Air Industries reports Q1 net loss $28K vs.net loss of $152K last year

Reports Q1 revenue $12.1M,vs. $15.4M in Q1 last year. Lou Melluzzo, CEO of Air Industries said, "The first quarter showed our continued progress in driving profitability. As expected, revenue for the first quarter was lower year-over-year, largely due to some supply chain issues and timing of orders under a Long-Term Agreement. But, our earnings and EBITDA were greater or essentially equal, respectively, to the first quarter of 2021. EBITDA as a percentage of sales increased by nearly 100 basis points. Our results for the first quarter are in line with expectations discussed in our March conference call reporting full-year 2021 results. "There are several factors that affected sales in the first quarter. First, we have endured some supply chain-related delays in receiving raw materials, as well as labor shortages. In addition, our Long-Term Agreement with one of our major customers ended in December 2021. During the 2022 first quarter, this LTA was renewed for an additional five years. "For the remainder of the year and beyond, we will focus our attention on improving the performance of our Sterling operation in Connecticut. We have bolstered management at Sterling and intensified our business development sales activity, and this is showing very good results. We have announced several major wins for Sterling, many involving new customers and new platforms. "We are continuing our investments in state-of-the-art machinery. We recently committed to the purchase of three major machining centers at a total cost of $2 million. Since 2020 we have invested approximately $6 million in new machines - more than 50% of the total book value of our equipment. "For the full year 2022, we continue to expect that our gross profit and net income will be higher than last year."