Yes, excellent earnings turnaround here to watch !
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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, announced financial results for the three and nine months ended September 30, 2017
For the Three Months ended September 30, 2017: Revenue for the three months was $17.3 million, an increase of approximately $1.6 million or 10.2% from approximately $15.7 million in the prior year. Excluding the revenue from AMK, which was sold in January 2017, revenue for the three months increased by $2.8 million or 19.7%.
Net loss from operations for the three months ended September 30, 2017, decreased by $1.4 million to $0.9 million compared with $2.3 million for the prior year. Net loss before tax was $2.9 million, a decrease of approximately $0.5 million from a loss of approximately $3.4 million in the prior year.
For the Nine Months ended September 30, 2017: Revenue for the nine months was $50.5 million, a slight increase of approximately $0.3 million or .6% from approximately $50.2 million in the prior year. However, excluding revenue related to the AMK subsidiary, which was sold in January 2017, revenue for the nine months increased by $4.5 million or 9.9%.
Net loss from operations for the nine months ended September 30, 2017, decreased by $1.3 million to $2.6 million compared with $3.9 million for the prior year. Net loss before tax was $6.2 million, an increase of approximately $0.4 million from a loss of approximately $5.8 million in the prior year.
The Company's funded 18-month backlog totaled $90 million at December 31, 2016 and for the nine months ended September 30, 2017, increased by $12 million to a total of approximately $102 million. For the nine months ended September 30, 2017, new business bookings totaled $56.7 million: A book-to-bill ratio of 112%.
