Air Industries Announces 110% Increase in Preliminary Fourth Quarter Net Sales.
"We are very pleased with our fourth quarter performance," said Peter Rettaliata, Chief Executive Office of Air Industries Group. "Further, we delivered on a key, publicly stated goal. The preliminary net sales figure for the fourth quarter reported today represents a run rate of $59.0 million on an annualized basis. This amount, which also sets a record for the Company, is at the high end of our previously disclosed range of $57 million to $60 million that we projected attaining by the end of 2007."
The preliminary fourth quarter 2007 sales results reported by the Company include results from all of its operating subsidiaries, including Air Industries Machining Corp., Sigma Metals, and Welding Metallurgy. These numbers do not include revenues from the pending acquisition of the Blair-HSM group of companies that was announced in November 2007.
Air Industries Group will report complete fourth quarter and full year 2007 financial results on March 31, 2007. A conference call for the investment community will also be held. Participation details for the fourth quarter 2007 financial results conference call will be announced in March.
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (OTCBB: AIRI) is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The Company has over 35 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry. With embedded relationships with many leading aerospace and defense prime contractors, the Company designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts and flight controls. Air Industries Group also provides sheet metal fabrication, tube bending, and welding services, as well as distributing specialty metals that are a critical component in the aerospace supply chain. Information on the Company and its products may be found online at www.airindustriesgroup.com.
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, firm backlog, projected backlog, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates, projections and forecasts made by management with respect to the Company's critical accounting policies, firm backlog, projected backlog, regulatory delays, government funding and budgets, matters pertaining to potential and pending acquisitions subject to and after closings, and other factors, including results of financial audits and general economic conditions, not within the Company's control. Certain of the Company's forward looking statements, with the projected backlog in particular, are formulated based on management's extensive industry experience and understanding and assessment of industry trends, customer requirements, and related government spending. Projected backlog may be subject to variability and may increase or decrease at any time based on a variety of factors, including but not limited to modifications of previously released orders, acceleration of orders under general purchase agreements, etc. 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.