CPI Receives Additional $10 M Delivery Orders from Boeing
Total Delivery Orders on Program Now Stand at $13.2 Million
(Edgewood, N.Y., August 4, 2008) -- CPI Aerostructures, Inc. ("CPI Aero(R)") (AMEX: CVU) announced today that it has been awarded an additional $10 million in delivery orders to provide various assemblies to the Boeing Integrated Defense Systems unit of The Boeing Company ("Boeing") in support of its recent $2 billion award to produce up to 242 enhanced wings for the A-10 "Thunderbolt" attack jet. This order is pursuant to the long-term requirements contract that CPI Aero announced earlier this year. Total delivery orders for this program now stand at $13.2 million.
Edward J. Fred, CPI Aero's CEO and President, stated, "This is the remaining piece of the initial set of orders we expected to receive from Boeing. As stated previously, we are very proud to continue working on this aircraft, which has been such an important part of CPI's history. We look forward to working with Boeing for many years to come, and providing the high quality parts for which CPI Aero is known."
Mr. Fred continued, "This award brings the total new year-to-date awards to $39 million, compared to only $16 million for the same period last year. $34.7 million of this year's total is subcontract awards from major aerospace companies, compared to $11.6 million of subcontract awards for the same period last year, representing a 199% increase."
Source : CPI Aerostructures Inc.
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