XML 40 R2.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating Revenues:        
Total $ 50,693,000 $ 40,867,000 $ 97,881,000 $ 92,687,000
Operating Expenses:        
Overnight air cargo 17,707,000 15,350,000 34,226,000 30,524,000
Ground equipment sales 10,358,000 10,980,000 20,089,000 15,917,000
Printing equipment and maintenance 121,000 49,000 160,000 194,000
Commercial jet engines and parts 11,050,000 5,663,000 19,336,000 25,784,000
General and administrative 9,288,000 7,997,000 18,960,000 15,378,000
Depreciation and amortization 1,695,000 1,697,000 3,635,000 3,057,000
Impairment 7,000 10,000 14,000 21,000
Loss on sale of property and equipment 1,000 0 (4,000) 0
Operating Expenses 50,227,000 41,746,000 96,416,000 90,875,000
Operating Income (Loss) 466,000 (879,000) 1,465,000 1,812,000
Non-operating Income (Expense):        
Other-than-temporary impairment loss on investments (395,000) 0 (1,210,000) 0
Interest expense (2,047,000) (714,000) (3,071,000) (1,421,000)
Gain on settlement of bankruptcy 18,000 0 4,527,000 0
Bargain purchase acquisition gain 14,000 0 49,000 1,984,000
Income (loss) from equity method investments (34,000) 160,000 (355,000) 170,000
Other (440,000) 354,000 (205,000) 133,000
Nonoperating Income (Expense) (2,884,000) (200,000) (265,000) 866,000
Income (Loss) Before Income Taxes (2,418,000) (1,079,000) 1,200,000 2,678,000
Income Taxes (Benefit) (296,000) (300,000) (668,000) 117,000
Net income (Loss) from continuing operations (2,122,000) (779,000) 1,868,000 2,561,000
Loss from discontinued operations, net of tax (235,000) (648,000) (70,000) (705,000)
Gain on sale of discontinued operations, net of tax 8,359,000 0 8,359,000 0
Net income (loss) 6,002,000 (1,427,000) 10,157,000 1,856,000
Net (income) loss from continuing operations attributable to non-controlling interests (287,000) 106,000 (2,660,000) (348,000)
Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 5,715,000 $ (1,321,000) $ 7,497,000 $ 1,508,000
Income (Loss) from continuing operations per share (Note 6)        
Basic (in dollars per share) $ (0.80) $ (0.22) $ (0.30) $ 0.72
Diluted (in dollars per share) (0.80) (0.22) (0.30) 0.72
Income (Loss) from discontinued operations per share (Note 6)        
Basic (in dollars per share) 2.69 (0.21) 3.14 (0.23)
Diluted (in dollars per share) $ 2.68 $ (0.21) $ 3.13 $ (0.23)
Weighted Average Shares Outstanding:        
Basic (in shares) 3,025,000 3,066,000 2,641,000 3,066,000
Diluted (in shares) 3,029,000 3,066,000 2,645,000 3,074,000
Overnight air cargo        
Operating Revenues:        
Total $ 19,745,000 $ 17,064,000 $ 38,064,000 $ 34,705,000
Ground equipment sales        
Operating Revenues:        
Total 12,741,000 12,838,000 24,991,000 19,224,000
Printing equipment and maintenance        
Operating Revenues:        
Total 249,000 139,000 313,000 439,000
Commercial jet engines and parts        
Operating Revenues:        
Total 17,801,000 10,643,000 34,128,000 37,963,000
Corporate and other        
Operating Revenues:        
Total $ 157,000 $ 183,000 $ 385,000 $ 356,000