CPI Aerostructures, Inc. ("CPI Aero(R)") (NYSE Amex: CVU) announced today that it has received new purchase orders totaling $1.4 million from Bell Helicopter, a Textron Inc. (NYSE: TXT) company, for the manufacture of various assemblies for the AH-1Z ZULU attack helicopter. The new orders were for additional requirements to a contract CPI Aero announced in March 2011. Including the new orders, CPI Aero has received aggregate orders in excess of $1.67 million for AH-1Z aircraft assemblies. The AH-1Z is a twin-engine attack helicopter used by the United States Department of Defense. The AH-1Z reached initial operational capability in September 2010 and was approved to begin full-rate production in December 2010.
Edward J. Fred, CPI Aero's President & CEO stated, "Bell's vote of confidence in CPI Aero, backed by this follow-on order, is extremely satisfying. We are very proud to be part of this important DoD program and our association with Bell, a leading helicopter producer. Shipments on this order should begin in early 2012."
Separately, CPI Aero announced that it has received authorization from an existing customer for work on an existing program that adds more than $15.7 million to its current backlog. Details of this award will be announced at a later time.
Collectively, these new awards increase year-to-date orders from all customers to $79.1 million through the first nine months of 2011, well in excess of the previous annual record of $61.7 million, achieved in 2010.
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