Sikorsky Awards Five-Year Contract to CPI Aerostructures

Rhea-AI Summary

CPI Aerostructures (CVU) has secured a five-year IDIQ contract from Sikorsky, a Lockheed Martin company, for the manufacture of gunner window assemblies for the UH-60M Black Hawk helicopter. Shipments are anticipated to start in 2023 and continue until 2027. This contract marks the third consecutive multi-year agreement for CPI Aero, reflecting its long-standing relationship with Sikorsky. The company has been producing these components since 2010, showcasing its ongoing commitment and performance in the defense aerospace sector.

Positive

• Awarded a five-year IDIQ contract with Sikorsky, enhancing revenue stability.
• Third consecutive multi-year contract strengthens long-term relationship with a major customer.
• CPI Aero has been supplying gunner window assemblies since 2010, indicating established expertise in this area.

Negative

• None.

Company to Manufacture Gunner Window Assemblies for the UH-60M Black Hawk®

EDGEWOOD, N.Y., Nov. 15, 2022 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today announced that it has been awarded a five-year, indefinite delivery indefinite quantity (IDIQ) contract from Sikorsky, a Lockheed Martin company, to manufacture gunner window assemblies for the UH-60M Black Hawk helicopter. Shipments under this long-term agreement are expected to begin in 2023 and end in 2027.

The gunner windows are of two-piece construction located just behind the pilot seat on each side of the aircraft. They slide open for use by the machine gun operator. CPI Aero has been producing gunner window assemblies for the Black Hawk since 2010.

“CPI Aero is proud of the work we have completed for Sikorsky on this critically important aircraft under two previous multi-year contracts for the gunner window assemblies. This third consecutive multi-year contract demonstrates our capability to sustain a high-level of performance over a prolonged period of time with one of our longest-standing customers,” commented Dorith Hakim, President and CEO of CPI Aerostructures.

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.

Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.

There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 and the Company’s subsequent filings with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Contacts:
Investor Relations Counsel LHA Investor Relations Jody Burfening (212) 838-3777 cpiaero@lhai.com  www.lhai.com	CPI Aerostructures, Inc. Andrew L. Davis Chief Financial Officer (631)586-5200 www.cpiaero.com

FAQ

What contract did CPI Aerostructures win related to CVU?

CPI Aerostructures won a five-year IDIQ contract to manufacture gunner window assemblies for the UH-60M Black Hawk helicopter.

When will shipments for the UH-60M Black Hawk contract start?

Shipments under the contract are expected to begin in 2023.

How long is the contract for the gunner window assemblies?

The contract is for a duration of five years, ending in 2027.

What is the significance of the contract for CPI Aero?

The contract is significant as it is the third consecutive multi-year agreement with Sikorsky, highlighting CPI Aero's sustained performance.

What type of product is CPI Aero manufacturing for the UH-60M Black Hawk?

CPI Aero is manufacturing gunner window assemblies for the UH-60M Black Hawk helicopter.