CPI Aerostructures, Inc. engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets. The company also offers aero systems, such as reconnaissance pod structures and fuel panel systems; and supplies parts for maintenance, repair, and overhaul (MRO), as well as kitting contracts. In addition, it operates as a subcontractor for defense contractors and commercial contractors, as well as a contractor for the United States Department of Defense. Further, the company offers engineering, program management, supply chain management, kitting, and MRO services. Additionally, it offers machine gunner window assemblies, hover infrared suppression system module assemblies, wing sets and spares kits, lock assemblies, canopy activation drive shaft assemblies, rudder island and drag chute canister assemblies, composite electronics racks, structural wing components, fixed leading edges, and engine inlet assemblies. The company was formerly known as Consortium of Precision Industries, Inc. and changed its name to CPI Aerostructures, Inc. in July 1992. CPI Aerostructures, Inc. was incorporated in 1980 and is headquartered in Edgewood, New York.
IPO Year: 2022
Exchange: AMEX
Website: cpiaero.com
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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 million compared to $63.0 million;Gross profit of $12.9 million compared to $13.0 million;Gross margin of 21.7% compared to 20.6%;Net income of $2.3 million compared to $2.4
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
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
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
EDGEWOOD, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- 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. "Last year, CPI successfully delivered 20 NGJ-MB pod structures and associate
EDGEWOOD, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (NYSE: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 the Securities Exchange Act of 1934, as amended, and Rules 12b-20, 13a-1, 13a-11, 13a-13, and 13a-15(a) thereunder. The SEC's order can be found at https://www.sec.gov/fi
EDGEWOOD, N.Y., June 10, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero" or the "Company") (NYSE: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 800th shipset of Phenom 300 Engine Inlets to Embraer. These follow-on orders are a testimony of CPI Aero team's performance that continues to deliver high quality inlets to this long standing custome
EDGEWOOD, N.Y., June 05, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE: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 Forces. We are proud to have been awarded this follow-on contract allowing CPI Aero to continue to deliver complex fusion welded assemblies in support of our ultimate customer, the warfighter,
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, Inc. ("CPI Aero" or the "Company") (NYSE:CVU) today announced financial results for the three month period ended March 31, 2024. "As
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);Cash flow from operations of $3.1 million compared to $0.1 million. Full Year 2023 vs. Full Year 2022 Revenue of $86.5 million compared to $83.3 million;Gross profit of $17.
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.
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.
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.
Gainers Nauticus Robotics (NASDAQ:KITT) shares increased by 59.0% to $0.37 during Tuesday's pre-market session. The market value of their outstanding shares is at $22.9 million. ShiftPixy (NASDAQ:PIXY) stock rose 29.45% to $1.89. The market value of their outstanding shares is at $12.7 million. CPI Aerostructures (AMEX:CVU) shares increased by 16.45% to $2.69. The company's market cap stands at $34.5 million. Babcock & Wilcox Enterprises, Inc. 8.125% Senior Notes due 2026 (NYSE:BWSN) shares rose 11.57% to $23.8. Nuburu (AMEX:BURU) shares increased by 7.59% to $0.2. The market value of their outstanding shares is at $7.5 million. MingZhu Logistics Hldgs (NASDAQ:YGMZ) shares increased by
CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE: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 Aerostructures (AMEX:CVU) reported quarterly earnings of $0.01 per share. This is a 87.5 percent decrease over earnings of $0.08 per share from the same period last year. The company reported $19.08 million in sales this quarter. This is a 13.33 percent decrease over sales of $22.02 million the same period last year.
CPI Aerostructures (AMEX:CVU) reported quarterly earnings of $1.20 per share. This is a 3900 percent increase over earnings of $0.03 per share from the same period last year. The company reported $23.50 million in sales this quarter. This is a 2.40 percent decrease over sales of $24.08 million the same period last year.
CPI Aerostructures (AMEX:CVU) reported quarterly earnings of $0.09 per share. This is a 200 percent increase over earnings of $0.03 per share from the same period last year. The company reported $23.50 million in sales this quarter. This is a 2.40 percent decrease over sales of $24.08 million the same period last year.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);
EDGEWOOD, N.Y., Oct. 25, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero" or the "Company") (NYSE:CVU) announced today that its 2021 Annual Meeting of Shareholders will be held on Wednesday, December 29, 2021 at 9:00 a.m. Eastern Time at the Company's offices located at 91 Heartland Blvd., Edgewood New York, 11717. The record date for the meeting is November 4, 2021. Proxy materials will be mailed to shareholders of record on or about November 19, 2021 and will be available on the Securities and Exchange Commission website at www.sec.gov and on the Company's website at www.cpiaero.com. About CPI Aero CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing ai
EDGEWOOD, N.Y., Dec. 28, 2020 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced it has reached an agreement (“Settlement Agreement”) to resolve its post-closing working capital adjustment dispute with Air Industries Group (“Air Industries”) (NYSE American: AIRI) in exchange for payment of the $1,381,000 remaining in escrow to CPI Aero. In December 2018, CPI Aero completed the acquisition of Welding Metallurgy, Inc. from Air Industries for a purchase price of $7.9 million subject to a potential post-closing working capital adjustment. Of the purchase price, $2 million was placed in escrow at closing. A dispute arose regarding the post-closing working
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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
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
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
EDGEWOOD, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero" or "Company")) (NYSE: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 aerospace experience, and has twice led multi-site, international businesses with $1 billion in annual revenue. Currently, Mr. Rosenjack serves as President of NWI Aerostructures. Previously he held the role of Presiden
EDGEWOOD, N.Y., March 09, 2022 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®") (the "Company") (NYSE:CVU) today announced the appointment of Dorith Hakim as Chief Executive Officer, President and director effective immediately, replacing Douglas McCrosson who is leaving the Company to pursue other opportunities. Ms. Hakim, 57, has a diverse and extensive experience in the aerospace industry. Most recently, she served as Group Vice President of Parker Hannifin Aerospace where she directed global supply chain for 11 divisions, 25 manufacturing sites and two joint ventures, and was accountable for $1.9 billion of spending. Before joining Parker Hannifin, Ms. Hakim was at Triumph G
EDGEWOOD, N.Y., Oct. 25, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®") (the "Company") (NYSE:CVU) today announced the appointment of Andrew ("Andy") L. Davis, a financial executive with more than 30 years of experience in finance and accounting, as chief financial officer effective immediately. Mr. Davis replaces Thomas Powers who has been serving as acting chief financial officer since February 2020. Mr. Powers will remain with the Company in his prior role as director of FP&A until his planned retirement at the end of this year. Mr. Davis brings extensive controllership, financial reporting, and analysis, corporate governance, change management and investor relations