<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>cpi_8k-93003rel.txt
<DESCRIPTION>9/30/03 RESULTS
<TEXT>
                                                                    EXHIBIT 99.1
                                      CPI
                              AEROSTRUCUTRES, INC.
                200A EXECUTIVE DRIVE - EDGEWOOD, NEW YOEK 11717
                       (631)586-5200 - FAX (631) 586-5814



                              FOR IMMEDIATE RELEASE

               CPI AEROSTRUCTURES ANNOUNCES THIRD QUARTER RESULTS
               Q3 Revenue Increases 11% and Pretax Profits Up 48%;
      Nine-Months Revenue and Pretax Profits Up 15% and 114%, Respectively

Edgewood, NY - November 3, 2003 -- CPI Aerostructures,  Inc. ("CPI") (AMEX: CVU)
today  announced  operating  results for the third quarter  ended  September 30,
2003.  Primarily  due to the public  offering of  2,300,000  shares in the first
quarter of 2003, diluted earnings per share for the three and nine month periods
are  calculated  on 83% and 73% more  shares than in the  respective  periods of
2002.

Third Quarter 2003 versus 2002:
     o    Revenue  rose 11% to  $7,851,067  compared  with  $7,088,614;
     o    Gross margin was 32% compared with 31%;
     o    Pretax  income  was  $1,844,804  or  23%  of  revenue,  compared  with
          $1,247,200,  or 18% of  revenue;  however,  pretax  income  included a
          $41,236  gain on the sale of  "assets  held  for  sale -  discontinued
          operations."  Excluding the gain,  pretax income was $1,803,568  which
          represents 23% of revenue;
     o    Net income  was  $1,844,804  or $0.35 per share and $0.30 per  diluted
          share,  compared  with  $1,248,200,  or $0.46  per share and $0.38 per
          diluted  share.  Excluding the gain  discussed  above,  net income was
          $1,803,568.  Net income, excluding the non-recurring gain, if taxed at
          a 40% effective  tax rate,  would have been  $1,082,141,  or $0.21 per
          share and $0.18 on a diluted basis.

Nine Months 2003 versus 2002:
     o    Revenue increased 15% to $20,752,731, compared with $17,988,748;
     o    Gross margin was 32% compared with 30%;
     o    Pretax  income  was  $7,104,477,  or 34%  of  revenue,  compared  with
          $3,322,892,  or 18% of  revenue;  however,  pretax  income  included a
          $461,235  gain on the  "sale of  assets  held for sale -  discontinued
          operations" and a $2,431,233 gain on the early extinguishment of debt.
          Excluding these gains, pretax income rose 27% to $4,212,009, or 20% of
          revenue;
     o    Net income was  $7,104,477,  or $1.50 per share and $1.31 per  diluted
          share,  compared  with  $2,793,892,  or $1.03  per share and $0.89 per
          diluted share.  Excluding the gains  discussed  above,  net income was
          $4,212,009. Net income, excluding the non-recurring gains, if taxed at
          a 40% effective  tax rate,  would have been  $2,527,205,  or $0.53 per
          share and $0.47 per  diluted  share,  compared  with  fully  taxed net
          income of  $1,993,735,  or $0.74 per share and $0.64 per diluted share
          in 2002.


                                     (more)


<PAGE>



CPI Aerostructures, Inc. News Release                                     Page 2
November 3, 2003

Non-Recurring Items for the Third Quarter and Nine Months 2003:
     o    During  2003,   CPI  sold  the   remaining   assets  of  Kolar,   Inc.
          (discontinued  operation as of 12/31/01),  which resulted in a $41,236
          gain in the third quarter, a $166,667 gain in the second quarter,  and
          a $253,332 gain in the first quarter.  Each of these  transactions was
          recorded  as  disposition  of  "assets  held for  sale -  discontinued
          operations";
     o    $2.7 million of the $7.8 million in net proceeds of CPI's February 19,
          2003 secondary  public  offering was used to repurchase a $4.0 million
          note and the related accrued interest at a substantial discount, which
          resulted in a $2.4 million gain from the early  extinguishment of debt
          in the first quarter;
     o    CPI  utilized  a portion  of its NOL in the  first,  second  and third
          quarters,  so there was no provision for income taxes.  Last year, the
          Company benefited from a tax valuation  adjustment  resulting in a tax
          benefit of $1,000 in the third  quarter and an  effective  tax rate of
          16% for the nine month period.

