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For Immediate Release |
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2004 |
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#411130 |
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[AEROSTRUCTURES LOGO]
AEROSTRUCTURES, INC.
200A EXECUTIVE DRIVE o EDGEWOOD, NEW YORK 11717
(631)586-5200 o FAX (631)586-5814
FOR IMMEDIATE RELEASE
CPI AEROSTRUCTURES REPORTS SOLID SECOND QUARTER OPERATING RESULTS
EDGEWOOD, NY - AUGUST 16, 2004 - CPI Aerostructures, Inc. ("CPI") (AMEX: CVU)
today announced results for the second quarter and six months ended June 30,
2004.
SECOND QUARTER 2004 VS. 2003
o Revenue increased 4% to $7,192,324 from $6,894,217;
o Income from operations increased 41% to $1,547,904 from $1,099,029;
o Gross margin was 33% compared to 29%, slightly ahead of the Company's
gross margin target of 30%-32% for the full year of 2004; and
o Net income was $963,199, up 46% from pro forma net income of $661,483,
while diluted earnings per share rose 45% to $0.16 from $0.11.*
FIRST HALF 2004 VS. 2003
o Revenue increased 4% to $13,420,432 from $12,901,664;
o Income from operations rose 4% to $2,635,921 from $2,542,011;
o Gross margin for both the current and prior year periods was 32%;
o Net income was $1,615,011 or $0.27 per diluted share, compared to pro
forma net income of $1,445,065 or $0.29 per diluted share.*
*Actual 2003 second quarter and six-month net income include the following
non-recurring gains and tax adjustments:
o Non-recurring gains of $166,667 in Q2 and $419,999 for the six months
on the sale of certain assets of a discontinued operation;
o Non-recurring gains of $2.4 million from the early extinguishment of
debt in Q1 related to the repurchase of a $4.0 million note and the
corresponding accrued interest at a substantial discount; and
o No income taxes were recorded because the Company utilized a portion
of its net operating loss carryforward, which has since been exhausted
for financial accounting purposes.
Edward J. Fred, CPI's CEO & President, stated, "While revenue for the quarter
was only up slightly, operating income rose 41%. This was due to the confluence
of a favorable product mix, which pushed our gross margin beyond our target
range, and the decline in SG&A as a percentage of sales to 11.7% from last
year's 13.3%. Furthermore, what is more indicative of our growth and future
prospects than comparative quarterly revenue is the more than $3 million
increase in `costs and estimated earnings in excess of billings on uncompleted
contracts' since year-end, which indicates that profits should rise in future
quarters."
(more)
CPI Aerostructures, Inc. News Release Page 2
August 16, 2004
Mr. Fred went on to say, "At the end of July, our funded backlog approximated
$33 million, down about $2 million from April 30th levels and year-to-date new
contract awards approximated $22 million, only slightly off this time last year.
While we have received several major multi-year contracts, particularly for
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