UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Providenti, A. C.
12 Matinecock Avenue
Port Washington, NY 11050
USA
2. Issuer Name and Ticker or Trading Symbol
CPI Aerostructures, Inc.
CVU
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
April 1, 2003
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Option to purchase Com|$6.45 |4/1/0|A |-|5,000 -- |A,D|4/1/0|3/31/|Common Share|5,000 |$6.45 |5,000 |D |-- |
mon Shares | |3 | |-| | |3 |08 |s | | | | | |
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Option to purchase Com|$6.45 |4/1/0|A |-|15,000 -- |A,D|(1) |3/31/|Common Share|15,000 |$6.45 |15,000 |D |-- |
mon Shares | |3 | |-| | | |08 |s | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) These options shall vest on April 1, 2004, as long as Mr. Providenti is
serving as Chairman of CPI Aerostructures, Inc.'s Audit Committee on such
date.
SIGNATURE OF REPORTING PERSON
By Edward J. Fred on behalf of A. C. Providenti
DATE
April 2, 2003