CPI Aerostructures Announces First Quarter Financial Results And Additional 2002 Contract Awards
EDGEWOOD, N.Y., May 15 /PRNewswire-FirstCall/ -- CPI Aerostructures, Inc. (Amex: CVU - News) announced today its financial results for the first quarter ended March 31, 2002.
Revenue for the first quarter was $4,691,784, compared to $2,995,611 (as re-stated) for the first quarter of last year, representing an increase of $1,696,173, or 57%. Income from continuing operations was $558,433 for the quarter, compared to $234,553 for the same period a year ago. Basic earnings per share was $0.21 on 2,657,046 average shares outstanding, compared to $0.09 per share before discontinued operations on 2,648,509 average shares outstanding for the same period last year.
"As discussed in the company's last press release, revenue and earnings results are consistent with the expectations we have for 2002," stated CPI's President, Edward J. Fred. "We anticipate that this will represent the lowest revenue quarter for the year, and earnings in the succeeding three quarters are also expected to be higher than those being reported at this time."
"These results reflect the company's continued strength in the military spares and modification business. As of this date, CPI has received approximately $11.5 million in new awards for the year, which puts us on track to surpass the $19 million the company was awarded last year. This further illustrates how the company has infiltrated what it considers to be its niche market," concluded Mr. Fred.
The company also announced that it is continuing its negotiations to restructure its debt facility with JP Morgan Chase and GE Capital, and the subordinated note to Ralok. The company is confident it will have a new structure in place prior to June 30, 2002 that will enable it to continue its present double-digit growth trend. |
