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CPI Aerostructures Inc . (NYSE American:NYSE:CVU), a manufacturer of aircraft parts with a market capitalization of $43.65 million and a solid financial health rating according to InvestingPro, has announced a change in its independent registered public accounting firm. The company maintains strong liquidity with a current ratio of 1.65, indicating its ability to meet short-term obligations effectively. Effective immediately, Marcum LLP has resigned from its role as the company’s auditor as of April 24, 2025. Marcum had been serving as CPI Aerostructures’ auditor since June 17, 2024, and was responsible for auditing the company’s consolidated financial statements for the fiscal year ended December 31, 2024.
The resignation followed the acquisition of Marcum’s attest assets by CBIZ (NYSE:CBZ) CPAs, P.C. on November 1, 2024, which saw most of Marcum’s attestation service staff join CBIZ CPAs. This change was not due to any disagreements regarding accounting principles or practices, financial statement disclosure, or auditing scope or procedures that would have warranted a mention in Marcum’s audit report.
For the fiscal year ended December 31, 2024, and the interim period leading up to April 24, 2025, there were no disagreements or reportable events between CPI Aerostructures and Marcum. Marcum’s audit report for the fiscal year 2024 did not contain any adverse opinion or disclaimer and was not qualified or modified regarding uncertainty, audit scope, or accounting principles.
Following Marcum’s resignation, CPI Aerostructures’ Audit and Finance Committee has approved the engagement of CBIZ CPAs as the new independent registered public accounting firm for the fiscal year ending December 31, 2025. The company, which trades at a P/E ratio of 13.3 and has seen a year-to-date decline of 17.28% in its stock price, remains profitable over the last twelve months. Discover more detailed financial insights and additional ProTips with InvestingPro. The company confirms that there were no consultations with CBIZ CPAs regarding the application of accounting principles to a specified transaction, audit opinions on the consolidated financial statements, or any matter that was a subject of disagreement or a reportable event during the fiscal year 2024 and up to the engagement date.
A letter from Marcum LLP, dated April 24, 2025, addressed to the Securities and Exchange Commission, has been filed as Exhibit 16.1 with the Form 8-K, confirming their agreement with the statements made by CPI Aerostructures in the report. This transition in auditors is based on information disclosed in a recent SEC filing by CPI Aerostructures. Investors looking for deeper insights can track the company’s next earnings report, scheduled for May 9, 2025, through InvestingPro’s comprehensive financial calendar and analysis tools.
In other recent news, CPI Aerostructures has reported significant developments impacting its operations and strategic growth. The company has secured $7 million in orders for the overhaul and repair of stabilator assemblies for the Sikorsky MH-60 SEAHAWK helicopter, as part of an ongoing contract with Sikorsky. This advancement underscores CPI Aero’s expertise in airframe structural assembly and its strategic focus on the Repair & Overhaul business sector. Additionally, CPI Aerostructures has extended its lease for its Edgewood, New York facility through 2031, ensuring continued operations at the site. The lease amendment will see annual rent increases, starting at $181,782.03 in 2026 and rising to $204,597.28 by 2030. This extension reflects the company’s long-term commitment to its operational base and provides a stable cost structure for its facility. These recent developments highlight CPI Aerostructures’ ongoing efforts to maintain and expand its role in the aerospace industry.
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