Press Release: Air Industries Group Announces Solid 2018 First Quarter Results as Management Continues to Drive Revenue while Focusing on Profitability
5:00 pm ET May 15, 2018 (Dow Jones)
Air Industries Group Announces Solid 2018 First Quarter Results as Management Continues to Drive Revenue while Focusing on Profitability
HAUPPAUGE, N.Y., May 15, 2018 (GLOBE NEWSWIRE) -- 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, in conjunction with the filing of its March 30, 2018 Form 10Q with the Securities and Exchange Commission ("SEC"), announces today, its Fiscal 2018 First Quarter results.
The First Quarter of 2018 Adjusted EBITDA was slightly positive and exceeded the Company's guidance previously issued on April 19, 2018. The solid financial results reflect managements' ability to meet customer demands while focusing on profitability.
Sale of Welding Metallurgy Inc.
As announced on March 21, 2018, the Company has entered into a definitive sale agreement (subject to conditions) to sell Welding Metallurgy Inc. ("WMI") As such, the results of WMI are excluded from continuing operations and are reported as discontinued operations. Management continues to anticipate closing this transaction by the end of the 2nd Quarter.
First Quarter Fiscal 2018 Highlights From Continuing Operations
