0001437749-15-014780.txt : 20150805 0001437749-15-014780.hdr.sgml : 20150805 20150805080221 ACCESSION NUMBER: 0001437749-15-014780 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150805 DATE AS OF CHANGE: 20150805 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35476 FILM NUMBER: 151027509 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 10-Q 1 airt20150630_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

☒

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2015

☐

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____

Commission File Number 0-11720

Air T, Inc.

(Exact name of registrant as specified in its charter)

Delaware	52-1206400
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3524 Airport Road, Maiden, North Carolina 28650

(Address of principal executive offices, including zip code)

(828) 464 – 8741

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒

No☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒

No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. (See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act).

Large Accelerated Filer ☐	Accelerated Filer ☐	Non-Accelerated Filer ☐	Smaller Reporting Company ☒
		(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐

No☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock	Outstanding Shares at August 1, 2015
Common Shares, par value of $.25 per share	2,372,527

AIR T, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

		Page
PART I

Item 1.	Financial Statements

	Condensed Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended June 30, 2015 and 2014	3

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended June 30, 2015 and 2014	4

	Condensed Consolidated Balance Sheets June 30, 2015 (Unaudited) and March 31, 2015	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended June 30, 2015 and 2014	6

	Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Three Months Ended June 30, 2015 and 2014	7

	Notes to Condensed Consolidated Financial Statements (Unaudited)	8-12

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	12-17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17

Item 4.	Controls and Procedures	18

PART II

Item 6.	Exhibits	18
	Signatures	19
	Exhibit Index	20
	Certifications	21-22
	Interactive Data Files

Item 1. Financial Statements

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

	Three Months Ended June 30,
	2015			2014
Operating Revenues:
Overnight air cargo	$	12,889,190		$	11,680,942
Ground equipment sales		4,039,237			5,311,933
Ground support services		5,430,093			4,785,662
		22,358,520			21,778,537

Operating Expenses:
Flight-air cargo		6,373,909			5,179,592
Maintenance-air cargo		5,208,164			5,012,391
Ground equipment sales		3,129,114			4,331,770
Ground support services		4,715,911			3,893,785
General and administrative		3,806,928			3,233,429
Depreciation and amortization		178,617			216,540
Gain on sale of property and equipment		(5,024	)		(187,794	)
		23,407,619			21,679,713

Operating Income (Loss)		(1,049,099	)		98,824

Non-operating Income (Expense):
Gain on sale of marketable securities		-			8,410
Other investment income, net		(19,941	)		3,563
		(19,941	)		11,973

Income (Loss) Before Income Taxes		(1,069,040	)		110,797

Income Taxes		(333,000	)		38,000

Net Income (Loss)		(736,040	)		72,797

Earnings (Loss) Per Share:
Basic	$	(0.31	)	$	0.03
Diluted	$	(0.31	)	$	0.03

Weighted Average Shares Outstanding:
Basic		2,372,527			2,355,028
Diluted		2,372,527			2,379,576

See notes to condensed consolidated financial statements.

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Three Months Ended June 30,
	2015			2014

Net income (loss)		(736,040	)		72,797

Other comprehensive income (loss):

Change in net unrealized loss on investment securities available for sale		(439,298	)		(88,094	)

Tax effect of unrealized loss on investment securities available for sale		158,148			31,000

Total unrealized loss on investment securities available for sale, net of tax amount		(281,150	)		(57,094	)

Reclassification of gains on investment securities available for sale included in net income		-			8,410

Tax effect of reclassification of gains on investment securities available for sale included in net income		-			(2,859	)

Reclassification adjustment for realized gains, net of tax amount		-			5,551

Total other comprehensive loss		(281,150	)		(51,543	)

Total comprehensive income (loss)		(1,017,190	)		21,254

See notes to condensed consolidated financial statements.

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2015			March 31, 2015 *
Assets
Current Assets:
Cash and cash equivalents	$	8,360,751		$	14,165,120
Marketable securities		1,541,910			5,278,752
Accounts receivable, less allowance for doubtful accounts of $212,000 and $222,000		10,318,797			9,534,563
Notes and other receivables-current		559,221			816,606
Income tax receivable		797,588			195,000
Inventories		11,499,702			7,789,649
Deferred income taxes		436,148			278,000
Prepaid expenses and other		334,053			612,334
Total Current Assets		33,848,170			38,670,023

Investments in Available-For-Sale Securities		4,368,000			-

Property and Equipment, net		2,598,239			2,571,499

Cash Surrender Value of Life Insurance Policies		2,010,817			1,990,671
Other Assets		290,911			224,188
Total Assets	$	43,116,137		$	43,456,382

Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable	$	5,355,496		$	4,715,709
Accrued expenses		3,585,312			3,529,451
Total Current Liabilities		8,940,808			8,245,160

Long-Term Debt		4,981,296			5,000,000
Deferred Income Taxes		416,000			416,000

Total Liabilities		14,338,104			13,661,160

Stockholders' Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized		-			-
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding		593,131			593,131
Additional paid-in capital		4,929,090			4,929,090
Retained earnings		23,671,875			24,407,915
Accumulated other comprehensive income (loss), net		(416,063	)		(134,913	)
Total Stockholders' Equity		28,778,033			29,795,223
Total Liabilities and Stockholders’ Equity	$	43,116,137		$	43,456,382

* Derived from audited financial statements

See notes to condensed consolidated financial statements.

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended June 30,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(736,040	)	$	72,797
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale of marketable securities		-			(8,410	)
Gain on sale of property and equipment		(5,024	)		(187,794	)
Change in accounts receivable and inventory reserves		9,528			(146,802	)
Depreciation and amortization		178,617			216,540
Change in cash surrender value of life insurance		(20,146	)		(17,001	)
Warranty reserve		(22,440	)		41,200
Compensation expense related to stock options		-			5,375
Change in operating assets and liabilities:
Accounts receivable		(774,712	)		386,503
Notes receivable and other non-trade receivables		257,385			275,114
Inventories		(3,729,103	)		(2,603,752	)
Prepaid expenses and other assets		211,559			331,869
Accounts payable		639,787			48
Accrued expenses		78,301			(52,301	)
Income taxes receivable/ payable		(602,588	)		21,602
Total adjustments		(3,778,836	)		(1,737,809	)
Net cash used in operating activities		(4,514,876	)		(1,665,012	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities		(1,070,456	)		(108,467	)
Proceeds from sale of marketable securities		-			458,092
Proceeds from sale of property and equipment		19,163			548,771
Capital expenditures		(219,496	)		(275,016	)
Net cash provided by (used in) investing activities		(1,270,789	)		623,380

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		-			863,050
Payment on line of credit		(18,704	)		-
Repurchase of stock options		-			(47,160	)
Net cash provided by (used in) financing activities		(18,704	)		815,890
NET DECREASE IN CASH AND CASH EQUIVALENTS		(5,804,369	)		(225,742	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		14,165,120			3,758,888
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	8,360,751		$	3,533,146

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Change in fair value of marketable securities	$	(439,298	)	$	(82,543	)

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	20,497		$	2,750
Income taxes		269,701			17,000

See notes to condensed consolidated financial statements.

