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The giant is emerging !!!!
Air Industries Group, Inc. (the "Company" or "Air Industries") Announces: Financial Results for the Years Ended December 31, 2009 and 2008
2:10p ET December 30, 2010 (Market Wire)
Air Industries Group, Inc. (PINKSHEETS: AIRI) announces Financial Results for the Years December 31, 2009 and 2008:
For the year ended December 31, 2009 net sales were $44,851,000, an increase of $6,157,000 or nearly 16% compared to net sales of $38,694,000 for the prior year. Income from operations was $1,116,000 for the year ended December 31, 2009 compared with a loss of $(5,820,000) in the prior year. The loss for 2008 included a charge of $4,532,000 for the impairment of goodwill. These results are summarized in the following chart:
Year ended December 31,
2009 2008 Change v Prior Year
------------- ------------- -----------------------
Net Sales $ 44,851,000 $ 38,694,000 $ 6,157,000 15.91%
Income (Loss) from
Operations $ 1,116,000 $ (5,820,000) $ 6,936,000 119.18%
Net Loss:
Continuing
Operations $ (2,634,000) $ (7,798,000) $ 5,164,000 66.22%
Total $ (3,058,000) $ (16,874,000) $ 13,816,000 81.88%
The Company's financial statements for the years ended December 31, 2009 and 2008, together with the notes thereto including the opinion of its independent auditors, Rotenberg Meril Solomon Bertiger & Guttilla, P.C. ("RMSBG") are attached to this press release. All readers are urged to read the financial statements, including the footnotes, in their entirety. In July 2010, the Company's shareholders approved a reverse split of the Company's shares of common stock; together with a conversion of the Company's Series B Preferred Stock ("Series B Preferred") into common stock. The "per-share" amounts in the attached financial statements have been adjusted to give effect to the reverse split of the Company's common shares, but do not give effect to the conversion of the Series B Preferred shares into common stock. As of December 31, 2010, after giving effect to the conversion of its outstanding shares of Series B Preferred into common shares, Air Industries has approximately 3.6 million shares of common stock outstanding.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries, commented: "I am very gratified by the improvement in our financial results for 2009. Air Industries faced many challenges in 2008 arising from the failure to complete the acquisition of Blair/HSM and the need to discontinue the operations of our Sigma Metals subsidiary. Our employees worked tirelessly during 2009 and 2010 to improve our on-time delivery of products and other 'metrics' used by our customers to measure our performance and I am proud to report that Air Industries has regained its former position as both a valued and reliable supplier.
"I am also happy to report that our Welding Metallurgy ("WMI") subsidiary, acquired in August 2007, continues to enjoy very rapid growth. During 2009, net sales at WMI increased by almost 40% from the prior year."
Financial Results for the Nine Months ended September 30, 2010 and 2009:
For the nine months ended September 30 2010, net sales were $36,678,000, an increase of $3,396,000 or approximately 10% compared to net sales of $33,282,000 for the same period in 2009. Income from operations increased by more than 75% to $2,858,000 and the loss from continuing operations (after income tax benefit) in the first nine months of 2010 declined to $(939,000). These results are summarized in the following chart:
Nine Months ended September 30,
unaudited and unreviewed
--------------------------
2010 2009 Change v Prior Year
------------ ------------ -----------------------
Net Sales $ 36,678,000 $ 33,282,000 $ 3,396,000 10.20%
Income from Operations $ 2,858,000 $ 1,617,000 $ 1,241,000 76.75%
Net Loss:
Continuing Operations $ (939,000) $ (2,185,000) $ 1,246,000 57.03%
Total $ (540,000) $ (2,169,000) $ 1,629,000 75.10%
In the fourth quarter of 2008 and continuing into the first quarter of 2009, the Company issued Junior Subordinated Notes (the "Notes") together with Series B Preferred to investors. These Notes when issued were initially carried on the books of the Company at less than face value as the Company recorded a discount for the value of the Series B Preferred. The Notes had an initial maturity date (since extended) of April 2010. The Company has incurred accretion expense, which is treated as interest, as the carrying value of the Notes was periodically increased (accreted) to face value. During the nine months ended September 30, 2010, this accretion expense -- which is a non-cash expense -- was $1,323,000. As of April 2010, the Notes were carried at face value and there will be no future accretion expense relating to these Notes.
Mr. Rettaliata continued: "During the first nine months of 2010, we continued to build on and accelerate the improvements in our results that began in 2009. For the nine months, net sales at both of our operating subsidiaries improved: with Air Industries Machining reporting an increase in net sales of $1,183,000 or approximately 4% and WMI reporting an increase of $2,213,000 or approximately 54% as compared to the prior period.
