SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
September 17, 2013
AIR INDUSTRIES GROUP
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(Exact Name of Registrant as Specified in its Charter)
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Nevada
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000-29245
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80-0948413
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State of
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Commission
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IRS Employer
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Incorporation
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File Number
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I.D. Number
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1479 North Clinton Avenue, Bay Shore, NY 11706
Address of principal executive offices
Registrant's telephone number: (631) 968-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01
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Regulation FD Disclosure.
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On September 17, 2013, Air Industries Group issued a press release reporting that its Board of Directors approved the payment of a quarterly dividend of $0.1250 per common share to be paid on October 15, 2013 to all shareholders of record as of the close of business on September 30, 2013. A copy of the press release is attached hereto as Exhibit 99.1
The information in this report, including Exhibit 99.1 attached hereto, shall not be deemed as “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such Section, nor shall it be deemed incorporated by reference in any filing by us under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit
Number
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Description
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99.1
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Text of press release issued by Air Industries Group.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 17, 2013
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AIR INDUSTRIES GROUP
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By:
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/s/ Peter D. Rettaliata
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Peter D. Rettaliata
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President and Chief Executive Officer
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Exhibit 99.1
Air Industries Group announces doubling of quarterly dividend
BAY SHORE, NY -- (Marketwired – September 17, 2013) – Air Industries Group (NYSE MKT: AIRI)
Air Industries Group today announced that its Board of Directors has approved an increase in its quarterly cash dividends to its shareholders.
A quarterly dividend of $0.125 per common share will be paid on October 15, 2013 to all shareholders of record as of the close of business on September 30, 2013. Future dividends will be subject to Board and Bank approval.
Mr. Michael Taglich, Chairman of the Board of Air Industries Group commented: “Our Board is increasingly confident in the Company’s position and we plan on paying annual dividends of $0.50 a share – in quarterly installments – as a matter of policy, so long as it is prudent and possible to do so. Through August 31, 2013, we have reduced our total debt by nearly $2.5 million and paid dividends of more than $700,000 and acquired Decimal Industries. We are excited about our internal growth opportunities. We acquired the business of Decimal Industries on July 1st and we will be pursuing other select acquisition opportunities that are strategic and accretive. “
For additional information, please call 631.881.4913 or ir@airindustriesgroup.com
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI NYSE MKT) is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The Company has over 40 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry. With embedded relationships with many leading aerospace and defense prime contractors, the Company designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts and flight controls. Air Industries Group also provides sheet metal fabrication, tube bending, and welding services.
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.