Air Industries Group Tuesday announced a management shake-up after reporting a net loss and sharply lower revenue.
The Hauppauge defense contractor on Monday posted a net loss of $2 million, or 30 cents per diluted share, compared to net income of $337,000, or 4 cents per diluted share, in the 2015 quarter. Net sales for the quarter ended Sept. 30 declined to $15.7 million from $21.1 million in the year-earlier quarter.
“We have reorganized our management structure changing top leadership at several of our operating companies and bringing on new, seasoned executives,” chief executive Daniel Godin said in a statement. “The management changes have not increased costs as they have been offset by personnel reductions. Additional changes are planned for the fourth quarter and beyond.”
Godin said the company has launched a cost reduction program designed to save more than $1 million a year.
Shares of Air Industries fell 10.3 percent to close at $2.51 on the New York Stock Exchange.