<SEC-DOCUMENT>0001387131-18-003746.txt : 20180808
<SEC-HEADER>0001387131-18-003746.hdr.sgml : 20180808
<ACCEPTANCE-DATETIME>20180807204954
ACCESSION NUMBER:		0001387131-18-003746
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180808
DATE AS OF CHANGE:		20180807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		18999600

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cvu-8k_080718.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<HR ALIGN="CENTER" NOSHADE STYLE="color: Black; width: 30%; height: 1pt; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): <U>August 8, 2018</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CPI
AEROSTRUCTURES, INC.</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Registrant as Specified in Charter)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 34%; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>New
    York</U></FONT></TD>
    <TD STYLE="width: 33%; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>001-11398</U></FONT></TD>
    <TD STYLE="width: 33%; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>11-2520310</U></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
        or Other Jurisdiction</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
        Incorporation)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
        Number)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
        Employer</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
        No.)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 67%; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>91
    Heartland Boulevard, Edgewood, New York</U></FONT></TD>
    <TD STYLE="width: 33%; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>11717</U></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(631)
586-5200</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&#8217;s
Telephone Number, Including Area Code)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Not
Applicable</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
Name or Former Address, if Changed Since Last Report)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company &#9744;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    2.02.</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Results of Operations
    and Financial Condition.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2018, the Registrant issued a press release announcing its financial results for the quarter ended June 30, 2018.
The press release is attached to this Form 8-K as Exhibit 99.1.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed &#8220;filed&#8221; for
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure
document of the Registrant, except as shall be expressly set forth by specific reference in such document.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1in; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.01.</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial Statement
    and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;Exhibits:</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 97.5pt; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    Release dated August 8, 2018, reporting the Registrant&#8217;s financial results for its quarter ended June 30,
    2018.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>









<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURE</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;
August 8, 2018</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI AEROSTRUCTURES,
    INC.</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 52%; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Vincent
    Palazzolo</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vincent Palazzolo</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT
INDEX</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">99.1</A></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    Release dated August 8, 2018, reporting the Registrant&#8217;s financial results for its quarter ended June 30,
    2018</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="cvu-8k_080718.htm">CPI AEROSTRUCTURES, INC. 8-K</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B>&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="cvu8k080318_001.jpg" ALT="" STYLE="height: 39pt; width: 172.5pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>CPI
AEROSTRUCTURES ANNOUNCES 2018 SECOND QUARTER </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: -9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FINANCIAL
RESULTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I>-
2Q&rsquo;18 EPS Up 56%; 1H18 EPS Up 22% - </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>EDGEWOOD,
N.Y. &ndash; August 8, 2018 &ndash;</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI
Aerostructures, Inc. (&ldquo;CPI Aero&reg;&rdquo;, or &ldquo;the Company&rdquo;) (NYSE American: CVU) today announced
financial results for the three-month and six-month periods ended June 30, 2018. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Note:</B>&nbsp;Effective
January 1, 2018, the Company adopted Accounting Standards Codification Topic 606 Revenue from Contracts with Customers (&ldquo;ASC
606&rdquo;) using the modified retrospective method. None of the Company&rsquo;s contracts&rsquo; revenue recognition changed
materially as a result of the adoption of ASC 606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>2Q
2018 vs. 2Q 2017</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Revenue
                                         was $20.3 million compared to $16.7 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gross
                                         profit was $4.6 million compared to $3.7 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gross
                                         margin was 22.6% compared to 22.0%;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pre-tax
                                         income was $1.6 million compared to $1.2 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Net
                                         income was $1.3 million compared to $0.8 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Earnings
                                         per diluted share were $0.14 per diluted share compared to $0.09 per diluted share; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
                                         flow from operations was $(1.0) million compared to $1.8 million; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Total
                                         backlog at $360.2 million with multi-year defense contracts comprising 79%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>1H
2018 vs. 1H 2017 </U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Revenue
                                         was $38.5 million compared to $36.8 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gross
                                         profit was $8.6 million compared to $8.2 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gross
                                         margin was 22.5% compared to 22.4%;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pre-tax
                                         income was $3.2 million compared to $3.2 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Net
                                         income was $2.5 million compared to $2.0 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Earnings
                                         per diluted share of $0.28 compared to $0.23 per diluted share; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
                                         flow from operations was $(3.6) million compared to $(1.1) million. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;We
delivered another solid performance in the second quarter highlighted by higher revenue sequentially and year-over-year and the
fifth consecutive quarter of EPS profitability that underscores our growing reputation as an efficient supply chain partner to
the defense industry and continued focus on operational excellence,&rdquo; said Douglas McCrosson, president and CEO. &ldquo;We
are particularly pleased to deliver growth for the quarter and first half of the year that exceeded our plans in light of the
uncertain defense spending environment entering 2018 that was resolved with the recent passage of the 2018 Omnibus Spending Bill.
