount to  Sovereign representing interest on the notional amount at a fixed rate of 4.11% and receives an amount from Sovereign representing interest on the notional amount at a rate equal to the one month LIBOR rate plus 300 basis points.  The effect of this Interest Rate Swap will be the Company paying a fixed interest rate of 4.11% over the term of the Sovereign Term Facility 2.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-indent: 0pt; display: block;">The maturities of long-term debt are as follows:</div></div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-indent: 0pt; display: block;"><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr><td valign="top" style="width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"> </div></td><td valign="top" style="width: 42%; display: inline; font-family: times new roman; font-size: 10pt;">  </td></tr><tr><td valign="top" style="width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"> </div><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Twelve months ending March 31,</div></td><td valign="top" style="width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"> </div></td></tr><tr><td valign="top" style="width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2013</div></td><td valign="top" style="width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">1,694,480</div></td></tr><tr><td valign="top" style="width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2014</div></td><td valign="top" style="width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">1,418,585</div></td></tr><tr><td valign="top" style="width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2015</div></td><td valign="top" style="width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">884,479</div></td></tr><tr><td valign="top" style="padding-bottom: 2px; width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2016</div></td><td valign="top" style="width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">887,175</div></td></tr><tr><td valign="top" style="border-bottom: black 2px solid; width: 39%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">2017</div><div style="text-align: center; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 9pt; font-weight: normal; margin-right: 1.45pt;">Thereafter</div><div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.45pt;"> </div></td><td valign="top" style="border-bottom: black 2px solid; text-align: left; width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">861,067</div><div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.45pt;">300,000</div></td></tr><tr><td valign="top" style="border-bottom: black 4px double; width: 39%; font-family: times new roman; font-size: 10pt;">  </td><td valign="top" style="border-bottom: black 4px double; width: 42%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">$6,045,786</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">In addition to the Sovereign Term Facilities, included in long-term debt are capital leases and notes payable of $545,786, including a current portion of $254,480.</div></div></div><div></div><div></div><div></div></div>

240969

241015

278215

278250

228274

228290

46078

35000

15260

-159000

<div><div><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 27pt;"><div style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">5.</div></td><td><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">INCOME PER COMMON SHARE</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">Basic income per common share is computed using the weighted average number of shares outstanding.  Diluted income per common share for the three month period ended March 31, 2012 and 2011 is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock.  Incremental shares of 625,517 were used in the calculation of diluted income per common share in the three month period ended March 31, 2012. Incremental shares of 55,000 were not included in the diluted earnings per share calculations for the three month period ended March 31, 2012 as their exercise price was in excess of the Company's average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive.  Incremental shares of 397,844 were used in the calculation of diluted income per common share in the three month period ended March 31, 2011. All incremental shares were included in the diluted earnings per share calculations for the three month period ended March 31, 2011.</div></div><div></div></div>

2630000

2802000

145126

97722

6912

33272237

12417924

-981226

-45404

44670443

7080

35346273

19834852

-1140226

-21772

54026207

6947

7008

33837258

13785974

-1140226

-37668

46452285

35058081

21754172

-47050

56772211

11721567

11998244

211373

994398

450452

662326

133

1140093

-1140226

-347622

-538186

6911570

7079638

6946570

7007719

4500000

<div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">9.           SUBSEQUENT EVENT</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; font-weight: normal; margin-right: 0pt;"><font style="font-family: times new roman; font-size: 10pt; font-weight: normal;">On April 30, 2012, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commisssion. Under the shelf registration statement, when declared effective by the SEC, the Company may offer and sell from time to time in the future, in one or more public offerings, up to $20 million of common stock, preferred stock, debt securities, warrants or units, or any combination thereof</font>.</div><br /></div></div>

