AIR INDUSTRIES GROUP
Air Industries Email List: Click to Subscribe
View Company Website: Click to View
Report Link: Updated Research Report (Dated 09/30/2016)
Analyst: John Nobile
Taglich Rating: Speculative Buy
Price Target: $6.00
Time Horizon: 12 Months
Rating Established: December 18, 2013
Price When Established: $9.15
Most Recent Report: September 30, 2016
Price When Issued: $4.53
Air Industries Announces Resignation of Daniel R. Godin as CEO
On March 3, 2017, Air Industries Group (NYSE MKT: AIRI) announced the resignation of Daniel R. Godin as Chief Executive Officer. Peter Rettaliata and Michael Brand will act as Interim CEO and COO respectively.
Godin will remain with the company until March 24, 2017 to assist in the transition. Rettaliata and Brand currently serve as directors of the company, and Rettaliata previously served as CEO until December 2014.
Rettaliata served as Air Industries president and chief executive officer for nearly 20 years. Prior was with Grumman Aerospace Corporation for 22 years as senior procurement officer. Served as chairman of "ADDAPT", an organization of regional aerospace companies, as a member of the board of governors of the Aerospace Industries Association, and as a member of the Executive Committee of the AIA Supplier Council.
Brand was president of Goodrich Landing Gear, a unit of Goodrich Corporation, from July 2005 to June 2010, and then Goodrich Corporate VP of 787 Entry into Service. Prior to joining Goodrich, held senior management positions in the aerospace industry. Began career at General Electric Corporation and rose to senior management in its jet engine manufacturing operations.
Air Industries Sells AMK and Announces 2016 Sales Results
On January 30, 2017, Air Industries Group (NYSE MKT: AIRI) announced it sold AMK Technical Services to Meyer Tool of Cincinnati Ohio for a purchase price of $4.5 million. The purchase price is approximately equal to the purchase price of AMK when acquired in October 2014. Proceeds of the sale will be used to reduce debt and enhance liquidity.
Air Industries also announced that revenue for 2016 will be approximately $66.8 million dollars, a decline of about $14 million dollars from 2015.
Air Industries Reports Q3 Results
On November 14, 2016, Air Industries Group (NYSE MKT: AIRI) reported results for its third quarter ended September 30, 2016.
For the quarter, the company reported that revenue decreased 25% to $15.7 million. Air Industries reported a net loss of $2.3 million or $(0.30) per share, down from net income of $337,000 or $0.04 per share in 3Q15.
Taglich Brothers estimates were for 3Q16 revenue of $19.9 million and a net loss of $399,000 or ($0.05) per share.
Air Industries Appoints Michael Recca as CFO
On October 5, 2016, Air Industries Group (NYSE MKT: AIRI) announced that Michael E. Recca has agreed to serve as chief financial officer (CFO) of Air Industries effective October 1, 2016.
Recca has been with Air Industries since September 2008 in a variety of positions related to the company’s capital finance and acquisition programs. Most recently served as chief of corporate development & capital markets. BA SUNY Stony Brook. MBA Columbia University.
Air Industries Group, headquartered in Bay Shore, New York, operates primarily in the aerospace and defense industry. The company designs and manufactures structural parts and assemblies, including landing gear, arresting gear, engine mounts, flight controls, throttle quadrants and other components. Air Industries also provides sheet metal fabrication of aerostructures, tube bending and welding services.
Company ReportsUpdated Research Report (Dated September 30, 2016)
Updated Research Report (Dated December 15, 2015)
Updated Research Report (Dated October 1, 2015)
Updated Research Report (Dated April 17, 2015)
Updated Research Report (Dated December 9, 2014)
Updated Research Report (Dated August 21, 2014)
Updated Research Report (Dated June 20, 2014)
Initial Research Report (Dated December 18, 2013)
The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. has an Investment Banking relationship with the company. In April and May of 2007, Taglich Brothers Inc. served as the placement agent in the sale of convertible preferred stock for the company. In June 2008, Taglich Brothers, Inc. served as the placement agent in the sale of junior subordinated notes for the company. In September and October of 2008, Taglich Brothers, Inc. served as the placement agent in the sale of junior subordinated notes and convertible preferred stock for the company. In October 2013, Taglich Brothers, Inc. served as the placement agent in the sale of common stock for the company. All research issued by Taglich Brothers, Inc. is based on public information. The company paid a monetary fee of $1,500 (USD) in October 2013 for the creation and dissemination of research reports. After the initial publication, the company will pay a monthly monetary fee of $1,500 (USD) to Taglich Brothers, Inc., for a minimum of six months for the creation and dissemination of research reports.