SOURCE: CPI Aerostructures, Inc.
CPI Aerostructures Announces Record Second
Quarter Financial Results; A Year-To-Date 51% Increase in Revenue, and
252% Increase in Net Income
EDGEWOOD, N.Y., Aug. 9 /PRNewswire/ -- CPI Aerostructures, Inc. (Nasdaq: CPIA - news) announced today its
financial results for the second quarter ended June 30, 2000.
Revenue for the second quarter was $7,351,536, compared to $5,218,441 for the second quarter of last year, representing an
increase of $2,133,095. This is the largest revenue quarter in the Company's history. Net income for the second quarter was
$305,695, compared to $107,851 for the same period last year. Basic earnings per share was $0.12 on 2,648,509 average
shares outstanding, compared to $0.04 per share on 2,648,509 average shares outstanding for the same period last year.
Diluted earnings per share was $0.11 per share on 2,692,187 weighted average shares outstanding, compared to $0.04 per
share on 2,648,509 weighted average shares outstanding for the same period last year.
Revenue for the six months ended June 30, 2000 was $14,298,829, compared to $9,443,182 for the same period a year ago,
representing an increase of $4,855,647, or 51%. Net income increased to $562,818 from $159,835, or 252%, for the same
period last year. Basic earnings per share was $0.21 on 2,648,509 average shares outstanding, compared to $0.06 per share
on 2,648,509 average shares outstanding for the same period last year. Diluted earnings per share increased to $0.20 per share
in 2000, from $0.06 per share in 1999 on 2,747,638 and 2,648,509 weighted average shares outstanding, respectively.
``These results represent the sixth consecutive quarter of increased revenue for the Company,'' stated CPI's CEO Arthur
August. ``The increase in revenue is producing substantially better earnings, and validates our belief that we have taken the
Company in the proper direction. We expect continued growth from our Kolar facility, as it pursues new areas of machining
and assembly that will enable it to compete on an entirely new level,'' concluded Mr. August.
The above statements include forward-looking statements that involve risks and uncertainties, including the timely delivery and
acceptance of the Company's products and other risks detailed from time to time in the Company's SEC reports.
Founded in 1980, CPI Aerostructures, Inc, is a precision machining and sub-assembly manufacturer servicing the commercial
and military sector of the aircraft industry and the electronics industry including automated printed circuit board equipment and
materials handling and processing equipment manufacturers.
CPI AEROSTRUCTURES, INC.
CONDENSED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
June 30, June 30,
(Unaudited) (Unaudited)
2000 1999 2000 1999
Revenue $ 7,351,536 $ 5,218,441 $14,298,829 $ 9,443,182
Income before
provision for
income taxes 509,695 178,851 938,818 265,835
Net income 305,695 107,851 562,818 159,835
Basic earnings
per share 0.12 0.04 0.21 0.06
Diluted earnings
per share 0.11 0.04 0.20 0.06
Shares used in
computing earnings
per common share:
Basic 2,648,509 2,648,509 2,648,509 2,648,509
Diluted 2,692,187 2,648,509 2,747,638 2,648,509
SOURCE: CPI Aerostructures, Inc. |