The Bill provides funding for almost all of our customers&rsquo; key programs and new programs are already starting and delivery
orders are beginning to flow to us. In our commercial segment, we secured a long-term supply agreement on the new HondaJet Elite
business jet, an award that speaks to our ability to innovate, design and engineer alongside our customers. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;With
defense budgets funded we anticipate a stronger second half to the year in terms of revenue, profitability and cash flow from
operations and expect to be cash flow positive for the year. Having attended the recent 2018 Farnborough International Airshow
and engaged current and prospective customers, it is clear that our capabilities are aligned with rising demand for our customer&rsquo;s
products, particularly to the defense market, that is forming a robust opportunity set for us. Looking ahead to 2019, the 2019
defense budget provides funding for our key military platforms, including the F-35, UH-60, E-2D, and Next Generation Jammer. We
also anticipate the allocation of significant funds for the A-10 Wing Replacement Program with the signing of the 2019 defense
bill later this year for which we are uniquely positioned support the winning prime contractor. These and other defense opportunities
in our bid pipeline give us multi-year line-of-sight to top- and bottom-line growth,&rdquo; concluded Mr. McCrosson. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">CPI Aero Q2&rsquo;18 Earnings Press Release&#9;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">Page 2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>August 8, 2018</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Updated
FY18 Financial Outlook</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
the Company has previously disclosed, the acquisition of Welding Metallurgy, Inc. (&ldquo;WMI&rdquo;), which management
expected to close in the second quarter, is now in litigation before the Supreme Court of the State of New York, County of
New York, to, among other things, compel WMI to provide information required to proceed with the closing of the acquisition.
On July 31st, the Company filed a preliminary injunction motion that seeks a court order directing WMI&rsquo;s parent, Air
Industries Group, to furnish the Company with all previously requested financial, operating, and other data and information
relating to WMI. The Court has scheduled oral arguments for the preliminary injunction motion for August 13. In our first
quarter earnings press, it was noted that the 2018 financial guidance provided included contributions from WMI. The Company
is optimistic that it will prevail in the litigation, but there is still uncertainty, and therefore, we are providing
stand-alone financial guidance for 2018 that excludes the acquisition of WMI:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Revenue
                                         in the range of $82.0 million and $85.0 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pre-tax
                                         income in the range of $8.0 million to $8.2 million; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.5pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
                                         effective tax rate in the range of 19% to 21%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Conference
Call</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<FONT STYLE="background-color: white">Management will host a conference call on Wednesday, August 8, 2018, at 8:30 a.m. ET to discuss
these 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 844-378-6486 or 412-542-4181. Please call in 10 minutes before the conference call
is scheduled to begin and ask for the CPI Aero call. The conference call will also be broadcast live over the Internet. Additionally,
a slide presentation will accompany the conference call. To listen to the live call, please go to www.cpiaero.com, click on the
Investor Relations section, then to the Event Calendar. Please go to the website 15 minutes early to download and install any
necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately
90 days.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B><U>About
CPI Aero</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">CPI
Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance
and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure
supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI
also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations,
CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell
Microcap&reg; Index.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
above statements include forward looking statements that involve risks and uncertainties, which are described from time to time
in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2017, and Form 10-Q for the three-month
periods ended March 31, 2018 and June 30, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">CPI
Aero&reg; is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 2.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Vincent
    Palazzolo</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Relations Counsel:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Chief Financial Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LHA</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI Aero</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jody Burfening/Sanjay M. Hurry</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(631) 586-5200</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212) 838-3777</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.cpiaero.com</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cpiaero@lhai.com</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.lhai.com</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 2.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ndash;
Tables to Follow &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR STYLE="clear: both">
</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">CPI Aero Q2&rsquo;18 Earnings Press Release&#9;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">Page 3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>August 8, 2018</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPI
AEROSTRUCTURES, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENTS
