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."
