Air T Inc (AIRT)

[OptionMonster]

Air T Reports Unaudited Third Quarter Results
MAIDEN, N.C., Feb. 1 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq: AIRT) today reported consolidated net earnings of $920,000 ($0.38 per diluted share) for fiscal 2008's third quarter ended December 31, 2007, compared to consolidated net earnings of $304,000 ($0.11 per diluted share) for the third quarter of fiscal 2007. The Company also reported year-to-date earnings for the nine months of $2,084,000 ($0.85 per diluted share) compared to $1,402,000 ($0.52 per diluted share) for the similar fiscal 2007 period.

Consolidated revenues for fiscal 2008's third quarter were $21,149,000, an increase of 22% compared to the similar 2007 fiscal quarter. Consolidated revenues for the first nine months of the 2008 fiscal year were $54,357,000 or 13% higher than the prior year comparable period. Revenues for the quarter were boosted by continued high demand for domestic commercial deicing units. At December 31, 2007, Global's backlog was $16.0 million, compared to $16.8 million at the end of fiscal 2007 and $8.4 million at December 31, 2006.

The Company benefited from a number of multi-unit deicer orders from domestic customers that were completed during the quarter. This resulted in increased revenues for the quarter, more efficient production yielding strong margins, and the ability to maintain a significant amount of contracted military work for future periods.

Walter Clark, Chairman and Chief Executive Officer of Air T, commented, 'We are delighted with the exceptional third quarter results of Air T. Demand for Global's commercial deicers has remained strong and our military contract and backlog will continue to fuel the fourth quarter of our fiscal year. Our air cargo segment has benefited from increased maintenance revenues and is realizing the benefits from the cost reduction programs instituted last fiscal year. We have also been pleased with the initial results from Global Aviation Services. We will continue to look for ways to improve and expand that line of our business which provides ground equipment and facilities maintenance and support.'



FINANCIAL HIGHLIGHTS
(In thousands, except per share data)

Three Months Ended Nine Months Ended
12/31/07 12/31/06 12/31/07 12/31/06

Operating Revenues $21,149 $17,395 $54,357 $48,200

Net Earnings $ 920 $ 304 $ 2,084 $ 1,402

Net Earnings Per Share - Diluted $ 0.38 $ 0.11 $ 0.85 $ 0.52

Average Shares Outstanding - Diluted 2,424 2,668 2,439 2,670


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.

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, 2007 filed earlier 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 relating to the collapsed boom at the Philadelphia airport and the Company's legal action against the subcontractor that designed, manufactured and warranted the deicing booms initially sold by Global for installation at the Philadelphia airport, 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.

SOURCE Air T, Inc.



Source: PR Newswire (February 1, 2008 - 8:15 AM EST)

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