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Air Industries Group Announces: Second Quarter Financial Results and Conference Call

August 15, 2017 – 08:30am EDT

Hauppauge, NY — (Globe Newswire – August 15, 2017) –

Air Industries Group (NYSE: AIRI) – Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced financial results for the three and six months ended June 30, 2017.

Mr. Peter Rettaliata, Acting CEO of Air Industries Group commented: “The completion of our stock offering in early July has enabled us to dramatically reduce our accounts payable. This has greatly improved our balance sheet and has increased the confidence of our suppliers and our customers. We have announced a restructuring that will convert more debt and all of our preferred stock outstanding to common stock. When this is completed our balance sheet will be even stronger.

“Our short-term goal is to dramatically increase production, particularly in our Complex Machining Segment where we have a “past-due” balance of parts with firm purchase orders totaling nearly $ 10 million. To accomplish this we are actively recruiting additional machinists and accelerating the combination of the two companies in that segment into one. The additional capital from our public offering will enable us to complete this transition which will reduce costs and increase operating efficiencies.

“Increasing the through-put in all of our factories, operating more efficiently and the recent completion of some low-profit projects which constrained our gross profit, should enable us to expand our gross profit, both in dollars and as a percentage of sales for the balance of the year. Increasing gross profit is a prerequisite to profitability and increased EBITDA.

“Our goal for 2017 is increasing sales each quarter. Our revenue for the second quarter was approximately 13% higher than the first quarter. Our 18-month fully funded backlog remains firm at nearly $100 million and we continue to quote and win new business.”

Financial Results for the Three Months Ended June 30, 2017:

For the three months ended June 30, 2017:

• Consolidated net sales were $17,084,000, a decrease of $(2,279,000) or (11.7%) compared to consolidated net sales of $19,363,000 for the comparable period last year. Net sales for the three months of 2016 included sales of $1,315,000 at AMK, which was sold in January 2017. Comparable net sales declined $(965,000) or approximately (5%).
• Consolidated gross profit was $2,919,000, or approximately 17.1 % of sales for the three months ended June 30, 2017 compared to $4,155,000 or approximately 21.4% of sales for the comparable period last year.
• Consolidated operating expenses were $4,117,000 for the three months ended June 30, 2017, a decrease of $(65,000) or (1.5%) compared to $4,182,000 for the comparable period last year.

For three months ended June 30, 2017 consolidated operating loss was $(1,198,000) an increase of $(1,171,000) from consolidated operating loss of $(27,000) for the comparable period last year. Consolidated net loss was $(1,972,000) compared with $(252,000) for the comparable period last year.

Financial Results for the Six Months Ended June 30, 2017:

For the six months ended June 30, 2017:

• Consolidated net sales were $33,237, 000, a decrease of $(1,310,000) or (3.8%) compared to consolidated net sales of $34,547,000 for the comparable period last year. Net sales for the six months of 2016 included sales of $ 2,298,000 at AMK, which was sold in January 2017. Comparable net sales increased by approximately $571,000 or approximately 1.7%.
• Consolidated gross profit was $5,621,000 or approximately 16.9% of sales for the six months ended June 30, 2017 compared to $6,976,000 or approximately 20.2% of sales for the comparable period last year.
• Consolidated operating expenses were $7,338,000 for the six months ended June 30, 2017, a decrease of $(1,256,000) or (14.6%) compared to $8,594,000 for the comparable period last year.

For six months ended June 30, 2017 consolidated operating loss was $(1,717,000) an increase of $(99,000) from consolidated operating loss of $(1,618,000) for the comparable period last year. Consolidated net loss was $(3,126,000) compared with a consolidated net loss of $(1,682,000) for the comparable period last year.

