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 First Quarter 2014 Results

CPI Aerostructures, Inc. (“CPI Aero ®”) (NYSE MKT:CVU) today announced financial results for 2014 first quarter ended March 31, 2014.

First Quarter 2014 vs. First Quarter 2013
  • Revenue increased by 9.8% to $21,883,517, compared to $19,927,433;
  • Gross margin was 20.5%, compared to 22.3%;
  • Pre-tax income increased by 3.6% to $2,508,869, compared to $2,421,276; and,
  • Net income increased by 3.4% to $1,728,869, or $0.20 per diluted share, compared to $1,671,276, or $0.20 per diluted share.

Douglas J. McCrosson, CPI Aero’s President & CEO, stated, “As expected, the 9.8% increase in total revenue for 2014 first quarter, as compared to 2013 first quarter, was mainly due to a 30% increase in revenue from commercial subcontracts, to over $7.2 million. This was the result of higher production rates from our contracts with Cessna and Embraer, programs currently in production stage. Both revenue generated from military subcontracts and direct government contracts slightly increased to $14.2 million and $0.5 million, respectively.”

Mr. McCrosson added, “Our gross margin for 2014 first quarter was within our expected range for the year. Our selling, general and administrative (“SG&A”) expenses for 2014 first quarter, as compared to 2013 first quarter, decreased by approximately $40,000, while as a percent of revenue, SG&A substantially decreased to 8.4%, as compared to 9.4%, mainly due to steps we took to improve the efficiency of our administrative processes.”

Discussing backlog and contract awards, Mr. McCrosson added, “Our total backlog at March 31, 2014 was $410.3 million, as compared to $431.4 million at December 31, 2013. This decrease was attributable to a $6.9 million decrease in backlog on commercial programs and a $14.2 million decrease in backlog for military programs. At March 31, 2014, unfunded backlog was $314.1 million which is primarily comprised of the long-term contracts that we received from Boeing, Spirit and NGC during 2008, from Honda and Bell during 2011 and from Cessna, Sikorsky and Embraer during 2012. These are programs for which we expect to receive yearly funded orders.

1 of 6

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.66 -1.20%
FB $117.22 0.42%
GOOG $692.98 0.28%
TSLA $246.41 -0.52%
YHOO $36.44 -0.41%


Chart of I:DJI
DOW 17,711.66 -119.10 -0.67%
S&P 500 2,070.15 -5.66 -0.27%
NASDAQ 4,794.9830 -10.3080 -0.21%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs