Welcome to our dedicated page for Cpi Aerostruct news (Ticker: CVU), a resource for investors and traders seeking the latest updates and insights on Cpi Aerostruct stock.
CPI Aerostructures, Inc. (CPI Aero) (NYSE American: CVU) is a U.S. aerospace and defense manufacturer whose news flow centers on contracts, program performance, financial results, and corporate governance developments. The company produces structural assemblies for fixed wing aircraft, helicopters, and airborne Intelligence, Surveillance and Reconnaissance pod systems, and acts as both a Tier 1 and Tier 2 supplier within the global aerostructure supply chain as well as a prime contractor to the U.S. Department of Defense, primarily the Air Force.
News about CPI Aero frequently covers new and follow-on awards from major defense customers. Recent press releases describe multiple purchase orders from the U.S. Air Force under an Indefinite Delivery/Indefinite Quantity contract for T-38C Pacer Classic III and Talon Repair Inspection and Maintenance structural modification kits, as well as production orders from Raytheon, an RTX business, for Pods and Air Management Systems on the Next Generation Jammer Mid-Band program and for structural missile wing assemblies. These items illustrate how contract wins and program milestones can influence the company’s backlog and future workload.
Investors and observers can also find quarterly and year-to-date financial results, including revenue, gross profit, net income or loss, and non-GAAP measures such as Adjusted EBITDA, along with management commentary on program transitions and the impact of specific contracts like the Boeing A-10 program. Additional news items address topics such as unusual trading activity in the company’s stock, board and executive appointments, long-term incentive plan approvals, and participation in industry bodies like the Aerospace Industry Association’s Executive Committee.
This news page aggregates these disclosures so readers can follow CPI Aero’s contract awards, financial updates, capital structure developments, and governance changes through its official press releases and related announcements.
CPI Aerostructures, Inc. (NYSE American: CVU) received a notice from the NYSE American indicating it does not meet continued listing standards. As of September 17, 2021, the company reported stockholders' equity below $2 million and has incurred net losses in recent fiscal years. CPI Aero must submit a compliance plan by October 17, 2021, to avoid delisting. If accepted, it will undergo periodic reviews for compliance until standards are met. The company's common stock remains actively traded but carries a non-compliance indicator.
CPI Aerostructures (CVU) has received a $3.1 million purchase order from the U.S. Air Force, boosting total funded orders for the year to over $16 million, under a larger contract valued at $65.7 million. This third order in 2021 raises the total contract's funded value to $31.5 million and extends the performance period to 2025. The orders support structural modifications for the T-38C aircraft, essential for maintaining its service life beyond 2030.
CPI Aerostructures (NYSE American: CVU) has postponed its annual stockholders' meeting initially set for June 25, 2021. The board will establish a new record date and publicly announce the revised meeting details in the future. Alongside this, CPI Aero plans to submit an updated proxy statement to the SEC. The company specializes in manufacturing structural assemblies for aircraft and is a significant supplier to the U.S. Department of Defense, also providing engineering and management services.
CPI Aerostructures (CVU) announced errors in its inventory costing processes, leading to incorrect income reporting from certain products representing 15% of 2020 revenue. The company will amend its financial statements for 2020 and related quarters, expecting a net income reduction of $1.9M to $2.3M across these periods. Notably, management asserts that reported revenue and cash flows remain unaffected. Furthermore, CPI Aero appointed Andrew L. Davis as CFO, enhancing its financial leadership amid these challenges.
CPI Aerostructures, Inc. (CVU) disclosed on June 1, 2021, it received a notice of non-compliance from NYSE Regulation for failing to file its Quarterly Report on Form 10-Q for the period ending March 31, 2021. The delay arises from COVID-19 related absences affecting the financial closing process and the identification of Inventory Costing Errors during inventory testing, impacting prior periods' revenue recognition. CPI Aero has until November 24, 2021, to file the report to regain compliance and maintain its listing status.
CPI Aerostructures has secured a new Long-Term Agreement (LTA) valued at $17.2 million with Sikorsky Aircraft to overhaul and repair MH-60 SEAHAWK stabilator assemblies. This agreement extends through 2027 with an option for an additional two years. CPI Aero has a longstanding partnership with Sikorsky, having supplied over 500 units since 2012. The MH-60 SEAHAWK is critical for various military operations, with approximately 300 helicopters currently in service.
CPI Aerostructures (CVU) announced a follow-on order of nearly $1 million from Spirit AeroSystems for manufacturing cabin rack assemblies for new CH-53K King Stallion helicopters. This order brings the total contracts with Spirit AeroSystems to approximately $3.6 million. Deliveries are scheduled for 2022. CPI Aero aims to support increased production as the U.S. Marine Corps prepares for Initial Operational Capability later this year.
CPI Aerostructures (NYSE American: CVU) announced a new $4.4 million purchase order from the U.S. Air Force for structural modification kits and services under the PCIII and TRIM programs. This raises the total funded orders under the multi-year contract to $28.4 million, extending the performance period into late 2024. The T-38 aircraft, used for over 50 years, will have its service life extended beyond 2030 as a result of these upgrades.
CPI Aerostructures, Inc. (CVU) reported strong fourth quarter results for 2020, with revenue increasing to $25.4 million from $22.7 million, and gross profit rising to $4.6 million, marking a gross margin improvement to 18.2%. The company achieved net income of $1.3 million, a turnaround from a net loss of $(1.4) million in Q4 2019. For the full year, revenues were $87.6 million, slightly up from $87.5 million in 2019. Notably, defense revenue grew by over 15%, offsetting a decline in commercial aviation revenue due to the pandemic. The total funded backlog is $169.6 million, with 98% related to defense markets.
CPI Aerostructures (CVU) announced the U.S. Government has exercised a one-year option to extend a Firm Fixed Price/Indefinite Delivery Indefinite Quantity contract with an estimated value of up to $1.7 million. This contract, which has been active for six years, has generated over $14 million in orders for structural wing components used in F-16 aircraft maintenance for the U.S. Government. CPI Aero, a key player in national security aerostructures, provides vital components and services primarily for the Department of Defense.
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