Revenue for the three months ended September 30, 2001 was $7,149,818, compared to $7,976,254 for the third quarter of last year, representing a decrease of $826,436, or 10%. Net income was $552,134, compared to $431,744 for the same period last year. Basic earnings per share was $0.21 on 2,657,046 average shares outstanding, compared to $0.16 per share on 2,648,509 average shares outstanding for the same period last year.
Revenue for the nine months ended September 30, 2001 was $17,447,446, compared to $22,275,083 for the same period last year, representing a decrease of $4,827,637, or 22%. Net loss was $171,053, compared to net income of $994,562 for the same period last year. Basic loss per share was $0.06 on 2,652,356 average shares outstanding, compared to basic earnings per share of $0.38 on 2,648,509 average shares outstanding for the same period last year.
"While our Kolar subsidiary is still feeling the effects of the global downturn in the manufacturing sector, the aerospace segment of the Company's business has continued to get stronger, " stated CPI's CEO Arthur August. "The aircraft segment continues to perform at record levels, as its nine month revenue figure already surpasses the highest yearly level in the Company's history. This is a direct reflection of the increased amount of contracts awarded to CPI, which currently stands at $16.5 million for 2001. With nearly two full months to go in the year, the Company has surpassed last year's awards by over $3.5 million. The performance by the aerospace segment has enabled the Company to weather the storm created by the downturn in Kolar's business. In addition to that, Kolar has become certified to manufacture aerospace parts, as was part of its diversification plan, and has already been awarded production contracts and delivered high quality parts to outside aerospace companies," concluded Mr. August. |
