CPI Aerostructures, Inc. (CPI Aero
) (NYSE MKT: CVU) announced today that in 2013 it received record new business awards from all customers totaling approximately $122.3 million. This total surpasses the previous record of $83.6 million established in 2011 and compares to $81.6 million in awards received in 2012.
The 2013 amount includes an order received during the 4
quarter that will be publicly announced pending final approval of the press release by the customer.
Edward J. Fred, CEO and President of CPI Aero stated, “We anticipated ending 2013 with a surge in new awards, particularly from our national security customers as the headwinds created by the defense budget and the sequester eased a bit. We ended 2013 with more than $39 million in new awards during the fourth quarter, the majority of which were related to follow-on orders for our A-10 and E-2D programs.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural aircraft parts for fixed wing aircraft and helicopters in both the commercial and defense markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. Among the key programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK® helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and the New Cessna Citation X. CPI Aero is included in the Russell MicroCap Index.