swanlinbar
10 years ago
AIRT -0.03%20.1
Air T, Inc. Reports Unaudited Third Quarter Earnings
PR Newswire Air T, Inc.
February 3, 2015 3:00 PM
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MAIDEN, N.C., Feb. 3, 2015 /PRNewswire/ -- (3:00pm EST) -- Air T, Inc. (Air T) (AIRT) today reported consolidated net earnings of $1,448,000 ($0.61 per diluted share) for the fiscal 2015 third quarter ended December 31, 2014 as compared to consolidated net earnings of $455,000 ($0.19 per diluted share) for the similar fiscal 2014 comparable period.
Consolidated revenue increased $1,058,000 (4%) to $30,893,000 for the quarter ended December 31, 2014 compared to the comparable quarter in the prior fiscal year. Consolidated operating income increased $1,345,000 (169%) for the quarter ended December 31, 2014 compared to the comparable quarter in the prior fiscal year. The increase in consolidated operating income from the prior year quarter includes a gain on sale of assets for the current year quarter of $781,000 compared to $25,000 in the prior year quarter. Gain on sale of assets for the current year quarter reflects a $374,000 gain from the sale of the company-owned King Air aircraft, a $412,000 gain from the sales of eight leased de-icing units to the leasing customers and a $5,000 loss from the retirement of equipment by the ground support services business. The quarter-over-quarter increase in operating income was also favorably impacted by $565,000 in separation payments made to the company's former chief executive officer in the prior year quarter which did not recur in the current year.
Ground equipment sales revenue increased $1,588,000 (14%) this quarter compared to the prior year comparable quarter. Ground equipment sales operating income increased by $496,000 (41%) from the prior year comparable quarter, the result of the gain on the sale of the leased de-icing units and continuing efforts to improve production efficiencies, as well as a change in the product and customer mix. At December 31, 2014, ground equipment sales backlog was $7.2 million, compared to $10.2 million at December 31, 2013 and $14.4 million at March 31, 2014.
Ground support services segment reported a $972,000 (23%) increase in revenue this quarter, driven by continuing growth in new markets and services offered to new and existing customers. Operating income for this segment for the same period increased by only $8,000 (3%), as company expenses have risen as a result of additional cost of sales expense and with investments made in the company infrastructure to help position the company for growth; including leadership, marketing and data analysis roles, facility upgrades, and additional controls.
Overnight air cargo revenues decreased $1,502,000 (10%) this quarter as a result of a decrease in maintenance labor revenue billed to the customer due to the completion of eight- and twelve-year heavy maintenance checks during the prior comparable period. The segment's operating income increased by $105,000 (21%), which includes the benefit of the gain on the sale of the company-owned King Air aircraft.
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
12/31/2014
12/31/2013
12/31/2014
12/31/2013
Operating Revenues
$ 30,893
$ 29,835
$ 87,296
$ 75,305
Net Earnings
$ 1,448
$ 455
$ 3,340
$ 1,050
Net Earnings Per Share- Diluted
$ 0.61
$ 0.19
$ 1.41
$ 0.43
Average Common Shares Outstanding
2,381
2,442
2,374
2,458
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014 filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website: http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to, the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under our contract with the United States Air Force, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/air-t-inc-reports-unaudited-third-quarter-earnings-300030224.html
swanlinbar
10 years ago
AIRT-Air T, Inc. Reports Unaudited Second Quarter Earnings
Date : 11/07/2014 @ 8:10AM
Source : PR Newswire (US)
Stock : Air T, Inc. (MM) (AIRT)
Quote : 14.699 1.199 (8.88%) @ 12:35PM
Air T, Inc. Reports Unaudited Second Quarter Earnings
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Today : Friday 7 November 2014
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MAIDEN, N.C., Nov. 7, 2014 /PRNewswire/ -- Air T, Inc. (Air T) (NASDAQ: AIRT) today reported consolidated net earnings of $1,818,000 ($0.77 per diluted share) for fiscal 2015's second quarter ended September 30, 2014 compared to consolidated net earnings of $456,000 ($0.18 per diluted share) for the similar fiscal 2014 period.
