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Air T Inc. reports earnings of $847,000, or 35 cents per diluted share, for its second fiscal quarter ended Sept. 30. That’s down from earnings of $1.32 million, or 55 cents per diluted share, a year earlier.
Revenue in the latest quarter fell 16 percent to $20.1 million.
The Maiden-based company (NASDAQ:AIRT) provides overnight air-freight service to the express-delivery industry. It also makes and services ground-support equipment for aircraft and special-purpose industrial equipment.
Air T says its revenue dropped because of lower ground-equipment sales and a decrease in air-cargo services.
AIRT-Air T, Inc. Reports Fiscal 2009 Results
8:15a ET June 2, 2009 (PR NewsWire)
Air T, Inc. (Nasdaq Capital Market: AIRT) announces record consolidated net earnings of $4,379,000 ($1.81 per diluted share) for fiscal 2009, which ended March 31, 2009, compared to net earnings of $3,402,000 ($1.40 per diluted share) for fiscal 2008.
Consolidated revenue for fiscal 2009 was $90,668,000 compared to $78,399,000 for fiscal 2008. This 16% increase resulted from a $3,654,000 (10%) increase in ground equipment sales revenue, a $3,729,000 (9%) increase in air cargo revenue, and a $4,886,000 increase in ground support services revenue. The increase in ground equipment sales revenue related to increases in the number of military and international deicer units sold. The increase in air cargo revenue was attributed to increased pass through costs to its customer and increased maintenance hours produced in fiscal 2009 combined with an increase in billable labor rates. The increase in ground support services revenue is due to increased customers and service locations in its first full year of operations.
The $977,000 increase in fiscal 2009's net earnings represented a 29% increase over the prior year, which had previously been the highest annual earnings recorded by the Company. The increase is the result of increased revenues and profitability in each of the Company's three operating segments, as well as an increase in non operating income.
Walter Clark, Chairman and Chief Executive Officer of the Company, commented, "Our record performance for the fiscal year was attributable to our very strong performance in the first half of the fiscal year, with results for the latter half, while still solid, not matching the record pace set earlier in the year. The results also include the first full year of contribution by our ground support services business, which accounted for 9% of our consolidated revenues for the fiscal year. We consider ourselves fortunate to be able to report these outstanding results, particularly in these challenging times, and consider these results a testament to our tremendous employees. Given the uncertain environment going forward, we continue to watch costs closely and maintain cash balances at conservative levels, which we believe provides us the flexibility to pursue attractive growth opportunities."
FINANCIAL HIGHLIGHTS (In thousands, except per share data) Fiscal Year Ended 3/31/2009 3/31/2008 Operating Revenues $ 90,668 $ 78,399 Net Earnings $ 4,378 $ 3,402 Net Earnings Per Share - Diluted $ 1.81 $ 1.40
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, 2009, 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 or that the Company will be unable to replace its long-term supply contract to the U.S. Air Force which expires in June 2009, 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.
http://www.airt.net
AIRT looking good again!
Air T Reports Unaudited Third Quarter Results
Friday January 30, 2009, 8:15 am EST
Yahoo! Buzz Print Related:Air T Inc.
MAIDEN, N.C., Jan. 30 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq: AIRT - News) today reported consolidated net earnings of $974,000 ($0.40 per diluted share) for fiscal 2009's third quarter ended December 31, 2008, compared to consolidated net earnings of $920,000 ($0.38 per diluted share) for the third quarter of fiscal 2008. The Company also reported year-to-date earnings for the nine months of $3,636,000 ($1.50 per diluted share) compared to $2,084,000 ($0.85 per diluted share) for the similar fiscal 2008 period.
Related Quotes
Symbol Price Change
AIRT 5.8876 -0.4624
{"s" : "airt","k" : "c10,l10,p20,t10","o" : "","j" : ""} Consolidated revenues for fiscal 2009's third quarter were $23,538,000, an increase of 11% compared to the similar 2008 fiscal quarter. Consolidated revenues for the first nine months of the 2009 fiscal year were $69,966,000 or 29% higher than the prior year comparable period. At December 31, 2008, the backlog at Global Ground Support, the Company's ground support equipment business, was $12.2 million, compared to $16.0 million at December 31, 2007.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "We are satisfied with the third quarter results of Air T, which have continued to build toward an outstanding fiscal year. Revenues were up in all three of our operating segments, though operating margins were tighter during the quarter compared to last year's period. During the quarter we were able to put a number of the lawsuits related to the Philadelphia Airport incident behind us and have only one remaining action outstanding from that incident. Our net earnings for the quarter reflect a $550,000 gain from the settlement on one of these lawsuits. The quarter also reflects a $195,000 charge in connection with the termination of a deferred retirement obligation in the quarter which would otherwise have come due in July 2009."
