SOURCE: AIR INDUSTRIES GROUP, INC.

Air Industries Group, Inc.

January 24, 2011 16:08 ET

Air Industries Group, Inc. (the "Company" or "Air Industries") Announces: Record Net Sales for the Year Ended December 31, 2010

BAY SHORE, NY--(Marketwire - January 24, 2011) - Air Industries Group, Inc. (PINKSHEETS: AIRI) announces record net sales for the year ended December 31, 2010.

Air Industries Group Inc. operates through two subsidiaries: Air Industries Machining Corporation (AIM) and Welding Metallurgy Inc. (WMI). For the year ended December 31, 2010, consolidated net sales were $48,601,000, an increase of $3,750,000 or slightly more than 8% compared to consolidated net sales of $44,851,000 for the prior year. 

Net sales at AIM were $40,477,000, an increase of $1,123,000 or nearly 3% from net sales of $39,354,000 in the prior year. Net sales at WMI were $8,124,000, an increase of $2,627,000 or nearly 48% from net sales of $5,497,000 in the prior year.

Net sales for the years ended December 31, 2008, 2009 and 2010 are summarized below:

  (unaudited)        
Net Sales 2010   2009   2008
  Air Machining Corporation $ 40,477,000   $ 39,354,000   $ 34,746,000
  Welding Metallurgy, Inc.   8,124,000     5,497,000     3,948,000
Total $ 48,601,000   $ 44,851,000   $ 38,694,000

The audit of fiscal year 2010 has not been completed and as such, reported net sales are subject to change.

Mr. Peter Rettaliata, Chief Executive Officer of Air Industries, commented: "I am pleased to report the continued growth of revenue of the Air Industries Group. With net sales of $48.6 million for 2010 we are more than 25% larger than in 2008. Our largest subsidiary, Air Industries Machining, had sales of more than $40 million and rebounded from delivery delays in 2008 and 2009. It is now poised to continue growth with its existing customers and to seek new opportunities. In 2010 Welding Metallurgy continued a very fast growth path with net sales increasing by 48%. WMI net sales have doubled since 2008."

ABOUT AIR INDUSTRIES GROUP, INC.

Air Industries Group, Inc. (PINKSHEETS: 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.

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, 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 releases 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

  • Contact:
    Michael Recca
    631-328-7078