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CPI Aerostructures, Inc. (“CPI Aero
®”) (NYSE MKT: CVU) today announced record results for the 2012 fourth quarter and year ended December 31, 2012.
Fourth Quarter 2012 vs. 2011*
Revenue increased 13.5% to $27,356,029, compared to $24,092,200;
Gross margin was 28.1%, compared to 27.2%;
Pre-tax income increased 47.8% to $5,765,354, compared to $3,901,020; and,
Net income increased 34.7% to $3,600,354, or $0.43 per diluted share, compared to $2,673,020, or $0.37 per diluted share.
Full Year 2012 vs. 2011*
Revenue increased 20.4% to $89,272,582, compared to $74,135,669;
Gross margin was 27.1%, compared to 25.4%;
Pre-tax income increased 56.8% to $16,525,130, compared to $10,538,928; and,
Net income increased 48.5% to $11,011,130 or $1.40 per diluted share, compared to $7,416,928 or $1.04 per diluted share.
* Diluted earnings per share for 2012 fourth quarter and year were calculated on 18% and 10% 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, “2012 was the best year in CPI Aero’s history in terms of revenue and net income. The 20.4% increase in revenue was primarily the result of work performed on our three major subcontract awards won in 2008: the Gulfstream G650, Boeing A-10 and NGC E-2D programs which accounted for 17.6%, 16.7% and 25.5% of our 2012 total revenue, respectively.”
Mr. Fred continued, “In 2012, revenue generated from government subcontracts decreased slightly to $56.7 million or 63% of total revenue. Also, revenue generated from government prime contracts decreased to approximately $6.2 million or 7% of total revenue, which is consistent with our strategy, as we have transitioned away from being a government prime contractor. Revenue generated from commercial subcontracts increased by 162% to $26.7 million or 30% of total revenue. This increase was primarily the result of higher production rates on the Gulfstream G650, as well as revenue from new production programs such as the HondaJet advanced light business jet.”