In the third quarter of fiscal 2008, CPI's net income and EBITDA were negatively impacted by the higher proportion of sales that were for products from development programs. This impact was partially offset by the positive impact of the additional gross profit generated by increased sales in the most recent quarter.
As of June 27, 2008, CPI's cash and cash equivalents totaled $26.2 million, as compared to the $20.5 million reported as of September 28, 2007. CPI has continued to use its cash to repay debt, making debt repayments of $6.0 million in the third quarter and an additional $2.0 million on July 30, 2008. In fiscal 2008 to date, CPI's aggregate debt repayments total $18.0 million. In addition to debt repayments, in the third quarter, CPI used $1.8 million of its cash to repurchase approximately 136,000 shares of its common stock under its newly implemented stock repurchase program.
Third Quarter 2008 Sales and Orders Highlights
In the third quarter of fiscal 2008, key sales and orders highlights in
the end markets that CPI serves included:
-- In the defense markets, which consist of CPI's radar and electronic
warfare markets on a combined basis, sales increased five percent from
$36.5 million in the third quarter of fiscal 2007 to $38.2 million in
the third quarter of fiscal 2008. This increase was primarily due to
increased sales of products to support military radar systems,
including the HAWK surface-to-air missile system, as well as the
inclusion of sales of radar products by the recently acquired CPI
Malibu Division in the third quarter of fiscal 2008.'/>"/>
|SOURCE CPI International, Inc.|
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