Reported Earlier, CPI Aerostructures Settles With SEC Over Financial Restatements

6/21/24 2:45:39 AM ET

Military/Government/Technical

Industrials

Get the next $CVU alert in real time by email

The Company has undertaken to fully remediate its material weakness in internal control over financial reporting and have effective ICFR and disclosure controls and procedures by December 31, 2024, to publicly disclose, concurrent with the filing of the Company's 2024 Annual report on Form 10-K, whether in management's opinion, the Company has fully remediated its material weaknesses in ICFR and has effective ICFR and DCP and to certify its compliance. If the Company fails to comply with these undertakings, a civil monetary penalty in the amount of $400,000 will be due to the SEC by June 30, 2025.

Get the next $CVU alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$CVU

Date	Price Target	Rating	Analyst

More analyst ratings

$CVU
Leadership Updates

Live Leadership Updates

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: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 compliance, strategic forecasting and systems implementation. Prior to joining CPI Aero, Mr. Passarello served as Vice President of Finance for TTM Technologies, a Printed Circuit Board and Aerospace and
8/20/24 8:00:00 AM ET
$CVU
Military/Government/Technical
Industrials
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: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 Aircraft, Inc. responsible for aircraft deliveries, customer management, contract execution and leadership of the aircraft build integrated product teams. He was further promoted to Director, Business Development fo
1/16/24 8:00:00 AM ET
$CVU
Military/Government/Technical
Industrials
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: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 her career, Pamela has demonstrated exceptional leadership and expertise in various critical areas, including P&L management, government contracting, budget control, cost reduction, process improvement, project ma
10/24/23 4:05:00 PM ET
$CVU
Military/Government/Technical
Industrials

$CVU
Press Releases

Fastest customizable press release news feed in the world

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: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 compliance, strategic forecasting and systems implementation. Prior to joining CPI Aero, Mr. Passarello served as Vice President of Finance for TTM Technologies, a Printed Circuit Board and Aerospace and
8/20/24 8:00:00 AM ET
$CVU
Military/Government/Technical
Industrials
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 profit of $8.7 million compared to $9.3 million;Gross margin of 21.7% compared to 21.8%;Net income of $1.6 million compared to $2.1 million;Earnings per diluted share of $0.12
8/13/24 4:15:34 PM ET
$CVU
Military/Government/Technical
Industrials
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: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 this LTA, which is a reflection of their performance as a critical supplier to CPI Aero, and provides a foundation for additional business," stated Dorith Hakim, president and CEO of C
7/22/24 4:05:00 PM ET
$CVU
Military/Government/Technical
Industrials

CPI Aerostructures And MST Manufacturing Sign Long Term Agreement Through 2027
CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE: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.
7/22/24 4:27:09 PM ET
$CVU
Military/Government/Technical
Industrials
CPI Aerostructures Delivers First Pod Structure Of Latest Production Contract For Next Generation Jammer Mid-Band Program To Raytheon, Under A Previously Announced Contract Award With A Maximum Value Of $32.6M
CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE: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 3 are expected through mid-2025 after which CPI Aero anticipates transitioning to Lot 4 deliveries. In addition to the pod structures, CPI Aero produces air management system (AMS) components integral to the Next Generation Jammer Mid-Band (NGJ-MB) program.
7/8/24 8:15:00 AM ET
$CVU
$RTX
Military/Government/Technical
Industrials
Aerospace
Reported Earlier, CPI Aerostructures Settles With SEC Over Financial Restatements
The Company has undertaken to fully remediate its material weakness in internal control over financial reporting and have effective ICFR and disclosure controls and procedures by December 31, 2024, to publicly disclose, concurrent with the filing of the Company's 2024 Annual report on Form 10-K, whether in management's opinion, the Company has fully remediated its material weaknesses in ICFR and has effective ICFR and DCP and to certify its compliance. If the Company fails to comply with these undertakings, a civil monetary penalty in the amount of $400,000 will be due to the SEC by June 30, 2025.
6/21/24 2:45:39 AM ET
$CVU
Military/Government/Technical
Industrials

Reported Earlier, CPI Aerostructures Settles With SEC Over Financial Restatements

Chat with this insight

Recent Analyst Ratings for $CVU

$CVU Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Chief Financial Officer Passarello Philip was granted 20,000 shares (SEC Form 4)

SEC Form 3 filed by new insider Passarello Philip

Director Caswell Richard S bought $28,800 worth of shares (10,000 units at $2.88), increasing direct ownership by 8% to 132,981 units (SEC Form 4)

$CVU Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

Director Caswell Richard S bought $28,800 worth of shares (10,000 units at $2.88), increasing direct ownership by 8% to 132,981 units (SEC Form 4)

Director Carey Bond E bought $27,000 worth of shares (10,000 units at $2.70), increasing direct ownership by 6% to 175,887 units (SEC Form 4)

Director Caswell Richard S bought $13,450 worth of shares (5,000 units at $2.69), increasing direct ownership by 4% to 122,981 units (SEC Form 4)

$CVU Leadership Updates

Live Leadership Updates

CPI Aerostructures Appoints Philip Passarello to Leadership Team as Chief Financial Officer

CPI Aerostructures Appoints Ross Johnson to Leadership Team as Vice President, Program Management

CPI Aerostructures Appoints Aerospace Industry Executive Pamela Levesque to its Board of Directors

$CVU SEC Filings

CPI Aerostructures Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

CPI Aerostructures Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Leadership Update, Financial Statements and Exhibits

CPI Aerostructures Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

$CVU Press Releases

Fastest customizable press release news feed in the world

CPI Aerostructures Appoints Philip Passarello to Leadership Team as Chief Financial Officer

CPI Aerostructures Reports Second Quarter and Six Month 2024 Results

CPI Aerostructures, Inc. and MST Manufacturing Sign Long Term Agreement

$CVU Large Ownership Changes

This live feed shows all institutional transactions in real time.

$CVU Market Insights

Live Market Insights

$CVU Financials

Live finance-specific insights

Amendment: SEC Form SC 13G/A filed by CPI Aerostructures Inc.

SEC Form SC 13G/A filed by CPI Aerostructures Inc. (Amendment)

SEC Form SC 13G/A filed by CPI Aerostructures Inc. (Amendment)

CPI Aerostructures And MST Manufacturing Sign Long Term Agreement Through 2027

CPI Aerostructures Delivers First Pod Structure Of Latest Production Contract For Next Generation Jammer Mid-Band Program To Raytheon, Under A Previously Announced Contract Award With A Maximum Value Of $32.6M