AIR T, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

										Accumulated
	Common Stock				Additional					Other			Total
					Paid-In			Retained		Comprehensive			Stockholders'
	Shares		Amount		Capital			Earnings		Loss			Equity
Balance, March 31, 2014		2,355,028	$	588,756	$	4,855,093		$	21,923,988	$	(7,780	)	$	27,360,057

Net income		-		-		-			72,797		-			72,797

Unrealized loss from marketable securities, net of tax		-		-		-			-		(51,543	)		(51,543	)

Repurchase of stock options		-		-		(47,160	)		-		-			(47,160	)

Compensation expense related to stock options		-		-		5,375			-		-			5,375

Balance, June 30, 2014		2,355,028	$	588,756	$	4,813,308		$	21,996,785	$	(59,323	)	$	27,339,526

										Accumulated
	Common Stock				Additional					Other			Total
					Paid-In		Retained			Comprehensive			Stockholders'
	Shares		Amount		Capital		Earnings			Loss			Equity
Balance, March 31, 2015		2,372,527	$	593,131	$	4,929,090	$	24,407,915		$	(134,913	)	$	29,795,223

Net loss		-		-		-		(736,040	)		-			(736,040	)

Unrealized loss from marketable securities, net of tax		-		-		-		-			(281,150	)		(281,150	)

Balance, June 30, 2015		2,372,527	$	593,131	$	4,929,090	$	23,671,875		$	(416,063	)	$	28,778,033

See notes to condensed consolidated financial statements.

AIR T, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.	Financial Statement Presentation

The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made.

It is suggested that these financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2015. The results of operations for the period ended June 30, 2015 are not necessarily indicative of the operating results for the full year.

New Accounting Pronouncement

In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.

In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements.

In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements.

2.	Income Taxes

Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The income tax provision for the three-month period ended June 30, 2015 differs from the federal statutory rate partially due to the effect of state income taxes and the federal domestic production activities deduction. The rate for the period ended June 30, 2015 also includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section 831(b). During the three-month period ended June 30, 2014, the Company recorded $38,000 in income tax expense. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of 34.3%. The estimated annual effective tax rate differed from the U. S. federal statutory rate of 34% primarily due to the effect of state income taxes offset by permanent tax differences.

3.	Net Earnings Per Share

Basic earnings per share has been calculated by dividing net earnings by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

The computation of basic and diluted earnings per common share is as follows:

	Three Months Ended June 30,
	2015			2014

Net Income (Loss)	$	(736,040	)	$	72,797
Earnings (Loss) Per Share:
Basic	$	(0.31	)	$	0.03
Diluted	$	(0.31	)	$	0.03
Weighted Average Shares Outstanding:
Basic		2,372,527			2,355,028
Diluted		2,372,527			2,379,576

The Company reported a net loss for the three-month period ended June 30, 2015. As a result of the net loss, there is no potential dilutive effect of outstanding stock options. For the three-month period ended June 30, 2014, there were no stock options outstanding that were anti-dilutive.

4.	Marketable Securities and Investments in Available-for-Sale Securities

Marketable securities and investments in available-for-sale securities at June 30, 2015 consisted of investments in publicly traded companies held for sale with a fair market value of $5,910,000, an aggregate cost basis of $6,560,000, gross unrealized gains aggregating $35,000 and gross unrealized losses aggregating $685,000. Marketable securities at March 31, 2015 consisted of investments with a fair value of $5,279,000, an aggregate cost basis of $5,490,000, gross unrealized gains aggregating $0 and gross unrealized losses aggregating $211,000. Securities in a loss position at June 30, 2015 had a fair market value of $4,616,000 and had been in a continuous loss position in the amount of $602,000 for less than twelve months and securities in a loss position in the amount of $83,000 for greater than twelve months had a fair value of $1,134,000. Securities in a loss position at March 31, 2015 had a fair value of $4,168,000 and had been in a continuous loss position in the amount of $176,000 for less than twelve months and securities in a loss position in the amount of $35,000 for greater than twelve months had a fair value of $1,111,000. The Company realized gains of $0 from the sale of securities during the quarter ended June 30, 2015 and $8,000 for the quarter ended June 30, 2014. The marketable securities held by the Company as of June 30, 2015 and March 31, 2015 are classified as available for sale securities. The Company does not intend to liquidate marketable securities holdings in Insignia Systems, Inc. (“Insignia”) within twelve months; as a result, the fair value of marketable securities in Insignia have been reclassified from current assets to non-current assets, and are reported as investments in available-for-sale securities at June 30, 2015. Investments in Insignia at June 30, 2015 had an aggregate cost basis of $4,966,000 and sustained gross unrealized losses aggregating $598,000. All securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

5.	Inventories

Inventories consisted of the following:

	June 30, 2015			March 31, 2015
Ground support service parts	$	972,949		$	938,072
Ground equipment manufacturing:
Raw materials		3,261,794			2,583,797
Work in process		1,654,867			1,535,152
Finished goods		5,942,274			3,045,761
Total inventories		11,831,884			8,102,782
Reserves		(332,182	)		(313,133	)

Total, net of reserves	$	11,499,702		$	7,789,649

6.	Stock Based Compensation

The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost the Company records for these awards is based on their fair value on the date of grant. The Company has used the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense.

No options were granted or exercised during the three-month periods ended June 30, 2015 and 2014, respectively. During the three-month period ended June 30, 2014, options for 12,000 shares were repurchased by the Company and cancelled. Stock based compensation expense in the amount of $0 and $5,375 was recognized for the three-month periods ended June 30, 2015 and 2014, respectively.