-228290

false --12-31 2012-03-31 No No Yes Accelerated Filer CPI AEROSTRUCTURES INC 0000889348 7007719 2012 Q1 10-Q -22680 4469 <div><div><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 27pt;"><div style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">6.</div></td><td><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; font-weight: bold;">LINE OF CREDIT</div></td></tr></table></div></div><div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"> In August 2007, we entered into a revolving credit facility with Sovereign Bank (the "Sovereign Revolving Facility"), secured by all of our assets.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">On May 26, 2010, the Company and Sovereign Bank entered into a third amendment to the Sovereign Revolving Facility increasing the existing revolving credit facility under the Credit Agreement (the "Credit Agreement") from an aggregate of $3.5 million to an aggregate of $4.0 million and extending the term of the revolving credit facility from August 2011 to August 2013.  In addition, the interest rate on borrowings under the revolving credit facility was decreased to (i) the greater of 3.75% or 3.25% in excess of the LIBOR Rate or (ii) the greater of 3.75% or 0.50% in excess of Sovereign Bank's prime rate, as elected by the Company in accordance with the Credit Agreement.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">On May 10, 2011, the Company entered into a fifth amendment to its credit agreement with Sovereign Bank, increasing the existing revolving credit facility from an aggregate of $4.0 million to an aggregate of $10.0 million and extending the term from August 2013 to August 2014.  In addition, the interest rate of borrowings under the revolving credit facility will no longer be subject to a minimum rate of 3.75%.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">On September 1, 2011, the Company entered into a sixth amendment to its credit agreement with Sovereign Bank, dated as of August 13, 2007, as amended as of October 22, 2008, July 7, 2009, May 21, 2010, March 14, 2011 and May 10, 2011,  providing for a $3.0 million increase until November 30, 2011 of the existing revolving credit facility under the Credit Agreement, from an aggregate of $10.0 million to an aggregate of $13.0 million.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">On November 29, 2011, the Company entered into a seventh amendment to its credit agreement with Sovereign Bank, which increased the revolving credit facility under the Credit Agreement from an aggregate of $13.0 million to an aggregate of $18.0 million and extended the term of earlier terminating revolving credit loans to August 2014.  The Amendment also provides for a reduction in the interest rate of borrowings under the revolving credit facility to 2.75% in excess of the LIBOR rate or Sovereign Bank's prime rate, as elected by the Company in accordance with the Credit Agreement, a reduction in the commitment fee to a rate of 0.4% per annum on the average daily unused portion of the revolving credit commitment, commencing December 31, 2011 and the addition of a covenant to the Credit Agreement requiring that the Company maintain a ratio of Unsubordinated Liabilities to Capital Base, as such terms are defined in the Credit Agreement.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt;">As of March 31, 2012, the Company was in compliance with all of the financial covenants, as amended, contained in the Credit Agreement and $17.6 million was outstanding under the Sovereign Revolving Facility</font>.</div></div></div></div></div> <div><div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">8.           MAJOR CUSTOMERS</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">During the three months ended March 31, 2012 and 2011, 10% and 8%, respectively, of revenue was directly from the U.S. Government. In addition, during the three months ended March 31, 2012, the Company's three largest commercial customers accounted for 38%, 20% and 15% of revenue, respectively.  During the three months ended March 31, 2011, the Company's three largest commercial customers accounted for 35%, 34% and 11% of revenue, respectively.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">At March 31, 2012 and December 31, 2011, 6.1% and 7.5% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts, respectively, were from the U.S. Government.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 1.45pt;">At March 31, 2012, 41%, 20,%, 16% and 12% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the Company's four largest commercial customers.  At December 31, 2011, 40%, 21,%, 15% and 13% of Cost and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the Company's four largest commercial customers.</div><div style="text-indent: 0pt; display: block;"> </div></div></div></div><div></div><div></div><div></div><div></div><div></div></div> EX-101.SCH 7 cvu-20120331.xsd CPI AERO XBRL SCHEMA DOCUMENT 000100 - 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DERIVATIVE INSTRUMENTS AND FAIR VALUE

3 Months Ended

Mar. 31, 2012

DERIVATIVE INSTRUMENTS AND FAIR VALUE [Abstract]

DERIVATIVE INSTRUMENTS AND FAIR VALUE

3. DERIVATIVE INSTRUMENTS AND FAIR VALUE

Fair Value

	March 31, 2012
	Carrying Amount	Fair Value
Debt
Short-term borrowings and long-term debt	$23,645,786	$23,645,786

	December 31, 2011
	Carrying Amount	Fair Value
Debt
Short-term borrowings and long-term debt	$17,876,619	$17,876,619

We estimated the fair value of debt using market quotes and calculations based on market rates.