Consolidated revenue increased $10,435,000 (43%) to $34,625,000 for the quarter ended September 30, 2014 compared to the same quarter in the prior fiscal year. Consolidated operating income increased $1,844,000 (245%) for the quarter ended September 30, 2014 compared to the same quarter in the prior fiscal year. Ground equipment sales revenue increased $10,044,000 (127%) this quarter compared to the prior year comparable quarter. Approximately $4,800,000 of the increase in revenue is attributable to the shipment of deicing units that had been delayed at June 30, 2014 as noted in the June 30, 2014 Form 10-Q. Ground equipment sales operating income increased by $2,471,000 from the prior year comparable quarter as a result of the impact of the delay in shipment into the second quarter, efficiencies in production, and increased parts and service volume as customers experience some early winter weather. At September 30, 2014, ground equipment sales backlog was $15.3 million, compared to $11.9 million at September 30, 2013. The ground support services segment reported a $541,000 (13%) increase in revenue this quarter, driven by continuing growth in locations and in services offered to new and existing customers; operating income decreased by $217,000 (70%) principally due to infrastructure changes to help position the segment for further growth. Overnight air cargo revenues reported a $150,000 (1%) decrease this quarter compared to the same quarter in the prior fiscal year, and the segment's operating income decreased by $287,000 (51%) this quarter as a result of a variety of factors including a reduction in revenue aircraft and maintenance labor costs.
Nick Swenson commented, "GGS completed an outstanding first half of the fiscal year, converting backlog into shipments and delivering strong top-line and bottom-line growth. Our inventories at mid-year are the lowest they've been in six years. Simply put, Mike Moore and his management team have been executing on their business plan. GGS is delivering high quality products on time and within budget. While the harsh winter is part of the demand story at GGS, we believe that GGS management has enhanced operations in many incremental ways, thereby strengthening the franchise."
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended
Six Months Ended
9/30/2014
9/30/2013
9/30/2014
9/30/2013
Operating Revenues
$ 34,625
$ 24,190
$56,403
$45,470
Net Earnings
$ 1,818
$ 456
$1,891
$595
Net Earnings Per Share- Diluted
$0.77
$0.18
$0.80
$0.24
Average Common Shares Outstanding
2,375
2,485
2,376
2,477
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under our contract with the United States Air Force, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Air T, Inc.
swanlinbar
11 years ago
Air T, Inc. To Report Second Quarter Results On November 7
Date : 10/31/2013 @ 3:00PM
Source : PR Newswire (US)
Stock : Air T, Inc. (MM) (AIRT)
Quote : 11.18 0.0656 (0.59%) @ 2:35PM
Air T, Inc. To Report Second Quarter Results On November 7
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Today : Thursday 31 October 2013
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MAIDEN, N.C., Oct. 31, 2013 /PRNewswire/ -- Air T, Inc. (Air T) (NASDAQ: AIRT) announced that it will release its results for the second quarter ended September 30, 2013 on November 7, 2013.
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
SOURCE Air T, Inc.
swanlinbar
11 years ago
Air T, Inc. Reports Unaudited First Quarter Earnings
Date : 08/07/2013 @ 9:15AM
Source : PR Newswire (US)
Stock : Air T, Inc. (MM) (AIRT)
Quote : 10.38 -0.596 (-5.43%) @ 2:48PM
Air T, Inc. Reports Unaudited First Quarter Earnings
Air T, Inc. (MM) (NASDAQ:AIRT)
Intraday Stock Chart
Today : Wednesday 7 August 2013
Air T, Inc. (MM) Charts.
