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CPI Aerostructures Announces 2008 Fourth Quarter and Year-End Results

Dépèche transmise le 25 mars 2009 par Business Wire

CPI Aerostructures Announces 2008 Fourth Quarter and Year-End Results

CPI Aerostructures Announces 2008 Fourth Quarter and Year-End Results

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Amex: CVU) today announced results for the fourth quarter and year ended December 31, 2008.

Fourth Quarter 2008 vs. 2007

  • Revenue increased 19% to $9,235,576 from $7,766,130;
  • Gross margin was 27% compared to 24% in last year’s fourth quarter;
  • Pre-tax income increased 65% to $1,311,715, compared to $793,123; and,
  • Net income was $908,715, or $0.15 per diluted share, compared to $528,123, or $0.09 per diluted share.

Full Year 2008 vs. 2007

  • Revenue increased 27% to $35,588,831 from $27,985,476;
  • Gross margin was 24% as compared to 26%;
  • Pre-tax income was $3,853,613 compared to $3,016,896;
  • Net income was $2,590,613 or $0.42 per diluted share, compared to $1,906,896 or $0.32 per diluted share;
  • New orders were $55.4 million compared to $37.7 million; and,
  • Unawarded solicitations remain at a high level with open solicitations totaling a maximum realizable value of approximately $374 million.

Edward J. Fred, CPI Aero’s President & CEO, stated, “As expected, 2008 was the best revenue year in our history and we are proud of our achievements. CPI Aero resumed top and bottom line growth while paving the way for continued success in the coming years. This was due to the initiatives we undertook to build a vibrant and sustainable subcontracting business for defense and commercial prime contractors.”

He continued, “In 2008 we were awarded a record $55.4 million in new contracts, including several long-term multi-million dollar awards and we were selected as a subcontractor to some of the most prestigious aerospace and defense as well as commercial aircraft companies in the world, including The Boeing Company, Spirit AeroSystems, Sikorsky Aircraft, Hupp Aerospace/Defense and Northrop Grumman. We are supplying requirements for critical defense programs including the Sea Hawk and Black Hawk Helicopters, the A-10 Thunderbolt Attack Jet and the C-5 Cargo Jet as well as civilian aircraft programs including the S-92 helicopter and the Gulfstream G650. We are exploring new opportunities to expand our relationship with existing customers and at the same time, we are pursuing additional primes including other helicopter and business/private jet makers.”

Reaffirms 2009 Guidance and Long-Term Outlook

Mr. Fred continued, “With the first quarter nearly behind us and increasing visibility in front of us, we are reaffirming our 2009 guidance which calls for revenue to be in the range of $42 million to $45 million, with resulting net income in the range of $3.9 million to $4.3 million. Additionally, using 2008 as the baseline, for the three-year period ending in 2011, we expect to achieve a compound annual growth rate for revenue in the range of 30% to 35%, with a resulting compound annual growth rate for net income in the range of 50% to 60%.”

Conference Call

CPI Aero’s President and CEO, Edward J. Fred, and CFO, Vincent Palazzolo, will host a conference call today, Wednesday, March 25, 2009 at 11:00 am ET to discuss fourth quarter and year-end results as well as recent corporate developments. After opening remarks, there will be a question and answer period. Interested parties may participate in the call by dialing 706-679-3079. Please call in 10 minutes before the scheduled time and ask for the CPI Aero call. The conference call will also be broadcast live over the Internet. To listen to the live call, please go to www.cpiaero.com and click on the “Investor Relations” section, then click on “Event Calendar”. Please access the website 15 minutes prior to the call to download and install any necessary audio software. The conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.

CPI Aero is engaged in the contract production of structural aircraft parts for the U.S. Air Force, other branches of the armed forces and leading prime defense contractors. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet, UH-60 Black Hawk helicopter, S-92 helicopter and the MH-60S mine countermeasure helicopter.

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, 2007 and Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc.

 
 

CPI AEROSTRUCTURES, INC.

CONDENSED STATEMENTS OF INCOME

       

 For the Three Months

 For the Year

 Ended December 31,

 Ended December 31,

2008 2007 2008 2007
 
(Unaudited)
 
Revenue $ 9,235,576 $ 7,766,130 $ 35,588,831 $ 27,985,476
Income before provision for income taxes 1,311,715 793,123 3,853,613 3,016,896
Provision for income taxes     403,000     265,000     1,263,000     1,110,000
Net income   $ 908,715   $ 528,123   $ 2,590,613   $ 1,906,896
 
Earnings per common share – basic   $ 0.15   $ 0.09   $ 0.44   $ 0.34
 
Earnings per common share – diluted   $ 0.15   $ 0.09   $ 0.42   $ 0.32
 
Shares used in computing earnings per common share:
Basic 5,979,841 5,751,080 5,952,703 5,673,903
Diluted     6,168,447     6,144,599     6,203,789     6,028,480
             
Balance Sheet Highlights 12/31/08 12/31/07
 
Cash $ 424,082 $ 338,391
 
Total current assets 41,823,767 35,575,822
 
Total assets 43,351,506 36,620,572
 
Total current liabilities 6,688,372 6,858,854
 
Working capital 35,135,395 28,716,968
 
Short-term debt 920,668 1,103,701
 
Long-term debt 2,401,206 7,605
 
Shareholders’ Equity 33,983,150 29,603,514
 
Total Liabilities and Shareholders’ Equity $ 43,351,506 $ 36,620,572

Business Wire

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