The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2012 and December 31, 2011:

		Fair Value Measurements March 31, 2012
Description	Total	Quoted Prices in Active Markets for Identical assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$ 71,288	--	$ 71,288	--
Total	$ 71,288	--	$ 71,288	--

		Fair Value Measurements December 31, 2011
Description	Total	Quoted Prices in Active Markets for Identical assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$32,988	--	$32,988	--
Total	$32,988	--	$32,988	--

The fair value of the Company's interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the "replacement swap rate," which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date. The market value is then determined by calculating the present value interest differential between the contractual swap and the replacement swap.

As of March 31, 2012 and December 31, 2011, $71,288 and $32,988, respectively, was included in Other Liabilities related to the fair value of the Company's interest rate swap, and $47,050 and $21,772, respectively, net of tax of $24,238 and $11,216, was included in Accumulated Other Comprehensive Loss.

The change in unrealized loss from the Company's interest rate swaps of $(25,278) and $7,736 is included in other comprehensive income for the three months ended March 31, 2012 and 2011, respectively.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2012

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

2. STOCK-BASED COMPENSATION

The Company accounts for compensation expense associated with stock options based on the fair value of the options on the date of grant.

The Company's net income for the three months ended March 31, 2012 includes approximately $382,657 of non-cash compensation expense related to the Company's stock options. The Company's net income for the three months ended March 31, 2011 includes approximately $287,000 of non-cash compensation expense related to the Company's stock options. The non-cash compensation expense related to all of the Company's stock-based compensation arrangements is recorded as a component of selling, general and administrative expenses.

	2012	2011
Risk-free interest rate	0.9%	2.0%

Expected volatility	102%	101%

Dividend yield	0%	0%
Expected option term	5 years	5 years

A summary of the status of the Company's stock option plans as of March 31, 2012 and changes during the three months ended March 31, 2012 is as follows:

		Weighted average Exercise Price	Weighted average remaining contractual term (in years)	Aggregate Intrinsic Value
Fixed Options	Options	Weighted average Exercise Price	Weighted average remaining contractual term (in years)	Aggregate Intrinsic Value
Outstanding
at beginning of period	695,000	$6.68
Granted	40,517	11.87
Exercised	(55,000)	6.91
Outstanding and expected to vest,
at end of period	680,517	$8.65	2.74	$4,252,993
Vested
at end of period	665,517	$8.70	2.49	$4,128,943

As of March 31, 2012, all compensation cost related to non-vested stock option awards have been recognized.

Options to acquire 40,517 shares of common stock were granted on January 1, 2012 to members of our board of directors as part of their normal compensation.

The intrinsic value of all options exercised during the three months ended March 31, 2012 and 2011 was approximately $451,450 and $208,700, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Position (SOP)

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

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-Name Statement of Financial Accounting Standard (FAS)

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+ Details

XML 16 R2.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current Assets:
Cash	$ 530,578	$ 878,200
Accounts receivable, net	8,209,188	4,285,570
Costs and estimated earnings in excess of billings on uncompleted [Abstract]
Contracts	82,583,986	79,010,362
Deferred income taxes	257,000	257,000
Prepaid expenses and other current assets	450,452	662,326
Total current assets	92,031,204	85,093,458
Plant and equipment, net	2,990,250	2,629,569
Deferred income taxes	1,155,000	1,105,000
Other assets	108,080	112,080
Total Assets	96,284,534	88,940,107
Current Liabilities:
Accounts payable	11,721,567	11,998,244
Accrued expenses	211,373	994,398
Current portion of long-term debt	1,694,480	887,380
Line of credit	17,600,000	16,100,000
Income taxes payable	2,630,000	2,802,000
Deferred income taxes	125,000	125,000
Total current liabilities	33,982,420	32,907,022
Long-term debt, net of current portion	4,351,306	889,239
Deferred income taxes	660,000	660,000
Other liabilities	518,597	457,639
Total Liabilities	39,512,323	34,913,900
Shareholders' Equity:
Common stock - $.001 par value; authorized 50,000,000 shares, issued 7,007,719 and 7,079,638 shares, respectively, and outstanding 7,007,719 and 6,946,381 shares, respectively	7,008	7,080
Additional paid-in capital	35,058,081	35,346,273
Retained earnings	21,754,172	19,834,852
Accumulated other comprehensive loss	(47,050)	(21,772)
Treasury stock, 0 and 133,257 shares, respectively (at cost)	0	(1,140,226)
Total Shareholders' Equity	56,772,211	54,026,207
Total Liabilities and Shareholders' Equity	$ 96,284,534	$ 88,940,107

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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income	$ 1,919,320	$ 1,368,050
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	145,126	97,722
Deferred rent	22,680	(4,469)
Stock option expense	382,657	286,806
Deferred portion of provision for income taxes	(37,000)	(2,000)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(3,923,618)	1,437,376
Increase in costs and estimated earnings in excess of billings on uncompleted contracts	(3,573,624)	(8,133,868)
Decrease (increase) in prepaid expenses and other current assets	215,874	90,377
(Decrease) increase in accounts payable and accrued expenses	(831,412)	1,222,951
(Decrease) increase in income taxes payable	(172,000)	466,000
Net cash used in operating activities	(5,851,997)	(3,171,055)
Cash used in investing activities - purchase of plant and equipment	(505,807)	(205,934)
Cash flows from financing activities:
Payment of long-term debt	(230,833)	(180,447)
Proceeds from long-term debt	4,500,000	0
Proceeds from line of credit	1,500,000	2,900,000
Proceeds from exercise of stock options	241,015	119,250
Net cash provided by financing activities	6,010,182	2,838,803
Net decrease in cash	(347,622)	(538,186)
Cash at beginning of period	878,200	823,376
Cash at end of period	530,578	285,190
Non-cash investing and financing activities:
Equipment acquired under capital lease	0	185,722
Accrued expenses settled in exchange for common stock	228,290	0
Cash paid during the period for: [Abstract]
Interest	272,113	40,592
Income taxes	$ 1,000,000	$ 180,000

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INTERIM FINANCIAL STATEMENTS	3 Months Ended
INTERIM FINANCIAL STATEMENTS	Mar. 31, 2012
INTERIM FINANCIAL STATEMENTS [Abstract]
INTERIM FINANCIAL STATEMENTS	1. INTERIM FINANCIAL STATEMENTS The condensed financial statements of CPI Aerostructures, Inc. (the "Company") as of March 31, 2012 and for the three months ended March 31, 2012 and 2011 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The condensed balance sheet at December 31, 2011 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected as required by the SEC. Such adjustments are of a normal, recurring nature. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period. On January 1, 2012, the Company adopted the provisions of Accounting Standards Codification 220, "Comprehensive Income." The new guidance requires the Company to present Comprehensive Income either on one continuous Statement of Income and Comprehensive Income, or on a separate Statement of Comprehensive income. The new guidance does not change the computation of Net Income or Comprehensive Income.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

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CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Shareholders' Equity:
Common stock, par value (in dollars per value)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	7,007,719	7,079,638
Common stock, shares outstanding (in shares)	7,007,719	6,946,381
Treasury stock, shares (in shares)	0	133,257

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 07, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	CPI AEROSTRUCTURES INC
Entity Central Index Key	0000889348
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,007,719
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012