OF INCOME</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center"><FONT STYLE="color: Black">For the Three Months
    Ended</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center"><FONT STYLE="color: Black">For the Six Months
    Ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">June 30,</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: purple; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2018</FONT></TD><TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: purple; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2018</FONT></TD><TD STYLE="color: purple; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: purple; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Unaudited)</FONT></TD><TD STYLE="color: purple; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: purple; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">Revenue</FONT></TD><TD STYLE="width: 3%; color: purple">&nbsp;</TD>
    <TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; color: purple; text-align: right"><FONT STYLE="color: Black">20,261,239</FONT></TD><TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 3%; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; color: purple; text-align: right"><FONT STYLE="color: Black">16,731,951</FONT></TD><TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 3%; color: purple">&nbsp;</TD>
    <TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; color: purple; text-align: right"><FONT STYLE="color: Black">38,452,862</FONT></TD><TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 3%; color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; color: purple; text-align: right"><FONT STYLE="color: Black">36,764,652</FONT></TD><TD STYLE="width: 1%; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Cost of sales</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">15,676,421</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">13,048,203</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">29,818,176</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">28,543,390</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">Gross profit</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">4,584,818</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,683,748</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">8,634,686</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">8,221,262</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Selling,
    general and administrative expenses</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">2,557,759</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">2,002,198</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">4,607,599</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">4,166,076</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">Income from operations</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,027,059</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,681,550</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">4,027,087</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">4,055,186</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Interest
    expense</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">416,834</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">465,903</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">864,097</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">856,238</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">Income before provision for</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;income taxes</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,610,225</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,215,647</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,162,990</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">3,198,948</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Provision
    for income taxes</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">353,000</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">450,000</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">649,000</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: purple; text-align: right"><FONT STYLE="color: Black">1,184,000</FONT></TD><TD STYLE="padding-bottom: 1pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">Net income</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,257,225</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">765,647</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,513,990</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,014,948</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">Other comprehensive income (loss)
    net of</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">tax &ndash; Change in unrealized gain (loss)
    on <BR>interest rate swap</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">20,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">14,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; text-align: left; padding-left: 5.4pt"><FONT STYLE="color: Black">Comprehensive income</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">1,277,825</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">764,647</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,528,790</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">2,019,148</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Income per common share &ndash;
    basic</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.14</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.09</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.28</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.23</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: purple; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple">&nbsp;</TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: purple; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Income per common share &ndash;
    diluted</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.14</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.09</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.28</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: purple; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: purple; text-align: right"><FONT STYLE="color: Black">0.23</FONT></TD><TD STYLE="padding-bottom: 2.5pt; color: purple; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">CPI Aero Q2&rsquo;18 Earnings Press Release&#9;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">Page 4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>August 8, 2018</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPI
