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CPI Aerostructures, Inc. (“CPI Aero
®”) (NYSE Amex: CVU) today announced results for the 2011 third quarter and nine months ended September 30, 2011.
Third Quarter 2011 vs. 2010
Revenue increased 28% to $16,607,638 from $12,976,084;
Gross margin was 25.1% as compared to 26.1%;
Pre-tax income increased 17% to $2,531,042, compared to $2,171,363; and,
Net income increased 26% to $1,805,042, or $0.25 per diluted share, compared to $1,429,363, or $0.21 per diluted share.
Nine Months 2011 vs. 2010
Revenue increased 37% to $50,043,470 from $36,526,238;
Gross margin was 24.5% as compared to 26%;
Pre-tax income increased 25% to $6,637,907, compared to $5,301,431;
Net income increased 36% to $4,743,907 or $0.66 per diluted share, compared to $3,495,431 or $0.53 per diluted share; and,
Unawarded solicitations remain at a high level with open solicitations totaling a maximum realizable value of approximately $399 million.
Edward J. Fred, CPI Aero’s President & CEO, stated, “The increase in revenue for the three and nine month periods was primarily the result of work performed for the Boeing Company on the A-10 attack jet and Northrop Grumman Corporation on the E-2D surveillance airplane. As expected, 2011 third quarter revenue increased by only 28% with the big surge in revenue to come in the fourth quarter. As we are now well into the fourth quarter, we can say with added confidence that the fourth quarter of 2011 will be the highest revenue quarter in CPI Aero’s history by a significant margin.
“As compared to last year, for the first nine months of this year, revenue generated from government subcontracts and commercial subcontracts increased by 69.2% and 19.5%, respectively, offset by a 39% revenue decrease from prime government contracts. This was an anticipated shift resulting from our marketing focus on subcontracting work over the last several years.”