2006 Year-To-Date Awards Up Nearly 100% Compared to Same Period of 2005
(EDGEWOOD, N.Y., Nov. 30, 2006) -- CPI Aerostructures, Inc. ("CPI Aero") (AMEX: CVU) today reported that the U.S. Air Force has released its 2007 order to CPI Aero under the T-38 Talon trainer aircraft program. The new order, valued at approximately $6.9 million, is for 66 ship-sets of structural inlets as part of the Propulsion Modernization Program on this aircraft.
Edward J. Fred, CPI Aero's CEO & President, stated, "Since 2001, when we were selected for the 10-year $61 million contract for the T-38 modernization program, CPI Aero has demonstrated that a small business can produce complex structural assemblies, such as these inlets, with impeccable quality. On October 24th of this year, CPI Aero delivered its 250th ship-set of inlets, with a 100% quality rating since the program's inception. Orders under this program have totaled $40.7 million thus far; which means that over the next four years, we can expect an additional $20.3 million in orders."
Mr. Fred also pointed out, "Through November 30th, new orders for 2006 totaled $28.5 million, nearly double the $14.3 million in awards for the same period last year."