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CVU CPI Aerostructures Inc

2.31
-0.03 (-1.28%)
14 Jun 2024 - Closed
Delayed by 15 minutes
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
  -0.03 -1.28% 2.31 2.40 2.30 2.33 4,154 21:00:02

CPI Aerostructures Reports First Quarter 2024 Results

15/05/2024 10:40pm

GlobeNewswire Inc.


CPI Aerostructures (AMEX:CVU)
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CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the three month period ended March 31, 2024.

“As anticipated, our first quarter 2024 revenue was 13% lower than first quarter 2023, driven primarily by the completion of deliveries of Raytheon’s Next Generation Jammer (“NGJ”) Mid Band Pods LRIP 2 in 2023. In addition, gross profit decreased by 260 basis points due to unfavorable year-over-year mix. We consumed $1.0 million in cash to repay our debt and prepare for the ramp-up associated with LRIP 3 of the NGJ Mid Band Pod program which will resume deliveries in the second half of the year. We expect 2024 to be another solid year building off our progress in 2023,” said Dorith Hakim, President and CEO.

Added Ms. Hakim, “We remain focused on exceeding our customers’ performance expectations and are confident in CPI Aero’s long term outlook as we continue to build on our backlog of $510 million as of March 31, 2024.”

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 StatementsThis 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. The words “expect, ”outlook” and similar expressions are intended to identify 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.

Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these 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, 2023 filed 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 CounselLHA Investor RelationsJody Burfening(212) 838-3777cpiaero@lhai.com CPI Aerostructures, Inc.Andrew L. DavisChief Financial Officer(631) 586-5200adavis@cpiaero.com www.cpiaero.com 

CPI AEROSTRUCTURES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS
  March 31, 2024 (Unaudited)  December 31, 2023 
ASSETS        
Current Assets:        
Cash $3,018,068  $5,094,794 
Accounts receivable, net  4,982,137   4,352,196 
Contract assets, net  34,016,949   35,312,068 
Inventory  1,281,219   1,436,647 
Refundable income taxes  40,000   40,000 
Prepaid expenses and other current assets  532,458   678,026 
Total Current Assets  43,870,831   46,913,731 
         
Operating lease right-of-use assets  4,277,724   4,740,193 
Property and equipment, net  741,264   794,056 
Deferred tax asset  19,906,903   19,938,124 
Goodwill  1,784,254   1,784,254 
Other assets  174,530   189,774 
Total Assets $70,755,506  $74,360,132 
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
Current Liabilities:        
Accounts payable $11,864,561  $10,487,012 
Accrued expenses  7,943,246   10,275,695 
Contract liabilities  4,497,225   5,937,629 
Loss reserve  133,206   337,351 
Current portion of line of credit  2,160,000   2,400,000 
Current portion of long-term debt  30,010   44,498 
Operating lease liabilities, current  2,037,547   1,999,058 
Income taxes payable  38,358   30,107 
Total Current Liabilities  28,704,153   31,511,350 
         
Line of credit, net of current portion  16,920,000   17,640,000 
Long-term operating lease liabilities  2,581,128   3,100,571 
Long-term debt, net of current portion  18,736   26,483 
Total Liabilities  48,224,017   52,278,404 
         
Commitments and Contingencies (see note 11)        
Shareholders’ Equity:        
Common stock - $.001 par value; authorized 50,000,000 shares, 12,784,768 and 12,771,434 shares, respectively, issued and outstanding  12,784   12,771 
Additional paid-in capital  74,154,189   73,872,679 
Accumulated deficit  (51,635,484)  (51,803,722)
Total Shareholders’ Equity  22,531,489   22,081,728 
Total Liabilities and Shareholders’ Equity $70,755,506  $74,360,132 

CPI AEROSTRUCTURES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
  For the Three Months EndedMarch 31, 
  2024  2023 
Revenue $19,081,143  $22,016,668 
Cost of sales  15,527,394   17,354,152 
Gross profit  3,553,749   4,662,516 
         
Selling, general and administrative expenses  2,713,904   2,869,058 
Income from operations  839,845   1,793,458 
         
Interest expense  (632,135)  (610,896)
Income before provision for income taxes  207,710   1,182,562 
         
Provision for income taxes  39,472   199,257 
Net income $168,238  $983,305 
         
Income per common share, basic $0.01  $0.08 
Income per common share, diluted $0.01  $0.08 
         
Shares used in computing income per common share:        
Basic  12,486,889   12,520,299 
Diluted  12,680,584   12,608,189 

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