Associated tags: Original equipment manufacturer, Originality, Safety, Defense, Aerospace, Contracts, Manufacturing, Engineering, Air, Transport, NYSE, Other Defense, Steel, Precision Castparts Corp., Other Manufacturing, Other Transport, U.S. Department of Defense Strategy for Operating in Cyberspace, Security (finance)
Locations: UNITED STATES, NORTH AMERICA, NEW YORK, ALBANY, NY
Defense,
Air,
Transport,
Aerospace,
Manufacturing,
Other Defense,
Internal control,
Financial Accounting Standards Board,
Investment,
Security (finance),
Finance,
Q4,
FY,
Cryptocurrency Backlog, which represents the value of all undelivered funded orders received, stood at $98.3 million as of December 31, 2023, marking a 14.7% increase from 2022.
Key Points:
- Backlog, which represents the value of all undelivered funded orders received, stood at $98.3 million as of December 31, 2023, marking a 14.7% increase from 2022.
- Fiscal 2023 supply chain issues related to one key program have been largely resolved, with ongoing customer deliveries planned throughout fiscal 2024.
- The Company does not expect that the finalization of these items and the fiscal 2023 audit will have any impact on the preliminary earnings for the fourth quarter and full year of 2023 results announced in this press release.
- As previously announced, the Company will host a conference call to discuss Q4 and FY 2023 results as well as its 2024 business outlook.
Retrieved on:
Wednesday, March 27, 2024
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering Air Industries Group (NYSE American: AIRI), a leading manufacturer of precision components and assemblies for large aerospace and defense prime contractors, today announced that it plans to release its preliminary Q4 fiscal and full-year 2023 results after the market closes on Monday, April 1, 2024.
Key Points:
- Air Industries Group (NYSE American: AIRI), a leading manufacturer of precision components and assemblies for large aerospace and defense prime contractors, today announced that it plans to release its preliminary Q4 fiscal and full-year 2023 results after the market closes on Monday, April 1, 2024.
- At 4:30 ET that day, the Company will also host a conference call to discuss its results and 2024 Business Outlook.
- Individuals can access the call by dialing 877-524-8416.
- An audio replay of the call will be available on the Company’s investor relations website shortly thereafter.
Retrieved on:
Tuesday, January 23, 2024
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering,
OEM,
Sikorsky,
Precision Castparts Corp.,
3D printing Air Industries has received an initial order for structural engine nacelle components for the new CH-53K Heavy Lift Helicopter.
Key Points:
- Air Industries has received an initial order for structural engine nacelle components for the new CH-53K Heavy Lift Helicopter.
- Separately, Air Industries has received an order from a major landing gear manufacturer for actuator subassemblies on a developmental aircraft.
- Mr. Lou Melluzzo, CEO of Air Industries, commented: “These awards are very satisfying and result from our increased investment and efforts in business development.
- It is a tribute to Air Industries that this World Class OEM has placed its trust in us.
Retrieved on:
Wednesday, January 3, 2024
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering,
Precision Castparts Corp.,
Lockheed,
Sterling,
Lockheed Martin Air Industries Group (NYSE American: AIRI), an integrated Tier 1 manufacturer of precision assemblies and components for mission-critical aerospace and defense applications, and a prime contractor to the U.S. Department of Defense, today announced that its Sterling Engineering Corporation (Sterling) subsidiary has received two contracts totaling approximately $3.2 million.
Key Points:
- Air Industries Group (NYSE American: AIRI), an integrated Tier 1 manufacturer of precision assemblies and components for mission-critical aerospace and defense applications, and a prime contractor to the U.S. Department of Defense, today announced that its Sterling Engineering Corporation (Sterling) subsidiary has received two contracts totaling approximately $3.2 million.
- Sterling Engineering has been awarded two contracts for engine components used in the F-135 jet engine that powers the Lockheed Martin F-35 Lightning II.
- Mr. Lou Melluzzo, CEO of Air Industries, commented: “These awards continue what has been a very strong increase in business at Sterling Engineering.
- The increase in backlog, together with these new contracts confirm Sterling’s ability to increase its revenue and return to profitability.”
Retrieved on:
Wednesday, December 6, 2023
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering,
Aircraft,
EBITDA,
Nine Months,
Acquisition,
Georgian Industrial Group,
NYSE,
Interest,
Optimism,
Video game,
Cryptocurrency,
Atmosphere of Earth Commenting on the recent results, Lou Melluzzo, CEO of Air Industries Group, expressed optimism about the Company’s trajectory: “Our third quarter of 2023 was challenging and was impacted by shortages of critical raw materials for a certain product.
Key Points:
- Commenting on the recent results, Lou Melluzzo, CEO of Air Industries Group, expressed optimism about the Company’s trajectory: “Our third quarter of 2023 was challenging and was impacted by shortages of critical raw materials for a certain product.
- Gross profit margin was 10.0% of sales for the third quarter of 2023, 16.4% of sales for the second quarter of 2023, and 16.9% for the third quarter of 2022.
- Interest and financing costs for the three months ended September 30, 2023 were $516,000 compared with $480,000 in the second quarter of 2023, and $323,000 for the three months ended September 30, 2022.
- Adjusted EBITDA for the nine months ended September 30, 2023 was $1.3 million.
