RTTNews | Apr 16, 2021 06:17AM EDT

06:17 Friday, April 16, 2021 (RTTNews.com) - CPI Aerostructures, Inc. (CVU) reported Friday that its fourth-quarter net income was $1.3 million, compared to last year's net loss of $1.4 million. Earnings per share were $0.11, compared to loss per share of $0.12.

Gross profit grew to $4.6 million from prior year's $2.5 million. Gross margin of 18.2 percent improved from 10.9 percent a year ago.

Revenue for the quarter grew 11.9 percent to $25.4 million from $22.7 million last year. Revenue from military contracts increased 13 percent while revenue from commercial aviation contracts was essentially flat from last year.

Douglas McCrosson, president and CEO of CPI Aero, said, "During the back half of 2020, the seeds of our defense-oriented business development strategy began to bear fruit as a number of newer defense programs ramped up, driving revenue growth from defense contracts and margin gains. With several of these programs moving into production in 2021, we expect to sustain momentum in the business."

Looking ahead, the company said the positive momentum along with a funded backlog of $170 million boosts its confidence in its outlook for higher revenue, operating income and operating cash flow in 2021 compared to 2020.

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