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CPI Aerostructures (CVU) 2009 New Contract Awards Approximated $23.4 Million

EDGEWOOD, N.Y.–(BUSINESS WIRE)–CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Amex: CVU) today announced that 2009 new contract awards approximated $23.4 million. Of this amount, approximately $10.6 million, $6.9 million and $5.8 million were government prime contract awards, government subcontract awards and commercial subcontract awards, respectively.

As reported last month, CPI Aero received two contracts from Lockheed Martin Corporation to produce aircraft structural assemblies for the U.S. Navy’s P-3 “Orion” aircraft. With other orders and Spirit AeroSystems contract adjustments for the Gulfstream G650 business jet, fourth quarter awards added $8.4 million to the $15.0 million of new orders as of September 30, 2009.

Edward J. Fred, CPI Aero’s CEO & President, noted, “It is important to note that although the total new orders for 2009 as a whole, were down considerably from 2008’s record level of $55.4 million, orders in the fourth quarter were significantly higher compared to the previous quarters of the year, a trend which we hope continues in 2010. These orders include work on multi-year programs with significant option and follow-on potential.”

He went on to say, “We expect 2010 to be another year of growth and we plan to issue our guidance when we announce results for the 2009 fourth quarter and year.”

About CPI Aero

CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the UH-60 BLACK HAWK helicopter, the Sikorsky S-92 helicopter, the MH-60S mine countermeasure helicopter, the E-2D Hawkeye, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. 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, 2008, and Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc.

Thursday, January 14th, 2010 Uncategorized
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