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CPI Aerostructures, Inc. (“CPI Aero
®”) (NYSE MKT: CVU) today announced record results for the 2012 second quarter and six months ended June 30, 2012.
Second Quarter 2012 vs. 2011
Revenue increased 19.7% to $20,854,627 from $17,426,223;
Gross margin was 27.7% compared to 24.4%;
Pre-tax income increased 92.1% to $4,024,019 compared to $2,094,816; and,
Net income increased 71.6% to $2,696,019 or $0.36 per diluted share, compared to $1,570,816, or $0.22 per diluted share.
First Half 2012 vs. 2011
Revenue increased 21.4% to $40,575,722 from $33,435,831;
Gross margin was 26.5% compared to 24.2%;
Pre-tax income increased 64.0% to $6,734,338 compared to $4,106,865;
Net income increased 57.0% to $4,615,338 or $0.63 per diluted share compared to $2,938,865 or $0.41 per diluted share; and,
Unawarded solicitations remain at a high level with open solicitations totaling a maximum realizable value of approximately $980 million.
Edward J. Fred, CPI Aero’s President & CEO, stated, “The 19.7% increase in second quarter revenue resulted in a more than 71% increase in net income, as several of our long-term programs including the NGC E-2D program, the Gulfstream G650 program and Boeing A-10 program, are in full scale production and we no longer incur excess costs related to engineering and design changes for these contracts.
“The 21.4% increase in 2012 first half revenue was due to a $7.6 million or 185% increase in revenue generated from commercial customers, with the Gulfstream G650 (up by $4 million) and Honda (up by $1.8 million) accounting for most of the increase. Revenue generated from prime government contracts increased by 14% to approximately $3.6 million, while revenue generated by government subcontracts decreased by 3.5% to approximately $25.3 million. Of note, for the 2012 first half, revenue generated from government subcontracts, commercial contracts and prime government contracts accounted for approximately 62%, 29% and 9% of total revenue, respectively.”