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CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) [Abstract]
Revenue	$ 19,721,095	$ 16,009,608
Cost of sales	14,756,709	12,159,504
Gross profit	4,964,386	3,850,104
Selling, general and administrative expenses	2,104,881	1,800,422
Income from operations	2,859,505	2,049,682
Interest expense	149,185	37,632
Income before provision for income taxes	2,710,320	2,012,050
Provision for income taxes	791,000	644,000
Net income	1,919,320	1,368,050
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Change in unrealized loss - interest rate swap	(25,278)	7,736
Comprehensive income	$ 1,894,042	$ 1,375,786
Income per common share - basic (in dollars per share)	$ 0.28	$ 0.20
Income per common share - diluted (in dollars per share)	$ 0.27	$ 0.19
Shares used in computing earnings per common share:
Basic (in shares)	6,952,910	6,795,229
Diluted (in shares)	7,228,061	7,193,073

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LINE OF CREDIT

3 Months Ended

Mar. 31, 2012

LINE OF CREDIT [Abstract]

LINE OF CREDIT

6.	LINE OF CREDIT

In August 2007, we entered into a revolving credit facility with Sovereign Bank (the "Sovereign Revolving Facility"), secured by all of our assets.

On May 26, 2010, the Company and Sovereign Bank entered into a third amendment to the Sovereign Revolving Facility increasing the existing revolving credit facility under the Credit Agreement (the "Credit Agreement") from an aggregate of $3.5 million to an aggregate of $4.0 million and extending the term of the revolving credit facility from August 2011 to August 2013. In addition, the interest rate on borrowings under the revolving credit facility was decreased to (i) the greater of 3.75% or 3.25% in excess of the LIBOR Rate or (ii) the greater of 3.75% or 0.50% in excess of Sovereign Bank's prime rate, as elected by the Company in accordance with the Credit Agreement.

On November 29, 2011, the Company entered into a seventh amendment to its credit agreement with Sovereign Bank, which increased the revolving credit facility under the Credit Agreement from an aggregate of $13.0 million to an aggregate of $18.0 million and extended the term of earlier terminating revolving credit loans to August 2014. The Amendment also provides for a reduction in the interest rate of borrowings under the revolving credit facility to 2.75% in excess of the LIBOR rate or Sovereign Bank's prime rate, as elected by the Company in accordance with the Credit Agreement, a reduction in the commitment fee to a rate of 0.4% per annum on the average daily unused portion of the revolving credit commitment, commencing December 31, 2011 and the addition of a covenant to the Credit Agreement requiring that the Company maintain a ratio of Unsubordinated Liabilities to Capital Base, as such terms are defined in the Credit Agreement.

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INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2012

INCOME PER COMMON SHARE [Abstract]

INCOME PER COMMON SHARE

5.	INCOME PER COMMON SHARE

Basic income per common share is computed using the weighted average number of shares outstanding. Diluted income per common share for the three month period ended March 31, 2012 and 2011 is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. Incremental shares of 625,517 were used in the calculation of diluted income per common share in the three month period ended March 31, 2012. Incremental shares of 55,000 were not included in the diluted earnings per share calculations for the three month period ended March 31, 2012 as their exercise price was in excess of the Company's average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive. Incremental shares of 397,844 were used in the calculation of diluted income per common share in the three month period ended March 31, 2011. All incremental shares were included in the diluted earnings per share calculations for the three month period ended March 31, 2011.

- Definition

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SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2012
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	9. SUBSEQUENT EVENT On April 30, 2012, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commisssion. Under the shelf registration statement, when declared effective by the SEC, the Company may offer and sell from time to time in the future, in one or more public offerings, up to $20 million of common stock, preferred stock, debt securities, warrants or units, or any combination thereof.

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LONG-TERM DEBT

3 Months Ended

Mar. 31, 2012

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

7. LONG-TERM DEBT

On October 22, 2008, the Company obtained a $3.0 million term loan from Sovereign Bank to be amortized over five years (the "Sovereign Term Facility"). The Sovereign Term Facility bears interest at LIBOR (0.22% at March 31, 2012) plus 2.5% and is secured by all of the assets of the Company.

