CPI Aerostructures Receives Follow-On Order for Airborne Pod Structural Housings

Rhea-AI Summary

CPI Aerostructures (CVU) announced a follow-on order to manufacture three airborne pod structural housings for a military radar system. This order is from an existing customer and continues a relationship that has produced over 120 units since 2004. Deliveries are expected in 2022. CPI Aero's president highlighted the significance of this product category, which has diversified into six different pod structures for various missions, including Intelligence, Surveillance, and Reconnaissance.

Positive

• Secured a follow-on order for three airborne pod structural housings.
• Continuing a long-term relationship with the customer since 2004.
• The product is part of a robust portfolio with six different pod structures.

Negative

• None.

EDGEWOOD, N.Y., March 29, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it was awarded a follow-on order from an undisclosed existing customer to manufacture three airborne pod structural housings. The housings are the primary structural assembly for an externally mounted, pod-based military radar system. Deliveries are scheduled for 2022.

CPI Aero president and CEO Douglas McCrosson stated, “CPI has produced this assembly for our customer since 2004, delivering over 120 units over that time. We are proud of our role in supporting this long running program. This product has an important place in CPI history as it was the first of what would become a major product category for us with six different pod structures currently manufactured by CPI for a variety of customers and missions, including Intelligence, Surveillance Reconnaissance (ISR) and Electronic Warfare (EW).”

About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and 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.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2019, and Form 10-Q for the three-month periods ended March 31, 2020, June 30, 2020, and September 30, 2020.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.   

Investor Relations Contacts:

LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com

FAQ

What recent order did CPI Aerostructures (CVU) secure?

CPI Aerostructures secured a follow-on order for three airborne pod structural housings.

When are deliveries expected for the new order by CPI Aero?

Deliveries for the new order are scheduled for 2022.

How long has CPI Aero been working with the customer for the airborne pod housings?

CPI Aero has been working with the customer since 2004.

What is the significance of the airborne pod structural housings for CPI Aero?

The airborne pod structural housings represent a major product category for CPI Aero, having evolved into six different pod structures.