MAIDEN, N.C., Aug. 7, 2013 /PRNewswire/ -- Air T, Inc. (Air T) (NASDAQ: AIRT) today reported consolidated net earnings of $139,000 ($0.06 per diluted share) for fiscal 2014's first quarter ended June 30, 2013 compared to consolidated net earnings of $417,000 ($0.17 per diluted share) for the similar fiscal 2013 period.
Consolidated revenues decreased $3,208,000 (13%) to $21,280,000 for the quarter ended June 30, 2013 compared to the same quarter in the prior fiscal year. This decrease resulted principally from a $5,507,000 (51%) decrease in our ground equipment sales segment revenues resulting primarily from decreased military sales in the quarter. The segment produced an operating margin of $6,000 for the quarter, a $298,000 decline from the operating income for the comparable prior year quarter. At June 30, 2013, ground equipment sales backlog was $12.7 million, compared to $12.0 million at June 30, 2012 and $6.5 million at March 31, 2013. Our ground support services revenues increased by $624,000 (21%) as a result of increases in customers and new locations over last year's quarter. Revenues of our air cargo segment were $12,408,000 for the quarter ended June 30, 2013, a 16% increase from the segment's revenues in the prior year quarter, due primarily to an increase in maintenance pass through costs to our customer.
Walter Clark, Chief Executive Officer of Air T, commented, "The first quarter was a challenge for Air T. Our ground support services segment was a bright spot as it continued its momentum with growth at both the revenue and operating income lines. Our air cargo segment had a solid quarter although it was hindered by losing one aircraft from its fleet and by increasing facility rent and repair costs. The ground equipment sales segment had a difficult first quarter with a significant reduction in revenues. I am pleased at the continued improvement in plant efficiency with significant gains in gross margins over the prior year first quarter."
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Quarter Ended
6/30/2013
6/30/2012
Operating Revenues
$ 21,280
$ 24,488
Net Earnings
$ 139
$ 417
Net Earnings Per Share - Diluted
$ 0.06
$ 0.17
Average Common Shares Outstanding - Diluted
2,470
2,458
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under our contract with the United States Air Force, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
swanlinbar
12 years ago
Air T, Inc. Establishes Committee of Independent Directors
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Air T, Inc. (MM) (NASDAQ:AIRT)
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Today : Friday 10 May 2013
MAIDEN, N.C., May 9, 2013 /PRNewswire/ -- Air T, Inc. (Nasdaq Capital Market: AIRT) announced today that that its board of directors has established a special committee of its directors, which has established a subcommittee comprised solely of independent directors. The special committee was established to consider, evaluate, negotiate and make recommendations to the company's board of directors with respect to proposals made by AO Partners, LLC and Nicolas J. Swenson, managing member of AO Partners, LLC and a director of the company, to take actions with respect to the 2013 annual meeting of stockholders and to solicit proxies on behalf of the company's board of directors to be voted at such meeting, to authorize the company to enter into agreements to indemnify and hold harmless any person, who is not already a director, who is nominated for election as a director by the board of directors, and to administer, make determinations and authorize actions, including amendments, under the Rights Agreement (the "Right Agreement"), dated as of March 26, 2012, between the company and American Stock Transfer & Trust Company, LLC, as rights agent. All members of the company's board of directors, other than Mr. Swenson, were appointed to this special committee.
On May 6, 2013, the special committee established a subcommittee and delegated to that subcommittee its authority to consider, evaluate, negotiate and make recommendations to the board of directors with respect to proposals made by AO Partners, LLC and Mr. Swenson and to administer, make determinations and authorize actions, including amendments, under the Rights Agreement. The following directors were appointed to the subcommittee: Sam Chesnutt, John J. Gioffre, Dennis A. Wicker and J. Bradley Wilson. Mr. Wilson, who was recently elected as the Chairman of the company's board of directors, was appointed to serve as chairman of the special committee and of the subcommittee.