7.	Financing Arrangements

On April 1, 2015, the Company replaced its existing $7.0 million credit line with a senior secured revolving credit facility of $20.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a sublimit for issuances of letters of credit of up to $500,000. Under the Revolving Credit Facility, each of the Company, and its operating subsidiaries may make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility. The Revolving Credit Facility matures on April 1, 2017.

Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property.

The agreement governing the Revolving Credit Facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $22.0 million, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a minimum consolidated asset coverage ratio of 1.75 to 1.0, and a maximum consolidated leverage ratio of 3.5 to 1.0. The agreement governing the Revolving Credit Facility contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole.

The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements.

8.	Segment Information

The Company operates in three business segments. The overnight air cargo segment, comprised of the Company’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. Each business segment has separate management teams and infrastructures. The Company evaluates the performance of its operating segments based on operating income.

Segment data is summarized as follows:

	Three Months Ended June 30,
	2015			2014
Operating Revenues:
Overnight Air Cargo	$	12,889,190		$	11,680,942
Ground Equipment Sales:
Domestic		1,978,029			4,473,939
International		2,061,208			837,994
Total Ground Equipment Sales		4,039,237			5,311,933
Ground Support Services		5,430,093			4,785,662
Total	$	22,358,520		$	21,778,537

Operating Income (Loss):
Overnight Air Cargo	$	236,435		$	545,287
Ground Equipment Sales		(424,045	)		(180,198	)
Ground Support Services		(222,095	)		221,414
Corporate		(639,394	)		(487,679	)
Total	$	(1,049,099	)	$	98,824

Capital Expenditures:
Overnight Air Cargo	$	24,325		$	38,580
Ground Equipment Sales		125,770			151,731
Ground Support Services		69,401			84,705
Corporate		-			-
Total	$	219,496		$	275,016

Depreciation and Amortization:
Overnight Air Cargo	$	34,472		$	38,173
Ground Equipment Sales		95,440			126,173
Ground Support Services		41,232			43,828
Corporate		7,473			8,366
Total	$	178,617		$	216,540

9.	Commitments and Contingencies

The Company is currently involved in certain product liability related matters, which involve pending or threatened lawsuits. Management believes that these threatened or pending lawsuits, if adversely decided, would not have a material adverse effect on the Company's results of operations or financial position.

10.	Subsequent Events

Management performs an evaluation of events that occur after the balance sheet date but before financial statements are issued for potential recognition or disclosure of such events in its financial statements.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Overview

The Company operates in three business segments. The overnight air cargo segment, comprised of its Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of its Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of its Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its operating segments based on operating income.

Following is a table detailing revenues by segment and by major customer category:

(dollars in thousands)
	Three Months Ended June 30,
	2015				2014

Overnight Air Cargo Segment:
FedEx	$	12,889	58	%	$	11,681	53	%
Ground Equipment Sales Segment:
Military		150	4	%		1,376	7	%
Commercial - Domestic		1,828	45	%		3,098	14	%
Commercial - International		2,061	51	%		838	4	%
		4,039	18	%		5,312	25	%

Ground Support Services Segment		5,430	24	%		4,786	22	%
	$	22,358	100	%	$	21,779	100	%

MAC and CSA provide small package overnight airfreight delivery services on a contract basis throughout the eastern half of the United States and the Caribbean. MAC and CSA’s revenues are derived principally pursuant to “dry-lease” service contracts with FedEx. Under the dry-lease service contracts in place through May 31, 2015, FedEx leased its aircraft to MAC and CSA for a nominal amount and paid a monthly administrative fee to MAC and CSA to operate the aircraft. Under these contracts, all direct costs related to the operation of the aircraft (including fuel, outside maintenance, landing fees and pilot costs) were passed through to FedEx without markup. The pass through costs totaled $7,369,000 for the three-month period ended June 30, 2014.

Effective June 1, 2015, MAC and CSA entered into new dry-lease agreements with FedEx which together cover all of the revenue aircraft operated by MAC and CSA and replace all prior dry-lease service contracts. The new dry-lease agreements provide for the lease of specified aircraft by MAC and CSA in return for the payment of monthly rent with respect to each aircraft leased, which monthly rent was increased from the prior dry-lease service contracts to reflect an estimate of a fair market rental rate. The new dry-lease agreements provide that FedEx determines the type of aircraft and schedule of routes to be flown by MAC and CSA, with all other operational decisions made by MAC and CSA, respectively. The new dry-lease agreements provide for the reimbursement by FedEx of MAC and CSA’s costs, without mark up, incurred in connection with the operation of the leased aircraft for the following: fuel, landing fees, third-party maintenance, parts and certain other direct operating costs. The pass through costs totaled $6,515,000 for the three-month period ended June 30, 2015. Unlike the prior dry-lease contracts, under the new dry-lease agreements, certain operational crew costs incurred by MAC and CSA in operating the aircraft under the new dry-lease agreements are not reimbursed by FedEx at cost, and such operational costs are to be borne solely by MAC and CSA. Under the new dry-lease agreements, MAC and CSA are required to perform maintenance of the leased aircraft in return for a maintenance fee based upon an hourly maintenance labor rate, which has been increased from the rate in place under the prior dry-lease service contracts. Under prior dry-lease service contracts, the hourly maintenance labor rate had not been adjusted since 2008. The new dry-lease agreements provide for the payment by FedEx to MAC and CSA of a monthly administrative fee based on the number and type of aircraft leased and routes operated. The amount of the monthly administrative fee under the new dry-lease agreements is greater than under the prior dry-lease service contracts with FedEx, in part to reflect the greater monthly lease payment per aircraft and that certain operational costs are to be borne by MAC and CSA and not reimbursed. The amount of the administrative fee is subject to adjustment based on the number of aircraft operated, routes flown and whether aircraft are considered to be soft-parked.

The new dry-lease agreements have a term that would initially expire, unless renewed, on May 31, 2016. The new dry-lease agreements may be terminated by FedEx or MAC and CSA, respectively, at any time upon 90 days’ written notice and FedEx may at any time terminate the lease of any particular aircraft thereunder upon 10 days’ written notice. In addition, each new dry-lease agreement provides that FedEx may terminate the agreement upon written notice if 60% or more of MAC or CSA’s revenue (excluding revenues arising from reimbursement payments under the new dry-lease agreement) is derived from the services performed by it pursuant to the respective dry-lease agreement, FedEx becomes its only customer, or it employs less than six employees. As of the date of this report, FedEx would have been permitted to terminate each of the new dry-lease agreements under this provision. The Company believes that the short term and other provisions of its agreements with FedEx are standard within the airfreight contract delivery service industry.