Air Industries Management will be conducting a conference call on Tuesday, August 15, 2017 at 4:00pm EDT:

Phone number: 866-466-4414
Conference Code 294-2906 Participants pass-code 269-240

ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact Information
Air Industries Group
631.881.4913
ir@airindustriesgroup.com

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Air Industries Group Announces Pricing of its Common Stock

HAUPPAUGE, NY. – July 7, 2017 – Air Industries Group (NYSE MKT: AIRI “Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, today announced the pricing of an underwritten public offering of 4,500,000 newly issued shares of its common stock at a price to the public of $1.50 per share. The gross proceeds to Air Industries from this offering are expected to be approximately $6.75 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the offering, Air Industries has granted to the representative of the underwriters a 30-day over-allotment option to purchase up to an additional 675,000 shares of common stock. The offering is expected to close on or about July 12, 2017, subject to customary closing conditions.

Air Industries intends to use the net proceeds received from the sale of the common stock to pay a portion of its outstanding trade payables, redeem a portion of its outstanding convertible notes, and for general corporate purposes, including for working capital.

Roth Capital Partners is acting as the sole book-running manager for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NasdaqCM: NHLD), is acting as co-manager.

The shares of common stock are being offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-217582), including a preliminary prospectus, previously filed with and declared effective by the Securities and Exchange Commission (SEC) on July 6, 2017. The preliminary prospectus is available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus may be obtained from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147.

A final prospectus describing the terms of the offering will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Air Industries Group, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Air Industries Group
Air Industries Group (NYSE MKT: “Air Industries” or “the Company”) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Examples of such statements include, but are not limited to, statements relating to the completion of the offering, the grant of an over-allotment option and use of proceed from the offering. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including any difficulty in obtaining additional financing to meet the Company’s business requirements and service its debt, difficulty in developing, manufacturing, marketing or selling the Company’s products, any failure to maintain and further establish relationships with distributors and other partners, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse decisions by regulatory agencies and other third parties and other factors described in the “Risk Factors” section of the prospectus and the Company’s most recent Annual Report on Form 10-K.. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

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Air Industries Group Announces Pricing of its Common Stock

HAUPPAUGE, NY. – July 7, 2017

Air Industries Group (NYSE MKT: AIRI “Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, today announced the pricing of an underwritten public offering of 4,500,000 newly issued shares of its common stock at a price to the public of $1.50 per share. The gross proceeds to Air Industries from this offering are expected to be approximately $6.75 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the offering, Air Industries has granted to the representative of the underwriters a 30-day over-allotment option to purchase up to an additional 675,000 shares of common stock. The offering is expected to close on or about July 12, 2017, subject to customary closing conditions.

Air Industries intends to use the net proceeds received from the sale of the common stock to pay a portion of its outstanding trade payables, redeem a portion of its outstanding convertible notes, and for general corporate purposes, including for working capital.

Roth Capital Partners is acting as the sole book-running manager for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NasdaqCM: NHLD), is acting as co-manager.

The shares of common stock are being offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-217582), including a preliminary prospectus, previously filed with and declared effective by the Securities and Exchange Commission (SEC) on July 6, 2017. The preliminary prospectus is available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus may be obtained from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147.

A final prospectus describing the terms of the offering will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Air Industries Group, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Air Industries Group
Air Industries Group (NYSE MKT: “Air Industries” or “the Company”) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Examples of such statements include, but are not limited to, statements relating to the completion of the offering, the grant of an over-allotment option and use of proceed from the offering. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including any difficulty in obtaining additional financing to meet the Company’s business requirements and service its debt, difficulty in developing, manufacturing, marketing or selling the Company’s products, any failure to maintain and further establish relationships with distributors and other partners, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse decisions by regulatory agencies and other third parties and other factors described in the “Risk Factors” section of the prospectus and the Company’s most recent Annual Report on Form 10-K.. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

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Air Industries Group Announces Preliminary (Unreviewed) Revenue Results for the Quarter ended June 30, 2017

Hauppauge, NY — (Globe Newswire – July 5, 2017 –

Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced preliminary revenue of approximately $ 17 million for the second quarter ended June 30, 2017. Revenue for the second quarter was in line with Air Industries’ published revenue guidance for the quarter. Revenue for the second quarter was approximately 13% higher than for the first quarter of 2017.

