CPI Aerostructures reports Q2 revenue decline; gross margin up 320 bps; files 10-Q to address delisting

CPI AEROSTRUCTURES INC

2022-Q3 EPS reported $0.19 revenue$59,257,416

Q2 revenue $18.9M vs $22.3M YoY; net income $0.5M ($0.04 diluted EPS).
Gross margin improved to 19.3% from 16.1% on higher Aerostructures revenue and welding performance.
Backlog of $504M as of June 30, 2022; debt reduced to $24.6M from $27.7M YoY.
Company now current on SEC filings; intends to request NYSE American retract delisting and resume trading.

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