CPI Aerostructures Announces 2013 Second Quarter Results

The first column heading in the Condensed Balance Sheets table should read: June 30, 2013 (sted March 31, 2013).

The corrected release reads:

CPI AEROSTRUCTURES ANNOUNCES 2013 SECOND QUARTER RESULTS

$68 Million in New Contract Awards as of July 31 st , 50% Higher than Same Period of 2012; Expects a Solid Year for New Business

CPI Aerostructures, Inc. (“CPI Aero ®”) (NYSE MKT: CVU) today announced financial results for the 2013 second quarter and six months ended June 30, 2013.

Second Quarter 2013 vs. 2012
  • Revenue was $21,110,452 compared to $20,854,627;
  • Gross margin was 20.1% compared to 27.7%;
  • Pre-tax income was $2,584,276 compared to $4,024,019; and,
  • Net income was $1,784,276 or $0.21 per diluted share, compared to $2,696,019 or $0.36 per diluted share.

First Half 2013 vs. 2012
  • Revenue was $41,037,885 compared to $40,575,722;
  • Gross margin was 21.1% compared to 26.5%;
  • Pre-tax income was to $5,005,551 compared to $6,734,338; and,
  • Net income was $3,455,551 or $0.41 per diluted share compared to $4,615,338 or $0.63 per diluted share.

* Diluted earnings per share for 2013 second quarter and six month periods were calculated on 16% and 18% more shares outstanding, respectively, than in the prior year periods due to the Company’s 1.2 million share public offering completed in July 2012.

Edward J. Fred, CPI Aero’s President & CEO, stated, “2013 second quarter and first half results were in line with our expectations. Our revenue for both reporting periods slightly increased, as compared to the same periods of 2012; however, as we previously reported, we expect our revenue for the full year to decline from 2012’s full year revenue.”

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