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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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Air Industries Group Announces Financial Operating Results for 2016, Revenue for the First Quarter of 2017 and Full Year 2017 Revenue Guidance

April 18, 2017 – 4:30pm EST

Hauppauge, NY — (Globe Newswire) – April 18, 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 Financial Operating Results for the year ended December 31, 2016. Air Industries will file its Form 10-K for the year ended December 31, 2016, tomorrow, April 19, 2017.

While the Company experienced a dramatic increase in orders during 2016, revenue declined due to production inefficiencies. These production difficulties resulted in delays in introducing new products at some business units. At one of the Company’s business units, a delay in the delivery of one single order accounted for more than $3 million in missed revenues. The decline was also caused by liquidity constraints resulting in delays in receiving product from a small number of vendors. Air Industries backlog of past-due parts, product that is late in delivery to customers, significantly increased during 2016.

To address these issues the Company has changed senior executive management of the Company and operating management at all of our subsidiaries.

Air Industries’ funded 18-month backlog (Air Industries only includes firm orders in calculating backlog) increased significantly by $18 million to a total of $90 million at December 31, 2016.  The Company’s funded 18-month backlog of new orders increased further by $8 million to a total of approximately $98 million in 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 ordered in alternate years.

Revenue for the year was $66.9 million, a decline of approximately ($13.5) million or (17%) from approximately $80.4 million in the prior year. Net loss before tax was ($13.5) million, an increase of approximately ($12.4) million from a loss of approximately ($1.1) million in the prior year.

Approximately $10.6 million of the increase in the loss resulted from a decline in gross profit. The decline in gross margin results from the under-absorption of factory overhead cost which is a direct result of the decline in revenue. The balance of the increase in the loss reflects the write-down of inventory for price decreases, slow-moving items and other adjustments.

For the first quarter of 2017, excluding our 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. Based upon orders in house and current production schedules, we anticipate 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.

Mr. Peter Rettaliata, Chief Executive Officer of Air Industries commented: “Since returning as CEO in March, I have been working closely with Michael Brand who is serving as Acting Chief Operating Officer. We both have been intensely focused on increasing the velocity of production at all of our business units. Our goal is returning the Company to profitability. We are doing this by accelerating production, reducing our past-due backlog and decreasing our inventories. These efforts are just beginning to show some results. One example, at our Eur-Pac subsidiary – a large $3 million dollar project, delayed for nearly six-months – began to ship in late March. We are looking forward to additional successes and improvements across the Company in the coming months and throughout 2017.

We have also begun a cost-reduction program, where our initial focus is on reducing labor costs. This program began in March, and is showing excellent initial results. Since March 1st, our average payroll cost has decreased by approximately $150,000 per month.  We will be vigilant in continuing to control and reduce costs.”

Mr. Michael Taglich, Chairman of the Board of Air Industries commented: “We believe that our 2016 results were the nadir and reflect the cumulative effect of the sequestration cuts imposed on the military budget. It is our belief that the readiness crisis in the US Military with many combat aircraft grounded for lack of maintenance and replacement parts will inevitably lead to increases in government procurement. We expect that this will result in increased orders.

It is hard to overstate the effect of sequestration in recent years. It is important to remember that as recently as 2012 the combined revenue of the companies that now comprise Air Industries was in excess of $95 million.

We are encouraged by the year-over-year increase in revenue during the first quarter, and expect this trend to continue and hopefully accelerate during the coming quarters. It is our plan and our goal to have sequential quarter over quarter increases in revenue.

Air Industries has the full support of its Board of Directors. I would like to thank Pete Rettaliata and Mike Brand for their efforts on behalf of the Company. Air Industries also enjoys the support of Taglich Brothers and myself. I have invested several million dollars personally in Air Industries in recent months. ”

 

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 and Filing of Annual Report on Form 10-K

April 19, 2017 – 4:30pm EST

Hauppauge, NY — (Globe Newswire – April 19, 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 today that, on April 18, 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2016.  The letter also states that the Company’s failure to timely file such Annual Report on Form 10-K 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 Company filed the delinquent Annual Report on Form 10-K today

The Exchange has informed the Company that, in order to maintain its listing on the Exchange following the failure to timely file the Annual Report on Form 10-K, the Company must, by May 18, 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 October 18, 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 October 18, 2017 with respect to the delayed Annual Report on Form 10-K, 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.

The Company believes that with the filing of the delinquent Annual Report on Form 10K it is in full compliance with the NYSE Company Guide.

 

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 sells AMK Technical Services subsidiary to Meyer Tool Inc. of Cincinnati Ohio, and announces sales results for 2016.

