CPI Aerostructures profits rise
CPI Aerostructures Inc., the Edgewood-based aircraft parts maker, said Tuesday that its second-quarter profits jumped 71 percent, to $2.7 million, as it trimmed costs and increased sales. Revenue jumped 19.7 percent, to $20.8 million, during April, May and June as several of CPI's contracts to supply parts to companies including Gulfstream and Boeing have swung into full production. CPI's cost of sales dropped 14 percent as it is no longer laying out the expenses from the engineering and design changes to begin building the parts for those orders. "We are projecting a much better second half, as well, and a particularly strong fourth quarter, as our newest contracts begin to generate revenue and income," CPI Aero chief executive Edward J. Fred said. -- Joe Ryan
Kimco buys Conn. shop center
Kimco Realty announced on Tuesday it has acquired a shopping center in the affluent neighborhood of Wilton, Conn. The New Hyde Park-based real estate trust purchased the 97,000-square-foot center -- called Wilton Campus Shops -- from Kleban Properties for $39.7 million. The deal also includes $20.9 million of mortgage debt. The center is 98 percent occupied, with a Stop & Shop on nearly half of the property and some 20 smaller stores and restaurants taking up the rest of the space, Kimco said. -- Lisa Du
Freddie Mac posts $1.2B profit
Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn't requesting any additional federal aid for the period. The government rescued Freddie and larger sibling Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Taxpayers have spent about $170 billion to rescue Fannie and Freddie, the costliest bailout of the 2008 financial crisis. It could cost about $200 billion more to support the companies through 2014 after subtracting dividend payments, according to the government. This is the fifth quarter in which Freddie hasn't requested new federal aid since it was taken over in September 2008. McLean, Va.-based Freddie Mac requested $19 million in federal aid in the first quarter. The company received $7.6 billion for all of 2011 and $13 billion for all of 2010.
Credit card use down in June
Americans cut back on credit card use in June, further evidence that high unemployment and slow growth has made consumers more cautious about spending. Overall consumer borrowing rose because of increases in auto and student loans. The Federal Reserve says total borrowing increased 3 percent to $2.58 trillion in June from May. That's just below the all-time high reached in July 2008. Credit card debt fell 5 percent to $864.6 billion. That's only 1.6 percent above the post-recession low reached in April 2011. Americans have been relying less on credit cards since the 2008 financial crisis and Great Recession.
Apple says the next version of its software for the iPhone and iPad won't come with a preinstalled YouTube application. Users will be able to play YouTube videos in the Web browser, says Apple spokeswoman Trudy Muller. Google Inc., which owns YouTube, is also working on a downloadable app, she says. Muller says Apple Inc.'s license to include the YouTube app has expired, but did not explain why it hasn't been extended. Google says it's working with Apple to ensure a quality YouTube experience. Google has its own operating system for smartphones that compete with the iPhone. Apple has sued companies that use it, saying it copies features from the iPhone. In June, Apple said the next version of its operating system, iOS 6, will replace Google Maps with an Apple app. -- AP