CPI Aerostructures Announces Second Quarter Financial Results; Record Contract Awards
EDGEWOOD, N.Y., Aug. 14 /PRNewswire/ -- CPI Aerostructures, Inc. (Amex: CVU - news) announced today its financial results for the quarter ended June 30, 2001.
Revenue for the three months ended June 30, 2001 was $4,682,740, compared to $7,351,536 for the second quarter of last year, representing a decrease of $2,668,796, or 36%. Net income was $19,308, compared to $305,695 for the same period last year. Basic earnings per share was $0.01 on 2,651,323 average shares outstanding, compared to $0.12 per share on 2,648,509 average shares outstanding for the same period last year.
Revenue for the six months ended June 30, 2001 was $10,297,628, compared to $14,298,829 for the same period last year, representing a decrease of $4,001,201, or 28%. Net loss was $723,187, compared to net income of $562,818 for the same period last year. Basic loss per share was $0.27 on 2,649,971 average shares outstanding, compared to basic earnings per share of $0.21 on 2,648,509 average shares outstanding for the same period last year.
``The global downturn in the machining and manufacturing sector is still being felt by our Kolar subsidiary, as is evidenced by these results,'' stated CPI's CEO Arthur August. ``Kolar has used this as an opportunity to diversify its business base, and develop a broad range of new customers. The results of this diversification should be felt in the fourth quarter, as the company reaps the benefits of this new customer base. The aircraft segment continues to perform at record levels, and as of this date has received a larger amount in contract awards than it did for all of 2000. The Company has been awarded in excess of $13.5 million in new awards through August 10, which exceeds the $13 million it was awarded in total for last year. This bodes very well for the future of both the aerospace company as well as CPI as a whole,'' concluded Mr. August. |
