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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)*
CPI Aerostructures, Inc.
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(Name of Issuer)
Common Stock, $.001 par value
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(Title of Class of Securities)
125919308
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(CUSIP Number)
November 30, 2005
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
------------
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 125919308 13G Page 2 of 12 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Midwood Capital Management LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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5. Sole Voting Power 279,200
Number of
Shares ---------------------------------------------------------------
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting ---------------------------------------------------------------
Person With 7. Sole Dispositive Power 279,200
---------------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
279,200
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10. Check if the Aggregate Amount in Row (9) Excludes [ ]
Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.146%
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12. Type of Reporting Person (See Instructions)
IA
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CUSIP No. 125919308 13G Page 3 of 12 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
David E. Cohen
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Citizenship or Place of Organization USA
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5. Sole Voting Power 0
Number of
Shares ---------------------------------------------------------------
Beneficially 6. Shared Voting Power 279,200
Owned by
Each Reporting ---------------------------------------------------------------
Person With 7. Sole Dispositive Power 0
---------------------------------------------------------------
8. Shared Dispositive Power 279,200
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
279,200
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes [ ]
Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.146%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
IN
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CUSIP No. 125919308 13G Page 4 of 12 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Ross D. DeMont
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization USA
--------------------------------------------------------------------------------
5. Sole Voting Power 0
Number of
Shares ---------------------------------------------------------------
Beneficially 6. Shared Voting Power 279,200
Owned by
Each Reporting ---------------------------------------------------------------
Person With 7. Sole Dispositive Power 0
---------------------------------------------------------------
8. Shared Dispositive Power 279,200
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
279,200
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes [ ]
Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.146%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
IN
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CUSIP No. 125919308 13G Page 5 of 12 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Midwood Capital Partners, L.P.
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
5. Sole Voting Power 143,215
Number of
Shares ---------------------------------------------------------------
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting ---------------------------------------------------------------
Person With 7. Sole Dispositive Power 143,215
---------------------------------------------------------------
8. Shared Dispositive Power 0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
143,215
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes [ ]
Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
2.640%
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 125919308 13G Page 6 of 12 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Midwood Capital Partners QP, L.P.
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
5. Sole Voting Power 135,985
Number of
Shares ---------------------------------------------------------------
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting ---------------------------------------------------------------
Person With 7. Sole Dispositive Power 135,985
---------------------------------------------------------------
8. Shared Dispositive Power 0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
135,985
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes [ ]
Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
2.506%
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12. Type of Reporting Person (See Instructions)
PN
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Page 7 of 12
ITEM 1.
(a) NAME OF ISSUER: CPI Aerostructures, Inc. (the "Issuer").
(b) ADDRESS OF THE ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 200A Executive Drive,
Edgewood, NY 11717.
ITEM 2.
(a) NAME OF PERSON FILING: This joint statement on Schedule 13G is being filed
by David E. Cohen, Ross D. DeMont, Midwood Capital Management LLC, Midwood
Capital Partners, L.P. and Midwood Capital Partners QP, L.P., who are
collectively referred to as the "Reporting Persons." Messrs. Cohen and DeMont
(the "Managers") are the managers of Midwood Capital Management LLC ("Capital"),
which is the sole general partner of each of Midwood Capital Partners, L.P.
("LP") and Midwood Capital Partners QP, L.P. ("QP" and together with LP, the
"Funds"). The Reporting Persons have entered into a Joint Filing Agreement,
dated as of the date hereof, a copy of which is filed with this Schedule 13G as
Exhibit 1 (which is incorporated herein by reference), pursuant to which the
Reporting Persons have agreed to file this statement jointly in accordance with
the provisions of Rule 13d-1(k) under the Act.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE: The principal business office of the
Reporting Persons with respect to the shares reported hereunder is One
Washington Mall, 8th Floor, Boston, MA 02108
(c) CITIZENSHIP: Capital is a Delaware limited liability company. Each of the
Funds is a Delaware limited partnership. Each of the Managers is a U.S. citizen.
(d) TITLE AND CLASS OF SECURITIES: Common stock, $.001 par value ("Common
Stock")
(e) CUSIP Number: 125919308
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
NA
ITEM 4. OWNERSHIP
In the aggregate, the Reporting Persons beneficially own 279,200 shares of the
Common Stock of the Issuer, representing approximately 5.146% of such class of
securities. The beneficial ownership of each Reporting Person is as follows: (i)
LP beneficially owns 143,215 shares of the Common Stock, representing
approximately 2.640% of the class, (ii) QP beneficially owns 135,985 shares of
the Common Stock, representing approximately 2.506% of the class, and (iii)
Capital, as the sole general partner of each Fund, and Messrs. Cohen and DeMont,
as the managers of Capital, each beneficially own 279,200 shares of the Common
Stock of the Issuer representing approximately 5.146% of the class. The
percentage of the Common Stock beneficially owned by each Reporting Person is
based on a total of 5,425,400 shares of the
Page 8 of 12
Common Stock of the Issuer outstanding as of November 11, 2005, as reported in
the most recent quarterly report of the Issuer on Form 10-Q for the quarter
ended September 30, 2005.
Each Fund has the power to vote and dispose of the shares of Common Stock
beneficially owned by such Fund (as described above). Capital, as the sole
general partner of the Fund, has the sole authority to vote and dispose of all
of the shares of Common Stock reported in this Schedule 13G. Each of the
Managers, by virtue of their positions as managers of Capital, has the shared
authority to vote and dispose of all of the shares of Common Stock reported in
this joint statement Schedule 13G.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
N/A
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
NA
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON
NA
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
NA
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NA
ITEM 10. CERTIFICATION
By signing below I hereby certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose.
Page 9 of 12
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 9, 2005
MIDWOOD CAPITAL PARTNERS, L.P.
By: Midwood Capital Management LLC
General Partner
By: /s/ David E. Cohen
------------------------------------
David E. Cohen
Manager
MIDWOOD CAPITAL PARTNERS QP, L.P.
By: Midwood Capital Management LLC
General Partner
By: /s/ David E. Cohen
------------------------------------
David E. Cohen
Manager
MIDWOOD CAPITAL MANAGEMENT, LLC
By: /s/ David E. Cohen
------------------------------------
David E. Cohen
Manager
Page 10 of 12
DAVID E. COHEN
/s/ David E. Cohen
------------------------------------
David E. Cohen
ROSS D. DEMONT
/s/ Ross D. DeMont
------------------------------------
Ross D. DeMont