CPI Aerostructures 2009 New Contract Awards Approximated $23.4 Million

In the government contract industry news, CPI Aerostructures announced that 2009 new contract awards approximated $23.4 million. Of this amount, approximately $10.6 million, $6.9 million and $5.8 million were government prime contract awards, government subcontract awards and commercial subcontract awards, respectively.

As reported last month, CPI Aero received two contracts from Lockheed Martin Corporation to produce aircraft structural assemblies for the U.S. Navy’s P-3 “Orion” aircraft. With other orders and Spirit AeroSystems contract adjustments for the Gulfstream G650 business jet, fourth quarter awards added $8.4 million to the $15.0 million of new orders as of September 30, 2009.

Edward J. Fred, CPI Aero’s CEO & President, noted, “It is important to note that although the total new orders for 2009 as a whole, were down considerably from 2008’s record level of $55.4 million, orders in the fourth quarter were significantly higher compared to the previous quarters of the year, a trend which we hope continues in 2010. These orders include work on multi-year programs with significant option and follow-on potential.”

He went on to say, “We expect 2010 to be another year of growth and we plan to issue our guidance when we announce results for the 2009 fourth quarter and year.”