CPI Aerostructures swings to net income of $1.0M in Q1 2023; revenue up 9.5% to $22.0M

CPI AEROSTRUCTURES INC

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

Revenue $22.0M (+9.5% YoY); gross margin improved to 21.2% from 17.1%.
Net income $1.0M ($0.08 EPS) vs net loss of $32,931 in Q1 2022.
Cash from operations $0.9M vs use of $2.4M a year ago.
Debt reduced to $22.1M from $22.8M at Dec 31, 2022; backlog $515.8M.
Credit facility extended to Nov 30, 2024; factory overhead and SG&A lowered.

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 0.95

CPI AEROSTRUCTURES INC reported first quarter 2023 results: revenue $22.0 million, net income $1.0 million, EPS $0.08.

Period: first quarter 2023
Revenue: $22.0 million
Net income: $1.0 million
EPS: $0.08
Result: reported results

Exact text from the filing

· Revenue of $22.0 million compared to $20.1 million; · Gross profit of $4.7 million compared to $3.4 million; · Gross profit margin of 21.2% compared to 17.1%; · Net income of $1.0 million compared to net loss of $(32,931) (excluding a first quarter 2022 $0.8 million severance accrual, the first quarter of 2022 would have been net income of $0.8 million); · Earnings per share of $0.08 compared to loss per share of $(0.00) (excluding a first quarter of 2022 $0.06 per share severance accrual, the first quarter of 2022 would have been $0.06 per share);

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Source: SEC EDGAR

accession 0001387131-23-006495

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