Edward J. Fred,  CPI's CEO & President,  stated,  "We are pleased to have posted
another quarter of strong results. Through October 31, 2003, new contract awards
were up 37% to $28.9  million  compared to the same  period last year,  which is
greater than total awards of $24.5 million booked in all of 2002. In addition to
C-5A Galaxy and T-38 Trainer awards, we've seen a resumption of A-10 Thunderbolt
orders.  Our  accomplishments  have been  recognized by Forbes  magazine,  which
recently  ranked CPI #10 in its 2003 list of the nation's  best small  companies
based on a combination of investment criteria."

Anthony M.  D'Agostino,  CPI's CFO added,  "Income from  operations  rose 25% to
$1,798,816 from $1,433,815 due to a confluence of factors.  Gross margin for the
third  quarter  improved  to 32%,  putting us on track to meet our gross  margin
target of 30%-32% for the full year. SG&A as a percentage of revenue declined to
9% from 11% in last year's third quarter as costs remained in check. Our balance
sheet is extremely strong with $3.7 million in cash and $17.5 million in working
capital.  Moreover,  the new three-year $5 million  revolving credit facility we
secured  during the quarter  gives us greater  financial  flexibility  to pursue
larger RFQs and improves our chances of winning more of them."

Mr. Fred added,  "We anticipate  fourth quarter  revenue of  approximately  $9.2
million and remain  comfortable  with our 2003 revenue forecast of approximately
$30 million,  a 25% increase over the prior year, and net income (on an if taxed
basis) of approximately $4.0 million, excluding the abovementioned non-recurring
gains.  While it is too early to give  guidance  for 2004,  we are  confident of
continued growth in revenue,  new orders and operating profits. Our longstanding
relationship  with the military and proven ability to execute  larger  contracts
such as the  T-38  Trainer  give  CPI a  competitive  advantage  in the  bidding
process. Clearly, CPI is poised for long-term prosperity."

                                     (more)


<PAGE>


CPI Aerostructures, Inc. News Release                                     Page 3
November 3, 2003

CONFERENCE CALL
Edward Fred and Anthony  D'Agostino will host a conference call today,  November
3, 2003 at 11 am ET to discuss third quarter results as well as recent corporate
developments. After opening remarks, there will be a question and answer period.
Interested parties may participate in the call by dialing (973) 582-2866. Please
call in 10 minutes before the scheduled time and ask for the CPI  Aerostructures
call.  The  conference  call will also be broadcast  live over the Internet.  To
listen to the live call, please go to www.cpiaero.com and click on the "Investor
Relations" section, then click on "Events". Please access the website 15 minutes
prior to the call to download  and install any  necessary  audio  software.  The
conference call will be archived and can be accessed for approximately 90 days.

Founded in 1980,  CPI  Aerostructures  is engaged in the contract  production of
structural  aircraft parts principally for the U.S. Air Force and other branches
of the armed forces. In conjunction with its assembly  operations,  CPI provides
engineering,  technical and program management services.  Among the key programs
that CPI supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the
A-10 Thunderbolt attack jet and the E-3 Sentry AWACS jet.

The above statements  include forward looking  statements that involve risks and
uncertainties,  which are  described  from  time to time in CPI's  SEC  reports,
including CPI's Form 10-KSB for the year ended December 31, 2002 and Form 10-QSB
for the quarter ended June 30, 2003.

