CPI Aero Announces Release of C-5 Top Order Valued at $2.9 Million Year-to-date Contract Awards Total $14.5 Million
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Tue Apr 29 08:45:01 2008 EDT
EDGEWOOD, N.Y., Apr 29, 2008 (BUSINESS WIRE) --
CPI Aerostructures, Inc. ("CPI Aero(R)") (AMEX: CVU) today
announced that the U.S. Air Force has released a new order under CPI
Aero's C-5 TOP contract for a variety of wing spoiler assemblies
valued at approximately $2.9 million. Orders under this program,
including this $2.9 million order, have totaled $20.8 million to date.
Edward J. Fred, CPI Aero's CEO & President stated, "Though the C-5
TOP contract has not materialized to the magnitude we had originally
expected, it has produced an average of approximately $5 million in
awards per twelve month period. When the new spending bill is in
place, we are hopeful of additional funding being allocated to the
maintenance and refurbishment of the C-5 during this government fiscal
year."
Mr. Fred continued, "With this award, CPI Aero's total
year-to-date award amount is $14.5 million, compared to $1.3 million
for the same period last year. $10.6 million of this year's total
represents subcontract awards for both military and commercial
aircraft from major aerospace companies, compared to $318,000 of
subcontract awards for the same period last year."
CPI Aero is engaged in the contract production of structural
aircraft parts principally 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, the UH-60
Black Hawk helicopter, the Sikorsky S-92 helicopter and the MH-60S
mine countermeasure helicopter. |
