CPI Aero Q4 net income $6.8M vs loss; FY revenue down to $83.3M, gross margin up to 19.6%

CPI AEROSTRUCTURES INC

2023-Q1 EPS reported $0.08 revenue$22,016,668

Q4 2022 revenue $24.1M (-9% YoY); net income $6.8M (incl $6.5M deferred tax benefit) vs net loss $0.5M.
Full year 2022 revenue $83.3M (down from $103.4M); net income $9.2M vs $6.8M; EPS $0.74 vs $0.56.
Gross margin improved to 19.6% from 14.5%; debt reduced to $22.8M from $26.2M; backlog $514.5M.
Regained NYSE American compliance; BC indicator removed as of March 20, 2023.
2023 guidance: slightly higher revenue, sustaining profitability and positive operating cash flow.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CPI AEROSTRUCTURES INC reported three and twelve month periods ended December 31, 2022 results: revenue Revenue of $24.1 million compared to $26.4 million;, net income Net income of $6.8 million ($0.3 million excluding the fourth quarter 2022 deferred tax asset valuation allowance reduct, EPS Earnings per share of $0.55 ($0.03 excluding the fourth quarter 2022 deferred tax asset valuation allowance reduction of.

Period: three and twelve month periods ended December 31, 2022
Revenue: Revenue of $24.1 million compared to $26.4 million;
Net income: Net income of $6.8 million ($0.3 million excluding the fourth quarter 2022 deferred tax asset valuation allowance reduct
EPS: Earnings per share of $0.55 ($0.03 excluding the fourth quarter 2022 deferred tax asset valuation allowance reduction of
Result: reported results

Exact text from the filing

RELEASE CPI AEROSTRUCTURES, INC. 8-K Exhibit 99.1 CPI AEROSTRUCTURES REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS Fourth Quarter 2022 vs. Fourth Quarter 2021 · Revenue of $24.1 million compared to $26.4 million; · Gross profit of $3.9 million compared to $2.8 million; · Gross margin of 16.1% compared to 10.8%; · Net income of $6.8 million ($0.3 million

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CPI AEROSTRUCTURES INC reported financial results for the quarter and year ended December 31, 2022.

Period: the quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

CPI Aerostructures, Inc. issued a press release announcing financial results for the quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001387131-23-004752

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