Contact:           Anthony D'Agostino               Investor Relations Counsel
                   Chief Financial Officer          The Equity Group Inc.
                   CPI Aerostructures, Inc.         Linda Latman (212) 836-9609
                   (631) 586-5200                   Sarah Torres (212) 836-9611
                   www.cpiaero.com                  www.theequitygroup.com

                            (See Accompanying Tables)


<PAGE>


CPI Aerostructures, Inc. News Release                                     Page 4
November 3, 2003
<TABLE>
<CAPTION>
        <S>                                                      <C>                            <C>

                            CPI AEROSTRUCTURES, INC.
                         CONDENSED STATEMENTS OF INCOME
                                                             For the Three Months         For the Nine Months
                                                             Ended September 30,           Ended September 30,
                                                            2003          2002            2003             2002
                                                                (Unaudited)                     (Unaudited)
Revenue                                                   $7,851,067   $7,088,614      $20,752,731      $17,988,748
Income from operations                                     1,798,816    1,433,815        4,340,827        3,638,215

Other income (expense):
    Interest (expense)/other income                            4,752     (186,615)        (128,818)        (315,323)
    Gain on extinguishment of debt                            -----       -----          2,431,233           -----
    Gain on sale of assets held for sale - discontinued       41,236      -----            461,235           -----
     operations
Income before provision for income taxes                   1,844,804    1,247,200        7,104,477        3,322,892
(Provision for) benefit from income taxes                     -----         1,000          -----           (529,000)

-------------------------------------------------------------------------------------------------------------------
Net income                                                $1,844,804   $1,248,200       $7,104,477       $2,793,892
====================================================================================================================

Earnings per common share - basic                         $     0.35   $     0.46       $    1.50        $    1.03

====================================================================================================================

Earnings per common share - diluted                       $     0.30   $     0.38       $    1.31        $    0.89

====================================================================================================================

Shares used in computing earnings per common share:
  Basic                                                    5,217,733    2,734,898        4,730,803        2,700,785
  Diluted                                                  6,053,689    3,299,098        5,426,145        3,136,626
---------------------------------------------------------------------------------------------------------------------


                            Adjusted Pro Forma removing certain benefits from the comparison
---------------------------------------------------------------------------------------------------------------------
                                                                       For the Three Months            For Nine Months
                                                                        Ended September 30,           Ended September 30,
                                                                         2003         2002          2003              2002
                                                                             (Unaudited)                   (Unaudited)
Income before provision for income taxes                               $1,844,804  $1,247,200    $7,104,477     $ 3,322,892
  Adjustments to remove non recurring gains:
  Gain on sale of assets held for sale - discontinued operations          (41,236)    -----        (461,235)         -----
  Gain on extinguishment of debt                                          -----       -----      (2,431,233)         -----

----------------------------------------------------------------------------------------------------------------------------
Pretax Income excluding non-recurring gains                            $1,803,568  $1,247,200    $4,212,009      $3,322,892

Tax provision (benefit)                                                  -----         (1,000)       -----          529,000
  Adjustments to tax provision to make 40% effective rate                 721,426     499,880     1,684,804         800,157
  Adjusted Net Income                                                  $1,082,141    $748,320     2,527,205      $1,993,735

Basic EPS                                                              $     0.21  $     0.27     $    0.53      $     0.74
Diluted EPS                                                            $     0.18  $     0.23     $    0.47      $     0.64
</TABLE>



<PAGE>


CPI Aerostructures, Inc. News Release                                    Page 5
November 3, 2003
<TABLE>
<CAPTION>
        <S>                                                                     <C>                 <C>

                                                                           Unaudited            Audited
Balance Sheet Highlights                                                    9/30/03             12/31/02


Cash                                                                      $3,712,088            $    91,537

Costs and estimated earnings in excess of billings on uncompleted
contracts                                                                 15,620,556             11,382,106

Total current assets                                                      22,385,546             15,202,592

Total assets                                                              22,878,398             15,604,746

Total current liabilities                                                   4,855,370            13,227,018

Working capital                                                            17,530,176             1,975,574

Short-term debt                                                                20,196             8,024,160

Long-term debt                                                                 32,656                40,192

Shareholders' equity                                                       17,990,372             2,337,536

Total Liabilities and Shareholders' Equity                                $22,878,398           $15,604,746

</TABLE>



                                                     #### ####




</TEXT>
</DOCUMENT>
