|
|
|
|
Document Preview For Immediate Release |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
For Immediate Release |
|||
|
Entities: |
||||
|
Date: |
2005 |
|||
|
Size: |
Preview shows 3KB of 16KB total |
|||
|
Price: |
$39 |
|||
|
ID: |
#411121 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
[CPI AERO LOGO OMITTED]
FOR IMMEDIATE RELEASE
---------------------
CPI AEROSTRUCTURES ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
----------------------------------------------------------------
RECORD YEAR FOR REVENUE AND INCOME FROM OPERATIONS
--------------------------------------------------
EDGEWOOD, NY - MARCH 29, 2005 -- CPI Aerostructures, Inc. ("CPI Aero") (AMEX:
CVU) today announced operating results for the fourth quarter and year ended
December 31, 2004.
FOURTH QUARTER 2004 VERSUS 2003:
o Revenue rose 38.5% to $9.0 million compared with $6.5 million;
o Gross margin was 36.6% compared with 35.2%;
o Pretax income was $2.3 million, or 25.2% of revenue, compared with
$1.5 million, or 22.7% of revenue;
o Net income was $2.1 million, or $0.40 per basic share and $0.35 per
diluted share, compared with $1.3 million, or $0.24 per basic share
and $0.21 per diluted share. If both periods were taxed at a 40%
effective tax rate, net income would have been $1,361,000, or $0.25
per basic share and $0.22 per diluted share for 2004 compared to
$890,000, or $0.17 per basic share and $0.14 on a diluted basis, in
2003. During the fourth quarter of 2004 CPI Aero utilized all its
remaining net operating loss carryforwards for federal income tax
purposes, however CPI Aero was subject to Alternative Minimum Tax and
New York State income taxes resulting in a 5% tax rate, compared to a
13% tax rate in 2003.
TWELVE MONTHS 2004 VERSUS 2003:
o Revenue increased 11% to $30.3 million compared with $27.3 million;
o Gross margin was 34.0% compared with 33.0%;
o Pretax income was $6.9 million, or 22.7% of revenue, compared with
$8.6 million, or 31.5% of revenue; however, 2003 pretax income
included a $461,235 gain on the "sale of assets held for sale -
discontinued operations" and a $2.4 million gain on extinguishment of
debt. Excluding these gains, pretax income rose 20.6% from $5.7
million, or 20.9% of revenue;
o Net income was $5.1 million, or $0.94 per basic share and $0.83 per
diluted share, compared with $8.4 million, or $1.72 per basic share
and $1.56 per diluted share. Net income, excluding the non-recurring
gains in 2003, and effecting a 40% tax rate for both years, would have
been $4.1 million, or $0.76 per basic share and $0.67 per diluted
share in 2004, compared with net income of $3.4 million, or $0.70 per
basic share and $0.63 per diluted share in 2003.
NON-RECURRING ITEMS IN 2003:
o During 2003, CPI Aero sold the remaining assets of Kolar, Inc.
(discontinued operation as of 12/31/01), which resulted in a $461,235
gain for the year and was recorded as disposition of "assets held for
sale - discontinued operations";
|
End of Preview |
Home Intelligence Services Subscriptions News About Us