XML 47 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,483,926us-gaap_NetIncomeLoss $ 1,466,636us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Gain on sale of marketable securities (8,487)us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments (10,954)us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
Loss (gain) on sale of property and equipment (869,116)us-gaap_GainLossOnDispositionOfAssets1 (23,617)us-gaap_GainLossOnDispositionOfAssets1
Change in accounts receivable and inventory reserves (370,756)us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve 49,745us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
Depreciation and amortization 856,911us-gaap_DepreciationAndAmortization 752,412us-gaap_DepreciationAndAmortization
Change in cash surrender value of life insurance (103,060)us-gaap_IncreaseDecreaseInInsuranceAssets (106,426)us-gaap_IncreaseDecreaseInInsuranceAssets
Deferred income taxes (372,000)us-gaap_DeferredIncomeTaxExpenseBenefit 911,000us-gaap_DeferredIncomeTaxExpenseBenefit
Warranty reserve. 169,683us-gaap_ProductWarrantyAccrualPeriodIncreaseDecrease 357,350us-gaap_ProductWarrantyAccrualPeriodIncreaseDecrease
Compensation expense related to stock options 8,958us-gaap_ShareBasedCompensation 23,198us-gaap_ShareBasedCompensation
Change in operating assets and liabilities:    
Accounts receivable 640,944us-gaap_IncreaseDecreaseInAccountsReceivable 1,355,998us-gaap_IncreaseDecreaseInAccountsReceivable
Notes receivable and other non-trade receivables 871,882us-gaap_IncreaseDecreaseInReceivables (1,384,725)us-gaap_IncreaseDecreaseInReceivables
Inventories 4,892,248us-gaap_IncreaseDecreaseInInventories (4,023,176)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other assets 147,659us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (247,923)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable (1,710,347)us-gaap_IncreaseDecreaseInAccountsPayable 684,685us-gaap_IncreaseDecreaseInAccountsPayable
Accrued expenses 767,231us-gaap_IncreaseDecreaseInAccruedLiabilities 115,184us-gaap_IncreaseDecreaseInAccruedLiabilities
Income taxes payable/ receivable 566,000us-gaap_IncreaseDecreaseInIncomeTaxesReceivable (474,000)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable
Total adjustments 5,487,750us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet (2,021,249)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Net cash (used in) provided by operating activities 7,971,676us-gaap_NetCashProvidedByUsedInOperatingActivities (554,613)us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (4,527,784)us-gaap_PaymentsToAcquireMarketableSecurities (1,734,887)us-gaap_PaymentsToAcquireMarketableSecurities
Proceeds from sale of marketable securities 515,045us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities 274,543us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
Proceeds from sale of property and equipment 3,358,660us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 40,737us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Capital expenditures (1,931,781)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,283,168)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (2,585,860)us-gaap_NetCashProvidedByUsedInInvestingActivities (2,702,775)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Line of Credit 6,330,888us-gaap_ProceedsFromLinesOfCredit  
Payoff for Line of Credit (1,330,888)us-gaap_RepaymentsOfLinesOfCredit  
Payment of cash dividend   (733,885)us-gaap_PaymentsOfDividends
Repurchase of common stock   (1,078,216)us-gaap_PaymentsForRepurchaseOfCommonStock
Repurchase of stock options (130,335)airt_RepurchaseOfStockOptions (394,490)airt_RepurchaseOfStockOptions
Proceeds from exercise of stock options, net of excess tax benefit 150,750us-gaap_ProceedsFromStockOptionsExercised 25,375us-gaap_ProceedsFromStockOptionsExercised
Net cash used in financing activities 5,020,415us-gaap_NetCashProvidedByUsedInFinancingActivities (2,181,216)us-gaap_NetCashProvidedByUsedInFinancingActivities
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 10,406,231us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (5,438,604)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,758,888us-gaap_CashAndCashEquivalentsAtCarryingValue 9,197,492us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT END OF YEAR 14,165,119us-gaap_CashAndCashEquivalentsAtCarryingValue 3,758,888us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:    
Change in fair value of marketable securities (210,801)airt_ChangeInFairValueOfMarketableSecurities (10,780)airt_ChangeInFairValueOfMarketableSecurities
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 19,000us-gaap_InterestPaid 6,000us-gaap_InterestPaid
Income taxes $ 737,000us-gaap_IncomeTaxesPaid $ 755,000us-gaap_IncomeTaxesPaid