AEROSTRUCTURES, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BALANCE
SHEETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">June 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-left: 13.5pt">Cash</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,032,098</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,430,877</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20.5pt; text-indent: -7pt">Accounts receivable, net of allowance for doubtful accounts of $150,000 as of <BR>June 30, 2018 and December 31, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,390,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,379,821</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 13.5pt">Contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,180,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,158,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Prepaid expenses and other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,697,349</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,413,187</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Total current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">124,300,447</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">120,382,436</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,581,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,046,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Deferred income taxes, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,566,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">156,214</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">188,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">127,848,985</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">124,184,499</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 13.5pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,248,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,129,872</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt">Accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,173,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,911,421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 13.5pt">Contract liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">583,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt">Current portion of long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,370,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,009,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 13.5pt">Line of credit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,338,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,838,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt">Income tax payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">109,327</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 13.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Total current liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,714,498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">42,244,635</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Long-term debt, net of current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,220,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,019,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">566,506</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">607,063</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total Liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">50,501,233</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">49,871,166</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Shareholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20.5pt; text-indent: -7pt; white-space: nowrap">Common stock - $.001 par value; authorized 50,000,000 shares, 8,938,491 and 8,864,319
    shares, <BR>
respectively issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,935</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,863</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 13.5pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,276,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,770,618</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt">Retained earnings&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,062,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,548,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 13.5pt; padding-bottom: 1pt">Accumulated other comprehensive loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Shareholders&rsquo; Equity</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">77,347,752</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">74,313,333</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total Liabilities and Shareholders&rsquo; Equity</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">127,848,985</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">124,184,499</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">###</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>cvu8k080318_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cvu8k080318_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !A 7X# 2(  A$! Q$!_\0
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M$?\ .N.NO]MC\C:G_ ?S/GNO3O@E_P C+J'_ %Y_^SK7F->G?!+_ )&74/\
MKS_]G6N[&?P)&%'^(CW*BBBOG#T@HHHH ***\Q\=?%.+27ETS0C'/>C*R7)^
M9(CZ#^\WZ#WZ5I2I3JRY8(F<U!79W.M^(])\.VWGZI>QP CY4)R[_P"ZHY->
M8:W\:YF+1:'IRHO:>[.2?H@.!^)/TKRN\O;O4KQ[F\GEN+B0Y9Y&+$UV/A[X
M5Z_K:)/<(NG6K#(>X'SD>R=?SQ7JQP="BN:L[G(ZU2;M!&3J'CSQ1J;$SZU=
M*I_A@;RE^F%Q6/)JFH2@B2^N7!ZAIF.?UKV[3_@QX?ME!O+B\O)._P XC4_@
M!G]:W;7X;^$;3&S1HG([RN\F?^^B13^O8>&D8_@A>PJ/=GS6\CR-ND=F/JQS
M5FUTO4+['V2QN;C/3RHF?/Y"OJ6UT+2++_CUTJR@_P"N5NB_R%:%9O,_Y8_B
M4L+W9\R6OP_\67F/*T.Z7/\ SV B_P#0B*VK7X/>*;C'FBRMO^NL^<?]\@U]
M T5C+,JKV21:PT.IXQ:_ ZZ8@W>MPQCN(H"_ZDBMJU^">B1X-UJ-_,1_<*(#
M^A/ZUZ;16,L;7?VC14*:Z'&6OPL\(6V"=-:9A_%+.Y_0$#]*V[7PGX>LL&WT
M2P1AT;[.I;\R,UL45C*M4EO)_>6H16R&1QQPH$C144=%48%/HHK,HY7XB:(V
MN^"[V"*-I+B$"XA51DEEZ@#N2NX?C53X:>$_^$:\/":YCVZA>@239'*+_"GX
M9R?<GTKM:*U5:2I>RZ7N1R+FY@HHHK(L**** /C^M[P3_P COHO_ %^1_P#H
M0K!K>\$_\COHO_7Y'_Z$*^HJ_!+T?Y'E1^)'U%1117RYZH4444 %%%% !6;X
MA_Y%K5?^O.;_ - -:59OB'_D6M5_Z\YO_0#50^)"ELSY1KHO E];:;XUTR\O
M)EAMXG8O(W1?D8?UKG:*^HG'FBXOJ>4G9W/IS_A/_"G_ $';3_OH_P"%'_"?
