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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Air Industries Group | AMEX:AIRI | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.75% | 6.63 | 6.9699 | 6.35 | 6.54 | 69,626 | 00:28:31 |
Significantly Improved Financial Results for Both the Three and Six Months Ended June 30, 2021
Air Industries Group (NYSE AMEX: AIRI):
Air Industries Group, an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors today announced results for the three and six-month periods ended June 30, 2021.
Q2 Highlights
Six-Month Highlights
Reconciliation of Net Income to Adjusted EBITDA
For the Six Months Ended June 30, 2021 Net Income$ 87,000
Add-backs to EBITDA Interest629,000
Taxes-
Depreciation & Amortization1,495,000
EBITDA2,211,000
Add-backs to Adjusted EBITDA Bank Charges26,000
Stock Compensation318,000
Adjusted EBITDA$ 2,555,000
CEO Commentary
Lou Melluzzo, CEO of Air Industries said, “The strong second quarter sales results delivered by our team was led by significant improvement at our Sterling manufacturing facility. The meaningful quarterly increases in gross profit and EBITDA were also driven by a more diverse product mix at CMS.
Also, during the quarter, as part of a long-term agreement for our largest commercial aviation product, we received a $7.4 million order for a critical component of the Geared Turbofan (GTF). Our current fully funded backlog is $91.5 million. In a manufacturing business such as ours, gross profit, operating profit, and EBITDA are highly correlated with revenue. The improvement in all these metrics illustrate the improved earnings leverage of the company.
Adding additional strength to our balance sheet, we are very pleased that we were able to reduce inventory by $2.0 million during the quarter – which grew as a result of Covid-19-related supply chain challenges. The improved financial results allow us to continue our robust capital investment program upgrading and enhancing our capabilities.”
Melluzzo concluded, “We are adding to the strong momentum and backlog of orders of the first six months with the previously announced three-year agreement in July to purchase $12 – $18 million of landing gear components for the F-35 Joint Strike Fighter Aircraft. We look forward to a strong second half of the year and anticipate that the improvements and enhancements we’ve initiated will continue to generate strong results.”
Investor Conference Call
The Company will host a conference call for investors on August 4, 2021 at 4:30 PM Eastern. Conference Toll-Free Number: 1-888-207-0293 Passcode – 392 813
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. For more information visit www.airindustriesgroup.com.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005185/en/
Air Industries Group Michael Recca - CFO Investor Relations 631.328.7078 ir@airindustriesgroup.com
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