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Air Industries shares lower after it reports a wider loss

The Hauppauge company said it sold more than $31 million in debt and equity securities to fund its operations since Jan. 1.

Air Industries Group, based in Hauppauge, makes landing

Air Industries Group, based in Hauppauge, makes landing gears for military jets. Its shares fell Wednesday on a wider net loss. Photo Credit: Newsday/John Paraskevas

Shares of Air Industries Group moved lower Wednesday after the defense contractor posted a wider loss for the first quarter. 

The Hauppauge company reported earnings after Tuesday's market close. Shares fell 2.2 percent to close Wednesday at $1.61. The stock was trading at $2.32 12 months ago.

For the period ended March 31, the company had net sales of $12.2 million, down from $12.7 million in the previous year's quarter.

Net loss widened to $1.5 million, or 5 cents per diluted share, from $1.2 million, or 15 cents per diluted share in the 2017 period, which includes a loss of 9 cents per share from discontinued operations.

Since Jan. 1, 2016, Air Industries has sold more than $31 million in debt and equity securities to fund its operations, the company said in a government filing.

 At the end of the quarter, the maker of landing gear for military jets, had cash and cash equivalents of $1.4 million, up from $630,000 on Dec. 31.

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