CPI Aerostructures Announces First Quarter Financial Results
EDGEWOOD, N.Y.--(BUSINESS WIRE)--May 14, 2001--CPI Aerostructures, Inc. (AMEX Symbol: CVU - news) announced today its financial results for the quarter ended March 31, 2001.
Revenue for the three months ended March 31, 2001 was $5,614,888, compared to $6,947,293 for the first quarter of last year, representing a decrease of $1,332,405, or 19%. Net loss was $742, 495, compared to net income of $257,123 for the same period last year. Basic loss per share was $0.28 on 2,648,509 average shares outstanding, compared to basic earnings per share of $0.10 per share on 2,648,509 average shares outstanding for the same period last year.
``These results reflect the overall downturn in machining and manufacturing that is being experienced around the globe,'' stated CPI's CEO Arthur August. ``Our Kolar facility has been dramatically impacted by this downturn, as revenue from its major customer has decreased significantly. Fortunately, the aircraft segment will produce results that will include the highest revenue in its history. This strength in the aircraft segment, as evidenced by our recent announcement regarding the latest contract award, will help offset Kolar's difficulties and enable the Company to sustain its momentum while it waits for the machining and manufacturing sectors to bounce back. Additionally, the aircraft segment will be able to provide some of the required machining to Kolar, in an effort to help it through this down period,'' concluded Mr. August. |
