reports
CPI Aerostructures Delivers Airborne Pod Structure in Support of North...
CPI Aerostructures Delivers Airborne Pod Structure in Support of Northrop Grumman’s Airborne Laser Mine Detection Program for Korea 1st pod delivery for Northrop Grumman’s EMD Phase of Program with KAI EDGEWOOD, N.Y., April 07, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced today that they completed production and delivery of an Airborne Laser Mine Detection System (ALMDS) pod structure for Northrop Grumman. The pod supports a contract awarded to Northrop Grumman in February 2023 by Korea Aerospace Industries, Ltd. (KAI), ...
CPI Aerostructures Reports Fourth Quarter and Full Year 2024 Results
CPI Aerostructures Reports Fourth Quarter and Full Year 2024 Results Fourth Quarter 2024 vs. Fourth Quarter 2023 Revenue of $21.8 million compared to $23.5 million;Gross profit of $4.3 million compared to $4.1 million;Gross margin of 20.0% compared to 17.4%;Net income of $1.0 million ($1.4 million excluding deferred tax asset valuation impact) compared to net income of $14.8 million ($0.6 million excluding deferred tax asset valuation impact);Earnings per share of $0.08 ($0.11 excluding deferred tax asset valuation impact) compared to earnings per share of $1.20 ($0.05 excluding deferred ...
CPI Aerostructures Receives Several Contracts from Sikorsky to Support...
CPI Aerostructures Receives Several Contracts from Sikorsky to Support MH-60 Seahawk Helicopter Sustainment EDGEWOOD, N.Y., Feb. 03, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced that it has received several funded orders totaling $7 million for overhaul and repair of the outboard stabilator assemblies in support of the Sikorsky MH-60 SEAHAWK helicopter. These funded orders were issued against a previously announced five-year, indefinite delivery indefinite quantity (IDIQ) contract from Sikorsky. “Repair and overhaul servi...
CPI Aerostructures Receives Orders to Support the UH-60M Black Hawk He...
CPI Aerostructures Receives Orders to Support the UH-60M Black Hawk Helicopter from Sikorsky EDGEWOOD, N.Y., Jan. 21, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced that it has received several contracts totaling $4.3 Million for gunner window assemblies for the UH-60M Black Hawk® helicopter as part of a previously announced five-year, indefinite delivery indefinite quantity (IDIQ) contract. “CPI Aero has delivered over 6,000 of these gunner window assemblies to Sikorsky since 2010, demonstrating our continuous commit...
CPI Aerostructures Awarded Lot 4 Production Contract of Next Generatio...
CPI Aerostructures Awarded Lot 4 Production Contract of Next Generation Jammer Mid-Band Program by Raytheon Technologies – Production Order for pods and air management system components valued at up to $33.4 Million – EDGEWOOD, N.Y., Jan. 13, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced today that Raytheon Technologies authorized CPI Aero to begin manufacturing of pod structures and air management system components for the follow-on Lot 4 Production phase of the Next Generation Jammer Mid-Band (NGJ-MB) program. The bindi...
CPI Aerostructures Appoints Aerospace Industry Executive Carey Bond as...
CPI Aerostructures Appoints Aerospace Industry Executive Carey Bond as Chairman of its Board of Directors EDGEWOOD, N.Y., Jan. 06, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU), a leading manufacturer of structural assemblies in both the commercial and military defense aerospace markets, announced today that it has appointed Aerospace industry executive Carey Bond as Chairman of its Board of Directors effective immediately. Mr. Bond succeeds Terry Stinson, who has stepped down from the role in a planned succession after 6 years of se...
L3Harris Awards CPI Aerostructures, Inc. Contract for Next Generation ...
L3Harris Awards CPI Aerostructures, Inc. Contract for Next Generation Jammer Low-Band Program CPI to deliver Pod Structures to support airworthiness and design verification EDGEWOOD, N.Y., Dec. 11, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU), a leading manufacturer of structural assemblies in both the commercial and military defense aerospace markets, announced today that it was awarded by L3Harris Technologies (NYSE: LHX) a contract not-to-exceed $12.1 million to deliver airborne pod structures. This contract supports L3Harris’...
