CPI Aerostructures Reports Third Quarter and Nine Month 2023 Results
November 14, 2023
Third Quarter 2023 vs. Third Quarter 2022
Revenue of $20.4 million compared to $20.2 million;
Gross profit of $3.7 million compared to $5.3 million;
Gross margin of 18.2% compared to 26.4%;
Net income of $0.3 million compared to $1.9 million;
Earnings per diluted share of $0.02 compared to $0.15;
Cash flow from operations of $0.0 million compared to $2.9 million.
Nine Months 2023 vs. Nine Months 2022
Revenue of $63.0 million compared to $59.3 million;
Gross profit of $13.0 million compared to $12.4 million;
Gross margin of 20.6% compared to 21.0%;
Net income of $2.4 million compared to $2.3 million ($3.1 million excluding first quarter severance accrual of $0.8 million);
Earnings per diluted share of $0.19 compared to $0.19 ($0.25 excluding first quarter severance accrual of $0.06);
Cash flow from operations of $0.8 million compared to $0.8 million;
Debt as of September 30, 2023 of $20.9 million compared to $23.7 million at September 30, 2022.
Edgewood, NY – CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced
financial results for the three and nine month periods ended September 30, 2023.
“During the third quarter, we continued to execute on our plan to strengthen our balance sheet and build shareholder value. However, supply chain technical challenges negatively impacted our throughput and gross profit during the quarter. In addition, our year-over-year comparison was difficult given that the prior year’s third quarter benefited from a favorable mix. Nevertheless, our nine month revenue was up 6.3% and gross profit up 4.4% over prior year,” said Dorith Hakim, President and CEO.
“We continued to use cash flow from operations and paid off our term loan in full, reducing total debt by $2.8 million over prior year. We remain confident in our long-term outlook based on the corrective actions implemented in our supply chain, the increase in our funded backlog and our total backlog of $503 million as of September 30, 2023.”
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
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The word “outlook,” and similar expressions are intended to identify these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.ise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact
Investor Relations Counsel CPI Aerostructures, Inc.
LHA Investor Relations Andrew L. Davis
Jody Burfening Chief Financial Officer
(212) 838-3777 (631) 586-5200
cpiaero@lhai.com adavis@cpiaero.com
www.lhai.com www.cpiaero.com
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