BAY SHORE, NY--(Marketwired - Sep 17, 2013) - Air Industries Group (
Air Industries Group today announced that its Board of Directors has approved an increase in its quarterly cash dividends to its shareholders.
A quarterly dividend of $0.125 per common share will be paid on October 15, 2013 to all shareholders of record as of the close of business on September 30, 2013. Future dividends will be subject to Board and Bank approval.
Mr. Michael Taglich, Chairman of the Board of Air Industries Group commented: "Our Board is increasingly confident in the Company's position and we plan on paying annual dividends of $0.50 a share -- in quarterly installments -- as a matter of policy, so long as it is prudent and possible to do so. Through August 31, 2013, we have reduced our total debt by nearly $2.5 million and paid dividends of more than $700,000 and acquired Decimal Industries. We are excited about our internal growth opportunities. We acquired the business of Decimal Industries on July 1st and we will be pursuing other select acquisition opportunities that are strategic and accretive."
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ABOUT AIR INDUSTRIES GROUP
Air Industries Group (
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.
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