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CPI Aerostructures, Inc. (“CPI Aero
®”) (NYSE Amex: CVU) today announced record results for the 2011 fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011 vs. 2010
Revenue increased to $24,092,200 from $7,464,546;
Gross margin was 27%, compared to a negative margin of 45%;
Pre-tax income was $3,901,020, compared to pre-tax loss of $4,758,536; and,
Net income was $2,673,020, or $0.37 per diluted share, compared to net loss of $2,965,536, or $0.44 per share.
Full Year 2011 vs. 2010*
Revenue increased to $74,135,669 from $43,990,784;
Gross margin was 25% compared to 14%;
Pre-tax income was $10,538,928, compared to $542,896;
Net income was $7,416,928 or $1.04 per diluted share, compared to $529,896 or $0.08 per diluted share;
New orders were a record $83.6 million, compared to $61.7 million; and,
Solicitations not yet awarded totaled a maximum realizable value of approximately $282 million at February 29, 2012.
* Note: The termination of the T-38 program one release year earlier than expected, resulted in a revenue adjustment based on a change in estimate for the fourth quarter of 2010 and the year as a whole.This non-cash adjustment was a GAAP change in estimate, and conformed to the procedures used for the percentage of completion method (“POC”) of accounting.
Edward J. Fred, CPI Aero’s President & CEO, stated, “Our 2011 fourth quarter was the best quarter in CPI Aero’s history in terms of revenue and net income. For the year as a whole, the 68.5% increase in revenue was primarily the result of work performed on our three major subcontract awards won in 2008: the Gulfstream G650 program, Boeing A-10 program and NGC E-2D program which accounted for 11%, 30% and 26% of our 2011 revenue, respectively. In 2011 revenue generated from prime government contracts increased by 51% to approximately $6.7 million; revenue generated from government subcontracts increased by 79% to approximately $57 million primarily the result of the A-10 and E-2D programs; and, revenue generated from commercial contracts increased by 35% to approximately $10.2 million due to higher production rates on the G650 aircraft.”