Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

News Feed Item

CPI Aerostructures Announces Preliminary (Unaudited) 2012 Year-End Financial Results

CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT: CVU) announced today preliminary (unaudited) results for the year ended December 31, 2012. The Company plans to issue its 2012 audited final results on March 8, 2013.

2012 Preliminary (Unaudited) Results vs. 2011 Audited Results:

  • Revenue of approximately $89.6 million, an increase of 21% from $74.1 million
  • Net income of approximately $11.1 million, an increase of 50% from $7.4 million
  • Net income per diluted share of $1.42, an increase of 37% from $1.04
  • Gross margin exceeded our expected range of 25%-27%

Edward J. Fred, CPI Aero’s President & CEO, stated, “2012 was the best year in CPI Aero’s history in terms of revenue and net income; however we underestimated the severity of the marketplace uncertainty that weighed on our industry for the better part of 2012. We have reported for some time that the looming threat of forced, across-the-board government spending cuts, known as sequestration, had resulted in delayed contract decisions by many prime contractors in the aerospace and defense sector, including our customers. In our method of accounting, CPI Aero begins recording revenue against contracts as costs are incurred and therefore the timing of receipt of contract awards has an impact on total revenue. In November 2012, when we lowered our 2012 guidance (initially provided in late 2011), we had expectations that new defense and non-defense subcontract awards were forthcoming, with sufficient time remaining until the end of the year to generate revenue to achieve the new guidance. While we did receive an expected significant commercial contract before 2012 year-end, it came too late to book meaningful revenue in the fourth quarter. Additionally, a large defense contract which we expected to receive in late 2012 is currently projected to be received during the first quarter of 2013.”

Mr. Fred concluded, “Sequestration is expected to become law on March 1, 2013, unless Congress acts to avert it. We plan to announce our 2013 guidance once the federal budget situation becomes sufficiently defined. Regardless of whether sequestration occurs, we believe that its very threat will impact our business in 2013. We now believe that 2013 revenue and earnings will be lower than 2012 and the results will be similar to those of 2011, which was the second best year in the history of the Company. We further expect that product shipments will be greater in 2013 than in 2012 as many of our programs transition from development to production. These increasing shipments, combined with less spending for startup costs associated with new contracts and a decline in non-recurring expenses on our maturing programs, is expected to result in positive cash flow from operations of approximately $3 million dollars.”

About CPI Aero

CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. 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 E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and the New Cessna Citation X. CPI Aero is included in the Russell 2000® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2011 and CPI Aero’s Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.

CPI Aero is a registered trademark of CPI Aerostructures, Inc.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Chris Matthieu is the President & CEO of Computes, inc. He brings 30 years of experience in development and launches of disruptive technologies to create new market opportunities as well as enhance enterprise product portfolios with emerging technologies. His most recent venture was Octoblu, a cross-protocol Internet of Things (IoT) mesh network platform, acquired by Citrix. Prior to co-founding Octoblu, Chris was founder of Nodester, an open-source Node.JS PaaS which was acquired by AppFog and ...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace.
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...