As of June 30, 2015, MAC and CSA had an aggregate of 80 aircraft under agreement with FedEx. Pursuant to the dry-lease agreements with FedEx, FedEx determines the schedule of routes to be flown by MAC and CSA. Included within the 80 aircraft are two Cessna Caravan aircraft that are considered soft-parked. Soft-parked aircraft remain covered under our agreements with FedEx although at a reduced administrative fee compared to aircraft that are in operation. MAC and CSA continue to perform maintenance on soft-parked aircraft, but they are not crewed and do not operate on scheduled routes.

MAC and CSA combined contributed approximately $12,889,000 and $11,681,000 to the Company’s revenues for the three-month periods ended June 30, 2015 and 2014, respectively, a current year increase of $1,208,000 (10%).

GGS manufactures and supports aircraft deicers and other specialized equipment on a worldwide basis. GGS manufactures five basic models of mobile deicing equipment with capacities ranging from 700 to 2,800 gallons. GGS also offers fixed-pedestal-mounted deicers. Each model can be customized as requested by the customer, including single operator configuration, fire suppressant equipment, open basket or enclosed cab design, a patented forced-air deicing nozzle and on-board glycol blending system to substantially reduce glycol usage, color and style of the exterior finish. GGS also manufactures five models of scissor-lift equipment, for catering, cabin service and maintenance service of aircraft, and has developed a line of decontamination equipment, flight-line tow tractors, glycol recovery vehicles and other special purpose mobile equipment. GGS competes primarily on the basis of the quality, performance and reliability of its products, prompt delivery, customer service and price.

On May 15, 2014, GGS was awarded a contract to supply deicing trucks to the USAF. The initial contract award is for two years through July 13, 2016 with four additional one-year extension options that may be exercised by the USAF. Because this contract with USAF does not obligate the USAF to purchase a set or minimum number of units, the value of this contract, as well as the number of units to be delivered, depends upon the USAF’s requirements and available funding. In September 2014, GGS’s contract with the USAF to supply the flight line tow tractors expired.

GGS contributed approximately $4,039,000 and $5,312,000 to the Company’s revenues for the three-month periods ended June 30, 2015 and 2014, respectively, representing a $1,273,000 (24%) decrease. At June 30, 2015, GGS’s order backlog was $39.9 million as compared to $2.8 million at March 31, 2015 and $21.8 million at June 30, 2014.

Backlog at June 30, 2015 includes an order received in June 2015 to supply approximately $32 million of aircraft deicing vehicles to a major U.S.-based airline. Deliveries under this contract are expected to be completed in the third quarter of the current fiscal year.

GAS provides the aircraft ground support equipment, fleet, and facility maintenance services. At June 30, 2015, GAS was providing ground support equipment, fleet, and facility maintenance services to more than 75 customers at 54 North American airports.

GAS contributed approximately $5,430,000 and $4,786,000 to the Company’s revenues for the three-month periods ended June 30, 2015 and 2014, respectively, representing a $644,000 (13%) increase.

In March 2014, the Company formed Space Age Insurance Company (“SAIC”), a captive insurance company licensed in Utah, and initially capitalized with $250,000. SAIC insures risks of the Company and its subsidiaries that were not previously insured by the Company’s insurance programs and underwrites third-party risk through certain reinsurance arrangements. The activities of SAIC are included within the corporate results in the accompanying financial statements.

First Quarter Highlights

The first quarter of fiscal 2016 saw the Company revenues increase by $580,000 (3%) from the prior year comparable quarter. Operating income decreased $1,148,000 in the same first quarter compared to the prior year quarter. These results represent a challenging first quarter that saw decreased operating income in each segment.

Revenues from the air cargo segment increased $1,208,000 (10%) compared to the first quarter of the prior fiscal year, while operating income decreased $309,000 (57%). Administrative fee revenues increased to reflect the greater administrative fee amount paid under the new dry-lease agreements which became effective on June 1, 2015, as well as the impact of operating an additional ATR aircraft. Operating income decreased principally due to substantial costs incurred for the mandated regulatory rewrite of applicable maintenance manuals (which expense is not reimbursed by MAC and CSA’s customer), higher health benefit costs, pilot salaries expense reflecting the transition to the new dry-lease agreements, as well as reduced contract labor revenue driven by the decrease in calendar maintenance checks (1-, 2-, 4-, 8, and 12-year) as compared to the prior comparable quarter. The Company anticipates that expense of the maintenance manual rewrite will continue to adversely affect the segment’s operating results for the remainder of the current fiscal year. In addition, the Company anticipates that the changes in the new dry-lease agreements, increasing the administrative fee, as well as the rental expense for aircraft and the exclusion of certain operational crew costs from reimbursable expenses, will adversely affect the segment’s operating income as a percentage of revenues compared to the prior year periods, as revenues are expected to increase at a greater rate due to the structure changes effected by the new dry-lease agreement.

Revenues for GGS decreased $1,273,000 (24%) compared to the first quarter of the prior fiscal year. Operating loss increased by $244,000 (135%) for the quarter to a current period loss of $424,000, compared to $180,000 of operating loss in the prior year’s comparable quarter. The decline in revenues is principally due to the reduction in sales to the USAF during the three months ended June 30, 2015, as the contract to supply flight line tow tractors expired in September 2014 and no deicers were sold to the USAF during the current year period (military sales of $150,000 for the period was attributable to sales of parts). Sales of commercial units were essentially flat period to period. Higher employee benefit costs and service technician costs compared to the previous year contributed to the increased operating loss for the current year period. In addition, operating income for the prior year quarter included a $188,000 gain from sale of leased ground support equipment, which did not recur in the current quarter. As sales to the USAF have declined, GGS’s business has resumed its historical seasonal pattern, with the revenues and operating income typically being lower in the first and fourth fiscal quarters as commercial deicers are typically delivered prior to the winter season.

