- Brings Orders Year-to Date to $2.8 million -
Edgewood, N.Y., Feb. 21, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) today announced that its Welding Metallugy, Inc. subsidiary (WMI) has been awarded a $700,000 contract by the U.S. Air Force Materiel Command to manufacture electrical relay boxes for A-10 Thunderbolt aircraft. In addition to the A-10, since the beginning of the year, WMI has received orders for electronic assemblies on the SEASPARROW missile launch control system, as well as welded assemblies for the CH-47 Chinook, UH-60 BLACK HAWK, and CH-53K King Stallion helicopters. As a result, year-to-date orders have totaled approximately $2.8 million.
CPI Aero President and Chief Executive Officer Douglas McCrosson stated, “We completed the acquisition of WMI in late December 2018 and could not be more pleased with the positive response from customers. Building its backlog from $7.6 million at the end of 2017 to $16.9 million at the end of 2018, it’s great to see WMI maintain the momentum into 2019. We are on schedule with our planned relocation of WMI’s operations into our facility by the end of March, and we are working closely with customers to ensure a successful consolidation of operations.”
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. 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, 2017, and Form 10-Q for the three-month period ended March 31, 2018, June 30, 2018, and September 30, 2018.
|Vincent Palazzolo||Investor Relations Counsel:|
|Chief Financial Officer||LHA|
|CPI Aero||Jody Burfening/Sanjay M. Hurry|
|(631) 586-5200||(212) 838-3777|