"In this uncertain economy, we are continuing our focus on conserving cash, watching costs, tightening our credit policies and maintaining our customer and vendor relationships," Clark continued.
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Nine Months
Ended Ended
12/31/08 12/31/07 12/31/08 12/31/07
Operating Revenues $23,538 $21,149 $69,967 $54,357
Net Earnings $974 $920 $3,636 $2,084
Net Earnings Per Share - Diluted $0.40 $0.38 $1.50 $0.85
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, 2008 to be filed later 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, 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.
Income statement AIRT
PERIOD ENDING 31-Mar-08 31-Dec-07 30-Sep-07 30-Jun-07
Total Revenue 24,042 21,149 17,412 15,796
Cost of Revenue 19,250 16,891 14,192 12,368
Gross Profit 4,792 4,258 3,220 3,428
Operating Expenses
Research Development - - - -
Selling General and Administrative 2,879 2,710 2,246 2,337
Non Recurring - - - -
Others 108 115 125 124
Total Operating Expenses - - - -
Operating Income or Loss 1,805 1,433 848 968
Income from Continuing Operations
Total Other Income/Expenses Net 139 41 51 63
Earnings Before Interest And Taxes 1,944 1,474 899 1,031
Interest Expense 20 30 64 57
Income Before Tax 1,924 1,444 835 973
Income Tax Expense 606 524 297 347
Minority Interest - - - -
Net Income From Continuing Ops 1,318 920 538 626
Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 1,318 920 538 626
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares $1,318 $920 $538 $626
Form 10-K for AIR T INC
16-Jun-2008
Annual Report
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Overview
The Company operates in two business segments. The overnight air cargo segment, comprised of its Mountain Air Cargo, Inc. ("MAC") and CSA Air, Inc. ("CSA") subsidiaries, operates in the air express delivery services industry. The ground equipment segment, comprised of its Global Ground Support, LLC ("GGS") and Global Aviation Services, LLC ("GAS") subsidiaries, provides aviation ground support and other specialized equipment products and services to passenger and cargo airlines, airports, the military and industrial customers. Each business segment has separate management teams and infrastructures that offer different products and services.
Following is a table detailing revenues by segment and by major customer category:
Year ended March 31,
2008 2007
Overnight Air Cargo Segment:
FedEx $ 38,918 50 % $ 36,091 54 %
Other Maintenance 358 - - -
$ 39,276 50 % $ 36,091 54 %
Ground Equipment Segment:
Military 15,523 20 % 16,342 24 %
Commercial - Domestic 20,889 27 % 12,709 19 %
Commercial - International 2,711 3 % 2,161 3 %
39,123 50 % 31,212 46 %
$ 78,399 100 % $ 67,303 100 %
Fiscal year ended March 31,
2008 2007
Operating revenue (in thousands) $ 78,399 $ 67,303
Expense as a percent of revenue:
Flight operations 24.42 % 26.55 %
Maintenance 17.99 19.10
Ground Equipment 37.56 33.43
General and Administrative 12.97 14.19
Depreciation and Amortization 0.60 0.99
Total Costs and Expenses 93.54 % 94.26 %
2008 2007
Net Cash Provided by Operating Activities $ 277,000 $ 2,463,000
Net Cash Used In Investing Activities (1,642,000 ) (198,000 )
Net Cash Used in Financing Activities (1,478,000 ) (2,072,000 )
Net (Decrease) Increase in Cash (2,844,000 ) 193,000
* Economic conditions in the Company's markets;
* The risk that contracts with FedEx could be terminated or that the U.S. Air Force will defer orders under its contract with GGS or that this contract will not be extended;
* The impact of any terrorist activities on United States soil or abroad;
* The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels;
* The risk of injury or other damage arising from accidents involving the Company's air cargo operations, equipment sold by GGS or services provided by GGS or GAS;
* Market acceptance of the Company's new commercial and military equipment and services;
* Competition from other providers of similar equipment and services;
* Changes in government regulation and technology;
* Mild winter weather conditions reducing the demand for deicing equipment.