Revenues from our GAS subsidiary increased by $644,000 (13%) compared to the first quarter of the prior fiscal year as a result of the company’s growth in new markets and services offered to new and existing customers. Operating loss of $222,000 for the current year period compared to operating income of approximately the same amount in the prior year quarter. Overall operating costs increased in the current year period as GAS increased staffing, including leadership, marketing and data analysis roles, and made other infrastructure improvements, including facility upgrades, training, and additional controls, to position the business for anticipated growth during the fiscal year in providing services to new customers and at new locations. Increased maintenance and parts expense in select markets where GAS operates under fixed-price contracts also contributed to the operating loss.

Critical Accounting Policies and Estimates

The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires the use of estimates and assumptions to determine certain assets, liabilities, revenues and expenses. Management bases these estimates and assumptions upon the best information available at the time of the estimates or assumptions. The Company’s estimates and assumptions could change materially as conditions within and beyond our control change. Accordingly, actual results could differ materially from estimates. The Company believes that the following are its most significant accounting policies:

Allowance for Doubtful Accounts. An allowance for doubtful accounts receivable is established based on management’s estimates of the collectability of accounts receivable. The required allowance is determined using information such as customer credit history, industry information, credit reports, customer financial condition and the collectability of outstanding accounts receivables. The estimates can be affected by changes in the financial strength of the aviation industry, customer credit issues or general economic conditions.

Inventories. The Company’s inventories are valued at the lower of cost or market. Provisions for excess and obsolete inventories are based on assessment of the marketability of slow-moving and obsolete inventories. Historical parts usage, current period sales, estimated future demand and anticipated transactions between willing buyers and sellers provide the basis for estimates. Estimates are subject to volatility and can be affected by reduced equipment utilization, existing supplies of used inventory available for sale, the retirement of aircraft or ground equipment and changes in the financial strength of the aviation industry.

Warranty Reserves. The Company warranties its ground equipment products for up to a three-year period from date of sale. Product warranty reserves are recorded at time of sale based on the historical average warranty cost and are adjusted quarterly as actual warranty cost becomes known.

Income Taxes. Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

Revenue Recognition. Cargo revenue is recognized upon completion of contract terms. Maintenance and ground support services revenue is recognized when the service has been performed. Revenue from product sales is recognized when contract terms are completed and ownership has passed to the customer.

Seasonality

GGS’s business has historically been seasonal, with the revenues and operating income typically being lower in the first and fourth fiscal quarters as commercial deicers are typically delivered prior to the winter season. The Company had worked to reduce GGS’s seasonal fluctuation in revenues and earnings by increasing military and international sales and broadening its product line to increase revenues and earnings throughout the year. On May 15, 2014, GGS was awarded a contract to supply deicing trucks to the USAF, which replaced a prior contract initially awarded in 2009. The initial contract award is for two years through July 13, 2016 with four additional one-year extension options that may be exercised by the USAF. The value of the contract, as well as the number of units to be delivered, depends upon annual requirements and available funding to the USAF. Although GGS has retained the USAF deicer contract, recent orders under the contract have not been sufficient to offset the seasonal trend for commercial sales and revenues during the three months ended June 30, 2015 (the first fiscal quarter) attributable to sales to the USAF were not significant. As a result, GGS revenues and operating income have resumed their seasonal nature. The overnight air cargo and ground support services segments are not susceptible to seasonal trends.

Results of Operations

First Quarter 2016 Compared to First Quarter 2015

Consolidated revenue increased $580,000 (3%) to $22,359,000 for the three-month period ended June 30, 2015 compared to its equivalent prior period. The increase in revenues can be principally attributed to the increase in the overnight air cargo segment of $1,208,000 (10%). Administrative fee revenues increased to reflect the terms of the new dry-lease agreements which became effective June 1, 2015, as well as the impact of operating an additional ATR aircraft. Revenue in the ground equipment sales segment decreased by $1,273,000 (24%) this quarter as a result of decreased sales volumes, as well as decreases in sales of parts and service income. In September 2014, GGS’s contract with the USAF to supply flight-line tow tractors expired. Revenues in our ground support services segment increased $644,000 (13%) primarily as a result of the company’s growth in new markets and services offered to new and existing customers.

Operating expenses increased $1,728,000 to $23,408,000 for the three-month period ended June 30, 2015 compared to its equivalent prior period. The principal component of the increase was an increase of $1,174,000 in air cargo aircraft monthly rental expense under the terms of the new dry-lease agreements with FedEx effective June 1, 2015, mentioned above. Pass through costs for the overnight air cargo segment totaled $6,515,000 and $7,369,000 for the three-month periods ended June 30, 2015 and 2014, respectively. Ground equipment sales segment operating costs decreased $1,029,000 driven principally by the current quarter’s $1,273,000 (24%) decrease in revenues offset by higher employee benefit costs. Ground support services segment operating costs increased by $1,088,000 as the segment increased staffing, including leadership, marketing and data analysis roles, and made other infrastructure improvements, including facility upgrades, training, and additional controls, to position the business for anticipated growth during the fiscal year in providing services to new customers and at new locations.

General and administrative expenses increased $573,000 (18%) to $3,807,000 for the three-month period ended June 30, 2015 compared to its equivalent prior period. The principal components of this increase were $129,000 in costs for the maintenance manual rewrite, $141,000 increase in health benefits costs and a $174,000 increase in ground support services administrative salaries.

Operating loss for the quarter ended June 30, 2015 was $1,049,000, compared to operating income of $99,000 for the same quarter of the prior year. Each of the operating segments experienced declines in operating income this quarter. Operating income for the air cargo segment decreased $309,000 principally due to substantial costs incurred for the manual rewrite, higher health benefit costs, pilot salaries expense, as well as reduced contract labor revenue driven by the decrease in calendar maintenance checks (1-, 2-, 4-, 8, and 12-year) as compared to the prior comparable quarter. Operating income for the ground equipment segment decreased $244,000 as a result of decreased sales volumes, as well as reduced parts and service income. GGS also reported a $188,000 gain in operating income from sale of leased ground support equipment in the prior comparable quarter, which did not recur in the current quarter. Operating results for GAS swung by $444,000 for an operating loss of $222,000 for the current year period as a result of the significant increase in operating costs to position the segment for anticipated growth, as discussed above, as well as increased maintenance and parts expense in select markets where GAS operates under fixed-price contracts.

Pretax earnings decreased to $1,069,000 for the three-month period ended June 30, 2015 compared to the prior year comparable period, primarily due to the decreases in all three segments discussed above.

