CPI Aerostructures, Inc. (AMEX Symbol: CVU) ("CPI Aero(R)")
announced today that Spirit AeroSystems, Inc. ("Spirit") has awarded
the Company a contract to provide Spirit with major aerostructure
assemblies for a commercial aircraft program it is supporting. This is
a multiyear contract with an initial order of approximately $3.5
million, which is the amount CPI Aero will include in new awards for
this year. CPI Aero expects to record revenue approximating $3 million
under this contract during 2008. Over the life of this program
potential revenue is expected to be in excess of three times the
Company's 2007 revenue.
"We are very proud that Spirit, the world's largest first-tier
aerostructures manufacturer, has issued this award to CPI Aero,"
stated Edward J. Fred, CPI Aero's CEO & President. "This award
provides us with a long-term revenue stream, provides us with a new
aircraft platform on which to perform, and adds one of the most
prestigious aerostructures companies in the world to our customer
base. Deliveries of these assemblies will begin in 2009."
Mr. Fred continued, "This award brings the total year-to-date
amount of new awards to $8.9 million, compared to $1.1 million for the
same period last year. $8.2 million of this year's total is
subcontract awards from major aerospace companies, compared to
$281,000 of subcontract awards for the same period last year. This
increase in subcontract awards is an indication of our continued
efforts to diversify our customer base and increase the proportion of
work performed in our capacity as a subcontractor to major prime
contractors."
About Spirit AeroSystems
Spirit AeroSystems (NYSE: SPR) is the largest independent non-OEM
designer and manufacturer of commercial aerostructures in the world.
Based in Wichita, Kan., it began operations in June 2005. In addition
to its Kansas facility, Spirit has facilities in Oklahoma and the U.K.
About CPI Aero
CPI Aero is engaged in the contract production of structural
aircraft parts principally for the U.S. Air Force, other branches of
the armed forces and leading prime defense contractors. In conjunction
with its assembly operations, CPI Aero provides engineering, technical
and program management services. Among the key programs that CPI Aero
supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer,
the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet, the UH-60
Black Hawk helicopter, S-92 helicopter and the MH-60S mine
countermeasure helicopter. |
