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CPI Aerostructures, Inc. (“CPI Aero
®”) (NYSE MKT: CVU) today announced record results for the 2012 third quarter and nine months ended September 30, 2012.
Third Quarter 2012 vs. 2011*
Revenue increased 28.5% to $21,340,831 from $16,607,638;
Gross margin was 27.2% as compared to 25.1%;
Pre-tax income increased 59.0% to $4,025,437, compared to $2,531,042; and,
Net income increased 54.9% to $2,795,437, or $0.33 per diluted share, compared to $1,805,042, or $0.25 per diluted share.
Nine Months 2012 vs. 2011*
Revenue increased 23.7% to $61,916,552 from $50,043,470;
Gross margin was 26.7% as compared to 24.5%;
Pre-tax income increased 62.1% to $10,759,775, compared to $6,637,907; and,
Net income increased 56.2% to $7,410,775 or $0.96 per diluted share, compared to $4,743,907 or $0.66 per diluted share.
* Diluted earnings per share for the current third quarter and nine month periods were calculated on 18.4% and 7.6% more shares outstanding than in the prior year periods, respectively, due to the Company’s 1.2 million share public offering completed in July 2012.
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 commercial contracts, specifically for the production of leading edges for the Gulfstream G650 and preliminary work on the production of flaps and inlets for the HondaJet Advanced Light Jet.
“The increase in third quarter and nine month revenue resulted in 54.9% and 56.2% increases in net income, respectively, as two of our long-term contracts, the NGC E-2D program and the Gulfstream G650 program, are in full scale production and unlike last year, we no longer incur excess costs related to engineering and design changes for these contracts. As a result, our gross margin for both the 2012 third quarter and nine month periods was substantially ahead of the same periods of last year and should remain at these levels in the final quarter of the year.