CPI Aerostructures (CVU)- Take a Look (was CPI) Message Board

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Technology Stocks : CPI Aerostructures (CVU)- Take a Look (was CPI)

CVU 2.490

-6.0%

Oct 31 9:30 AM EST

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To: CJ Owen Critchley who started this subject	5/9/2001 10:00:48 AM
From: leigh aulper	Read Replies (2) of 213

EDGEWOOD, N.Y.--(BUSINESS WIRE)--May 9, 2001--CPI Aerostructures, Inc. (AMEX Symbol: CVU - news) announced today the award of a major contract to build the inlet assemblies for the T-38 Propulsion Modernization program for the USAF/AFMC at Wright Patterson Air Force Base. The ten year contract value, if all of the planned options are exercised, is over $60.8 million, which is by far the largest award in the Company's history. The initial authorization to start the program is in excess of $2.4 million. This contract award is separate from approximately $6 million in additional contracts that have been awarded to the aircraft segment since the beginning of the year. ``This award is very gratifying since it establishes CPI as extremely competitive at a much higher level of awards, and bodes well for our future growth,'' stated CPI's CEO Arthur August. ``This award is the culmination of eighteen months of hard work, and is an example of the capability that CPI possesses,'' concluded Mr. August. The Company also announced preliminary results for the first quarter of 2001. Due to the worldwide slowdown in the manufacturing sectors that provide the Kolar subsidiary with its revenue, the overall company experienced a loss of approximately $740,000, on revenue of approximately $5.6 million. The Company still expects to be profitable for the current fiscal year.

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