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CPI Aero reports record year for new orders

EDGEWOOD, N.Y., Jan. 7 (UPI) -- New York headquartered CPI Aerostructures Inc. reports it received a record $122.3 million in new business contracts last year.

The amount of $122.3 million surpasses the company's previous record of $83.6 million in 2011 and compares to $81.6 million in awards received in 2012.

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CPI, which manufactures structural components for aircraft, said the 2013 total includes an order received during the 4th quarter that will be publicly announced at a later date.

"We anticipated ending 2013 with a surge in new awards, particularly from our national security customers as the headwinds created by the defense budget and the sequester eased a bit," said Edward J. Fred, chief executive officer and president of CPI Aero. "We ended 2013 with more than $39 million in new awards during the fourth quarter, the majority of which were related to follow-on orders for our A-10 and E-2D programs."

Additional details about the awards were not disclosed.

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