-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U4nzeXh2I61cK6pvRXmfyQy6Vr78uwScFEmbISqdTNj69u6dCD3g0CyWOSIp+uTF lBxV+kbhzPN8Srzpc+Pf+A== 0000353184-05-000011.txt : 20050128 0000353184-05-000011.hdr.sgml : 20050128 20050128144229 ACCESSION NUMBER: 0000353184-05-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050128 DATE AS OF CHANGE: 20050128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR T INC CENTRAL INDEX KEY: 0000353184 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 521206400 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11720 FILM NUMBER: 05557673 BUSINESS ADDRESS: STREET 1: 3524 AIRPORT RD CITY: MAIDEN STATE: NC ZIP: 28650 BUSINESS PHONE: 7043772109 MAIL ADDRESS: STREET 1: P O BOX 488 CITY: DENVER STATE: NC ZIP: 28037 FORMER COMPANY: FORMER CONFORMED NAME: AIR TRANSPORTATION HOLDING CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ATLANTA EXPRESS AIRLINE CORP DATE OF NAME CHANGE: 19840321 8-K 1 airt8k123104.htm 8K AIRT EARNINGS FOR 12/31/04 8K AIRT earnings for 12/31/04


SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 28, 2005

AIR T, INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware
0-11720
52-1206400
(State or Other Jurisdiction
(Commission File Number)
(I.R.S. Employer
of Incorporation)
Identification No.)
  

3524 Airport Road
        Maiden, North Carolina 28650         
(Address of Principal Executive Offices)
(Zip Code)

                                   (704) 377-2109                                
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

 
3
C-917512v1 04848.01071
     
 

Item 2.02.    Results of Operations and Financial Condition
 
The information set forth in this Current Report, including Exhibit 99.1, is intended to be “furnished” under Item 2.02 of Form 8-K. Such information shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On January 28, 2005, Air T, Inc. issued a press release announcing its results of operations and financial condition at and for the three and nine months ended December 31, 2004. A copy of this press release is included as Exhibit 99.1 hereto.

 
Item 9.01.    Financial Statements and Exhibits.
 

(c)    Exhibits
 
Exhibit 99.1    Press release dated January 28, 2005.
 

 
 
C-917512v1 04848.01071
     
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 28, 2005

AIR T, INC.


By:    /s/ John J. Gioffre                    
John J. Gioffre, Vice President-Finance and Secretary






 
     
 




Exhibit Index


Exhibit
Description
Exhibit 99.1
Press Release dated January 28, 2005
   


 



 


 
 EX-99.1 CHARTER 2 press.htm AIRT 12/31/04 PRESS RELEASE AIRT 12/31/04 press release


January 28, 2005
Contact: John Gioffre
Chief Financial Officer
3524 Airport Road
Maiden, NC 28650
 


FOR IMMEDIATE RELEASE

AIR T, INC. REPORTS UNAUDITED THIRD QUARTER RESULTS

MAIDEN, NC - Air T, Inc. (AirT) (NASDAQ: AIRT) today reported unaudited consolidated net earnings of $485,000 ($0.18 per share) for fiscal 2005’s third quarter ended December 31, 2004, compared to net earnings of $230,000 ($0.08 per share) for the third quarter of fiscal 2004. Consolidated revenues for fiscal 2005’s third quarter was $18,334,000 compared to $12,980,000 for the similar 2004 fiscal quarter. Nine-month, year-to-date, consolidated revenues increased $12,127,000, to $49,786,000, while net earnings increased $620,000 to current year-to-date net earnings of $1,557,000.

AirT’s fiscal 2005’s net earnings for the three- and nine-month periods ended December 31, 2004 are, respectively, comprised of $485,000 and $1,557,000 in net earnings from continuing operations, which include residual costs associated with the discontinued operation of the aviation parts and services business segment while the periods ended December 31, 2003 are, respectively, comprised of $309,000 and $1,365,000 in earnings from continuing operations, offset, respectively, by $79,000 and $428,000 in losses from discontinued operations.

The current three- and nine-month periods ended December 31, 2004 increased revenues resulted from increased ground equipment revenues. The increased net earnings were due to increased ground equipment segment earnings during the current periods and losses on the discontinued operations of the Company’s aviation parts and service segment incurred in the prior periods ended December 31, 2003. The equipment sector’s increase net earnings were partly offset by a net earnings decrease in the air cargo sector. The net earnings decrease in air cargo was due to a combination of temporarily decreased administrative fees and higher levels of current period administrative costs. The current periods reduction in administrative fees resulted from delays in its customer’s introduction of newer technology aircr aft, currently undergoing conversion to cargo configuration, as older cargo aircraft are phased out of service. Administrative costs increased as additional staffing has been put in place to oversee the phase-in of the newer aircraft and route expansion.

Walter Clark, Chairman and Chief Executive Officer of AirT, stated, “Company management is pleased that increased aviation equipment orders, associated with the US Air Force’s three-year extension of its procurement contract with AirT’s Global subsidiary, has helped bolster AirT earnings this quarter. The diversification program AirT initiated in 1996 has allowed the Company to reduce risk and to take advantage of economic factors and market conditions within different segments of the aviation industry.”

AirT, through its subsidiaries, provides overnight air freight service to the express delivery industry and manufactures and services aviation and other specialized equipment. AirT is one of the largest small aircraft air cargo operators in the United States and currently operates a fleet of single and twin engine turbo-prop aircraft nightly in the eastern half of the United States and Canada, South America, Puerto Rico and the Virgin Islands.

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 effects of economic, competitive and market conditions in the aviation industry, the continuing impact of terrorist activities and threats, continuation of contracts with the significant customer of the company’s air cargo segment, market acceptance of new products and services and changes in government regulations or technology. A forward-looking statement is neither a predicti on 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.


FINANCIAL HIGHLIGHTS
(In thousands, except per share data)

 

 
  
Three Months Ended 
Nine Months Ended
   
12/31/04 
    
12/31/03
    
12/31/04
    
12/31/03
  
                           
Continuing Operations Revenues
  
$
18,334
  
$
12,980
  
$
49,786
  
$
37,659
  
Earnings from Continuing Operations
    
485
   
309
   
1,557
   
1,365
 
Loss from Discontinued Operations
    
-
   
(79
)
  
-
   
(428
)
Net Earnings
  
$
485
  
$
230
  
$
1,557
  
$
937
  
                           
                           
Net Earnings (Loss) Per Share - Diluted
                          
Continuing Operations
  
$
0.18
  
$
0.11
  
$
0.58
  
$
0.50
  
Discontinued Operations
    
-
   
(0.03
)
  
-
   
(0.16
)
Total Net Earnings Per Share _Diluted
  
$
0.18
  
$
0.08
  
$
0.58
  
$
0.34
  
                           
Average Common Shares Outstanding
    
2,694
   
2,748
   
2,700
   
2,731
 







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