"The Company's financial information presented for the nine months ended September 30, 2010 and 2009 are unaudited and were not reviewed by RMSBG."
Financial Results for the Three Months ended September 30, 2010 and 2009:
For the three months ended September 30, 2010 net sales were $12,036,000, an increase of $1,034,000 or approximately 9% compared to net sales of $11,002,000 for the same period in 2009. Income from operations for the three months ended September 2010 increased by over 207% to $680,000 compared to $221,000 for the three months ended September 2009. These results are summarized in the following chart:
Three Months ended September 30,
unaudited and unreviewed
--------------------------
2010 2009 Change v Prior Year
------------ ------------ -----------------------
Net Sales $ 12,036,000 $ 11,002,000 $ 1,034,000 9.40%
Income from Operations $ 680,000 $ 221,000 $ 459,000 207.69%
Net Loss:
Continuing Operations $ (538,000) $ (1,166,000) $ 628,000 53.86%
Total $ (579,000) $ (1,061,000) $ 482,000 45.43%
The Company's financial information presented for the three months ended September 30, 2010 and 2009 are unaudited and were not reviewed by RMSBG.
Refinancing and extension of it senior credit facility with PNC:
In November 2010, Air Industries and PNC agreed to and executed an extension and expansion of the Company's Senior Credit facility. The credit facility now provides for a combination of a revolving loan based on the Company's inventory and accounts receivable, including those of WMI, and a term loan. Under the new terms of the credit facility, the maturity date was extended for three years to November 2013. In addition the credit facility was expanded to provide a $3.0 million term loan. The proceeds of this term loan together with availability under the revolving loan were used to repay approximately $4.2 million owed to Steel City Capital Funding -- thus the total amount outstanding was not materially increased.
Air Industries benefitted from the additional availability under the new terms of its credit facility. Interest expense under the expanded credit facility will be essentially equal to the costs of the Company's prior facilities with PNC and Steel City Capital Funding which effectively were combined into the new credit facility with PNC.
Intention to voluntarily resume filing periodic reports with the Securities & Exchange Commission:
Air Industries also announced that its Board of Directors determined to voluntarily resume filing periodic reports with the SEC. This will be accomplished by the filing of a Form 10 with the SEC. The Company expects to file its Form 10 in March 2011 following completion of the audit of its 2010 results. Generally, a Form 10 filed with the SEC becomes automatically effective 60 days after filing. However, the SEC is entitled to comment and seek additional information from the filer and if this occurs, the effective date could be delayed. There can be no assurance of the date the Form 10 will be become effective.
When the Form 10 is effective, it is the intention of Management and the Board to seek a listing of the shares of the Company on an exchange. The Company is examining alternatives at this time.
Mr. Rettaliata, commented: "Air Industries voluntarily suspended filing periodic reports with the SEC in October 2009 to reduce costs relating to reporting and also to allow management to focus on improving our financial results, and our metrics with our customers. I am very pleased that we have been successful in these efforts. Now that we have stabilized our operations -- as reflected in our improving income statement results and the confidence shown in us by PNC -- the Board believes it is appropriate to resume reporting of our results for the benefit of our shareholders."[color=red][/color]
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 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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1466609
Contact:
Michael Recca
631-328-7078
SOURCE: Air Industries Group
Copper at $4.4285 now...... nice
The information in your post has been proven to be not true, why mislead people?
lol "lies" and "tic toc" kind of pale in comparison dont they??
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and allows cprkq to pay it's cronies (Lawyers, CEO and others)
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WRONG AGAIN
If I have anything to say about it,(And I absolutely do)
NO money from the Equity Funders LLC will go to lawyers or the CEO
Pretty good read SATELLITE, gives a brief idea of what we are putting together, there are more variables involved in our project. I will have to get back to you on how the mill design compares with that abstract.
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GAPTQ is a big drug store chain with 365 drug stores.
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ummm GAPTQ is a grocery store chain like Publix or Kroger, not a drug store chain. And last I checked they had 395 stores not 365.
Are you sure you are in the right thread???
Here is some more interesting reading.
http://books.google.com/books?id=M8pIAAAAMAAJ&pg=PA1469&lpg=PA1469&dq=Porphyry+Copper+Deposit+milford+mining&source=bl&ots=d1udZH1TIR&sig=yGiv-ns5UO3STrLXXKtGMW-cUvY&hl=en&ei=RWIaTefPD8Tflgfg2qGDDA&sa=X&oi=book_result&ct=result&resnum=3&ved=0CCwQ6AEwAg#v=onepage&q&f=false
http://www.palladonmining.com/s/PressReleases.asp?ReportID=94384&_Title=Palladon-Ventures-Ltd-Continues-Geophysics-and-Drills-Chalcocite-Blanket-at...
http://en.wikipedia.org/wiki/Copper_mining_in_the_United_States
Copper Surges to Record in N.Y. on Rising Demand, Tight Supply
Dec. 28 (Bloomberg) -- Copper futures rose to a record in New York for a second straight day on speculation that supply will remain tight as demand in China and India continues to grow.
