CPI Aerostructures Inc (OTCMKTS:CVUA) on August 20, 2022, announced the financial results for the three and twelve months period ending December 31, 2021.
Trading Data
On Friday, CVUA stock ended flat at $1.05 with more than 7K shares, compared to volume of 20K shares. The stock moved within a range of $1.0500 – 1.0500 after opening trade at $1.05.
CPI Aerostructures Reports Fourth Quarter and Full Year 2021 Results
Dorith Hakim, President, and CEO said that the company closed the year with cash flow and EPS meeting the outlook for the entire year. Hakim added that the combination of an 18% rise in revenues with a 3.4 bps surge in gross margin led to $6.8 million in bottom line profitability. The CEO also said that the firm achieved a $10.5 million improvement in net income as well as a $4.4 million improvement in operating cash flow vis-à-vis the previous year. The company had a backlog of $501.7 million in December 2021 as compared to $476.2 million in the previous year.
Hakim further stated that the firm filed the Annual Report on Form 10-K and is focusing on becoming current with the Securities and Exchange Commission reports. Additionally, Hakim stated that the company is expecting 2022 to be a transition year for CPI Aero.
CPI Aerostructures Inc on July 27, 2022, announced the receipt of purchase orders amounting to $3.2 million from Boeing for structural assemblies. The company will be manufacturing major structural subassemblies for the A-10 aircraft’s wing. CPI Aero now has about $23.4 million in funding from Boeing for the production of A-10 re-wing structural assemblies.
Dorith Hakim, president, and CEO of CPI Aero said that A-10 is a time-tested weapon system and the company is proud on being part of the ATTACK Re-wing Program.
Key Quote
“We closed the year with EPS and cash flow from operations meeting our outlook for 2021,” said Dorith Hakim, President and CEO. “The combination of the 18% increase in revenue and 3.4 bps increase in gross margin resulted in $6.8 million in bottom line profitability, including our PPP loan forgiveness of $4.8 million. We achieved a $10.5 million improvement in net income and a $4.4 million improvement in operating cash flow compared to 2020, while reducing our debt by $7.2 million. In addition, total backlog as of December 31, 2021 increased to $501.7 million compared to $476.2 as of December 31, 2020,” said Dorith Hakim, president and CEO.
Technical Data
CVUA stock is trading below the 20-Day and 50-Day Moving averages of $1.17 and $1.40 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.25.
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