Mr. Peter Rettaliata, CEO of Air Industries commented: “Our sales results for the second quarter are very encouraging. Sales over $ 7 million for the month of June were particularly encouraging. The Bridge Loan investment in May provided much needed liquidity enabling the acceleration of sales. I would like to thank all our employees for their hard work and our suppliers and customers for their continuing support.”

ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact Information
Air Industries Group
631.881.4913
ir@airindustriesgroup.com

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Air Industries Group Announces Improved Financial Operating Results and Positive EBITDA for the First Quarter of 2017

Hauppauge, NY — (Globe Newswire – May 30, 2017) –

Air Industries Group (NYSE MKT: AIRI) – Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced improved financial operating results and a positive EBITDA (defined as operating loss plus depreciation and amortization) of approximately $ 500,000 for the first quarter ended March 31, 2017.

Management will be conducting a conference call this afternoon:

Tuesday, May 30, 2017 at 4:30pm Eastern Time.

Dial-In:   1-800-967-7149      Conference Code:   [ 248 614 ]

Revenue for the quarter was $16.2 million, an increase of approximately $969,000 or 6.4% from approximately $15.2 million in the prior year. Excluding AMK Welding, which was sold at the end of January 2017, revenue for the quarter increased by approximately 10%. Loss from operations was $(519,000), an improvement of approximately $ 1.1 million from a loss of $(1.6) million in the prior year. Net loss before tax was ($1.2) million, an improvement of approximately $932,000 from a loss of approximately ($2.1) million in the prior year.

The decrease in the loss from operations resulted from a significant decrease in operating costs, which offset a modest decline in gross profit from operations. Gross profit from operations was $ 2.7 million a decrease of $ (119,000) or (4.2%) from $ 2.8 million for the prior year. Operating costs were $ 3.2 million, a reduction of $(1.2) million compared to $ 4.2 million in the prior year. The decrease in operating costs resulted primarily from a reduction in corporate overhead and to a lesser degree the elimination of operating costs at AMK for two months of 2017.

Mr. Peter Rettaliata, Chief Executive Officer of Air Industries commented: “The improvements in revenue and the reduction in our loss for the first quarter are very encouraging. While our gross profit remains subdued due to production volumes that are below historical levels our cost containment program has more than compensated. We look forward to increasing revenue and improving profit in the coming quarters.”

 Mr. Michael Taglich, Chairman of the Board of Air Industries commented: “The improvement in our profitability and positive Ebitda on just $ 16 million in sales is heartening. Our gross profit margin remains subdued from suboptimal through-put in our factories. As we ramp up production, the leverage in EBITDA as a percentage of sales should prove fairly dramatic. We have previously issued revenue guidance of $ 18 million for the second quarter; while this is not out of reach it is more likely that revenue for the quarter will be closer to $ 17 million.

 

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

Air Industries Group

631.881.4913

ir@airindustriesgroup.com

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Air Industries Group Announces Receipt of a Listing Deficiency Letter from NYSE MKT Concerning Failure to File Quarterly Report on Form 10-Q

Hauppauge, NY — (Globe Newswire – May 24, 2017) –

Air Industries Group (NYSE MKT: AIRI) (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced today that, on May 23, 2017, the Company received notice from the staff of NYSE MKT LLC (the “NYSE” or the “Exchange”) that it was not in compliance with Sections 134 and 1101 of the NYSE Company Guide, as a result of the Company’s inability to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2017.  The letter also states that the Company’s failure to timely file such Quarterly Report on Form 10-Q is a material violation of its listing agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and, unless prompt corrective action is taken, remove the Company’s securities from the Exchange.

The Exchange has informed the Company that, in order to maintain its listing on the Exchange following the failure to timely file the Quarterly Report on Form 10-Q, the Company must, by June 23, 2017, submit a plan of compliance (the “Plan”) addressing how it intends to regain compliance with Sections 134 and 1101 of the Company Guide by November 23, 2017 (the “Plan Period”).

