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Air Industries Group, Inc. (the "Company" or "Air Industries")

Air Industries Group, Inc. (the "Company" or "Air Industries") Announces Continued Growth in Net Sales and Earnings per Share  BAY SHORE, NY -- (Marketwire) -- 05/15/12 --   Air Industries Group, Inc. (PINKSHEETS: AIRI)  Financial Results for the three months ended March 31, 2012 and 2011:  For the three months ended March 31, 2012 consolidated net sales were 16,038,000 an increase of $3,438,000 or 27% compared to net sales of $12,060,000 for the prior year. Net sales at the Air Industries Machining Corp subsidiary for the three months ended March 2012 were $ 12,143,000 an increase of $2,051,000 or 20% from $ 10,092,000 for the prior year. Net sales at the Welding Metallurgy, Inc subsidiary for the three months ended March 2012 were $ 3,895,000 and increase of $ 1,387,000 or 55% from $ 2,508,000 for the prior year.   These results for the three months ended March 31, 2012 and 2011 are summarized below:                                                                                                                                                                                                                                                                             Three Months Ended     Increase over prior   (all amounts in 000's)              March 31,                 year                                        ----------------------- ----------------------  Net Sales                        2012        2011        in $      as a %                                 ----------- ----------- ----------- ----------    Air Industries Machining   $    12,143 $    10,092 $     2,051         20%   Welding Metallurgy Inc.          3,895       2,508       1,387         55%                              ----------- ----------- ----------- ----------  Consolidated                 $    16,038 $    12,600 $     3,438         27%                              =========== =========== =========== ==========                                                                 -                Consolidated net income from operations for the three months ended March 31, 2012 was $ 1,597,000, an increase of $ 715,000 or 81% from $ 882,000 for the prior year  Consolidated net income for the three months ended March 31, 2012 was $ 820,000 an increase of $ 452,000, or 123% compared with $ 368,000 for the prior year.   Earnings per common share were $ .23 an increase of $ .13 or 123% compared with $ .10 for the prior year.  These results for the three months ended March 31, 2012 and 2011 are summarized below:                                                                                                                                                                (in 000's except per shar e      Three Months Ended     Increase over prior    data)                              March 31,                 year                                        ----------------------- ----------------------  Consolidated:                    2012        2011        in $      as a %                                 ----------- ----------- ----------- ----------  Net Operating Income         $     1,597 $       882 $       715         81% Net Income                           820         368         452        123% Net Income Per Share         $      0.23 $      0.10 $      0.13        123%                                                                                                                                                              --  Gross profit was $ 3,271,000, or approximately 20 % of sales for 2012     compared with $2,459,000 or approximately 20% of sales for 2011.           --  Operating costs increased by $ 97,000 to 1,674,000 compared to $     1,577,000 for the prior year. Operating costs as a percentage of net     sales declined to 10% in 2012 from 13% in 2011.     The net income reported for the first quarter of 2012 and for calendar year 2011 has absorbed all or substantially all of the Company's net operating loss for federal and state income tax purposes. Beginning in 2012 it is likely that the Company will incur income tax expense on its earnings.  The Company's Condensed Consolidated Financial Statements for the three months ended March 31, 2012 and 2011, together with the notes thereto including the review report of its independent auditors, Rotenberg Meril Solomon Bertiger & Guttilla, P.C. ("RMSBG") are attached to this press release. All readers are urged to read the financial statements, including the footnotes, in their entirety.   Condensed Consolidated Financial Statements are available here: http://media.marketwire.com/attachments/201205/45697_AirIndustriesGroupIncMarch2 012Financials05-14-12.pdf  Mr. Peter Rettaliata, Chief Executive Officer of Air Industries, commented: "The first quarter financial results continue the pattern of growth in revenue and earnings of recent years. But while we expect growth at both subsidiaries for the balance of calendar 2012, we do not expect to have similar percentage increases in revenue that we enjoyed at both subsidiaries in the first quarter."      --  Air Industries Machining ("AIM") turned in very solid revenue growth     of over $ 2.0 million, a 20% increase over the prior year. During the     first quarter, Air Industries Machining made its first delivery of     complete landing gear assemblies for the new Northrop Grumman E-2D     Advanced Hawkeye aircraft for the US Navy.           --  Welding Metallurgy ("WMI") achieved sales in excess of $ 3.9 million,     a 55% increase over the prior year.     Mr. Rettaliata continued: "We expect that our acquisition of Nassau Tool Works will be completed prior to June 15, 2012."   ABOUT AIR INDUSTRIES GROUP, INC.   Air Industries Group, Inc. (PINKSHEETS: AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Air Industries designs and manufactures flight critical products including flight safety parts, landing gear and components, arresting gear, flight controls, sheet metal fabrications and ground support equipment.   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.  Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1982948  Air Industries Group, Inc.  631.881.4913  ir@airindustriesgroup.com     
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