CPI Aerostructures Announces Fourth Quarter and Record Year-end Results
EDGEWOOD, N.Y.--(BUSINESS WIRE)--March 7, 2001--CPI Aerostructures, Inc. (AMEX Symbol: CVU) announced today its financial results for the year ended December 31, 2000.
Revenue for the fourth quarter decreased by 2% to $6,346,598, compared to $6,468,681 for the same period last year. Net income for the quarter increased by 143% to $934,644, compared to $384,956 for the same period last year. Basic earnings per share was $0.35 per share on 2,648,509 average shares outstanding, compared to earnings per share of $0.15 on 2,648,509 average shares outstanding for the same period last year.
Revenue increased by 32% to $28,621,681 in fiscal 2000 from $21,603,284 for the year ended December 31, 1999. This increase reflects the contribution made by the machining segment of the Company, as technology manufacturing was at its peak during the first nine months of the year. Net income for 2000 was $1,929,206, compared to $808,917 for the same period last year. Basic earnings per share was $0.73 on 2,648,509 average shares outstanding, compared to $0.31 on 2,648,509 average shares outstanding for the same period last year. Diluted earnings per share was $0.70 on 2,763,888 weighted average shares outstanding for 2000, compared to $0.30 on 2,654,273 weighted average shares outstanding for the same period last year.
CPI's CEO Arthur August said, "As we reported previously, these results reflect the highest revenue and earnings in our history. 2000 was an exciting year for the Company, as government contract awards were at record levels, and manufacturing for the semiconductor and technology sectors during the first three quarters of the year drove our Kolar subsidiary to new heights. Though, as we stated in an earlier release, that segment of the business has slowed down, the Company is optimistic that 2001 will still be a year with results that exceed those achieved in 1999. We are also hopeful that if manufacturing in the global technology sector increases, Kolar will see a return to the higher level of production it experienced in 2000." |
