CPI Aerostructures Receives Follow-On Order From Spirit AeroSystems for CH-53K Cabin Rack Assemblies

Rhea-AI Summary

CPI Aerostructures (CVU) announced a follow-on order of nearly $1 million from Spirit AeroSystems for manufacturing cabin rack assemblies for new CH-53K King Stallion helicopters. This order brings the total contracts with Spirit AeroSystems to approximately $3.6 million. Deliveries are scheduled for 2022. CPI Aero aims to support increased production as the U.S. Marine Corps prepares for Initial Operational Capability later this year.

Positive

• New order of nearly $1 million strengthens revenue pipeline.
• Total orders for CH-53K assemblies now at approximately $3.6 million.
• CPI Aero is the single source supplier for the CH-53K program, positioning for future growth.

Negative

• None.

Firm Orders Now Total Approximately $3.6 Million

EDGEWOOD, N.Y., May 03, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it was awarded a follow-on order for nearly $1 million from Spirit AeroSystems (NYSE: SPR) to manufacture cabin rack assemblies for new production CH-53K King Stallion Helicopters, built by Sikorsky Aircraft. Deliveries are scheduled for 2022. Including this new order, total orders from Spirit AeroSystems for CH-53K assemblies now total approximately $3.6 million.

CPI Aero president and CEO Douglas McCrosson stated, “CPI is proud to be the single source supplier of these assemblies for the CH-53K King Stallion. The USMC is looking to complete Initial Operational Test & Evaluation (IOT&E) and declare Initial Operational Capability (IOC) for the CH-53K later this year and we look forward to supporting higher production rates as the program moves through Low-Rate Initial Production (LRIP) and into Full-Rate Production (FRP).”

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 years ended December 31, 2019, and December 31, 2020.

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

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

FAQ

What is the recent order awarded to CPI Aerostructures (CVU)?

CPI Aerostructures received a follow-on order of nearly $1 million from Spirit AeroSystems for CH-53K King Stallion helicopter assemblies.

How much are the total orders for CH-53K assemblies from Spirit AeroSystems?

Total orders from Spirit AeroSystems for CH-53K assemblies are now approximately $3.6 million.

When are the deliveries for the new order expected?

Deliveries for the new order are scheduled for 2022.