2006 Year-To-Date Awards Up 79% Compared to Same Period of 2005
(EDGEWOOD, N.Y., Dec. 18, 2006) -- CPI Aerostructures, Inc. (AMEX: CVU) ("CPI Aero") today announced that the U.S. Air Force has released a $983,000 order under CPI Aero's C-5 TOP contract. This order includes a variety of wing spoilers and panels.
In May 2004, CPI Aero was awarded a C-5 TOP (wing tips, others and panels) contract by the U.S. Air Force, which is valued at up to $215 million over the seven-year life of the program. Orders under this program, including this $983,000 order, have totaled $14.5 million to date.
Edward J. Fred, CPI Aero's CEO & President, stated, "We view this order as a positive development for us, as it represents the fourth release under this contract during the last thirteen months. All public indications are that the C-5 aircraft is an integral part of our country's airlift mobility capability, and we're hopeful that these orders will continue to be received more frequently than in the past."
Mr. Fred also pointed out, "To date, new orders for 2006 total $29.9 million, as compared to $16.7 million in awards for all of 2005. This represents a 79% increase, making 2006 the third largest award year in CPI Aero's history."
CPI Aero is engaged in the contract production of structural aircraft parts for the U.S. Air Force, other branches of the armed forces and leading prime defense contractors. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet, the UH-60 Black Hawk helicopter, and the MH-60S mine countermeasure helicopter.