M^%/^@[:?]]'_  KYCHKS_P"S*?\ ,_P.CZU+L?3G_"?^%/\ H.VG_?1_PH_X
M3_PI_P!!VT_[Z/\ A7S'11_9E/\ F?X!]:EV/;_'_P 0] NO"UYINFW@N[JY
M C_=H=J#(R22,= >E>(445UT*$:,>6)C4J.;NST/X- GQO*0"<6<A/M\R5Z#
M\7O^1#E_Z^(_YUC_  =\+W.G076MWL+1-<H(K=7&&,><EL>A(7'T^E;'Q>_Y
M$.7_ *^(_P"=>;5FI8R-NECJ@FJ#N?/=>G?!+_D9=0_Z\_\ V=:\QKT[X)?\
MC+J'_7G_ .SK7H8S^!(YZ/\ $1[E1117SAZ0445S7C?Q3'X4\/2W8*F[E_=V
MT9[N>^/0=3^7>JA!SDHQW8FTE=G'_%+Q\^GA] TF8K<L/]*G0\QJ1]P>Y[GL
M/KQX[86%UJ=]#964+37$S;411R3_ (>]1332W-Q)/,[22RL6=V.2S'DDU] ?
M#7P2GAS2EU"\B_XFMTF6W#F%#R$'OW/OQVKVY.&#HV6_YLX$I5I^0[P3\-K#
MPU''>7RI=ZKU\PC*1'T0'O\ [77Z5W5%%>+4J2J2YI.[.Z,5%60456O+ZWL(
M1)</M!. !R3^%066LV=_/Y,#/OV[OF7%04:%%%% !160_B33D=E+N=IQD+Q2
M?\)-IW]Z3_OB@#8HK'_X2;3O[TG_ 'Q4EOKUE=7"01&0NYP!LH U**K7M]!8
M0"6=B%)VC R2:H?\)-IW]Z3_ +XH V**Q_\ A)M._O2?]\4?\)-IW]Z3_OB@
M#8HJM9WUO?Q&2W?< <$$8(-.NKN"RB\RXD"+T&>_T% $]%8__"3:=G[\G_?%
M'_"3:=_>D_[XH V**Q_^$FT[^])_WQ3X_$>FN2#,R?[R&@#Y4K>\$_\ ([Z+
M_P!?D?\ Z$*P:V?"=U!9>+=*NKF18H(KI'=VZ* >37U%3X'Z,\J/Q(^IZ*YO
M_A/_  I_T';3_OH_X4?\)_X4_P"@[:?]]'_"OF_8U/Y7]S/3YX]SI**YO_A/
M_"G_ $';3_OH_P"%'_"?^%/^@[:?]]'_  H]C4_E?W,.>/<Z2BN;_P"$_P#"
MG_0=M/\ OH_X4?\ "?\ A3_H.VG_ 'T?\*/8U/Y7]S#GCW.DK-\0_P#(M:K_
M -><W_H!JM8>+_#^J7L=G8ZK;SW,F=D:$Y; )/Z U9\0_P#(M:K_ -><W_H!
MI*,HS2DK VFG8^4:Z'P-I]KJOC/3;*]A$UM*[!XR2 PV,>WN*YZNJ^&W_)0M
M(_ZZ/_Z U?25G:G)KLSS(?$CVS_A6WA#_H"1?]_'_P#BJ/\ A6WA#_H"1?\
M?Q__ (JNJHKYWV]7^9_>>E[./8Y7_A6WA#_H"1?]_'_^*H_X5MX0_P"@)%_W
M\?\ ^*KJJ*/;U?YG]X>SCV.5_P"%;>$/^@)%_P!_'_\ BJNV'@SPWIDBRVFC
M6B2+RKLF]E^A;)%;M%)U:CT<G]X^2*Z!7!_%[_D0Y?\ KXC_ )UWE<'\7O\
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M )Y7/_?*_P"-2_\ ",Z=_=D_[[H_X1G3O[LG_?= $VGZU;ZE,T4,4P*KN)<
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M_P"15/#Z\TQJJJ*%50JJ,  8 %.HHKS#J"BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH \\US_CVC_P!_^E<;KG^IB_WC117J
MT.AR5#G;[_CQG_W#_*N6HHKTJ6QRR"BBBM20HHHH **** "BBB@ HHHH ***
M* "M[1/^/)_^NA_D***SJ?"5'<ZW0_\ 4R_[PKT?P[UL_I_0T45Y6)V9UTCK
MJ***\PZ@HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
/ **** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
