| AIRT-Air T, Inc. Reports Fiscal 2013 Results |
| Air T, Inc. (MM) (NASDAQ:AIRT)
Intraday Stock ChartToday : Tuesday 4 June 2013
MAIDEN, N.C., June 4, 2013 /PRNewswire/ -- Air T, Inc. (NASDAQ Capital Market: AIRT) announces consolidated net earnings of $1,670,000 ($0.68 per diluted share) for fiscal 2013, which ended March 31, 2013, compared to net earnings of $1,350,000 ($.55 per diluted share) for fiscal 2012.
Consolidated revenue for fiscal 2013 was $103,064,000compared to $89,382,000 for fiscal 2012. This 15% increase resulted from a $1,507,000 (3%) increase in air cargo revenue, an $8,204,000 (26%) increase in ground equipment sales revenue and a $3,971,000 (44%) increase in ground support services revenue. The increase in air cargo revenue was due to increased maintenance operating costs passed through to our customer. The increase in ground equipment sales revenue was due primarily to an increase in deliveries of the flight-line tow tractors under contract with the United States Air Force. The increase in ground support services revenue is the result of a continuing strong effort by the company's Global Aviation Services subsidiary to grow revenues and profits by adding new customers and locations this past year.
The $320,000 increase in fiscal 2013's net earnings represented a 24% increase over the prior year. The increase is largely the result of increased profitability in the company's ground equipment sales segment relating to the 26% increase in revenues as well as improved gross margins in that segment that reflect operational efficiencies achieved in this past year. At March 31, 2013, backlog was $6.5 million, compared to $15.3 millionat March 31, 2012 and $9.6 million at March 31, 2011.
Walter Clark, Chief Executive Officer of Air T, commented, "Fiscal year 2013 was a strong turnaround performance for Air T's equipment manufacturer, Global Ground Support. They increased their operating income by over $1.5 million while reducing inventory by over $5.2 million from the prior fiscal year end. In addition, our ground support services division, Global Aviation Services, had a very positive increase in both top and bottom-line growth. The air cargo segment was a steady performer, with some bottom line decline over the prior fiscal year due to increasing our mid-level management coverage."
FINANCIAL HIGHLIGHTS
| (In thousands, except per share data)
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| Year Ended March 31,
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| 2013
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| 2012
| Operating Revenues
| $ 103,064
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| $ 89,382
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| Net Earnings
| $ 1,670
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| $ 1,350
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| Net Earnings Per Share - Diluted
| $ 0.68
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| $ 0.55
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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 airlinecustomers.
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, 2013, 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, 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.
 Copyright 2013 PR Newswire
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