During the three-month period ended June 30, 2015, the Company recorded $333,000 in income tax benefit. The income tax provision for the three-month period ended June 30, 2015 differs from the federal statutory rate partially due to the effect of state income taxes and the federal domestic production activities deduction. The rate for the period ended June 30, 2015 also includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section 831(b). During the three-month period ended June 30, 2014, the Company recorded $38,000 in income tax expense. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of 34.3%. The estimated annual effective tax rate differed from the U.S. federal statutory rate of 34% primarily due to the effect of state income taxes offset by permanent tax difference.

Liquidity and Capital Resources

As of June 30, 2015 the Company's working capital amounted to $24,907,000, a decrease of $5,518,000 compared to March 31, 2015. As mentioned, the fair value of marketable securities in Insignia have been reclassified from current assets to non-current assets of $4,368,000.

On April 1, 2015, the Company replaced its existing $7.0 million credit line with a senior secured revolving credit facility of $20.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a sublimit for issuances of letters of credit of up to $500,000. Under the Revolving Credit Facility, each of the Company, MAC, CSA, GGS and GAS may make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility. The Revolving Credit Facility matures on April 1, 2017.

Borrowings under the Revolving Credit Facility, together with hedging obligations, if any owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property.

At June 30, 2015, aggregate outstanding borrowings under the Revolving Credit Facility were approximately $4,981,000.

The Company is exposed to changes in interest rates on the Revolving Credit Facility. If the LIBOR interest rate had been increased by one percentage point, based on the weighted average balance outstanding for the three months ended June 30, 2015, the change in interest expense for that period would have been approximately $2,000.

Cash Flows

Following is a table of changes in cash flow for the respective periods ended June 30, 2015 and 2014:

	Three Months Ended June 30,
	2015			2014

Net Cash Used in Operating Activities	$	(4,515,000	)	$	(1,665,000	)
Net Cash Provided by (Used in) Investing Activities		(1,271,000	)		623,000
Net Cash Provided by (Used in) Financing Activities		(19,000	)		816,000

Net Decrease in Cash and Cash Equivalents	$	(5,805,000	)	$	(226,000	)

Cash used in operating activities was $2,850,000 more for the three-month period ended June 30, 2015 compared to the similar prior year period, resulting from a variety of offsetting factors. The most significant factor was cash used to increase inventory for the ground equipment segment to support the substantial increase in backlog of June 30, 2015 of $39.9M for the supply of Global’s Ultimate 2200 aircraft deicing vehicles to a major U.S.-based airline.

Cash provided by investing activities for the three-month period ended June 30, 2015 was $1,894,000 less than the comparable prior year period due primarily to $1,070,000 purchases of marketable securities in the current quarter and proceeds from the sale of marketable securities of $458,000 and proceeds from sale of property and equipment of $530,000 that occurred in the prior comparable quarter that did not recur in the current quarter, and a $56,000 decrease in capital expenditures in the current quarter.

Cash provided by financing activities was $835,000 less in the three-month period ended June 30, 2015, than in the corresponding prior year period primarily due to $863,000 in borrowing under the line of credit in the prior quarter. Cash borrowing under the line of credit at March 31, 2015 totaled $5,000,000. The Company paid $19,000 bringing the outstanding principal balance to $4,981,000 for the three-month period ended June 30, 2015.

Impact of Inflation

The Company believes that inflation has not had a material effect on its operations, because increased costs to date have been passed on to its customers. Under the terms of the new dry-lease agreements, certain cost components of the air cargo segment’s operations, consisting principally of fuel, landing fees, third party maintenance, parts and certain other direct operating costs, and certain maintenance costs are reimbursed, without markup by its customer, but certain operational crew costs are borne by the Company and not reimbursed. Significant increases in inflation rates could have a material impact on future revenue and operating income.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer, referred to collectively herein as the Certifying Officers, are responsible for establishing and maintaining our disclosure controls and procedures. The Certifying Officers have reviewed and evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 240.13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934) as of June 30, 2015. Based on that review and evaluation, which included inquiries made to certain other employees of the Company, the Certifying Officers have concluded that the Company’s current disclosure controls and procedures, as designed and implemented, are effective in ensuring that information relating to the Company required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions, regardless of how remote.

There has not been any change in the Company’s internal control over financial reporting in connection with the evaluation required by Rule 13a-15(d) under the Exchange Act that occurred during the quarter ended June 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II -- OTHER INFORMATION

Item 6. Exhibits

(a)	Exhibits
	No.	Description

	10.1	Aircraft Dry Lease and Services Agreement effective as of June 1, 2015 between Federal Express Corporation and Mountain Air Cargo, Inc. (Certain information has been omitted from this exhibit pursuant to the request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.)

	31.1	Section 302 Certification of Chief Executive Officer and President

	31.2	Section 302 Certification of principal financial officer

	32.1	Section 1350 Certifications

	101	The following financial information from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AIR T, INC.

Date: August 5, 2015
	/s/ Nick Swenson
	Nick Swenson, Chief Executive Officer and Director



	/s/ Candice Otey
	Candice Otey, Chief Financial Officer

AIR T, INC.

EXHIBIT INDEX

(a)	Exhibits
	No.	Description

	10.1	Aircraft Dry Lease and Services Agreement effective as of June 1, 2015 between Federal Express Corporation and Mountain Air Cargo, Inc. (Certain information has been omitted from this exhibit pursuant to the request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.)

	31.1	Section 302 Certification of Chief Executive Officer and President

	31.2	Section 302 Certification of principal financial officer

	32.1	Section 1350 Certifications

	101	The following financial information from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.

EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm

Exhibit 10.1

[Certain information has been omitted from this exhibit pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.]

Contract No. 15-0830

AIRCRAFT DRY LEASE AND SERVICES AGREEMENT

This Aircraft Dry Lease and Services Agreement (“Agreement”) is made and entered into effective as of June 1, 2015 (the “Effective Date”), by and between FEDERAL EXPRESS CORPORATION (“FedEx”), and MOUNTAIN AIR CARGO, INC. ("Lessee"), each a “Party” and collectively the “Parties”.

RECITALS

FedEx is the registered owner of certain aircraft as described herein.

Lessee desires to lease on a “dry lease” basis the aircraft to perform cargo transportation services in connection with FedEx's express package delivery business.

FedEx is ready, willing and able to lease such aircraft to Lessee in accordance with the terms and subject to the conditions of this Agreement.

