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Earnings Review and Free Research Report: Air Industries Q2 Results

Research Desk Line-up: CAE Inc. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Air Industries Group (NYSE: AIRI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AIRI, following the Company's posting of its financial results for the second quarter fiscal 2017. The Company's Aerostructure & Electronics segment's gross profit increased 33.1% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Aerospace/Defense Products & Services industry. Pro-TD has currently selected CAE Inc. (NYSE: CAE) for due-diligence and potential coverage as the Company reported on August 10, 2017, its financial results for Q1 FY18. Register for a free membership today, and be among the early birds that get access to our report on CAE Inc. when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AIRI; also brushing on CAE. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For three months ended June 30, 2017, Air Industries' net revenue decreased 11.8% to $17.08 million from $19.36 million in Q2 FY16.

For the reported quarter, Air Industries' gross profit decreased 29.8% to $2.92 million from $4.16 million in Q2 FY16. For the reported quarter, the Company's gross margin decreased 430 basis points to 17.1% of revenue from 21.4% of revenue in Q2 FY16.

During Q2 FY17, Air Industries' operating expenses decreased 1.4% to $4.12 million from $4.18 billion in Q2 FY16. During Q2 FY17, Air Industries' operating loss was $1.20 million compared to operating loss of $27,000 in Q2 FY16.

During Q2 FY17, Air Industries' net loss was $2.74 million compared to net loss of $334,000 in Q2 FY16. For the reported quarter, the Company's diluted EPS was negative $0.36 compared to negative $0.04 in Q2 FY16.

On August 29, 2017, the Company appointed Mr. Luciano (Lou) Melluzzo as President of the Group.

Air Industries' Segment Details

Complex Machining - During Q2 FY17, the Complex Machining segment's net revenue increased 1.7% to $10.47 million from $10.30 million in Q2 FY16. For the reported quarter, the segments' gross profit decreased 63.3% to $939,000 from $2.56 million in Q2 FY16. During Q2 FY17, the segment's assets decreased 16.1% to $44.22 million from $52.69 million in the same period last year.

Aerostructure & Electronics - During Q2 FY17, the Aerostructure & Electronics segment's net revenue decreased 21.7% to $4.73 million from $6.04 million in Q2 FY16. For the reported quarter, the segments' gross profit increased 33.1% to $1.93 million from $1.45 million in Q2 FY16. During Q2 FY17, the segment's assets were $19.46 million compared to $19.27 million in the same period last year.

Turbine Engine Components - During Q2 FY17, the Complex Machining segment's net revenue decreased 37.7% to $1.88 million from $3.02 million in Q2 FY16. For the reported quarter, the segments' gross profit decreased 68.3% to $46,000 from $145,000 in Q2 FY16. During Q2 FY17, the segment's assets decreased 33.8% to $11.54 million from $17.44 million in the same period last year.

Balance Sheet

As on June 30, 2017, Air Industries' cash and cash equivalents decreased 67.2% to $426,000 from $1.30 million in Q4 FY16.

During Q2 FY17, the Company's inventories decreased 65 basis points to $39.59 million from $39.85 million in Q2 FY16.

During H1 FY17, Air Industries' cash provided by operating activities was negative $3.40 million compared to positive $111,000 in H1 FY16.

Stock Performance

On Thursday, September 07, 2017, the stock closed the trading session at $1.40, slightly down 0.71% from its previous closing price of $1.41. A total volume of 56.16 thousand shares have exchanged hands. The stock currently has a market cap of $20.85 million.

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SOURCE: Pro-Trader Daily