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PRESS RELEASE
Issued by:

Air Industries Group announces
Thursday, 5 November 2020

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."

Contact details from our directory:
Air Industries Machining Corp Aircraft Structural Components, Fabricating Services, Aircraft Landing Gear, Helicopter Landing Gear
Related aircraft programs:
Northrop Grumman E-2D Advanced Hawkeye
Boeing F/A-18 Super Hornet
Related directory sectors:
Structural Components
Manufacturing Services
Landing Assemblies