FedEx desires to engage Lessee, as an independent contractor, to perform aircraft maintenance and cargo transportation services in connection with FedEx’s express package delivery business.

Lessee is ready, willing, and able to perform such aircraft maintenance and cargo transportation services as an independent contractor in accordance with the terms and subject to the conditions of this Agreement.

AGREEMENT

FOR AND IN CONSIDERATION of the mutual covenants contained in this Agreement, and intending to be legally bound, FedEx and Lessee agree as follows:

Section 1. Term of Agreement. (a) This Agreement is effective for a period of one (1) year commencing on the Effective Date and ending on May 31, 2016 (the “Term”).

(b) In addition to all other rights of termination provided herein, (i) either Party may terminate this Agreement at any time with or without cause upon ninety (90) days prior written notice to the other Party; and (ii) FedEx may terminate this Agreement only as to any particular Aircraft(s) at any time with or without cause upon ten (10) days written notice to Lessee specifying such Aircraft(s) and Exhibit 1 shall thereby be amended to remove such Aircraft(s). Upon termination, FedEx shall only be liable for the Administrative Fee, Maintenance Fee and Reimbursables incurred by Lessee up to the effective date of termination.

Section 2. Dry Lease of Aircraft. (a) FedEx hereby agrees to lease the “Aircraft” listed on Exhibit 1 attached hereto to Lessee and Lessee hereby agrees to lease the Aircraft from FedEx. Lessee will pay Rent for the Aircraft as set forth in Section 8.

(b) Lessee will have no right, title or interest in or to the Aircraft except the right to possession and use of the Aircraft during the Term as provided for in this Agreement. Lessee will maintain throughout the Term on the side of the Aircraft, in a clearly visible location and in accordance with FAA regulations, an inscription indicating that the Aircraft is operated by Lessee.

Section 3. Delivery, Inspection and Acceptance of the Aircraft. (a) FedEx will deliver, at its expense, the Aircraft and all applicable maintenance logs and records required for inspection of the Aircraft at such location as the Parties agree. FedEx will incur no liability to Lessee for late delivery or failure to deliver the Aircraft.

(b) Prior to accepting the Aircraft, Lessee may inspect the Aircraft, which inspection may include a flight test at FedEx's sole expense, which expenses will be limited to those of no more than two (2) individuals. Upon completion of the flight test, FedEx will cause to be corrected at its expense defects identified during the flight test. An additional flight test will be made at FedEx's expense solely to inspect the correction of defects previously identified. If the original defects are not corrected or additional defects are noted during any additional flight test, FedEx shall cause to be corrected at its expense all such defects, and, as necessary, perform additional like flight tests at its expense.

(c) Following successful completion of the Aircraft inspections, acceptance of the Aircraft shall occur upon Lessee executing and delivering to FedEx a Certificate of Acceptance in the form attached hereto as Exhibit 2, constituting Lessee's acceptance of the Aircraft for lease and Lessee's agreement to the statements therein.

(d) In the event this Agreement is executed by the Parties in substitution for an existing lease pursuant to which FedEx is leasing to Lessee one (1) or more Aircrafts to be leased hereunder, then Lessee’s execution of this Agreement shall constitute Lessee's acceptance of such Aircraft for lease under this Agreement and Lessee's acknowledgment and agreement that:

(i)

the Aircraft is currently certificated by the FAA;

(ii)

the Aircraft is in good operating order, repair and condition;

(iii)

FedEx has delivered copies of all documents, manuals and data relating to the Aircraft required to be delivered by FedEx to Lessee under this Agreement;

(iv)

Lessee is satisfied that the Aircraft is suitable for Lessee's purposes;

(v)

Lessee has inspected the Aircraft, performed the flight test and all defects have been corrected; and

(vi)

THE AIRCRAFT HAS BEEN DELIVERED TO LESSEE AS-IS, WHERE IS. FEDEX SHALL NOT BE DEEMED TO HAVE MADE, AND LESSEE HEREBY DISCLAIMS, ANY AND ALL REPRESENTATIONS, WARRANTIES AND GUARANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, CONCERNING THE AIRCRAFT AND THE TESTS AND INSPECTIONS THEREOF, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. LESSEE HEREBY, ON BEHALF OF ITSELF AND ANY PERSON OR ENTITY CLAIMING BY, THROUGH OR UNDER LESSEE, IRREVOCABLY AND UNCONDITIONALLY RELEASES AND WAIVES ANY AND ALL CLAIMS AGAINST FEDEX RELATED IN ANY WAY TO THE AIRCRAFT AND THE TESTS AND INSPECTIONS THEREOF WHATSOEVER AND WHETHER OR NOT ARISING IN TORT OR OCCASIONED BY FEDEX’S NEGLIGENCE. THE FOREGOING RELEASE AND WAIVER SHALL APPLY TO ALL CLAIMS WHATSOEVER, INCLUDING WITHOUT LIMITATION, ANY CLAIMS ARISING FROM BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. FEDEX SHALL NOT BE LIABLE TO LESSEE FOR ANY DAMAGES WHATSOEVER WITH RESPECT TO THE AIRCRAFT AND THE TESTS AND INSPECTIONS THEREOF, INCLUDING WITHOUT LIMITATION, DIRECT OR INDIRECT DAMAGES FOR PERSONAL INJURY, DEATH, PROPERTY, LOSS OF USE, LOSS OF REVENUE, LOSS OF PROFIT, LOSS OF OPPORTUNITY, LOSS OF CONTRACT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY, SPECIAL OR OTHER DAMAGES.

Section 4. Services and Routes. (a) In exchange for the Administrative Fee described in Section 8, Lessee agrees to operate and maintain the Aircraft exclusively for cargo transportation services in connection with FedEx’s express package delivery business (the “Services”).

(b) FedEx’s Business Transaction Manual (the “Manual”), which governs the policies and procedures in connection with the Services, is incorporated by reference into this Agreement. Lessee acknowledges receipt of the Manual dated effective June 1, 2015 and agrees to follow the policies and procedures set forth therein. FedEx may, from time to time, revise the Manual. FedEx will provide notice of any revisions to the Manual at least thirty (30) days prior to implementing such revisions. Lessee shall promptly review the revisions and provide FedEx notice of any proposed changes to the revisions within ten (10) days of receipt. FedEx may, in its sole discretion, accept or reject Lessee’s proposed changes to the revisions. If FedEx rejects Lessee’s proposed changes, Lessee shall, within ten (10) days of receipt of notice of such rejection, provide notice to FedEx that it accepts the Manual or that it intends to terminate the Agreement, effective thirty (30) days from the date of such notice.

