Air Industries Group Announces $7.4 Million Release for Commercial Jet Engine Components
May 24 2021 - 8:30AM
Business Wire
Air Industries Group (NYSE AMEX:
AIRI):
Air Industries Group (“Air Industries” or the “Company”), an
integrated manufacturer of precision assemblies and components for
leading aerospace and defense prime contractors, is pleased to
announce that it has received a $7.4 Million order for “Thrust
Struts,” a critical component of the Geared Turbofan (“GTF”) Jet
Engine. This release is part of a previously announced Long-Term
Agreement (LTA).
Mr. Lou Melluzzo, CEO of Air Industries commented: “Military
aviation products dominate Air Industries’ business. In terms of
revenue, the Thrust Strut is our largest commercial aviation
product. The pandemic’s impact on air travel, and on the commercial
aviation business, reduced demand for this product in 2020. This
new release supports our sense that a rebound in commercial
aviation is occurring sooner than expected. As a component of the
Geared Turbofan Engine, our product is used on smaller airliners
including the Embraer E2 and, most notably, the Airbus A-220, which
has become increasingly popular with the Airline Operators.”
Additional information about the Company can be found in its
filings 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.
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.
Adjusted EBITDA The Company uses Adjusted EBITDA, a
Non-GAAP financial measure as defined by the SEC, as a supplemental
profitability 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 and may be different than the EBITDA calculation used by
our lenders for purposes of determining compliance with our
financial covenants. This Non-GAAP measure may have limitations
when understanding performance as it excludes the financial impact
of transactions such as interest expense necessary to conduct the
Company’s business and therefore are not intended to be an
alternative to financial measure prepared in accordance with GAAP.
The Company has not quantitatively reconciled its forward looking
Adjusted EBITDA target to the most directly comparable GAAP measure
because such items such as amortization of stock-based compensation
and interest expense, which are specific items that impact these
measures, have not yet occurred, are out of the Company’s control,
or cannot be predicted. For example, quantification of stock-based
compensation is not possible as it requires inputs such as future
grants and stock prices which are not currently ascertainable.
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version on businesswire.com: https://www.businesswire.com/news/home/20210524005240/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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