CPI Aerostructures Announces 2001 Results, 2002 Contract Awards and Outlook
EDGEWOOD, N.Y., April 15 /PRNewswire-FirstCall/ -- CPI Aerostructures, Inc. (Amex: CVU - news) announced today its financial results for the year ended December 31, 2001. These results reflect the liquidation of the assets of the Company's Kolar, Inc. subsidiary as of this date. Therefore all revenue numbers represent only those of the aircraft segment.
Revenue for the twelve months ended December 31, 2001 was $15,024,027, compared to $8,261,351 for the same period a year ago, representing an increase of $6,762,676, or 82%. Net loss was $11,638,119 for the year, compared to net income of $1,929,206 for the year ended December 31, 2000.
``2001 was by far the aircraft segment's best year, as evidenced by its record revenue,'' stated CPI's President, Edward J. Fred. ``However, this good news was tempered by the fact that the Company was forced to cease the operations of Kolar. This action is the reason for the large loss CPI must record for the year.
``We have put this situation behind us, and CPI is prepared for another record revenue performance, as we expect to surpass $23 million in 2002. This increase in revenue correlates to the continued success the Company has experienced in securing new contract awards. For 2001, CPI received approximately $19 million in new contracts, and the Company has continued that trend this year, having won nearly $8 million in new awards so far.
``Kolar's liquidation required CPI to restructure its debt facilities with JP Morgan Chase, and we expect to have a solution that will allow the Company to continue along its path of double-digit growth. We have also updated our website to include downloadable versions of our corporate filings so that our shareholders and general public will have better access to our public information,'' concluded Mr. Fred. |
