Air Industries Group Announces:
November 15 2017 - 8:30AM
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, announced financial results for the
three and nine months ended September 30, 2017
For the Three Months ended September 30,
2017: Revenue for the three months was
$17.3 million, an increase of approximately $1.6 million or 10.2%
from approximately $15.7 million in the prior year. Excluding the
revenue from AMK, which was sold in January 2017, revenue for the
three months increased by $2.8 million or 19.7%.
Net loss from operations for the three months ended September
30, 2017, decreased by $1.4 million to $0.9 million compared with
$2.3 million for the prior year. Net loss before tax was $2.9
million, a decrease of approximately $0.5 million from a loss of
approximately $3.4 million in the prior year.
For the Nine Months ended September 30,
2017: Revenue for the nine
months was $50.5 million, a slight increase of approximately $0.3
million or .6% from approximately $50.2 million in the prior year.
However, excluding revenue related to the AMK subsidiary, which was
sold in January 2017, revenue for the nine months increased by $4.5
million or 9.9%.
Net loss from operations for the nine months ended September 30,
2017, decreased by $1.3 million to $2.6 million compared with $3.9
million for the prior year. Net loss before tax was $6.2 million,
an increase of approximately $0.4 million from a loss of
approximately $5.8 million in the prior year.
The Company’s funded 18-month backlog totaled $90 million at
December 31, 2016 and for the nine months ended September 30, 2017,
increased by $12 million to a total of approximately $102 million.
For the nine months ended September 30, 2017, new business bookings
totaled $56.7 million: A book-to-bill ratio of 112%.
Mr. Peter Rettaliata Acting CEO of Air Industries Group
commented: “We are encouraged, but not satisfied with our results
for the quarter and nine months that just ended. We continue to
increase revenue quarter over quarter and in comparison with the
prior year. We are most encouraged by the reduction in our loss
from operations for both the three and nine month periods of 2017
versus the prior year. We look forward to returning Air Industries
to profitability.
In October our shareholders approved our restructuring plan
which converted both our preferred stock and over $4 million of
debt to common stock. This has strengthened our balance sheet and
reduced our interest expense going forward. Both will enhance our
ability to perform against our growing backlog.
Mr. Michael Taglich, Chairman of the Board of Air Industries
Group commented: “The Board of Directors has decided to elevate Lou
Melluzzo to the position of Chief Executive Officer of the Company.
Pete Rettaliata, together with two of our other directors Mike
Brand and Dave Buonanno, has provided exceptional leadership during
this difficult period. The Board is confident that Lou’s depth of
experience will accelerate our return to profitability. At our
recent Board of Directors meeting our long-time Director and
Chairman of our Audit Committee, Seymour Siegel retired from the
Board. Sy Siegel was a pleasure to work with and on behalf of all
the shareholders; we thank him for his service and dedication to
the Company. At this same Board meeting, Michael Porcelain was
named to the Board and as Chairman of the Audit Committee.”
Conference Call
Air Industries will host a conference call on
Thursday, November 16, 2017 at 08:30AM EDT
Conference Toll-Free Number
1-855-719-5007
Conference ID – 704 3919
Passcode – 312 843
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
Group631.881.4913ir@airindustriesgroup.com
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