If the Plan is accepted, the Company will be able to continue its listing during the Plan Period, during which time the Company will be subject to periodic review to determine whether it is making progress consistent with the Plan. The letter from the Exchange advised that if the Company is not in compliance with the continued listing standards of the Company Guide by November 23, 2017 with respect to the delayed Quarterly Report on Form 10-Q, or if the Company does not make progress consistent with the Plan during the Plan Period, then the Exchange staff will initiate delisting proceedings as appropriate.

 

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

The Company uses EBITDA as a supplemental liquidity measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies.

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

Air Industries Group

631.881.4913

ir@airindustriesgroup.com

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Air Industries Group Announces 2nd Closing of Bridge Loan and Delay in Filing of Form 10-Q

Hauppauge, NY — (Globe Newswire – May 23, 2017) – NYSE MKT: AIRI:

Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced the second closing of an offering of Bridge Loans.

The Company closed on the sale of approximately $1,069,000 of Convertible Notes on Friday, May 19th, which yielded gross proceeds to the Company of approximately $1,038,000.  Coupled with the $3,089,000 of Bridge Notes sold on May 12th, the Company sold Bridge Notes in the aggregate principal amount of $4,158,624, from which it derived gross proceeds (net of cancellation of indebtedness totaling $1,503,288 advanced on May 2nd and May 10th by Michael and Robert Taglich) of $2,534,196.  The placement of the Bridge Loans was arranged by Taglich Brothers and Roth Capital Partners.  The net proceeds will be used for working capital, primarily to accelerate payments to the Air Industries’ suppliers.

 

The Company separately announced today that there will be a delay in the filing of its Form 10-Q for the three months ended March 31, 2017.  The Company anticipates filing its Form 10-Q no later than Friday, May 26, 2017.
Separately, Air Industries announced that revenues for the three months ended March 31, 2017, inclusive of revenues of approximately $416,000 — generated by AMK before its sale in January, were in excess of $16 million, approximately one million more than in the first quarter of 2016. The Company expects to report a smaller loss than that reported in the first quarter of 2016, together with positive EBITDA for the period.

 

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

The Company uses EBITDA as a supplemental liquidity measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies.

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

Air Industries Group

631.881.4913

ir@airindustriesgroup.com

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Air Industries Group Announces Closing of Bridge Loan in Anticipation of Public Offering

Hauppauge, NY — (Globe Newswire) – May 15, 2017

Air Industries Group (NYSE MKT: AIRI) – Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announces closing of a Bridge Loan in anticipation of a public offering of its common stock.

The Company closed on the sale of approximately $3,000,000 Convertible Notes on Friday, May 12th, which, net of $1,500,000 previously advanced by Michael Taglich and Robert Taglich yielded gross proceeds to the Company of approximately $1,500,000.  The proceeds of the Bridge Loan, which was arranged by Taglich Brothers and Roth Capital Partners will be used for working capital.

Peter Rettaliata, CEO of Air Industries commented: “Air Industries has developed and is aggressively executing a plan to, accelerate deliveries to its customers, and return the Company to profitability. This investment, to be supplemented by the proceeds of the public offering anticipated to occur in early June will provide much needed liquidity to Air Industries, accelerating our return to profitability. We would like to thank both Taglich Brothers and Roth Capital for their continued support of Air Industries.”

 Michael Taglich, Chairman of the Board of Air Industries commented: Air Industries has a funded backlog of over $100 million. This temporary loan is a way for the company to speed a down payment to our loyal suppliers and to continue the momentum of the recovery of the business. Our plan is to resolve the balance of these issues to our very patient supply chain shortly. As my brother and I were a substantial part of this temporary bridge, we are putting our money where our mouths are, so to speak.”

 This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have or will be filed with the SEC.

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

Air Industries Group

631.881.4913

ir@airindustriesgroup.com

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Air Industries Group Makes NYSE MKT Section 610(b) Public Announcement

Hauppauge, NY — (Globe Newswire – April 28, 2017 – Air Industries Group (NYSE MKT: AIRI)

Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, today announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2016, which was filed on April 19, 2017 with the Securities and Exchange Commission, its audited financial statements contained an unqualified audit opinion from its independent registered public accounting firm that included a going concern emphasis of matter paragraph.  See further discussion in footnote 1 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K.