The terms and conditions of the Sovereign Revolving Facility are applicable to the Sovereign Term Facility.

On March 9, 2012, the Company entered into an eighth amendment to its credit agreement with Sovereign Bank, which Amendment provides for an additional term loan from the Sovereign in the principal amount of $4.5 million to be amortized over five years (the "Sovereign Term Facility 2"). The Sovereign Term Facility 2 shall be used by the Company to purchase tooling and equipment in connection with certain contracts. The Sovereign Term Facility 2 is subject to the same acceleration provision as the Revolving Credit Loans and the Sovereign Term Facility, which provision allows Sovereign, at its option, to declare all Loans and other outstanding amounts under the Credit Agreement as due and payable upon the occurrence of any Event of Default. The Amendment also requires a prepayment of the Sovereign Term Facility 2 upon the Company's receipt of a termination or cancellation payment in connection with the Designated Contracts in an amount equal to the lesser of 50% of such payment or the outstanding principal balance of the Sovereign Term Facility 2.

The maturities of long-term debt are as follows:


Twelve months ending March 31,
2013	1,694,480
2014	1,418,585
2015	884,479
2016	887,175
2017 Thereafter	861,067 300,000
	$6,045,786

In addition to the Sovereign Term Facilities, included in long-term debt are capital leases and notes payable of $545,786, including a current portion of $254,480.

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MAJOR CUSTOMER	3 Months Ended
MAJOR CUSTOMER	Mar. 31, 2012
MAJOR CUSTOMER [Abstract]
MAJOR CUSTOMER	8. MAJOR CUSTOMERS During the three months ended March 31, 2012 and 2011, 10% and 8%, respectively, of revenue was directly from the U.S. Government. In addition, during the three months ended March 31, 2012, the Company's three largest commercial customers accounted for 38%, 20% and 15% of revenue, respectively. During the three months ended March 31, 2011, the Company's three largest commercial customers accounted for 35%, 34% and 11% of revenue, respectively. At March 31, 2012 and December 31, 2011, 6.1% and 7.5% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts, respectively, were from the U.S. Government. At March 31, 2012, 41%, 20,%, 16% and 12% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the Company's four largest commercial customers. At December 31, 2011, 40%, 21,%, 15% and 13% of Cost and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the Company's four largest commercial customers.

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STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $)

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Treasury Stock [Member]

Accumulated Other Comprehensive Loss [Member]

Total

Balance at Dec. 31, 2010 $ 6,912 $ 33,272,237 $ 12,417,924 $ (981,226) $ (45,404) $ 44,670,443

Balance (in shares) at Dec. 31, 2010 6,911,570

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net Income 0 0 1,368,050 0 0 1,368,050

Change in unrealized loss from interest rate swap 0 0 0 0 7,736 7,736

Common stock issued upon exercise of options 35 278,215 0 0 0 278,250

Common stock issued upon exercise of options (in shares) 35,000

Common stock issued as employee compensation 0 0 0 0 0 0

Common stock issued as employee compensation (in shares) 0

Stock compensation expense 0 286,806 0 0 0 286,806

Treasury stock acquired 0 0 0 (159,000) 0 (159,000)

Balance at Mar. 31, 2011 6,947 33,837,258 13,785,974 (1,140,226) (37,668) 46,452,285

Balance (in shares) at Mar. 31, 2011 6,946,570

Balance at Dec. 31, 2011 7,080 35,346,273 19,834,852 (1,140,226) (21,772) 54,026,207

Balance (in shares) at Dec. 31, 2011 7,079,638

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net Income 0 0 1,919,320 0 0 1,919,320

Change in unrealized loss from interest rate swap 0 0 0 0 (25,278) (25,278)

