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Industry News

CPI Aero Announces $23.4 M in 2009 New Contract Awards

January 14, 2010
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CPI Aerostructures Inc. (CPI Aero®) announced that 2009 new contract awards approximated $23.4 M. Of this amount, approximately $10.6, $6.9 and $5.8 M 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 Corp. to produce aircraft structural assemblies for the US 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 M to the $15.0 M of new orders as of September 30, 2009.

Edward J. Fred, CPI Aero’s CEO and 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 M, 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.”

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