4:30 pm ET January 30, 2017 (Globe Newswire)

HAUPPAUGE, N.Y., Jan. 30, 2017 (GLOBE NEWSWIRE) — Air Industries Group (NYSE MKT:AIRI) (“Air Industries” or the “Company”), announces on January 27, 2017 that we sold our subsidiary AMK Technical Services to Meyer Tool of Cincinnati Ohio for a purchase price of $ 4,500,000, subject to a customary working capital adjustment, plus additional quarterly payments, not to exceed $ 1,500,000, equal to five percent (5%) of Net Revenues of AMK commencing April 1, 2017.  The purchase price is approximately equal to the purchase price of AMK when acquired in October 2014.

Proceeds of the sale will be used to reduce debt and enhance liquidity.

Separately Air Industries announced that revenue for the year ended December 31, 2016 will be approximately $ 66.8 million dollars, a decline of about $ 14 million dollars from the prior year.

Air Industries Group’s President and CEO, Dan Godin commented, “Earlier this year we announced that we were collaborating with Meyer Tool, co-locating AMK at their site in Poland and eventually in Greenville, South Carolina. As that collaboration developed Meyer Tool expressed an interest in acquiring AMK. While the operations and capabilities of AMK are complementary they are not identical to our core business of producing complex machined aerospace hardware. The divestment of AMK allows Air Industries to focus management and other resources on its core business. Meyer Tool will remain a customer of Air Industries and we hope and expect that our relationship with them will continue to grow in the future.

As we have previously announced, sales results for 2016 were disappointing and a significant decline from the prior year. This decline resulted largely from delays in developing new programs and products, plus a few operational execution issues in our largest sector. During the last half of 2016 we have made significant changes in management at several of our subsidiaries to address this and strengthen our New Product Introduction (NPI) process and Operational Excellence.

Against this disappointment I am pleased to announce that our new business development activities for 2016 were very encouraging with bookings of new business increasing by $ 9 million or 13% to approximately $ 80 million dollars. Our firm 18-month backlog also increased by more than $ 12 million or 16% and is now more than $ 90 million.”

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (NYSE MKT:AIRI) is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The Company has over 50 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry. With embedded relationships with many leading aerospace and defense prime contractors, the Company designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts and flight controls. Air Industries Group also provides sheet metal fabrication, tube bending, and welding services.

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 projected EBITDA, firm backlog and projected backlog, 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 ability to consummate contemplated acquisitions, 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.

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Air Industries Group (the “Company” or “Air Industries”) Announces Filing of Form 10-Q for the period ended September 30, 2016 and Conference Call:

Hauppauge, NY — (Marketwired – November 15, 2016 – 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 it has timely filed its Form 10-Q with the Securities and Exchange Commission.

The financial results of the third quarter are disappointing. Revenue for the quarter was approximately $ 15.7 million, approximately $ 5.4 million less than the third quarter of 2015. Revenues for July and August were very poor, but began to improve in September, and this improvement continued in October.

The decline in revenue results from production difficulties and not from any erosion in current orders or backlog. In part the Company’s production difficulties result directly from some dramatic increase in orders at some business units. At others it results from delays in introducing new products.

Mr. Daniel Godin, Chief Executive Officer of Air Industries Group commented: “We have responded to our difficulties in several ways. We have reorganized our management structure changing top leadership at several of our operating companies and bringing on new, seasoned executives. We have also reorganized our operations geographically, placing two senior managers, one on Long Island and the second in Connecticut to more closely oversee and improve operations.  The management changes have not increased costs as they have been offset by personnel reductions. Additional changes are planned for the fourth quarter and beyond. We are also strengthening our New Product Introduction procedures and processes to streamline and accelerate our ability to convert our backlog into profitable sales.

We have also begun an overall cost reduction program. This effort will be firm wide, both at our corporate headquarters and throughout the Company.  We expect that these cost reductions will yield savings of significantly more than $ 1 million per year.”

Mr. Michael Taglich, Chairman of the Board of Air Industries commented: “I share Mr. Godin’s disappointment with the results of the third quarter. The management reorganization plan has been developed by management in close consultation with me and with several of our Directors. I have full confidence in the plan and in Mr. Godin’s leadership in implementing it. To support the Company’s efforts I have personally invested more than $ 3 million in Air Industries this year. I expect that these efforts will result in increased revenue and improved financial performance in the near future.”

Air Industries Management will be conducting a conference call on Wednesday, November 16, 2016 at 1:00pm EST in the afternoon:

Phone numbers:  800-723-6604 or 785-830-7977

Conference Code 780 2377

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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