CPI Aerostructures Reports Third Quarter and Nine Month 2024 Results
CPI Aerostructures Reports Third Quarter and Nine Month 2024 Results Third Quarter 2024 vs. Third Quarter 2023 Revenue of $19.4 million compared to $20.4 million;Gross profit of $4.2 million compared to $3.7 million;Gross margin of 21.7% compared to 18.2%;Net income of $0.7 million compared to $0.3 million;Earnings per diluted share of $0.06 compared to $0.02;Adjusted EBITDA (1) of $1.7 million compared to $1.4 million;Cash flow provided by operating activities of $0.7 million compared to $0.0 million. Nine Months 2024 vs. Nine Months 2023 Revenue of $59.3 m...
CPI Aerostructures Appoints Philip Passarello to Leadership Team as Ch...
CPI Aerostructures Appoints Philip Passarello to Leadership Team as Chief Financial Officer EDGEWOOD, N.Y., Aug. 20, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has appointed Philip Passarello to the position of Chief Financial Officer. Mr. Passarello has extensive experience in all aspects of financial functions including accounting, financial reporting, audit and compliance, treasury, and financial planning and analysis. His career spans more than 20 years in financial management, government compl...
CPI Aerostructures Reports Second Quarter and Six Month 2024 Results
CPI Aerostructures Reports Second Quarter and Six Month 2024 Results Second Quarter 2024 vs. Second Quarter 2023 Revenue of $20.8 million compared to $20.5 million;Gross profit of $5.1 million compared to $4.6 million;Gross margin of 24.6% compared to 22.4%;Net income of $1.4 million compared to $1.2 million;Earnings per diluted share of $0.11 compared to $0.09;Adjusted EBITDA (1) of $2.6 million compared to $2.1 million;Cash flow used in operations of $(0.6) million compared to $0.0 million. Six Months 2024 vs. Six Months 2023 Revenue of $39.9 million compared to $42.6 million;Gross pro...
CPI Aerostructures, Inc. and MST Manufacturing Sign Long Term Agreemen...
CPI Aerostructures, Inc. and MST Manufacturing Sign Long Term Agreement FARNBOROUGH, United Kingdom, July 22, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced today that it has signed a Long Term Agreement (“LTA”) with MST Manufacturing (“MST”) during the international air show in Farnborough, UK, for the supply of components in support of its aerostructures production. This LTA will cover CPI Aero’s requirements from MST through the end of calendar year 2027. “We’ve had a strong relationship with MST and, are excited about...
CPI Aerostructures, Inc. Delivers First Pod Structure of Latest Produc...
CPI Aerostructures, Inc. Delivers First Pod Structure of Latest Production Contract for Next Generation Jammer Mid-Band Program to Raytheon First Production Pod Structure Delivery of a planned 37 Pods for LRIP 3 Contract EDGEWOOD, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced today that it shipped the first Low Rate Initial Production 3 (LRIP 3) pod structure to RTX Corporation as authorized under a previously announced contract award with a maximum value of $32.6 million. Pod structure deliveries on LRIP...
CPI Aerostructures, Inc. Announces Settlement with SEC
CPI Aerostructures, Inc. Announces Settlement with SEC EDGEWOOD, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (NYSE American: CVU) (“CPI Aero” or “Company”), today announced a settlement with the Securities and Exchange Commission (the “SEC” or “Commission”) related to the Company’s previously announced restatements of certain of its financial statements for fiscal periods between January 1, 2018 and December 31, 2022. The Company, without admitting or denying the findings, agreed to a cease-and-desist order regarding Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of th...
CPI Aerostructures Receives $3.1M Order From Embraer for Engine Inlet ...