About Air T
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Air T, Inc. ("Air T") will file a proxy statement in connection with its 2013 annual meeting of stockholders. Air T stockholders are strongly advised to read the proxy statement and the accompanying proxy card when they become available, as they will contain important information. Stockholders will be able to obtain this proxy statement, any amendments or supplements to the proxy statement and other documents filed by Air T with the Securities and Exchange Commission for free at the Internet website maintained by the Securities and Exchange Commission at http://www.sec.gov. Copies of the proxy statement and any amendments and supplements to the proxy statement will also be available for free at Air T's website, http://www.airt.net, or by writing to Air T, Inc., Post Office Box 488, Denver, North Carolina 28037, Attention: Corporate Secretary.
Air T and its directors who are members of a special committee and its executive officers (which directors and executive officers are Sam Chesnutt, Allison T. Clark, Walter Clark, John J. Gioffre, John Parry, George C. Prill, William H. Simpson, Dennis A. Wicker and J. Bradley Wilson) may be deemed to be participants in the solicitation of proxies for Air T's 2013 annual meeting of stockholders, and detailed information regarding the affiliations of these directors and executive officers is available in the proxy statement for Air T's 2012 annual meeting of stockholders filed with the Securities and Exchange Commission on July 20, 2012 (which information is supplemented by the subsequent election of Mr. Wilson as Chairman of the Board of Directors, succeeding Mr. Walter Clark in that position). In addition, the following table sets forth information regarding the beneficial ownership of shares of common stock of Air T by each of these director and executive officer of Air T and by all directors and executive officers of Air T as a group as of May 1, 2013. Each person named in the table has sole voting and investment power with respect to all shares of common stock shown as beneficially owned.
Shares and Percent of
Common Stock Beneficially
Owned as of May 1, 2013
Name
Position with Company
No. of Shares
Percent
Sam Chesnutt
Director
2,500 (1)
*
Allison T. Clark
Director
23,000 (1)
*
Walter Clark
Chief Executive Officer and Director
143,627 (1)
5.8%
John J. Gioffre
Director
5,027 (1)
*
John Parry
Vice President-Finance, Chief
Financial Officer, Secretary,
Treasurer and Director
16,502 (1)
*
William H. Simpson
Executive Vice President and Director
31,604 (1)
1.3%
George C. Prill
Director
3,500 (1)
*
Dennis A. Wicker
Director
3,500 (1)
*
J. Bradley Wilson
Chairman of the Board
2,500 (1)
*
All such directors and all
executive officers as a
group (nine persons)
231,760 (1)
9.1%
* Less than one percent.
(1) Includes shares which the following executive officers and directors have the right to acquire within 60 days through the exercise of stock options issued by Air T: Mr. Walter Clark, 50,000 shares; Mr. Parry, 15,000 shares; Mr. Simpson, 30,000 shares; Mr. Chesnutt, 2,500 shares; Mr. Allison Clark, 2,500 shares; Mr. Gioffre, 2,500 shares; Mr. Prill, 2,500 shares; Mr. Wicker, 3,500 shares; Mr. Wilson, 2,500 shares; all such directors and executive officers as a group, 111,000 shares.
SOURCE Air T, Inc.
Copyright 2013 PR Newswire
swanlinbar
12 years ago
Air T Reports Unaudited Third Quarter Results; Appointment Of Lead Independent Director
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Air T, Inc. (MM) (NASDAQ:AIRT)
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Today : Friday 1 February 2013
MAIDEN, N.C., Feb. 1, 2013 /PRNewswire/ -- Air T, Inc. (Nasdaq Capital Market: AIRT) today reported consolidated net earnings of $633,000 ($0.26 per diluted share) for fiscal 2013's third quarter ended December 31, 2012, compared to consolidated net earnings of $579,000 ($0.24 per diluted share) for the third quarter of fiscal 2012. The Company also reported year-to-date earnings for the nine months of $1,277,000 ($.52 per diluted share) compared to $1,340,000 ($.55 per diluted share) for the similar fiscal 2012 period.
