This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CPI Aerostructures Announces Record 2011 Fourth Quarter And Full Year Results

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.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs