CPI Aerostructures Receives Fiscal 2004 T-38 Contract Award Adding $4.9 Million to Year-to-Date Orders.
Business Editors/Political Writers
EDGEWOOD, N.Y.--(BUSINESS WIRE)--March 8, 2004
CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch.
(2) (Counts Per I Aerostructures, Inc. (AMEX AMEX
See: American Stock Exchange : CVU CVU Canadian Virtual University
CVU Cerner Virtual University
CVU Corvo Island, Azores, Portugal (airport code)
CVU Case Value Update ) today reported that the U.S. Air Force has released its 2004 contract award to CPI for the T-38 Talon trainer aircraft. The 2004 contract, valued at approximately $4.9 million, is for 36 ship-sets of structural inlets as part of the Propulsion Modernization Program on this aircraft.
"Since 2001 when we were selected for the 10-year $61 million contract for the T-38 modernization program, orders under this award have totaled $19.4 million; which means that over the next six years, we would expect an additional $41.6 million in similar orders," stated CPI's President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Edward J. Fred.
Mr. Fred continued, "At this time last year, we had received approximately $10.5 million in awards versus $9.1 million year-to-date in 2004. This is simply the result of a delay in the government contract award cycle and does not indicate an issue with our ability to win business. In fact, CPI's average win rate remains strong at 14%, which is ahead of the 11% hit rate logged last year at this time, and is also well above the industry average of 5%. With this follow-on T-38 order, the Company has approximately $26 million of funded backlog."
Founded in 1980, CPI Aerostructures is engaged in the contract production of structural aircraft parts principally for the U.S. Air Force and other branches of the armed forces. In conjunction with its assembly operations, CPI provides engineering, technical and program management services. Among the key programs that CPI supplies are the C-5A C-5A Galaxy (USAF cargo aircraft) Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet and the E-3 Sentry The Boeing E-3 Sentry is a military airborne warning and control system (AWACS) aircraft that provides all-weather surveillance, command, control and communications, to the United States, United Kingdom, France, NATO and other air defense forces. AWACS AWACS (Airborne Warning and Control System)
Mobile, long-range radar surveillance-and-control centre for air defense. Used by the U.S. Air Force since 1977, AWACS is mounted in a specially modified Boeing 707 aircraft, with its main radar antenna affixed to a rotating dome. jet.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI's SEC reports, including CPI's Form 10-KSB for the year ended December 31, 2002 and Form 10-QSB for the quarter ended September 30, 2003.