Common stock issued in share offering 46 240,969 0 0 0 241,015

Common stock issued in share offering (in shares) 46,078

Common stock issued upon exercise of options 15 228,274 0 0 0 228,290

Common stock issued upon exercise of options (in shares) 15,260

Common stock issued as employee compensation 0 0 0 0 0 0

Common stock issued as employee compensation (in shares) 0

Stock compensation expense 0 382,657 0 0 0 382,657

Treasury stock retired (133) (1,140,093) 0 1,140,226 0 0

Treasury stock retired (in shares) (133,257)

Balance at Mar. 31, 2012 $ 7,008 $ 35,058,081 $ 21,754,172 $ 0 $ (47,050) $ 56,772,211

Balance (in shares) at Mar. 31, 2012 7,007,719

X

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
3 Months Ended

Mar. 31, 2012

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract]

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings in excess of billings on uncompleted contracts consist of:

March 31, 2012

U.S

Government
Commercial
Total

Costs incurred on uncompleted

Contracts
$189,076,054
$28,167,371
$217,243,425
Estimated earnings
60,938,883
17,020,641
77,959,524
Sub-total
250,014,937
45,188,012
295,202,949
Less billings to date
184,277,184
28,341,779
212,618,963
Costs and estimated earnings

in excess of billings on

uncompleted contracts
$65,737,753
$16,846,233
$82,583,986

December 31, 2011

U.S.

Government
Commercial
Total
Costs incurred on uncompleted

contracts
$162,233,699
$24,713,310
$186,947,009
Estimated earnings
72,883,505
15,029,802
87,913,307
Sub-total
235,117,204
39,743,112
274,860,316
Less billings to date
171,694,325
24,155,629
195,849,954
Costs and estimated earnings in excess of billings on uncompleted contracts
$63,422,879
$15,587,483
$79,010,362

U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontracts.

Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the three months ended March 31, 2012 and 2011, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $600,000 and $1,200,000, respectively, from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years.

Although management believes it has established adequate procedures for estimating costs to complete on uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 912

-SubTopic 275

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6471736&loc=d3e54651-109401

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 11

-Section B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3, 6

-Article 5

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 11

-Section C

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2010	$ 6,912	$ 33,272,237	$ 12,417,924	$ (981,226)	$ (45,404)	$ 44,670,443
Balance (in shares) at Dec. 31, 2010	6,911,570
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net Income	0	0	1,368,050	0	0	1,368,050
Change in unrealized loss from interest rate swap	0	0	0	0	7,736	7,736
Common stock issued upon exercise of options	35	278,215	0	0	0	278,250
Common stock issued upon exercise of options (in shares)	35,000
Common stock issued as employee compensation	0	0	0	0	0	0
Common stock issued as employee compensation (in shares)	0
Stock compensation expense	0	286,806	0	0	0	286,806
Treasury stock acquired	0	0	0	(159,000)	0	(159,000)
Balance at Mar. 31, 2011	6,947	33,837,258	13,785,974	(1,140,226)	(37,668)	46,452,285
Balance (in shares) at Mar. 31, 2011	6,946,570
Balance at Dec. 31, 2011	7,080	35,346,273	19,834,852	(1,140,226)	(21,772)	54,026,207
Balance (in shares) at Dec. 31, 2011	7,079,638
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net Income	0	0	1,919,320	0	0	1,919,320
Change in unrealized loss from interest rate swap	0	0	0	0	(25,278)	(25,278)
Common stock issued in share offering	46	240,969	0	0	0	241,015
Common stock issued in share offering (in shares)	46,078
Common stock issued upon exercise of options	15	228,274	0	0	0	228,290
Common stock issued upon exercise of options (in shares)	15,260
Common stock issued as employee compensation	0	0	0	0	0	0
Common stock issued as employee compensation (in shares)					0
Stock compensation expense	0	382,657	0	0	0	382,657
Treasury stock retired	(133)	(1,140,093)	0	1,140,226	0	0
Treasury stock retired (in shares)	(133,257)
Balance at Mar. 31, 2012	$ 7,008	$ 35,058,081	$ 21,754,172	$ 0	$ (47,050)	$ 56,772,211
Balance (in shares) at Mar. 31, 2012	7,007,719