2003 guidance looks good to me
CPI Aerostructures Announces Preliminary 2002 Financial Results And Provides Guidance on 2003
PR NEWSWIRE - January 22, 2003 07:02
EDGEWOOD, N.Y., Jan 22, 2003 /PRNewswire-FirstCall via COMTEX/ -- CPI Aerostructures, Inc. (AMEX: CVU) announced today its preliminary financial results for the year ended December 31, 2002. These results are currently unaudited.
Revenue for the three months ended December 31, 2002 was $6,010,000, which will yield an operational net income of approximately $755,000 (without regard for any net operating loss adjustment). This would yield a basic earnings per share figure of between $0.26 and $0.30, and a diluted earnings per share figure in the range of $0.21 to $0.25. Reportable net income (which will include an approximate $800,000 net operating loss carry-forward adjustment) will be approximately $1,555,000, or $0.55 to $0.59 of earnings per basic share, and a diluted earnings per share in the range of $0.45 to $0.49.
Revenue for the twelve months ended December 31, 2002 was approximately $24,000,000, which will yield an operational net income of approximately $2,750,000 (without regard for any net operating loss adjustment). This would yield a basic earnings per share figure of between $0.99 and $1.03, and a diluted earnings per share figure in the range of $0.85 to $0.89. Reportable net income (which will include an approximate $1,600,000 net operating loss carry-forward adjustment) will be approximately $4,350,000, or $1.58 to $1.62 of earnings per basic share, and a diluted earnings per share in the range of $1.35 to $1.39.
Additionally, the company announced that it estimates its 2003 revenue will be at least $30 million, a 25% increase over 2002 revenue. "This estimate can increase based on the value of contracts awarded to CPI during this year," stated CPI's President, Edward J. Fred. "We anticipate that revenue at this level will yield operational net income of approximately $3.95 million, with reportable net income in excess of $7 million due to the company's net operating loss carry-forward and the anticipated gains from the sale of Kolar's buildings. Reportable net income could rise to approximately $9.4 million from the extinguishment of debt from the successful completion of the previously announced equity raise. The proceeds of this transaction will enable to company to eliminate all of its debt, which will include a negotiated $2.4 million discount."
The company also announced that Mr. Fred has been appointed to the position of Chief Executive Officer, replacing Arthur August in that capacity, while Mr. August remains Chairman of CPI. Mr. Fred will continue in his role as Chief Financial Officer until a suitable replacement can be found. |
