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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Revenues:        
Total revenue $ 81,242 $ 78,966 $ 147,654 $ 150,397
Operating Expenses:        
General and administrative 14,202 12,758 28,437 24,619
Depreciation and amortization 949 700 1,709 1,389
Operating expenses 77,343 78,205 144,333 148,975
Operating Income 3,899 761 3,321 1,422
Non-operating (Expense) Income:        
Interest expense (2,162) (1,853) (4,108) (3,662)
Income from equity method investments 2,346 748 4,269 1,439
Other (784) (777) (80) (136)
Nonoperating income (expense) (600) (1,882) 81 (2,359)
Income (Loss) before income taxes 3,299 (1,121) 3,402 (937)
Income Tax Expense 336 487 407 698
Net Income (Loss) 2,963 (1,608) 2,995 (1,635)
Net Income Attributable to Non-controlling Interests (443) (1) (810) (505)
Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 2,520 $ (1,609) $ 2,185 $ (2,140)
Income (Loss) per share (Note 5)        
Basic (in dollars per share) $ 0.91 $ (0.57) $ 0.79 $ (0.76)
Diluted (in dollars per share) $ 0.91 $ (0.57) $ 0.79 $ (0.76)
Weighted Average Shares Outstanding:        
Basic (in shares) 2,760 2,820 2,760 2,820
Diluted (in shares) 2,760 2,820 2,760 2,820
Overnight air cargo        
Operating Revenues:        
Total revenue $ 31,187 $ 28,197 $ 61,570 $ 55,925
Operating Expenses:        
Cost of revenue 26,326 23,625 52,036 47,337
Depreciation and amortization 112 90 210 175
Operating Income 1,807 2,039 3,645 3,974
Ground equipment sales        
Operating Revenues:        
Total revenue 14,454 12,246 21,809 24,033
Operating Expenses:        
Cost of revenue 12,395 10,553 18,929 20,891
Depreciation and amortization 95 35 190 70
Operating Income 418 (12) (358) (97)
Commercial jet engines and parts        
Operating Revenues:        
Total revenue 32,926 36,478 59,176 66,324
Operating Expenses:        
Cost of revenue 22,582 29,962 41,493 53,240
Depreciation and amortization 369 189 560 380
Operating Income 3,648 1,152 4,743 2,629
Corporate and other        
Operating Revenues:        
Total revenue 2,675 2,045 5,099 4,115
Operating Expenses:        
Cost of revenue 889 607 1,729 1,499
Depreciation and amortization 373 386 749 764
Operating Income $ (1,974) $ (2,418) $ (4,709) $ (5,084)