Air Industries Group Announces:
November 05 2020 - 8:30AM
Business Wire
- $ 5.6 Million in New Contract Orders for Landing Gear for
the E2-D, Advanced Hawkeye
- $ 4.0 Million in a New Contract for Landing Gear for the
F-18 Hornet Fighter Aircraft
- $ 17.5 Million in New Bookings in the Third Quarter ending
September 30, 2020
Air Industries Group
(NYSE AMEX: 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, is
pleased to announce that it has received two new orders totaling
approximately $9.6 million and new orders (bookings) for the third
quarter ending September 30, 2020.
The first order is for landing gear for the US Navy’s E2-D
Advanced Hawkeye designed and built by Northrop Grumman
Corporation. The $5.6 million contract awarded on November 4, 2020
is to build the landing gear to support the FRP-9 (Full Rate
Production) with initial deliveries in late 2023.
In addition, Air Industries has received a contract awarded on
September 22, 2020 to supply parts for the landing gear for F-18
fighter aircraft to a foreign military operator. This contract has
a total expected value in excess of $4.0 million. Air Industries
has received an initial purchase order of approximately $1.0
million and expects purchase orders for the balance by the end of
the year.
Finally, the Company received bookings for new business totaling
$17.5 million for the three months ended September 30, 2020, an
increase of more than $11.4 million or 187% over bookings of $6.1
million during the second calendar quarter of 2020 during the
height of the pandemic. Cumulative bookings for the nine months
ended September 30, 2020 were a healthy 127% of consolidated sales
for the same period.
Mr. Lou Melluzzo, CEO of Air Industries commented: “Air
Industries has produced product for many variants of the E-2
aircraft for many, many years. We are very pleased to continue to
support the production of the E2-D the newest version of the
aircraft currently in production. We are also very pleased to have
won an order for F-18 product for use by a foreign military. The
F-18 is currently in service in seven foreign countries and we are
diligently trying to expand this channel of business.
“We are also very pleased that our business development
successes have returned to normal after several months of depressed
results during the second calendar quarter. With a book-to-bill
ratio of 1.27 to 1.00, we are maintaining and expanding our backlog
of business for the future.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of
complex machined products including landing gear, flight control,
and jet turbine components for leading aerospace and defense prime
contractors.
FORWARD LOOKING STATEMENTS
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, future revenues,
earnings and Adjusted EBITDA, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201105005267/en/
Air Industries Group Michael Recca, CFO 631.328.7078
ir@airindustriesgroup.com
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