This announcement is made pursuant to NYSE MKT Company Guide Section 610(b), which requires separate public announcement of the receipt of an audit opinion containing a going concern paragraph.  This announcement does not represent any change or amendment to the Company’s consolidated financial statements or to its Annual Report on Form 10-K for the year ended December 31, 2016.

Separately, Air Industries reiterated that while the Company’s revenue declined during 2016 due to production inefficiencies, Air Industries’ funded 18-month backlog (Air Industries only includes firm orders in calculating backlog) increased significantly during 2016 by $18 million to a total of $90 million at December 31, 2016, and continued to grow, reaching a funded 18-month backlog of new orders totaling $98 million at the end of the first quarter of 2017.  The Company is particularly pleased to have been awarded a new five (5) year contract with Sikorsky Aircraft, one of its largest and oldest customers.  The Company is also encouraged by the fact that its Sterling Engineering subsidiary, which struggled during 2016, has received several million dollars of orders for new products and has recently received orders for several legacy products that were missing in 2016.  The Company also anticipates the return of a significant contract from Raytheon, which is received in alternate years.

The Company further confirmed that for the first quarter of 2017, excluding its AMK subsidiary which was sold in January 2017, revenue from continuing operations was $16.4 million, an increase of $2.2 million or more than 17% over the prior year’s first quarter.  Based upon orders in house and current production schedules, Air Industries anticipates revenues of $18, $19 and $20 million for the second, third and fourth quarters of 2017 respectively; with total annual revenue of approximately $73.5 million.

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

 

Contact Information

Air Industries Group

631.881.4913

ir@airindustriesgroup.com

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Air Industries Group (the “Company” or “Air Industries”) Announces Resignation of Daniel R. Godin as Chief Executive Officer

Hauppauge, NY — (Marketwired – March 3, 2017 – Air Industries Group (NYSE MKT: AIRI))

Air Industries Group (NYSE MKT: AIRI), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced today that Daniel R. Godin has resigned as Chief Executive Officer.

Mr. Godin will remain with the Company until March 24th to assist in the transition. Effective immediately Peter Rettaliata will assume responsibility as Acting CEO and Michael Brand will assume responsibility as Chief Operating Officer.  Mr. Rettaliata and Mr. Brand currently serve as Directors of the Company, and Mr. Rettaliata previously served as CEO until December 2014.

Peter D. Rettaliata served as Air Industries President and Chief Executive Officer for nearly 20 years. Prior to Air Industries Mr. Rettaliata was with Grumman Aerospace Corporation for twenty-two years and was the Senior Procurement Officer. Professionally, Mr. Rettaliata has served as the Chairman of “ADDAPT”, an organization of regional aerospace companies, as a member of the Board of Governors of the Aerospace Industries Association, and as a member of the Executive Committee of the AIA Supplier Council.

Michael Brand was the President of Goodrich Landing Gear, a unit of Goodrich Corporation, from July 2005 to June 2010, and then Goodrich Corporate VP of 787 Entry into Service. Prior to joining Goodrich for over 25 years he held senior management positions in the Aerospace industry. He began his career at General Electric Corporation and rose to senior management in its jet engine manufacturing operations.

Mr. Michael Taglich, Chairman of the Board of Air Industries commented: “The Board of Directors and all of Air Industries thanks Dan Godin for his efforts and wishes him success in his future endeavors. I am very confident that Peter Rettaliata and Michael Brand who each have deep understanding of Air Industries and extensive Aerospace industry experience will successfully lead the Company during this period. We are also encouraged by our revenue results for the first two months of this year.”

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries operates in three segments: Complex Machining of aircraft landing gear and flight controls, Aerostructures & Electronics, and Turbine & Engine products.

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

Air Industries Group

631.881.4913

ir@airindustriesgroup.com

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