One hand giveth, the other keeps anything from moving forward.
A layman's attempt to read up on what constitutes a "small business" ends in disgust.
The SBA (Government website) is another example of why the size and scope of our current Government keeps America revving it's engine and burning out it's clutch.
Sikorsky changed the rules and everyone was deleted as a Gold Supplier. They are now are in the process of applying and requalifying. Sounds like someone with a bone to pick distorting information.
fools, it would be helpful to have the facts before one runs their mouth. Sikorsky changed their requirements for Gold. Everyone lost it, all are now in the process of upgrading and reapplying
yep, biggest funded contract they ever announced
CPI Aero Announces $86 Million Multi-Year Contract for Wing Kits From Northrop Grumman
CPI Aerostructures, Inc. 7 minutes ago
EDGEWOOD, NY--(Marketwired - Nov 3, 2014) - CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) has received a multi-year contract worth approximately $86.1 million from Northrop Grumman Corporation (NYSE: NOC) for Outer Wing Panel (OWP) kits. The kits are for use in the manufacture of complete wings for the E-2D Advanced Hawkeye and the C-2A Greyhound aircraft. This contract includes approximately $63.6 million in new funded backlog and approximately $22.5 million in requirements that were released to CPI Aero in 2013.
The E-2D Advanced Hawkeye is the U.S. Navy's primary airborne early warning and battle management command and control platform. The C-2 Greyhound's primary mission is to transport high-priority cargo, critical aircraft parts, mail and passengers to deployed Carrier Strike Groups.
CPI Aero has produced OWP kits for the E-2D Advanced Hawkeye and the C-2A Greyhound aircraft, which share a common wing design, since June 2008.
E-2D Advanced Hawkeye Requirements
On June 30, 2014, the Navy awarded Northrop Grumman a $3.6 billion multi-year contract to build 25 full rate production E-2D Advanced Hawkeyes. Aircraft deliveries under this new multi-year contract extend into 2021. The Navy's program of record calls for 75 E-2D Advanced Hawkeye aircraft of which Northrop Grumman has delivered 15.
C-2A Greyhound Requirements
Northrop Grumman is manufacturing new wings for the C-2A Greyhound aircraft to replace this service life limited component. This multi-year contract represents an additional $34.3 million in new requirements. The period of performance for the C-2A Greyhound portion of the contract concludes in late 2020.
Bart LaGrone, vice president, E-2/C-2 Programs, Northrop Grumman Aerospace Systems, commented, "The Northrop Grumman-l
Great news about the new contract.
Now they've got to earn back the gold supplier rating, if the loss report is correct.
No longer a gold supplier? What a train wreck. How did promote Mr. Mcrossan when he was the problem. A CEO's sucess is measured on growth of shareholder value created. Failed.
Can anyone figure out the board’s decisions? None of us knows what happened between them and Ed, but based on the settlement described in the 10-K, it wasn’t pretty from either side. But now the company is in such a bad way, and they seem to be sitting there doing nothing.
Fact: They left Doug with the COO title to go along with the CEO title. Seriously? Do you really think the guy who couldn’t handle the COO job should now have BOTH jobs? You think that the man failing at his own job can handle both?
Fact: Check the Sikorsky website. CPI is no longer a Gold Supplier. Now let’s see. Whose job would it have been to see that we remained that way? What are the criteria? Oh yeah, 100% quality, 100% on-time delivery, and a high lean manufacturing score. Sounds pretty “operational” to me. So Doug failed at that, lost the Supplier Gold designation, and now has two titles.
Fact: Business Development, the department responsible for winning new contracts, has reported to Doug for the last three or four years. So once again, who should get the blame for the failure to win new contracts? And this is who they made CEO. And the VP of Business Development spends a good deal of his time in North Carolina, at his “retirement home.” Maybe he shouldn’t be retired yet, seeing as how he’s being paid to get new business, and hasn’t?
Fact: Rumor is that after realizing he’s accomplished nothing for six months and is in way over his head, they will name a new COO before too long. And the mess that CPI is now? The former Grumman guy and the former GKN guy are backstabbing each other left and right to see who gets it. If it wasn’t so damn awful, it would be comical. Maybe they should start golfing again.
And we all just laugh and laugh
on strong growth of aircraft and 2015 looks better. Can our management MANAGE and grab some of that or are they just going to sit back as they have and wait for a war.......I don't know but as someone who also owns their own business I find this management team weak and in need of removal. Boolean
Fact: While funded backlog will go higher, it’s a mirage. Leigh Alper is correct, and he does wonderful due diligence. CPI will get a release from Northrop for maybe 35 E-2D’s, which they’ll tell us increases new awards (and funded backlog) by $70 million or so. But again, so what? When we were told that the contract had a potential of $195 million, and Ed stated over and over that it’s a program both sides of the political spectrum agree with, didn’t we think then that we’d be getting this? Is this “exciting news?”
Fact: If CPI pulled in $200 million worth of awards from that chart, but no NEW work, the fact is that TOTAL backlog would go down by whatever unadjusted sales ended up being. Meaning, if they book $90 million in sales without the A-10 adjustment, and don’t book any NEW business, overall backlog will go down $90 million. Think about that. Even if they win a $50 million brand new program with a brand new customer, total backlog will still go down by $40 million!
Fact: Cash flow will look great, but not because Vince has a clue how to manage it, but because when you have no new programs to invest in, it better be positive. So don’t take the bragging about that as something good.
Fact: If you continue this trend, you go out of business.
It's all right there in the public domain. You just have to know how to sort through it.
No matter why he left, no matter what garbage went down between him and the board, this company is so much worse off without Ed. Doug wasn’t equipped to be CEO and is destroying the company. And Vince is nothing more than a bean counter. Have you truly watched or listened to either of them present the company to investors? It’s downright sad. Ed had a passion, was well respected, and could command a room. Not the case with Doug. He just drones on and on, bringing nothing to the table, and trying to fool us with his words.
While he was out doing road shows last week, I guarantee you he pushed that tired old line about ending this year with “the highest funded backlog in the company’s history.” The real question is, so what? All that means is that he’s moving stuff from column A to column B. Stuff they told us would happen, and that they’ve already gotten advance credit for.
Fact: While “funded backlog” might go up, the more important number, total backlog, is going down, and going down fast. Look at the presentations. Look at slide #10 of the latest presentation. The aggregate value of those programs was $391 million. The presentation before that was $410 million. If they don’t take the chart out of the next presentation after seeing this, that number will be even lower again. Why? Because without winning NEW work, they are working off the backlog until they get to the day that there’s nothing left. And that drop was without accounting for the removal of the A-10 dollars. Yes, they stopped that arrow at 2014 for the program, but did they pull out the $27 million that won’t happen now? Nope.