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Air Industries stock climbs more than 13% on revenue news

Peter Rettaliata, CEO of Air Industries, speaks during

Peter Rettaliata, CEO of Air Industries, speaks during the Long Island Aerospace & Defense Industry Roundtable, hosted by Rep. Thomas Suozzi, at the Cold Spring Harbor Library Tuesday, April 18, 2017. Credit: Barry Sloan

Shares of Air Industries Group climbed more than 13 percent Tuesday after the aerospace contractor reported that it would be a few days late in filing first quarter financials, but announced revenue for that period was more than $16 million, about $1 million higher than the 2016 quarter.

The Hauppauge company said in a news release that it expects to file its financial report for the quarter ended March 31 by Friday, reporting a smaller loss than in the year-earlier period. The Securities and Exchange Commission requires smaller public companies like Air Industries to file financial reports within 45 days after a quarter’s end and the annual report within 90 days of the close of the fiscal year.

The filing delay for the first quarter comes on the heels of an April 18 notice received by Air Industries saying it was out of compliance with New York Stock Exchange rules because it was late in filing its report for the year ended Dec. 31, but the company filed the report the following day.

Shares of Air Industries began climbing Tuesday afternoon, around the time the news release was published, and closed up 33 cents to $2.81. The stock has lost more than 43 percent over the last 12 months.

The company, which posted a net loss of $15.6 million for the year ended Dec. 31, 2016, has been grappling with a cash crunch and saw an executive shakeup in March when chief executive Daniel Godin resigned and was replaced on an interim basis by Peter Rettaliata, who previously had served in that role for almost two decades.

In the news release Tuesday, the company also said it closed on the sale of about $1.1 million in convertible notes on May 19 and $3.1 million of bridge notes sold on May 12.

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