Air T income rises 36%
Charlotte Business Journal
Air T Inc. reports net income of $3.4 million, or $1.40 per diluted share, for its fiscal year ended March 31.
That's up 36 percent from earnings of nearly $2.5 million, or 94 cents per diluted share, in fiscal 2007.
Revenue increased to $78.4 million from $67.3 million in the same period last year.
The company says it benefited from several orders for deicing services and increased billable labor rates.
Maiden-based Air T (NASDAQ:AIRT) provides overnight air-freight service to the express-delivery industry. It also makes and services aircraft ground-support and special-purpose industrial equipment. Air T is one of the largest small-aircraft cargo operators in the country.
Form 8-K for AIR T INC
12-Jun-2008
Results of Operations and Financial Condition, Financial Statements and Exhibits
Item 2.02. Results of Operations and Financial Condition
On June 12, 2008, Air T, Inc. (the "Company") issued a press release announcing its earnings for the fiscal year ended March 31, 2008. A copy of such press release is furnished as Exhibit 99.1 hereto.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 Press release of Air T, Inc. dated June 12, 2008
booming bro! glad we are on board for the fun!
Air T, Inc. Reports Fiscal 2008 Results
MAIDEN, N.C., June 12 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq Capital Market: AIRT) announces record consolidated net earnings of $3,402,000 ($1.40 per diluted share) for fiscal 2008, which ended March 31, 2008, compared to net earnings of $2,486,000 ($0.94 per diluted share) for fiscal 2007. Consolidated revenue for fiscal 2008 was $78,399,000 compared to $67,303,000 for fiscal 2007.
Consolidated revenue increased $11,096,000 to $78,399,000 in fiscal 2008. This 17% increase resulted from a $7,911,000 (25%) increase in ground equipment revenue and a $3,185,000 (9%) increase in air cargo revenue. The increase in ground equipment revenue related to a significant increase in the number of commercial deicer units sold as well as additional sales revenue contributed by the new Global Aviation Services start up operation. The increase in air cargo revenue was attributed to increased maintenance hours produced in fiscal 2008 combined with an increase in billable labor rates.
The $916,000 increase in fiscal 2008's net earnings represented a 37% increase over the prior year, which had previously been the highest annual earnings recorded by the Company. The increase is directly attributed to the increase in revenue provided by both operating segments.
Walter Clark, Chairman and Chief Executive Officer of the Company, commented, "We are excited to share these record results with our stockholders. We have been able to build upon our existing customer relationships with FedEx and the U. S. Military while also building relationships with many new customers. Fiscal 2008 was the result of hard work that has been going on for a number of years. We had a record backlog at March 31, 2007 of $16.8 million, which fueled much of our growth and success in 2008. We are pleased to report a new record backlog of $25.3 million at March 31, 2008, which should provide for continued success in the coming year."
its going to get jiggy i have a feeling OM
Thanks Frenchee..They are reporting on the 12th
"Looks" like a short. Hedging somewhat because the stock is thinly traded and thus could swing wildly. Good amount of support suggested around 8.50.
Air T, Inc. to Report Annual Results on June 12
MAIDEN, N.C., June 5 /PRNewswire-FirstCall/ -- Air T, Inc. (NASDAQ:AIRT) announced that it will release its results for year-end March 31, 2008 on Thursday, June 12, 2008. Walter Clark, President and Chief Executive Officer, and John Parry, Chief Financial Officer, will hold a conference call at 9:00 a.m. Eastern Time on June 12, 2008 to review those results. There will also be a replay of the call available by telephone through Thursday, June 19, 2008.
The instructions for dialing into the call or accessing a replay of the call are as follows:
To participate live in the call:
Dial in #: (877) 856-1955 (719) 325-4779 from outside the United States
To listen to a replay of the call:
Dial in #: (888) 203-1112 (719) 457-0820 from outside the United States Access Code: 7734909
Those interested in participating in the conference call may dial in five minutes prior to the start of the call.
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, and manufactures, sells and services aircraft ground support and special purpose industrial equipment. 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 ground support operations, including its Global Ground Support and Global Aviation Services subsidiaries, manufacture and service aviation support and other specialized military and industrial equipment, in addition to providing airport facilities maintenance. Global Ground Support is one of the largest providers of deicing equipment in the world.
