CPI Aerostructures Announces Second Quarter Financial Results; 101% Increase in Quarterly Revenue, 157% Increase in Year-To-Date Income
PR NEWSWIRE - July 30, 2002 07:00
EDGEWOOD, N.Y., Jul 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- CPI Aerostructures, Inc. (Amex: CVU) announced today its financial results for the quarter ended June 30, 2002.
Revenue for the three months ended June 30, 2002 was $6,208,349, compared to $3,086,474 (as re-stated) for the second quarter of last year, representing an increase of $3,121,875, or 101%. Income from continuing operations was $987,259, compared to $367,744 for the same period last year, representing a 168% increase. This 2002 number includes a $300,000 benefit for income taxes derived from the company's net operating loss carry-forward. Basic earnings per share was $0.36 on 2,709,556 average shares outstanding, compared to $0.14 per share on 2,651,323 average shares outstanding for the same period last year.
Revenue for the six months ended June 30, 2002 was $10,900,133, compared to $6,082,085 (as re-stated) for the same period last year, representing an increase of $4,818,048, or 79%. Income from continuing operations was $1,545,692, compared to $602,297 for the same period last year, representing a 157% increase. Basic earnings per share was $0.58 on 2,683,446 average shares outstanding, compared to $0.23 on 2,649,971 average shares outstanding for the same period last year.
"These results met our expectations for the quarter, and reflect the continued strength the company sees in the current business environment," stated CPI's President, Edward J. Fred. "We have developed a solid business base in the military spares market, and we expect this trend to continue for the foreseeable future. As stated previously, we expect the results in the succeeding quarters of this year to continue to perform at an advancing level. We are comfortable with our previous estimate of $23 million in revenue for 2002, and are confident that it will yield in excess of $1.25 in earnings per share. We are also quite pleased that despite the tumultuous stock market conditions that have existed over the past few weeks, CPI's stock has retained a substantial portion of the increase it experienced in the earlier part of 2002," concluded Mr. Fred. |
