BAY SHORE, N.Y.--(BUSINESS WIRE)--Air Industries Group (NYSE AMEX: AIRI):
Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, is pleased to announce that it has received two new orders totaling approximately $9.6 million and new orders (bookings) for the third quarter ending September 30, 2020.
The first order is for landing gear for the US Navy’s E2-D Advanced Hawkeye designed and built by Northrop Grumman Corporation. The $5.6 million contract awarded on November 4, 2020 is to build the landing gear to support the FRP-9 (Full Rate Production) with initial deliveries in late 2023.
In addition, Air Industries has received a contract awarded on September 22, 2020 to supply parts for the landing gear for F-18 fighter aircraft to a foreign military operator. This contract has a total expected value in excess of $4.0 million. Air Industries has received an initial purchase order of approximately $1.0 million and expects purchase orders for the balance by the end of the year.
Finally, the Company received bookings for new business totaling $17.5 million for the three months ended September 30, 2020, an increase of more than $11.4 million or 187% over bookings of $6.1 million during the second calendar quarter of 2020 during the height of the pandemic. Cumulative bookings for the nine months ended September 30, 2020 were a healthy 127% of consolidated sales for the same period.
Mr. Lou Melluzzo, CEO of Air Industries commented: “Air Industries has produced product for many variants of the E-2 aircraft for many, many years. We are very pleased to continue to support the production of the E2-D the newest version of the aircraft currently in production. We are also very pleased to have won an order for F-18 product for use by a foreign military. The F-18 is currently in service in seven foreign countries and we are diligently trying to expand this channel of business.
“We are also very pleased that our business development successes have returned to normal after several months of depressed results during the second calendar quarter. With a book-to-bill ratio of 1.27 to 1.00, we are maintaining and expanding our backlog of business for the future.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of complex machined products including landing gear, flight control, and jet turbine components for leading aerospace and defense prime contractors.
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.