DATASOURCE: Air T, Inc.
CONTACT: John Parry, Chief Financial Officer of Air T, Inc.,
+1-828-464-8741 Ext. 6677
Web site: http://www.airt.net/
you got it buddy!
Thanks for the heads up side!
high alert for a possible breakout here OM!!!!!!!!!!!
DIs ready to cross, and a nice bullish hammer from yesterday could spur on a run! gather up your shares!
Earnings soon..Place your bets!
perfect time as ever if it were to push out through this sideways channel
yummy, ill take 2!!!
Oh and the yield at this level is now 3.35% with that increase
haha, agreed!
This is how I feel..
Posted by: OptionMonster
In reply to: None Date:5/17/2008 9:16:29 AM
Post #of 66
Find it intresting that they received a $14.7M order in February and they have a market cap of less than $22M..P/E still in single digits..Supported with a 2.79% dividend yield to boot...Rating: Accumulate
how are you feeling about that buddy? :)
stop by The Lounge, i posted a few charts for you yesterday. dig back a few posts you should see them. AIRT was one of them
cheers bro!
Things must be good..They just bumped up the divy
Air T, Inc. Announces Annual Cash Dividend
MAIDEN, N.C., May 21 /PRNewswire-FirstCall/ -- Air T, Inc. (AirT) (NASDAQ:AIRT) today announced Board of Director approval for payment of a $0.30 per share fiscal 2008 annual cash dividend, to be paid on June 27, 2008 to shareholders of record June 6, 2008.
Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, and manufactures, sells and services aircraft ground support and special purpose industrial equipment. 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 ground support operations, including its Global Ground Support and Global Aviations Services subsidiaries, manufacture and service aviation support and other specialized military and industrial equipment, in addition to providing airport facilities maintenance. Global Ground Support is one of the largest providers of deicing equipment in the world.
DATASOURCE: Air T, Inc.
CONTACT: John Parry, Chief Financial Officer of Air T, Inc.,
+1-828-464-8741 Ext. 6677
Web site: http://www.airt.net/
yessir i agree, something is bound to happen here soon
Find it intresting that they received a $14.7M order in February and they have a market cap of less than $22M..P/E still in single digits..Supported with a 2.79% dividend yield to boot...Rating: Accumulate
This one is getting close...
yes, more coffee!
You need coffee!
check my post again, i was looking at a diff stock! lol
Someone on Yahoo posted that..I could not get anything on earnings.com..Where did you get that date?
AIRT, *edit
i was looking at the wrong company when i first posted this lol
fundamentals are split for me here, no insiders selling which is good in my book. im seeing a ghost buy on stochastics, a green buy signal on the MACHD, and im waiting for support from the pps crossing the 30MA (about 9.46). its not far off....that doesnt mean it will run, just means it might hit a buy signal for me
Air T Inc. (AIRT)
Expected next earnings release:
Announcement date: 6/12/2008 - Before Market
Earnings Quarter: Q4
Announcement Status: Unconfirmed
jes and bomb zzz structure lol
weeeeeeeeeeeee
(just like fed said)
you mean will fly!!!!!
lol fed, u a funny one!
Reliable dividend (currently 2.7%) and a trailing P/E of just over 7
See the O/S on this one..Almost like KTII and MXC...Could FLY!
weeeeeeeeeeeeeee AIRTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
i agree completely, that should def boost this Q and this year!
If you look through their financial reports that $14.7M contract they picked up this quarter should give them a nice boost..Thinking this quarter may propel them into double digits
okay cool, good earnings would bode well for them for sure!
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The Company operates in two business segments. Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, and manufactures, sells and services aircraft ground support and special purpose industrial equipment. 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 ground support operations, including its Global Ground Support and Global Aviations Services subsidiaries, manufacture and service aviation support and other specialized military and industrial equipment and Global Ground Support is one of the largest providers of deicing equipment in the world.
Share Price: $9.88 7/1/2008
52 Week High: $12.34
52 Week Low: $7.52
EPS: $1.29
P/E: 7.66
Dividend: $.30/year
Yield: 3.04%
Authorized Shares: 4,000,000
Outstanding Shares: 2,423,506 1/31/2008
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