CPI Aerostructures Receives $3.1M Order From Embraer for Engine Inlet Assemblies EDGEWOOD, N.Y., June 10, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) announced that Embraer S.A. of Brazil (NYSE: ERJ) has placed several additional orders against a previously announced Long Term Agreement to manufacture engine inlet assemblies for the Embraer Phenom 300 business jets. These new orders will see deliveries continue through mid-2025. “We are proud to be part of the successful Phenom 300 program. Earlier this year we delivered our 800t...
CPI Aerostructures Receives $1.3 Million Follow-on Orders for Welded A...
CPI Aerostructures Receives $1.3 Million Follow-on Orders for Welded Assemblies EDGEWOOD, N.Y., June 05, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced that it has received follow-on orders for complex welded structural assemblies used on a U.S. military helicopter from a current customer valued at approximately $1.3 million. Deliveries are expected to occur through mid-2025. “CPI Aero has a long history providing critical components and assemblies in support of fixed and rotary wing aircraft for the U.S. Defense and Allied...
CPI Aerostructures Reports First Quarter 2024 Results
CPI Aerostructures Reports First Quarter 2024 Results First Quarter 2024 vs. First Quarter 2023 Revenue of $19.1 million compared to $22.0 million;Gross profit of $3.6 million compared to $4.7 million;Gross profit margin of 18.6% compared to 21.2%;Net income of $0.2 million compared to $1.0 million;Earnings per share of $0.01 compared to $0.08;Cash flow used in operations of ($1.0) million compared to $0.9 million provided by cash flow from operations;Debt as of March 31, 2024 of $19.1 million compared to $22.1 million as of March 31, 2023. EDGEWOOD, N.Y., May 15, 2024 (GLOBE NEWSWIRE) ...
CPI Aerostructures Reports Fourth Quarter and Full Year 2023 Results
CPI Aerostructures Reports Fourth Quarter and Full Year 2023 Results Fourth Quarter 2023 vs. Fourth Quarter 2022 Revenue of $23.5 million compared to $24.1 million;Gross profit of $4.1 million compared to $3.9 million;Gross margin of 17.4% compared to 16.1%;Net income of $14.8 million compared to net income of $6.8 million;Earnings per share of $1.20 ($0.09 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of $1.11) compared to earnings per share of $0.55 ($0.03 excluding the fourth quarter 2022 deferred tax asset valuation allowance reduction of $0.52);Ca...
CPI Aerostructures Appoints Ross Johnson to Leadership Team as Vice Pr...
CPI Aerostructures Appoints Ross Johnson to Leadership Team as Vice President, Program Management EDGEWOOD, N.Y., Jan. 16, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has appointed Ross Johnson to the position of Vice President, Program Management. Mr. Johnson, 63, has extensive experience in program management, business development, marketing & sales, contracts, engineering technical support, customer support and aircraft operations. Most recently, he served as Director, Program Management at Sikorsky Airc...
CPI Aerostructures Receives $4.4M Orders from Embraer for Engine Inlet...
CPI Aerostructures Receives $4.4M Orders from Embraer for Engine Inlet Assemblies EDGEWOOD, N.Y., Nov. 21, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced that Embraer S.A. of Brazil (NYSE: ERJ) has placed several additional orders against a previously announced Long Term Agreement to manufacture engine inlet assemblies for the Embraer Phenom 300 business jets. These new orders will see deliveries continue into 2024. “CPI Aero is proud to be part of the successful Phenom 300 program where we continue to demonstrate our cap...
CPI Aerostructures Reports Third Quarter and Nine Month 2023 Results
CPI Aerostructures Reports Third Quarter and Nine Month 2023 Results Third Quarter 2023 vs. Third Quarter 2022 Revenue of $20.4 million compared to $20.2 million;Gross profit of $3.7 million compared to $5.3 million;Gross margin of 18.2% compared to 26.4%;Net income of $0.3 million compared to $1.9 million;Earnings per diluted share of $0.02 compared to $0.15;Cash flow from operations of $0.0 million compared to $2.9 million. Nine Months 2023 vs. Nine Months 2022 Revenue of $63.0 million compared to $59.3 million;Gross profit of $13.0 million compared to $12.4 million;Gross margin of 20....
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