CPI Aero Announces $11.45 Million Purchase Order for Wing Kits from Northrop
EDGEWOOD, N.Y. -- February 11, 2013
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT: CVU) today announced that on
December 20, 2012 it received an $11.45 million purchase order from Northrop
Grumman Corporation (NYSE:NOC) for Outer Wing Panel (OWP) kits. The kits are
for use in the manufacture of complete wings for the C-2A Greyhound, a
high-wing carrier on-board delivery (COD) aircraft used by the Navy. Designed
to land on aircraft carriers, this monoplane cargo aircraft provides critical
logistics support to carrier strike groups.
CPI Aero has produced OWP kits for the E-2D Advanced Hawkeye and the C-2A
Greyhound aircrafts since June 2008. The E-2D and C-2A share a common wing
design. CPI Aero has received firm orders and advanced funding for OWP kits
totaling approximately $58 million.
This order was included in the previously reported total contract awards of
approximately $81.6 million, received from all customers in 2012.
About Northrop Grumman Corporation
Northrop Grumman is a leading global security company providing innovative
systems, products and solutions in unmanned systems, cybersecurity, C4ISR, and
logistics and modernization to government and commercial customers worldwide.
Please visit www.northropgrumman.com for more information.
About CPI Aero
CPI Aero is engaged in the contract production of structural aircraft parts
for leading prime defense contractors, the U.S. Air Force, and other branches
of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft
manufacturers in the production of commercial aircraft parts. 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 E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack
jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92®
helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack
helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant
helicopters, the C-5A Galaxy cargo jet, the E-3 Sentry AWACS jet, the Embraer
Phenom 300 light business jet and the New Cessna Citation X. CPI Aero is
included in the Russell 2000^® Index.
The above statements include forward looking statements that involve risks and
uncertainties, which are described from time to time in CPI Aero’s SEC
reports, including CPI Aero’s Form 10-K for the year ended December 31, 2011
and CPI Aero’s Form 10-Q for the quarters ended March 31, 2012, June 30, 2012
and September 30, 2012.
CPI Aero is a registered trademark of CPI Aerostructures, Inc.
Vincent Palazzolo, 631-586-5200
Chief Financial Officer
Investor Relations Counsel
The Equity Group Inc.
Lena Cati, 212-836-9611
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