Welcome to our dedicated page for Cpi Aerostruct news (Ticker: CVU), a resource for investors and traders seeking the latest updates and insights on Cpi Aerostruct stock.
CPI Aerostructures Inc (CVU) is a leading manufacturer of structural aircraft components for commercial and defense markets. This news hub provides investors with essential updates on corporate developments, including contract awards, financial results, and strategic initiatives shaping the aerospace sector.
Access timely press releases and analysis covering CVU's engineering advancements, defense program participation, and supply chain partnerships. Our curated collection helps stakeholders monitor regulatory filings, production milestones, and market positioning within the competitive aerostructures industry.
Key focus areas include Department of Defense contracts, OEM collaboration updates, manufacturing capacity expansions, and maintenance/service agreements. Bookmark this page for direct access to SEC filings, earnings call details, and operational announcements from this critical aerospace supplier.
CPI Aerostructures (CVU) announced errors in its inventory costing processes, leading to incorrect income reporting from certain products representing 15% of 2020 revenue. The company will amend its financial statements for 2020 and related quarters, expecting a net income reduction of $1.9M to $2.3M across these periods. Notably, management asserts that reported revenue and cash flows remain unaffected. Furthermore, CPI Aero appointed Andrew L. Davis as CFO, enhancing its financial leadership amid these challenges.
CPI Aerostructures, Inc. (CVU) disclosed on June 1, 2021, it received a notice of non-compliance from NYSE Regulation for failing to file its Quarterly Report on Form 10-Q for the period ending March 31, 2021. The delay arises from COVID-19 related absences affecting the financial closing process and the identification of Inventory Costing Errors during inventory testing, impacting prior periods' revenue recognition. CPI Aero has until November 24, 2021, to file the report to regain compliance and maintain its listing status.
CPI Aerostructures has secured a new Long-Term Agreement (LTA) valued at $17.2 million with Sikorsky Aircraft to overhaul and repair MH-60 SEAHAWK stabilator assemblies. This agreement extends through 2027 with an option for an additional two years. CPI Aero has a longstanding partnership with Sikorsky, having supplied over 500 units since 2012. The MH-60 SEAHAWK is critical for various military operations, with approximately 300 helicopters currently in service.
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.
CPI Aerostructures (NYSE American: CVU) announced a new $4.4 million purchase order from the U.S. Air Force for structural modification kits and services under the PCIII and TRIM programs. This raises the total funded orders under the multi-year contract to $28.4 million, extending the performance period into late 2024. The T-38 aircraft, used for over 50 years, will have its service life extended beyond 2030 as a result of these upgrades.
CPI Aerostructures, Inc. (CVU) reported strong fourth quarter results for 2020, with revenue increasing to $25.4 million from $22.7 million, and gross profit rising to $4.6 million, marking a gross margin improvement to 18.2%. The company achieved net income of $1.3 million, a turnaround from a net loss of $(1.4) million in Q4 2019. For the full year, revenues were $87.6 million, slightly up from $87.5 million in 2019. Notably, defense revenue grew by over 15%, offsetting a decline in commercial aviation revenue due to the pandemic. The total funded backlog is $169.6 million, with 98% related to defense markets.
CPI Aerostructures (CVU) announced the U.S. Government has exercised a one-year option to extend a Firm Fixed Price/Indefinite Delivery Indefinite Quantity contract with an estimated value of up to $1.7 million. This contract, which has been active for six years, has generated over $14 million in orders for structural wing components used in F-16 aircraft maintenance for the U.S. Government. CPI Aero, a key player in national security aerostructures, provides vital components and services primarily for the Department of Defense.
CPI Aerostructures (CVU) announced it will release its fourth quarter and full year financial results for 2020 on April 16, 2021, prior to market opening. A conference call will follow at 8:30 a.m. EDT, accessible via phone or live webcast. CPI Aero manufactures structural assemblies for aircraft and is a prime contractor for the U.S. Department of Defense. The company is part of the Russell Microcap Index. Forward-looking statements in the release include risks detailed in SEC reports.
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.
CPI Aerostructures, Inc. (NYSE American: CVU) has received a follow-on order from Lockheed Martin totaling approximately $17.9 million for the structural assemblies of F-16 Block 70/72 aircraft. This order is part of a multi-year contract initiated in February 2019 and more than doubles the company's existing order book. Deliveries are set for 2022 and 2023. CPI Aero's CEO, Douglas McCrosson, emphasized the company’s role as the single source supplier for these assemblies and expressed optimism for future foreign military sales orders related to the F-16.