Retrieved on:
Wednesday, November 29, 2023
Engineering,
Defense,
Air,
Aerospace,
Transport,
Manufacturing,
Contracts,
NYSE American,
NYSE,
Security (finance),
AIR,
Form 10-Q,
Bank statement,
Form,
Exchange,
Bloomberg Industry Group,
Adjustment,
Medical device,
Audit Air Industries Group (NYSE American: AIRI) (“Air Industries” or the “Company”) announced that on November 21, 2023, it received a notice from NYSE Regulation stating that the Company is not in compliance with the continued listing standards of the NYSE American (the “Exchange”) under the timely filing criteria set forth in Section 1007 of the NYSE American Company Guide (the “Company Guide”).
Key Points:
- Air Industries Group (NYSE American: AIRI) (“Air Industries” or the “Company”) announced that on November 21, 2023, it received a notice from NYSE Regulation stating that the Company is not in compliance with the continued listing standards of the NYSE American (the “Exchange”) under the timely filing criteria set forth in Section 1007 of the NYSE American Company Guide (the “Company Guide”).
- The non-compliance results from the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Delinquent Report”) by the filing due date of November 20, 2023 (the “Filing Delinquency”).
- If the Company fails to file the Form 10-Q during the Initial Cure Period, the Exchange may, in its sole discretion, provide an additional six-month cure period (the “Additional Cure Period”).
- AIR INDUSTRIES GROUP is an integrated Tier 1 manufacturer of precision assemblies and components for mission-critical aerospace and defense applications, and a prime contractor to the U.S. Department of Defense.
Retrieved on:
Thursday, October 19, 2023
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering,
CFO,
State University of New York Maritime College,
Precision Castparts Corp.,
NYSE,
Bloomberg Industry Group,
State university system,
CPA,
Management Air Industries Group (NYSE American: AIRI) today announced the promotion of Scott Glassman to Chief Financial Officer, Principal Accounting Officer and Secretary of the Company and its subsidiaries.
Key Points:
- Air Industries Group (NYSE American: AIRI) today announced the promotion of Scott Glassman to Chief Financial Officer, Principal Accounting Officer and Secretary of the Company and its subsidiaries.
- Mr. Recca will remain with Air Industries focusing on special projects related to the Company’s growth plans in the aerospace sector, while also working with Mr. Glassman to ensure a seamless transition of CFO responsibilities.
- Mr. Lou Melluzzo, CEO of Air Industries, commented: “I speak for the whole Air Industries family in saying that we are very pleased to have Scott Glassman become our new CFO; he has earned the promotion in spades.
- A good CFO is a CEO’s right hand and I personally can’t be thankful enough for the dedication of both Scott and Mike to the whole Air Industries family.
Retrieved on:
Friday, September 8, 2023
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering,
United States Navy,
Partnership,
Multimedia,
Chengdu Aircraft Industry Group,
E-2D,
OEM,
Precision Castparts Corp.,
NYSE,
Welding,
Atmosphere of Earth The Company noted that this machinery is the only equipment currently certified to weld the arresting gear.
Key Points:
- The Company noted that this machinery is the only equipment currently certified to weld the arresting gear.
- View the full release here: https://www.businesswire.com/news/home/20230908950070/en/
The equipment is being installed at Air Industries’ Sterling Engineering facility in Connecticut.
- Mr. Lou Melluzzo, CEO of Air Industries, commented: “With the addition of the arresting gear welding equipment, Air Industries will become the sole provider in our industry of a mission-critical welding process for the E-2D platform.
- For many years, our Company has supplied landing gear, arresting gear, hooks, and other products for this platform.
Aerospace,
Manufacturing,
Other Transport,
Air,
Transport,
Other Manufacturing,
Other Defense,
Steel,
Defense,
Contracts,
Engineering,
Q2,
U.S. Department of Defense Strategy for Operating in Cyberspace,
EBITDA,
Interest,
Investment,
Georgian Industrial Group,
NYSE,
Video game,
Cryptocurrency Commenting on the recent results, Lou Melluzzo, CEO of Air Industries Group, said, “I am pleased that we delivered both top-line and bottom-line improved performance during the second quarter of 2023.
Key Points:
- Commenting on the recent results, Lou Melluzzo, CEO of Air Industries Group, said, “I am pleased that we delivered both top-line and bottom-line improved performance during the second quarter of 2023.
- Second quarter 2023 net sales were lower by $803,000 or (5.7%) compared with sales of $14.0 million reported for the second quarter of 2022.
- Second quarter 2023 gross profit was lower by $253,000 or (10.5%) compared with $2.4 million in the second quarter of 2022.
- Operating expenses for the second quarter of 2023 were $2.1 million, slightly higher than $2.0 million in the first quarter of 2023, and lower than $2.2 million in the 2022 second quarter.
Engineering,
Defense,
Aerospace,
Manufacturing,
Other Manufacturing,
Other Defense,
Contracts,
U.S. Department of Commerce Office of Security,
John Rettaliata,
PMD,
U.S. Department of Defense Strategy for Operating in Cyberspace,
China South Industries Group,
Aerospace Industries Association,
Niagara University,
NYSE,
Executive Committee,
Harvard Business School,
Growth,
Central Executive Committee of the Pakistan Peoples Party,
Precision Castparts Corp.,
AIA,
Grumman,
Management,
History As Chairman, he succeeds Michael Taglich, who will remain on the Board of Directors.
Key Points:
- As Chairman, he succeeds Michael Taglich, who will remain on the Board of Directors.
- Mr. Rettaliata is currently a director of Air Industries and was formerly the Company’s Chief Executive Officer.
- He has spent 50 years in the aerospace industry and has served as an executive and director of Air Industries for nearly three decades.
- Prior to joining Air Industries, Mr. Rettaliata was a senior executive of the Grumman Aerospace Corporation for 22 years.
