Revenue of $20.5 million compared to $18.9 million;
Gross profit of $4.6 million compared to $3.7 million;
Gross margin of 22.4% compared to 19.3%;
Net income of $1.2 million compared to $0.5 million;
Earnings per diluted share of $0.09 compared to $0.04;
Cash flow from operations of $0.0 million compared to $0.3 million.
Six Months 2023 vs. Six Months 2022
Revenue of $42.6 million compared to $39.1 million;
Gross profit of $9.3 million compared to $7.1 million;
Gross margin of 21.8% compared to 18.2%;
Net income of $2.1 million compared to $0.5 million ($1.3 million excluding the first quarter severance accrual of $0.8 million);
Earnings per diluted share of $0.17 compared to $0.04 ($0.10 excluding the first quarter severance accrual of $0.06);
Cash flow from operations of $0.9 million compared to $(2.1) million used by operations;
Debt as of June 30, 2023 of $21.3 million compared to $24.6 million at June 30, 2022.
EDGEWOOD, N.Y., Aug. 21, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the three and six month periods ended June 30, 2023.
“Our second quarter 2023 revenue was 8.6% higher than second quarter 2022 coupled with a 310 basis point increase in gross profit margin. Our six-month income from operations increased by $2.3 million as of June 30, 2023 compared to 2022 due to stronger operational performance and change in mix between our military subcontracts, government military subcontracts and MRO services. We generated $3.0 million more in cash flow from operations for the first six months of 2023 compared to 2022 due primarily to higher net income while increasing our contract assets in support of our new programs and, reduced our debt by $1.5 million,” said Dorith Hakim, President and CEO. “We remain focused on delivering value to our customers and are confident in CPI Aero’s long-term outlook as we continue to build on our backlog of $510 million as of June 30, 2023.”
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.
Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The word “outlook,” and similar expressions are intended to identify these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
