CPI Aerostructures, Inc. ("CPI Aero®") (NYSE Amex:CVU) today announced that it has received its first new business award for 2012, a purchase order valued at $12.7 million from the Boeing Defense, Space & Security unit of The Boeing Company ("Boeing") for assemblies for the A-10 aircraft. This represents a follow-on order for CPI Aero’s previously announced long-term requirements contract to support Boeing's A-10 Wing Replacement Program (WRP). The A-10 WRP contract between Boeing and CPI Aero is worth up to approximately $84 million for the production of a variety of structural assemblies for up to 242 enhanced wings. To date, CPI Aero has received firm requirements for 117 ship sets at a value of approximately $47.3 million for the A-10 WRP program.
In addition, CPI Aero announced that new business awards from all customers for the year ended December 31, 2011 was approximately $83.6 million compared to $61.7 million for all of 2010.
CPI Aero is engaged in the contract production of structural and other aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, MH-53 and CH-53 variant helicopters, the Gulfstream G650, C-5A Galaxy cargo jet, the A-10 Thunderbolt attack jet, AH-1Z ZULU attack helicopter and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2010 and CPI Aero’s Forms 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011.
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