Consolidated revenues for fiscal 2013's third quarter were $26,703,000, an increase of 4% compared to the similar 2012 fiscal quarter. Consolidated revenues for the first nine months of the 2013 fiscal year were $72,353,000 or 7% higher than the prior year comparable period. At December 31, 2012, the backlog at Global Ground Support, the Company's ground support equipment business, was $9.2 million, compared to $14.9 million at December 31, 2011.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented "The focus on improving efficiencies at our equipment manufacturer bore fruit in this most recent quarter with an improved bottom line. Additionally, there has been a concerted effort to pare down inventory levels at Global Ground and that has begun to yield positive results as well. The ground support services subsidiary showed year over year improvement with both top and bottom line increases. The air cargo side of the equation continues to be a solid performer with some reduction in bottom line due to the filling of additional management positions."
Mr. Clark continued, "I am pleased to announce the appointment by Air T's board of directors of Brad Wilson as our lead independent director. Brad Wilson is currently President and CEO of Blue Cross and Blue Shield of North Carolina and, among other achievements, currently serves on, and has served as Chairman of, the Board of Governors of the University of North Carolina and served as Chairman of the Board of Directors of the North Carolina Railroad Company. Air T is fortunate to have an individual of his capabilities willing to serve in this position. I and the rest of the Air T board look forward to working with Brad in his new capacity."
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
12/31/12
12/31/11
12/31/12
12/31/11
Operating Revenues
$ 26,703
$ 25,650
$ 72,353
$ 67,672
Net Earnings
$ 633
$ 579
$ 1,277
$ 1,340
Net Earnings Per Share - Diluted
$ 0.26
$ 0.24
$ 0.52
$ 0.55
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 to be filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the riskthat contracts with major customers will be terminated or not extended, future economic conditions and their impact on the Company's customers, customer requirements for ground support equipment and facilities maintenance services will be less than anticipated, the timing and amounts of future orders under our contract with the United States Air Force, inflation rates, the impact of competition, changes in technology or government regulation, and the impact of terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Air T, Inc.
swanlinbar
14 years ago
AIRT-Air T Reports Unaudited Third Quarter Results
Air T, Inc. Topics:Earnings Related Quotes
Symbol Price Change
AIRT 9.91 -0.32
Press Release Source: Air T, Inc. On Thursday January 27, 2011, 2:39 pm
MAIDEN, N.C., Jan. 27, 2011 /PRNewswire/ -- Air T, Inc. (Nasdaq Capital Market: AIRT) today reported consolidated net earnings of $599,000 ($0.24 per diluted share) for fiscal 2011's third quarter ended December 31, 2010, compared to consolidated net earnings of $1,247,000 ($0.51 per diluted share) for the third quarter of fiscal 2010. The Company also reported year-to-date earnings for the nine months of $1,443,000 ($.58 per diluted share) compared to $3,212,000 ($1.32 per diluted share) for the similar fiscal 2010 period.
Consolidated revenues for fiscal 2011's third quarter were $22,314,000, a decrease of less than 1% compared to the similar 2010 fiscal quarter. Consolidated revenues for the first nine months of the 2011 fiscal year were $57,508,000 or 6% lower than the prior year comparable period. At December 31, 2010, the backlog at Global Ground Support, the Company's ground support equipment business, was $19.0 million, compared to $5.7 million at December 31, 2009.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "While we are disappointed with our bottom line results, we are encouraged by the consistency in revenues and the additional growth in our backlog at Global Ground Support this quarter. Gross margins on equipment sales were down, reflecting a very competitive commercial market both domestically and internationally, as well as changes in customer and product mix. The lack of orders under the contract with the Air Force continues to impact our results this year. On the positive side, Global Ground Support has experienced increases in both domestic and international commercial deicer orders this year, buoyed by the recent $10.5 million order from the City of Charlotte. Our ground support services segment saw an 84% decrease in its operating income reflecting reduced revenues and increased costs associated with the closure of certain locations as a result of changes in our Delta Airlines contract in early September 2010. Finally, with regard to our air cargo business, we have seen a positive impact this quarter from the four aircraft in our shop for heavy maintenance and we benefited from operating one of the aircraft in revenue service this past quarter."
