Air Industries Group, Inc. (AIRI) Research Update Released
New York, NY - August 22, 2014 (www.investorideas.com newswire) Taglich Brothers released an updated research report on Air Industries Group, Inc. (AIRI), reiterating a Speculative Buy rating with a 12-month price target of $13.00 per share. The report noted the following key investment considerations:
With its strategic acquisitions and a growing commercial business, we believe the company is poised for strong growth.
Acquisitions made in the first half of 2014 should contribute approximately $7.7 million in annual revenue. The company’s strategic acquisitions have resulted in a compound annual growth rate for sales of 10% over the past five years while defense spending has declined by 3% over the same time frame.
We raised our FY14 revenue projection to $67.8 million from $67.1 million and our EPS projection to $0.40 from $0.30 per share to reflect 2Q14 results. We raised our FY15 revenue projection to $78.4 million from $77.4 million and our EPS projection to $0.53 from $0.48 to reflect the acquisition of Electronic Connection Corporation (estimated annual revenue of approximately $1 million).
2Q14 total revenue decreased 9% to $13.4 million due to primarily due to continuing reductions in defense spending and a delay in receiving expected US Navy orders for landing gear. EPS rose to $0.09 from $0.04 as a $0.7 million or $0.11 per share tax benefit was realized in 2Q14. We projected 2Q14 sales of $12.7 million and EPS of $0.00 per share.
Air Industries Group, Inc., headquartered in Bay Shore, New York, operates primarily in the aerospace and defense industry. The company designs and manufactures structural parts and assemblies, including landing gear, arresting gear, engine mounts, flight controls, throttle quadrants and other components. Air Industries also provides sheet metal fabrication of aerostructures, tube bending and welding services.
Taglich Brothers, Inc. is full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.
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The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. does not currently have an Investment Banking relationship with the company mentioned and was not a manager or co-manager of any offering for the company within the last three years. In September 2012 the company paid an initial monetary engagement fee of US$4,500 to Taglich Brothers, Inc. representing payment for the first three months of creation and dissemination of research reports, after which the company will pay Taglich Brothers, Inc. a monetary fee of US$1,500 per month for a minimum of three more months for such services.For further information and Taglich Brothers, Inc. ownership data please refer to each individual report.
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