CPI Aerostructures Announces Multi-Million Dollar Purchase Orders
From Boeing For A-10 Assemblies
- Year-to-date orders from all customers reaches all-time high of $101.9 million -
December 3, 2013
Edgewood, NY – CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT: CVU) today announced that it has received purchase orders totaling more than $15 million from the Boeing Defense, Space & Security unit of The Boeing Company (“Boeing”) for assemblies for the A-10 aircraft. These represent follow-on orders for CPI Aero’s previously announced long-term requirements contract to support Boeing’s A-10 Wing Replacement Program (WRP). The A-10 WRP multi-million dollar contract between Boeing and CPI Aero includes the production of a variety of structural assemblies for up to 242 enhanced wings. Including these orders, CPI Aero has received firm requirements for 167 ship sets for the A-10 WRP program.
Including these orders, year-to-date contract awards from all customers total to a record of approximately $101.9 million, compared to approximately $69.9 million through November 30, 2012. Of note, 2013 year-to-date total awards is approximately $18 million higher than the previous record of $83.6 million in new contract awards reported in calendar year 2011.
About Boeing Defense, Space & Security
A unit of The Boeing Company, Boeing Defense, Space & Security is one of the world’s largest defense, space and security businesses specializing in innovative and capabilities-driven customer solutions, and the world’s largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Defense, Space & Security is a $33 billion business with 59,000 employees worldwide.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. Among the key national security programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 BLACK HAWK® helicopter, the MH-53/CH-53 variant helicopters, the F-16 fighter aircraft, the MH-60S mine countermeasure helicopter, the AH-1Z ZULU attack helicopter, the DB-110 reconnaissance pod and the ALMDS mine detecting pod. In the commercial aviation market CPI Aero manufactures products for the Gulfstream G650 ultra-large cabin business jet, the HondaJet advanced light jet, the Embraer Phenom 300 business jet, the new Cessna Citation X+, and the S-92® helicopter. CPI Aero is included in the Russell Microcap® 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, 2012 and Forms 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
Chief Financial Officer
Investor Relations Counsel:
Jody Burfening/Sanjay M. Hurry
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