Stockpiles monitored by the Shanghai Futures Exchange fell 5.8 percent last week, the biggest drop in almost three months. Refined-copper imports by China surged 37 percent in November from a month earlier. Copper use will outpace supply by 825,000 metric tons next year, more than twice the inventories monitored by the London Metal Exchange, Barclays Capital said.
“Fundamentals are very bullish,” said Michael K. Smith, the president of T&K Futures & Options in Port St. Lucie, Florida. “There is optimism out there. China and India are growing. The demand picture will remain robust.”
Copper futures for delivery in March rose 4.8 cents, or 1.1 percent, to close at $4.328 a pound at 1:13 p.m. on the Comex in New York. Earlier, the metal reached $4.335, the highest ever.
Copper has surged 50 percent since July 1, partly on demand from emerging markets including China, the world’s largest metals user.
As of Sept. 30, global consumption exceeded output by 436,000 tons this year, the International Copper Study Group said last week. That compares with a deficit of 56,000 tons in the same period last year, the group said.
The world market is in “a significant deficit owing to stronger-than-anticipated demand growth,” the Lisbon-based ICSG said.
The London Metal Exchange is closed for a second day for public holidays.
http://www.businessweek.com/news/2010-12-28/copper-surges-to-record-in-n-y-on-rising-demand-tight-supply.html
No fear here, just confidence growing daily.
I cant really comment on the NS/PN issue as it is still pending other than to say we are very much aware of it. But some of you guys are chasing red herrings. lol
Thank you for the kind words goldgold, I am indeed very busy with CPRK stuff, I have put my other projects on hold to devote all my time to it. I post here when I can because I want to keep my fellow shareholders informed as much as possible. I don't like the legal restrictions placed on me, but I do the best I can. To be honest it has crossed my mind to stop posting on here at all because I dont need some of the crap being thrown at me, so I appreciate you and the others speaking up.
Oh, and I will see you at dinner Mom. LOL
http://www.copperkingwesternutahminingrestructure.com/wu%20185.pdf
some reading for those who have forgot or choose to ignore.
also, this post put us to number 1 on the breakout boards for whatever that is worth. lol
All this babbling has got this board moved to number 5 on the breakout list. LOL
http://investorshub.advfn.com/boards/hotboardsrelative.aspx
EDIT: number 4 now, a few more posts and it will be number 3
I know for a FACT that Sleeps story is true about the timing and amount of shares and money.
You are wrong as well. You need to read the monthly financial statements and you will see the payroll.
Merry Christmas everyone. I have some last minute shopping to go do.
I quoted what I say is wrong, and I think the big fat "Q" at the end of the ticker symbol alerts everyone that they are indeed in BK
anything new to add??
oh and while I'm at it, this is wrong from your post as well.
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Market Value1 $4,139,466 a/o Dec 23, 2010
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No one working at the mill except the Security Guard watching over the equipment.
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WRONG
I don't think anyone objected, the whole thing only took like 15 minutes.
Not sure what the second amended complaint is, I will post as soon as I get the doc, it may be Monday.
Here are the descriptions from pacer of Docs 477,478
12/23/2010
477
Order Granting Motion on an Interim Basis for Authority to Obtain Credit On An Unsecured Administrative Basis Under Section 364(c)(1) For Western Utah Copper Company and Copper King Mining Corporation (Related Doc # 473 ). ESF to provide $43,000 to debtors no later that 12/27/2010 for the purpose of making payments to the lessors identified in the Motion. Final hearing to be held 1/6/2011 at 4pm.
2/23/2010
478
Second Amended Complaint by Derek Langton on behalf of Nevada Star Resource Corp against Western Utah Copper Company
I think most of the courts decisions since the EHSC has been involved could be looked at that way.
Update from the courthouse. The judge approved the Equity Funders LLC paying the leases and some permits for around $43 K There will be a hearing on Jan 6 on the rest of the money.
I will try and get the actual filings tonight or tomorrow.
There was some technical reason about the shortened notice as to why another hearing must be held on the 6th for the rest.
lol Thanks J4P, I am very much aware of all the promises/projections made and broken or missed by the company over the years and don't want to be painted with the "more of the same" brush.
