CPI Aerostructures reports higher sales, net income 

CPI Aerostructures Inc. Wednesday reported higher second-quarter sales and net income.

The Edgewood aerospace contractor also said it expects the next Defense Department budget to include "significant funds" for a program to replace the wings of the A-10 Warthog, a jet designed to support tanks and ground troops. CPI is a subcontractor to Boeing in that program.

CPI Aero, which makes assemblies for military and civilian aircraft and helicopters, reported revenue of $20.3 million in the quarter ended June 30, compared with $16.7 million in the 2017 period.

Net income was $1.3 million, or 14 cents per diluted share, versus $800,000, or 9 cents per share, in the prior year's period.

The company's shares fell 35 cents Wednesday to close at $8.10.

CPI Aero last month filed a lawsuit against another Long Island aerospace manufacturer, charging that it breached a contract to sell a subsidiary.

The lawsuit, filed in State Supreme Court in Manhattan, charges that Hauppauge-based Air Industries Group failed to abide by a contract to sell its Welding Metallurgy Inc. subsidiary to CPI Aero. CPI Aero is seeking at least $5 million in damages plus expenses.

The $9 million deal to sell Welding Metallurgy was announced in March. CPI Aero had said it planned to move Hauppauge-based Welding Metallurgy to its 171,000-square-foot facility in Edgewood.

CPI Aero said in a July statement that Air Industries failed "to provide full access to WMI's books and records."

At the time, Air Industries said it "gave CPI more than adequate time, access and assistance to close this transaction," but "it became increasingly apparent that CPI was simply not going to be able to close this transaction on a timely basis."

Air Industries CEO Luciano "Lou" Melluzzo last month said CPI Aero filed the lawsuit as "a formality for their shareholders."