ALPINE AIR EXPRESS INC/DE

CIK:0001092807|SEC Filings

Earnings Per Share

3 Months Ended

Jul. 31, 2011

Earnings Per Share

Earnings Per Share [Text Block]

NOTE 9 - INCOME PER COMMON SHARE

The following data show the amounts used in computing net income per common share:

For Three Months Ended For Nine Months Ended

July 31, July 31,

		2011		2010		2011		2010
Net income available to common shareholders	$	303,025	$	196,798	$	1,191,086	$	969,837
Weighted average number of common shares used in basic EPS		34,416,509		36,271,461		35,117,257		36,271,461

Dilutive effect of preferred stock Dilutive effect of stock options		56,279,273 -		79,985,143 -		60,104,078 -		71,628,486 -
Weighted average number of common shares and dilutive potential common stock used in diluted EPS		90,695,782		116,256,604		95,221,335		107,899,947

ALPINE AIR EXPRESS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,524,287	$ 1,332,772
(Gain) Loss on disposal of assets	872	(423,828)
Deferred income tax expense	836,000	909,000
Depreciation and amortization	2,566,732	2,508,296
Stock based compensation	0	34,318
Provision for losses on accounts receivable	225,243	76,640
Provision for inventory obsolescence	2,572	8,402
(Increase) decrease in trade accounts receivable	(710,298)	(91,627)
(Increase) decrease in other assets	(7,196)	22,500
(Increase) decrease in inventories	(289,982)	(492,121)
(Increase) decrease in income taxes receivable	16,100	324
(Increase) decrease in prepaid expenses	342,342	27,273
(Increase) decrease in deposits	(953)	50,262
Increase (decrease) in trade accounts payable	48,025	(349,407)
Increase (decrease) in accrued liabilities	(128,775)	205,064
Increase (decrease) in deferred revenue	99,513	(20,642)
Increase (decrease) in income taxes payable	52,000	37,900
Net cash provided by operating activities	4,576,482	3,835,126
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,884,473)	(3,512,478)
Payments on note receivable	139,200	0
Proceeds from sale of equipment	0	1,128,800
Life insurance cash surrender value	(4,760)	(5,022)
Net cash used in investing activities	(2,750,033)	(2,388,700)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment on long-term debt	(1,176,635)	(2,519,715)
Payment on dividends payable	(339,427)	(566,339)
Payment for redemption of preferred stock	(1,274,560)	0
Proceeds from long-term debt	500,000	1,922,769
Change in line of credit	0	(758,875)
Common stock purchased and retired	(166,152)	(5,733)
Net cash used in financing activities	(2,456,774)	(1,927,893)
Net change in cash and cash equivalents	(630,325)	(481,467)
BEGINNING CASH AND CASH EQUIVALENTS	1,336,323	1,192,936
ENDING CASH AND CASH EQUIVALENTS	705,998	711,469
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	407,526	766,807
Income taxes	$ 76,993	$ 85,000

ALPINE AIR EXPRESS, INC. CONSOLIDATED BALANCE SHEETS (USD $)	Jul. 31, 2011	Oct. 31, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 705,998	$ 1,129,890
Trade accounts receivable, net	1,789,193	1,601,287
Note receivable	157,949	0
Inventories	2,186,703	1,899,293
Prepaid expenses	523,595	423,001
Deposits	39,528	38,575
Cash value life insurance	90,332	85,572
Income taxes receivable	0	16,100
Deferred tax asset, current	192,000	138,000
Total current assets	5,685,298	5,331,718
PROPERTY AND EQUIPMENT, NET	22,458,260	22,125,782
RESTRICTED CASH	0	206,433
OTHER ASSETS, NET	111,078	119,491
Total assets	28,254,636	27,783,424
CURRENT LIABILITIES:
Trade accounts payable	554,698	506,673
Income taxes payable	52,000	0
Accrued liabilities	1,014,976	1,143,751
Dividends payable	34,987	41,212
Deferred revenue	197,970	98,457
Current portion of long-term debt	1,506,000	1,286,000
Total current liabilities	3,360,631	3,076,093
DEFERRED TAX LIABILITY	2,837,000	1,947,000
LONG-TERM DEBT, net of current portion	6,829,636	7,283,335
Total liabilities	13,027,267	12,306,428
PREFERRED STOCK, $0.001 par value, $9.104 stated value, 1,000,000 shares authorized, 680,000 shares and , 820,000 shares issued and outstanding.	6,190,720	7,465,280
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value, 100,000,000 shares authorized, 34,370,857 shares and 36,130,141 shares issued and outstanding	34,371	36,130
Additional paid-in capital	2,275,954	2,446,080
Retained earnings	6,726,324	5,535,239
Treasury stock, less treasury stock, 0 shares and 70,660 shares at cost	0	(5,733)
Total stockholders' equity	9,036,649	8,011,716
Total liabilities and stockholders' equity	$ 28,254,636	$ 27,783,424