<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>cpi_8k-11604pr.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1

                                      CPI
                               AEROSTUCTURES, INC.
                200A Executive Drive - Edgewood, New York 11717
                      (631) 586-5200 - FAX (631) 586-5814

                              FOR IMMEDIATE RELEASE

      CPI AEROSTRUCTURES UPDATES GUIDANCE FOR 2003 FOURTH QUARTER AND YEAR
              2003 CONTRACTS TOTAL $31.1 MILLION, UP 27% FROM 2002

Edgewood, NY - January 16, 2004 -- CPI Aerostructures,  Inc. ("CPI") (AMEX: CVU)
today announced  preliminary  revenue  estimates for the fourth quarter and year
ended  December  31, 2003 of $6.3 million and $27  million,  respectively.  This
represents a 5% increase  over last year's fourth  quarter and a 12.5%  increase
over the $24  million  reported  for  2002.  While the  year-end  audit is still
underway,  the Company expects income from operations for 2003 of  approximately
$5.8 million,  up 16% from $5 million the previous  year. In addition,  2003 net
income,   including  non-recurring  gains  of  approximately  $2.8  million,  is
projected at $8.6 million,  up 88% from $4.4 million last year.  Throughout 2003
CPI utilized a portion of its NOL  resulting in no provision for income taxes in
the calculation of net income.

Edward J.  Fred,  President  and CEO of CPI  Aerostructures  commented,  "We are
pleased with this year's  accomplishments,  which include double-digit growth in
revenue  and  income,  supported  by  a  strong  balance  sheet.  While  we  are
disappointed  in not  achieving  our  $30  million  target,  it was not due to a
slowdown in business  activity.  Under the  percentage of  completion  method of
accounting,  revenue is derived when  material and services are purchased by the
Company  from  subcontractors.  During the fourth  quarter,  the amount of these
purchases  was  less  than   anticipated,   which   therefore   lowered  revenue
recognition."

Mr. Fred  concluded,  "We remain  optimistic  about the outlook for the Company.
Indicative of the healthy business environment in which we are participating, in
2003 CPI was granted 350 new contracts, a 23% increase over last year, and total
contract  awards for 2003 reached $31.1  million,  a 27% increase over 2002. Our
business  pipeline remains strong as we continue our pursuit of larger contracts
for the C-5A  Galaxy  cargo jet as well as other  military  aircraft.  We remain
confident  that  our  longstanding  relationship  with the  military  gives us a
competitive advantage in the bidding process."

The Company plans to issue its fourth  quarter and year-end 2003 results in late
March,  2003 at which time  management  will conduct a conference call to review
financial results.

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 September 30, 2003.

Contact:    Edward Fred                              Investor Relations Counsel
            President & CEO                          The Equity Group Inc.
            CPI Aerostructures, Inc.                 Sarah Torres (212) 836-9611
            (631) 586-5200                           Linda Latman (212) 836-9609
             www.cpiaero.com                         www.theequitygroup.com


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