The 40K per truck is a very rough number based on the value of the con they have sitting in the mill right now. I just used it for a comparison for shipping costs. When the mill is optimized the con will be much better, and hopefully we will have many, many truckloads every day.
I repeat, rough number for comparison, I am not going to get into projections just yet.
A truckload of con is worth at least 40K ....... trucking cost approx $500-700 you can do the math.
correct, Im in a tough spot to comment, talks are ongoing.
I can only comment on documents that have been filed, http://cprksa.0sites.net/ has everything that was filed as of yesterday.
From the ESHC last update, this pretty much covers everything.
the ESHC has accumulated significant, and very sensitive, data related to, among other things, the debtors' geology, mineralogy, mining, milling, marketing and financial operations. Experts have been employed in each of these areas, and the experts are researching the data. Furthermore, these experts are conducting their own independent testing and research. This process has been, and continues to be, very involved and very time consuming. The objective of this process--all this data collecting and research--is to produce a preliminary feasibility study, and ultimately, a definitive feasibility study that will aid the ESHC in obtaining funding commitments.
The bottom line is that the ESHC has been investigating the current status and future potential of the Milford project at a level of detail and planning that has never been done. Ultimately, the ESHC's mission is to determine how much is it going to cost to get the project in operation, and how profitable will the company be moving forward
They took bids for it in the past, all this stuff will be included in the study we are preparing. Every nut and bolt and every nickel and dime.
There are no plans to use Rio Tinto's smelter.
The rail may be an option to have acid shipped in if we get into a large heap leach process. Could ship the grinding balls that way as well, but the cost would be somewhere around 12 million to make it happen all the way to the mill.
No he cant, yet....
That is just insane !!!! Thanks.
Wow, that really sucks, I was counting on riding his coat tails some. I think I may get my .10 sooner than I expected.
There is indeed a railroad line very close to the property, I believe the magnetite was actually shipped by rail, however I think you are correct DrBob, the rail does not go to the smelter so it will be shipped by truck. The con can be put into huge bags (to comply with environmental regulations) and placed on trucks and sent to a smelter. The transportation cost is just part of doing business. I think its around $1.30 a mile if they can get a back haul. Each load would be around 50,000 pounds, so percentage wise, its not that much expense. I am told that there are US companies that ship their con as far as the Netherlands. We have folks crunching these numbers for us.
I will get some answers on this tonight.
No interest will be charged. I cant comment any further on this til after the hearing on this matter on Dec 23.
New docs filed, you can see them here http://cprksa.0sites.net/
12/20/2010
476
Declaration (related document(s): 473 Motion for Authority to Obtain Credit Under Section 364) / of David McMullin in Support of Debtors' Motion for Authority to Obtain Financing on an Unsecured Superpriority Administrative Claim Basis Filed by Western Utah Copper Company (Meshefejian, Krikor) Modified on 12/21/2010 (fsl). (EOD: 12/20/2010)
12/20/2010
475
Memorandum in Support (related document(s): 473 Motion for Authority to Obtain Credit Under Section 364) / Memorandum of Law in Support of Debtors' Motion for Authority to Obtain Financing on an Unsecured Superpriority Administrative Claim Basis Filed by Western Utah Copper Company (Meshefejian, Krikor) (EOD: 12/20/2010)
12/20/2010
474
Amended Notice of Hearing (related document(s): 428 Motion to Extend Time 473 Motion for Authority to Obtain Credit Under Section 364 filed by Debtor Western Utah Copper Company) / Amended Notice of Expedited Interim Hearing on Debtors' Motion for Authority to Obtain Financing on an Unsecured Superpriority Administrative Claim Basis Filed by Krikor J. Meshefejian on behalf of Western Utah Copper Company Hearing scheduled for 12/23/2010 at 10:00 AM at US Bankruptcy Court. (Meshefejian, Krikor) Modified on 12/21/2010 (fsl). (EOD: 12/20/2010)
12/20/2010
473
Motion for Authority to Obtain Credit Under Section 364 / Financing on an Unsecured Administrative Basis Filed by Western Utah Copper Company (Meshefejian, Krikor) Modified on 12/21/2010 (fsl). (EOD: 12/20/2010)
12/18/2010
472
Certificate of Service Re: Order. (related document(s): 464 Order on Motion to Assume/Reject) Service Date 12/18/2010. (Admin.) (EOD: 12/18/2010)
nodummy is doing some hard time, but he made a post about FDEI in the jailhouse.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57986697
No objections yet that I am aware of, should have some more filings for y'all tomorrow. The hearing is on the 23rd. (Dec)