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Condensed Consolidated Statements of Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Operating Revenues:        
Total revenue $ 45,433 $ 55,819 $ 125,640 $ 128,394
Operating Expenses:        
General and administrative 9,168 8,303 26,004 24,940
Depreciation and amortization 442 886 1,146 2,644
Loss on sale of property and equipment 0 5 3 1
Operating Expenses 45,408 54,751 124,916 131,275
Operating Income (Loss) from continuing operations 25 1,068 724 (2,881)
Non-operating Income (Expense):        
Interest expense (1,236) (1,172) (3,341) (3,413)
Income (Loss) from equity method investments 99 510 197 (546)
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan 0 0 8,331 0
Other-than-temporary impairment loss on investments (348) 0 (348) 0
Other (11) 1,039 1,329 2,125
Nonoperating income (expense) (1,496) 377 6,168 (1,834)
(Loss) Income from continuing operations before income taxes (1,471) 1,445 6,892 (4,715)
Income Taxes Benefit (282) (318) (249) (2,165)
Net (loss) income from continuing operations (1,189) 1,763 7,141 (2,550)
Gain on sale of discontinued operations, net of tax 0 0 0 4
Net (Loss) Income (1,189) 1,763 7,141 (2,546)
Net (Income) Loss Attributable to Non-controlling Interests (73) 335 (559) 884
Net (Loss) Income Attributable to Air T, Inc. Stockholders $ (1,262) $ 2,098 $ 6,582 $ (1,662)
(Loss) Income from continuing operations per share (Note 6)        
Basic (in dollars per share) $ (0.44) $ 0.73 $ 2.28 $ (0.58)
Diluted (in dollars per share) (0.44) 0.73 2.28 (0.58)
Income from discontinued operations per share (Note 6)        
Basic (in dollars per share) 0 0 0 0
Diluted (in dollars per share) 0 0 0 0
(Loss) Income per share (Note 6)        
Basic (in dollars per share) (0.44) 0.73 2.28 (0.58)
Diluted (in dollars per share) $ (0.44) $ 0.73 $ 2.28 $ (0.58)
Weighted Average Shares Outstanding:        
Basic (in shares) 2,882 2,882 2,882 2,882
Diluted (in shares) 2,882 2,887 2,893 2,882
Overnight air cargo        
Operating Revenues:        
Total revenue $ 18,248 $ 16,322 $ 55,946 $ 49,789
Operating Expenses:        
Cost of Revenue 16,209 14,505 49,506 43,906
Operating Income (Loss) from continuing operations 475 490 2,063 1,617
Ground equipment sales        
Operating Revenues:        
Total revenue 15,232 20,769 32,603 48,656
Operating Expenses:        
Cost of Revenue 11,988 14,966 25,550 36,923
Operating Income (Loss) from continuing operations 1,463 4,229 2,929 7,369
Commercial jet engines and parts        
Operating Revenues:        
Total revenue 11,392 18,078 35,902 28,886
Operating Expenses:        
Cost of Revenue 7,601 16,086 22,707 22,861
Operating Income (Loss) from continuing operations 336 (1,598) 2,000 (4,776)
Corporate and other        
Operating Revenues:        
Total revenue 561 650 1,189 1,063
Operating Expenses:        
Operating Income (Loss) from continuing operations $ (2,249) $ (2,053) $ (6,268) $ (7,091)