reports
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....
CPI Aero Receives $9.6 Million Purchase Orders From U.S. Air Force for...
CPI Aero Receives $9.6 Million Purchase Orders From U.S. Air Force for T-38 Aircraft Modification Kits Increases Funded Orders under Previously Awarded Multi-year Contract to $48.3 million EDGEWOOD, N.Y., Nov. 08, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced that it has been awarded multiple purchase orders totaling $9.6 million under a previously announced contract from the U. S. Air Force valued at up to $65.7 million to provide structural modification kits, program management, logistics, and other sustainment services...
CPI Aerostructures Appoints Aerospace Industry Executive Pamela Levesq...
CPI Aerostructures Appoints Aerospace Industry Executive Pamela Levesque to its Board of Directors EDGEWOOD, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that its Board of Directors has appointed Pamela D. Levesque to serve as an independent Class II Director. She was also appointed to the Board’s Audit and Finance Committee. Ms. Levesque, 66, brings a wealth of experience and knowledge garnered from a distinguished career spanning more than 35 years in the aerospace and defense industry. Throughout h...
CPI Aero Delivers 1st B-52 Radar Rack Structure to RTX
CPI Aero Delivers 1st B-52 Radar Rack Structure to RTX EDGEWOOD, N.Y., Oct. 12, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has delivered its first B-52 Radar Rack Structure to Raytheon, an RTX business under an IDIQ contract signed in late 2021 with a ceiling value of $20 million. Under this first phase of the IDIQ contract, CPI Aero is building and delivering 9 development units and 2 spares, along with completing the tooling and other non-recurring engineering efforts. Deliveries of the remaining rack str...
CPI Aero Receives Second Multi-Year Contract and Funded Order for F-16...
CPI Aero Receives Second Multi-Year Contract and Funded Order for F-16 Aircraft Structures - Receives Long Term Agreement not to exceed $34.4 million and Initial $10.4 Million Order - EDGEWOOD, N.Y., Aug. 28, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has been awarded a second multi-year contract by Lockheed Martin (NYSE: LMT) to manufacture structural assemblies for the most advanced F-16 ever produced – the F-16 Block 70/72. Under the terms of the contract with Lockheed Martin, CPI Aero will provide Rudd...
CPI Aerostructures Reports Second Quarter and Six Month 2023 Results
CPI Aerostructures Reports Second Quarter and Six Month 2023 Results Second Quarter 2023 vs. Second Quarter 2022 Revenue of $20.5 million compared to $18.9 million;Gross profit of $4.6 million compared to $3.7 million;Gross margin of 22.4% compared to 19.3%;Net income of $1.2 million compared to $0.5 million;Earnings per diluted share of $0.09 compared to $0.04;Cash flow from operations of $0.0 million compared to $0.3 million. Six Months 2023 vs. Six Months 2022 Revenue of $42.6 million compared to $39.1 million;Gross profit of $9.3 million compared to $7.1 million;Gross margin of 21.8%...
CPI Aerostructures Appoints Aerospace Industry Executive Rick Rosenjac...
CPI Aerostructures Appoints Aerospace Industry Executive Rick Rosenjack to its Board of Directors EDGEWOOD, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero" or “Company”)) (NYSE American: CVU) announced that its Board of Directors has appointed Rick Rosenjack as a new independent member of the Board effective immediately. He was also appointed to the Board’s Nominating and Corporate Governance Committee. As a result of this appointment, CPI Aero has filled one of its two vacant Class II director seats. Mr. Rosenjack, 64, brings to CPI Aero 38 years of aerospac...
CPI Aerostructures Reports First Quarter 2023 Results
CPI Aerostructures Reports First Quarter 2023 Results First Quarter 2023 vs. First Quarter 2022 Revenue of $22.0 million compared to $20.1 million;Gross profit of $4.7 million compared to $3.4 million;Gross profit margin of 21.2% compared to 17.1%;Net income of $1.0 million compared to net loss of $(32,931) (excluding a first quarter 2022 $0.8 million severance accrual, the first quarter of 2022 would have been net income of $0.8 million);Earnings per share of $0.08 compared to loss per share of $(0.00) (excluding a first quarter of 2022 $0.06 per share severance accrual, the first quarter...
CPI Aerostructures Awarded Follow-On Production Contract of Next Gener...
CPI Aerostructures Awarded Follow-On Production Contract of Next Generation Jammer Mid-Band Program by Raytheon Technologies Production Order for pods and components valued at up to $32.6 Million EDGEWOOD, N.Y., May 08, 2023 (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 Low Rate Initial Production (LRIP) phase 3 of the Next Generation Jammer Mid-Band (NGJ-MB) program. The binding ...
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