CPI Aerostructures, Inc. (CVU) Announces Preliminary Fourth Quarter and Year-End 2009 Results

  @ibtimes on March 16 2010 4:08 AM

CPI Aerostructures, Inc., a company engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force and other branches of the armed forces, recently announced preliminary results for the fourth quarter and year ended December 31, 2009.

During the fourth quarter of 2009, CPI Aerostructures recorded the highest quarterly revenue in the company’s history of approximately $12.7 million with a net income of roughly $1.5 million. CPI Aero’s 2009 full-year revenue increased to approximately $43.9 million, the highest annual revenue the company has ever achieved, resulting in 2009 net income of approximately $3.9 million, an increase of 50% over 2008 net income.

Edward J. Fred, CPI Aerostructures’s president and chief executive officer, stated, “We are obviously pleased with our preliminary 2009 financial results, which demonstrate the evolution of our company since 2006, when our revenue was approximately $18 million.” Mr. Fred continued, “We believe that the long-term contracts we received in 2008 and the shift to performing more subcontracting work have transformed CPI Aero into an industry-respected manufacturer of structural assemblies for the global aerospace and defense industry.”

Based on the company’s current visibility, senior management expects 2010 revenue in the range of $48 million to $51 million, generating a net income in the range of $4.3 million to $4.8 million. In addition, the company expects three major long-term production programs (A-10, E-2D and G650) to be in full-scale production in the near future and management projects 2011 revenue in the range of $78 million to $81 million, with resulting net income in the range of $8.9 million to $9.5 million.

CPI Aerostructures, Inc. will issue its financial results for the fourth quarter and year-end 2009 on Tuesday, March 23, 2010 at 11:00 a.m. ET during a corporate conference call. Interested parties may participate in the call by dialing (706) 679-3079. Please call in 10 minutes before the conference is scheduled to begin and ask for the CPI Aero call.

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