Air Industries Group Subsidiary Sterling Engineering Corporation Receives $3.2M in New Contracts
January 03 2024 - 7:30AM
Business Wire
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. Significantly, delivery against these
contracts will begin in early 2024 boosting near term revenues.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “These
awards continue what has been a very strong increase in business at
Sterling Engineering. During the two months ended November 30th,
Sterling’s firm 18-Month Backlog increased by nearly $5.1 million
or 43% from its backlog at September 30th. Sterling recently
completed its first quarter in many years with revenue above $2.0
million. The increase in backlog, together with these new contracts
confirm Sterling’s ability to increase its revenue and return to
profitability.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (NYSE American: AIRI) is an integrated
manufacturer of precision assemblies and components for leading
aerospace and defense prime contractors and original equipment
manufacturers. The Company is a Tier 1 supplier to aircraft
Original Equipment Manufacturers, a Tier 2 subcontractor to major
Tier 1 manufacturers, and a Prime Contractor to the U.S. Department
of Defense, and is highly regarded for its expertise in designing
and manufacturing parts and assemblies that are vital for flight
safety and performance.
Additional information about the Company can be found in its
filings with the SEC.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240103496372/en/
Air Industries Group Investor Relations Michael Recca
631.328.7079 ir@airindustriesgroup.com
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