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
12/31/10
12/31/09
12/31/10
12/31/09
Operating Revenues
$ 22,314
$ 22,321
$ 57,508
$ 61,411
Net Earnings
$ 599
$ 1,247
$ 1,443
$ 3,212
Net Earnings Per Share - Diluted
$ 0.24
$ 0.51
$ 0.58
$ 1.32
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 to be filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.
swanlinbar
14 years ago
Air T, Inc. (Air T) (Nasdaq: AIRT) today reported consolidated net earnings of $299,000 ($0.12 per diluted share) for fiscal 2011's first quarter ended June 30, 2010 compared to consolidated net earnings of $1,118,000 ($0.46 per diluted share) for the similar fiscal 2010 period.
Consolidated revenues decreased $3,925,000 (21%) to $15,023,000 for the quarter ended June 30, 2010 compared to the same quarter in the prior fiscal year. This decrease resulted principally from a $4,177,000 (52%) decrease in ground equipment sales revenue offset by marginal increases in the other two operating segments. The decrease in ground equipment sales revenue was the result of having no sales of deicers to the United States Air Force in the first quarter of fiscal 2011. We have subsequently received orders from the Air Force which have increased our backlog and which will be delivered in the remainder of this fiscal year. At June 30, 2010, ground equipment sales backlog was $8.8 million, compared to $14.8 million at June 30, 2009 and $1.4 million at March 31, 2010.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "We are less than satisfied with the overall results of our first quarter and we expect to see improvement in the second quarter as a result of the backlog in place at quarter end. We are disappointed with the outcome of the recent Delta contract renewal and the loss of a significant and profitable portion of our Global Aviation Services business. This will have a significant negative impact on that new segment of our business, but we believe we offer a good service and will continue our efforts to expand that business to new customers."
FINANCIAL HIGHLIGHTS(In thousands, except per share data)
Three Months Ended (Unaudited)
6/30/2010
6/30/2009
Operating Revenues
$ 15,023
$ 18,948
Net Earnings
$ 299
$ 1,118
Net Earnings Per Share - Diluted
$ 0.12
$ 0.46
Average Common Shares Outstanding
2,496
2,424
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under our recently awarded contract with the United States Air Force, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Air T, Inc.
swanlinbar
14 years ago
Air T, Inc. Reports Fiscal 2010 Results
PR Newswire
MAIDEN, N.C., June 8
MAIDEN, N.C., June 8 /PRNewswire-FirstCall/ --
Air T, Inc. (Nasdaq Capital Market: AIRT) announces consolidated net earnings of $3,757,000 ($1.54 per diluted share) for fiscal 2010, which ended March 31, 2010, compared to net earnings of $4,379,000 ($1.81 per diluted share) for fiscal 2009.
Consolidated revenue for fiscal 2010 was $81,077,000 compared to $90,668,000 for fiscal 2009. This 11% decrease resulted from a $7,047,000 (18%) decrease in ground equipment sales revenue and a $4,016,000 (9%) decrease in air cargo revenue, partially offset by a $1,472,000 increase in ground support services revenue. The decrease in ground equipment sales revenue was attributed primarily to a decrease in the number of military deicer units sold. The decrease in air cargo revenue was attributed to decreased pass through costs to its customer as a result of a reduction in the number of revenue aircraft operated over the past two years. The increase in ground support services revenue is the result of the growth and expansion of this business as it has added new locations and customers.
