CPI Aerostructures Announces That It Will Meet or Exceed 2000 Earnings Expectations; Cautions About 2001 Results
EDGEWOOD, N.Y.--(BUSINESS WIRE)--Feb. 27, 2001--CPI Aerostructures, Inc. (AMEX:CVU) announced today that it expects to meet or exceed the 2000 earnings expectations. However, the Company is also warning that the 2001 results will be lower than expected, due to the global downturn in manufacturing in the semiconductor and technology sectors.
"2000 was an incredible year for CPI, as its financial results achieved all-time highs," stated CPI's CEO Arthur August. "The Company experienced record revenue, earnings, and contract awards, which indicates that the direction the Company has chosen appears to be the right one. However, due to the global concern regarding a worldwide recession, and a general slowdown in the manufacturing sectors that provide our Kolar subsidiary with its revenue, we are expecting a major reduction in that entity's 2001 revenue and earnings. Fortunately, due to the aerospace segment's record year in contract awards, which will translate into significant revenue growth in 2001, we will be able to offset some of the business lost due to this global slowdown. While the Company doesn't anticipate attaining the same level of revenue or earnings that it did in 2000, we are confident that the results will exceed those of 1999," concluded Mr. August. |
