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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CPI Aerostructures Inc | AMEX:CVU | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -1.56% | 2.53 | 2.6631 | 2.52 | 2.55 | 54,819 | 22:28:45 |
Raytheon is designing and manufacturing NGJ-MB, a high-capacity and power airborne electronic attack weapon system for the EA-18G Growler aircraft. It is designed to protect air forces by denying, degrading and disrupting threat radars and communication devices. There are two NGJ-MB pods per EA-18G aircraft. CPI Aero announced in August 2018 that it is manufacturing the pod structure and AMS components for Raytheon. Raytheon delivered the first NGJ-MB Engineering Development Model pod to the U.S. Navy for ground and aircraft integration testing in July.
“CPI Aero has been a key supplier to Raytheon on this program since 2016, and we are proud to play an important role in getting this critical electronic warfare capability into the hands of the U.S. Navy for testing,” stated Douglas J. McCrosson, president and CEO of CPI Aero. “As we begin the SDTA phase, we reach another waypoint on the path towards receiving a decision by the U.S. Navy to proceed with Low Rate Initial Production in late 2020 to keep the program on track to achieve Initial Operating Capability in 2022. The expected SDTA contract, combined with the previous Engineering and Manufacturing Development contract, increases the total value of funded awards to CPI Aero to approximately $60 million. We estimate that the total value to CPI Aero from the NGJ-MB production phase could be in excess of an additional $150 million through 2030.”
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, 2018, and Form 10-Q for the three-month periods ended March 31, 2019 and June 30, 2019.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact: | |
Vincent Palazzolo | Investor Relations Counsel: |
Chief Financial Officer | LHA |
CPI Aero | Jody Burfening/Sanjay M. Hurry |
(631) 586-5200 | (212) 838-3777 |
www.cpiaero.com | cpiaero@lhai.com |
www.lhai.com |
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