The $622,000 decrease in fiscal 2010's net earnings represented a 14% decrease from the prior year, which had been the highest annual earnings recorded by the Company. The decrease is the result of decreased revenues and profitability in the Company's most established operating segments, as well as a decrease in non-operating income. At March 31, 2010, backlog was $1.3 million, compared to $8.4 million at March 31, 2009 and $5.7 million at December 31, 2009. Backlog has improved to $6.6 million at May 31, 2010 and does not include a $3.7 million order from the U. S. Air Force received on June 4, 2010.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "After three consecutive years of record revenues and profits, our businesses experienced a decline in both in fiscal 2010, reflecting challenging economic and industry conditions. While we are not pleased with the downturn, we are satisfied with our financial position at this time. We have experienced both a slowing in the commercial deicer business and a decrease in the number of U.S. Air Force deicing orders in fiscal 2010. On a positive note, operating levels at our air cargo delivery business stabilized as we saw no further reduction in the number of aircraft that we operate for FedEx this past quarter. "
"In this uncertain economy, I want to reiterate that we are continuing our focus on conserving cash, controlling costs, tightening our credit policies and maintaining our customer and vendor relationships," Clark continued.
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Fiscal Year Ended March 31
2010
2009
Operating Revenues
$81,077
$90,668
Net Earnings
$3,757
$4,379
Net Earnings Per Share - Diluted
$1.54
$1.81
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Annual Report on Form 10-K for the year ended March 31, 2010, filed earlier today with the Securities and Exchange Commission. Copies of the Form 10-K may be accessed on the Internet at the SEC's website, http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Air T, Inc.
swanlinbar
15 years ago
Air T Reports Unaudited Third Quarter Results
Companies:Air T Inc. Related Quotes
Symbol Price Change
AIRT 9.75 -0.48
Press Release Source: Air T, Inc. On Monday February 1, 2010, 11:00 am EST
MAIDEN, N.C., Feb. 1 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq: AIRT) today reported consolidated net earnings of $1,247,000 ($0.51 per diluted share) for fiscal 2010's third quarter ended December 31, 2009, compared to consolidated net earnings of $974,000 ($0.40 per diluted share) for the third quarter of fiscal 2009. The Company also reported year-to-date earnings for the nine months of $3,212,000 ($1.32 per diluted share) compared to $3,636,000 ($1.50 per diluted share) for the similar fiscal 2009 period.
Consolidated revenues for fiscal 2010's third quarter were $22,321,000, a decrease of 5% compared to the similar 2009 fiscal quarter. Consolidated revenues for the first nine months of the 2010 fiscal year were $61,411,000 or 12% lower than the prior year comparable period. At December 31, 2009, the backlog at Global Ground Support, the Company's ground support equipment business, was $5.7 million, compared to $12.2 million at December 31, 2008.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "While we are not pleased with the decrease in revenues and backlog this quarter, we are satisfied with the third quarter profitability of Air T. We have experienced a slowing in the commercial deicer business and at the same time we are awaiting information from the U.S. Air Force regarding unit orders for next year under our new deicer contract. These two factors have contributed to a low backlog for Global Ground Support at this time. It is difficult to predict when this trend will reverse, considering the current economic environment that we are operating in. On a positive note, operating levels at our air cargo delivery business stabilized as we saw no further reduction in the number of aircraft that we operate for FedEx this past quarter. In addition, we continued to experience growth in revenues and profits from our Global Aviation Services segment."
"In this uncertain economy, I want to reiterate that we are continuing our focus on conserving cash, controlling costs, tightening our credit policies and maintaining our customer and vendor relationships," Clark continued.
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended Nine Months Ended
------------------- -------------------
12/31/09 12/31/08 12/31/09 12/31/08
-------- -------- -------- --------
Operating Revenues $22,321 $23,538 $61,411 $69,967
======== ======== ======== ========
Net Earnings $1,247 $974 $3,212 $3,636
======== ======== ======== ========
Net Earnings Per Share -
Diluted $0.51 $0.40 $1.32 $1.50
======== ======== ======== ========
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.
For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2009 to be filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, future economic conditions, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
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