CPI Aerostructures Completes Restatement of 2020 and 2019 Results
CPI Aerostructures filed a Comprehensive Form 10-K/A for the years ended December 31, 2020, and 2019, including restated audited financial statements. The company aims to enhance its finance and accounting operations, focusing on delivering high performance consistent with its reputation in the aerospace industry. The financial statements for the first three quarters of 2021 are currently being prepared. CPI Aero is a manufacturer of structural assemblies for aircraft and is a prime contractor to the U.S. Department of Defense.
- Filed Comprehensive Form 10-K/A for 2020 and 2019 with audited financial statements, improving transparency.
- Commitment to enhance finance and accounting functions to align with industry standards.
- Restatements of financial statements indicate prior reporting discrepancies.
- Ongoing delays in filing financial statements for Q1, Q2, and Q3 of 2021.
EDGEWOOD, N.Y., Nov. 24, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it filed a Comprehensive Form 10-K/A for the twelve-month periods ended December 31, 2020 and December 31, 2019. This Comprehensive Form 10-K/A contains the audited restated financial statements as of and for the years ended December 31, 2020 and December 31, 2019, as well as restatements of unaudited restated quarterly financial statements as of and for the quarters ended March 31, June 30 and September 30, 2020.
“The Board of Directors, Andy Davis, our new chief financial officer, and I are intently focused on continuing to improve our finance and accounting function to be on par with the best companies in our industry. CPI Aero has a solid reputation as a world-class manufacturer that makes truly exceptional mission-critical products, and our shareholders, customers and employees should expect the same high level of performance from our finance and accounting function. With the completion of the audited 2020 and 2019 restatements, we are on the right track to deliver on that objective,” said Douglas McCrosson, president and CEO of CPI Aero.
The financial statements for the periods ended March 31, June 30, and September 30, 2021 are being prepared and the Forms 10-Q for such periods will be filed as soon as practical.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for national security 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. CPI Aero is included in the Russell Microcap® Index.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, assumptions, uncertainties and other unknown factors that could cause the actual results of CPI Aero to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. The forward-looking statements contained herein include, without limitation, statements relating to the CPI Aero’s efforts and ability to improve its finance an accounting function and the timing of CPI Aero’s filing of financial statements for the periods ended March 31, June 30, and September 30, 2021. The forward-looking statements contained herein are also subject to all of the other risks and uncertainties that are described from time to time under the heading “Risk Factors” in CPI Aero’s reports filed with the Securities and Exchange Commission, most recently in its Annual Report on Form 10-K/A for the period ended December 31, 2020. Because the risks, assumptions, uncertainties and other unknown factors referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. CPI Aero has no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof.
Contact:
Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
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