(c) The routes to be flown by Lessee in the performance of the Services will be as requested by FedEx from time to time (each a “Route”). The Aircraft will be fueled by Lessee so as to provide an optimal payload from a safety perspective while maximizing the available cargo payload on each Route, taking into consideration all relevant flight planning and scheduling factors. Lessee will meet or exceed during each month of the Term a ninety-eight percent (98%) on-time departure rate of all Routes exclusive of cancellations or delays caused by FedEx or force majeure events.

(d) FedEx, in its sole discretion, may eliminate, modify, or substitute any Route by giving Lessee prior notice of such elimination, modification, or substitution. FedEx will use its reasonable efforts to give Lessee at least (7) days' written notice of such elimination, modification or substitution. At FedEx’s option, a verbal notice of elimination, modification or substitution of a Route may be given to Lessee. Any such verbal notice will be followed by written notice from FedEx to Lessee. The Parties agree that any such written notice may be delivered via email transmission.

(e) If FedEx requires Lessee to substitute a Route, Lessee may elect not to fly the substitute Route provided it gives FedEx written notice of such election within forty-eight (48) hours after receipt of the proposed substitution. If Lessee declines to fly a substitute Route, or if FedEx does not offer substitute Route(s), and thereby has no remaining Routes for any Aircraft, Lessee will return such Aircraft to FedEx in accordance with this Agreement and this Lease will immediately terminate as to such Aircraft.

(f) Lessee shall not serve as FedEx’s exclusive or sole provider of the Services. This Agreement is not a requirements contract and FedEx shall not be obligated to purchase any minimum or maximum amount of Services from Lessee. FedEx reserves the right in its sole discretion to have the Services performed in-house by FedEx employees or by third party vendors. Lessee agrees to cooperate with any such third parties and to comply with all reasonable requests by FedEx to coordinate its activities with such other vendors.

Section 5. Required Maintenance and Repairs. (a) Lessee will inspect, maintain, repair and overhaul the Aircraft in good order and in an airworthy condition (the “Maintenance”). The Maintenance will be performed in a good and workmanlike manner and include, but not be limited to, the following:

(i)

Compliance with the Manufacturer's Maintenance Schedule for the Aircraft or other Federal Aviation Administration (“FAA”) approved programs, and all applicable federal, state and local laws, rules, orders and regulations, including the Federal Aviation Regulations (“FARs”) (collectively, the “Laws”);

(ii)

Performance of any Airworthiness Directives, mandatory Service Bulletins (and any non-mandatory Service Bulletins specified by FedEx), and mandatory revisions to any FARs which must be accomplished during the Term or which are otherwise required to be carried out on the Aircraft in order to meet the requirements of the FAA;

(iii)

Replacement of all worn or defective aircraft components, provided such replacement item:

a. is supplied by the Aircraft manufacturer, original equipment manufacturer, or from another supplier of FAA approved components,

b. is of at least equivalent quality, value and condition as the item on the Aircraft which is replaced, and

c. has the same model number or part number as listed in the Aircraft manufacturer's parts catalogue or is approved by FedEx for use by Lessee;

(iv)

A clean physical appearance of the Aircraft to the public, including painting the Aircraft in FedEx livery as advertising for FedEx;

(v)

On-wing, routine engine repairs;

(vi)

Upkeep of log books, engine manuals, aircraft configuration data and any other documents which may be required by FedEx or the FAA; and

(vii)

Completion of any other items reasonably requested by FedEx.

(b) Any Maintenance performed by Lessee that is determined not to be in compliance with this Agreement shall be promptly corrected by Lessee at no expense to FedEx. All replacement aircraft components shall be free and clear of all liens, encumbrances and rights of others, and upon installation, title to the aircraft component shall vest in FedEx and become subject to this Agreement. Except for aircraft components that are part of a pooling arrangement, title to any aircraft components that are removed and not reinstalled shall, upon removal, vest in FedEx.

(c) Except as otherwise permitted by this Agreement, Lessee will not cause or permit any modification or alteration to the Aircraft, nor add or remove any equipment to or from the Aircraft without FedEx’s prior written consent. Lessee shall not pledge the credit of FedEx for any Maintenance or for any other purpose whatsoever.

(d) FedEx will pay Lessee a Maintenance Fee, as described in Section 8, for all Maintenance performed by Lessee.

Section 6. Storage and Use of Aircraft Components and Equipment. (a) FedEx may provide Lessee with aircraft components and tooling for Lessee’s use when performing the Maintenance and equipment for Lessee’s use when performing Services (collectively, the “FedEx Components”). Lessee will provide sufficient, secure and dedicated warehouse space for the FedEx Components. Lessee will be responsible for maintaining accurate and comprehensive records of all the FedEx Components in Lessee’s possession, including, without limitation, the completion of an annual physical inventory, details of which are set forth in the Manual. Lessee will keep all FedEx Components separate from any other goods or property owned by or in the possession of Lessee and will clearly mark all FedEx Components as the property of FedEx as follows: (i) Lessee shall mark all tooling with asset tags, engraving or etching stating “Property of FedEx”, (ii) Lessee shall place placards stating “Property of FedEx” on all shipping containers, parts racks and storage areas containing aircraft components, and (iii) Lessee shall provide such other marking of FedEx Components as FedEx may reasonably request.

(b) Lessee’s storage and handling of the FedEx Components pursuant to this Agreement shall create a bailment by Lessee on behalf of FedEx. Title to the FedEx Components will remain with FedEx even though Lessee may have possession or control of the FedEx Components. Lessee will bear the risk of loss of or damages to the FedEx Components in Lessee’s possession or control if such loss or damage is cause by Lessee’s or its contractor’s negligence or willful misconduct. Lessee will utilize the FedEx Components only in accordance with this Agreement.

(c) Lessee will not permit, assign, dispose of, or grant a security interest or lien in, or execute any financial or financing statement in favor of any person or entity, including but not limited to any subcontractors, other than FedEx, covering the FedEx Components. Lessee represents and warrants that it has not made any assignments, dispositions, or grants of security interests in or executed any financing statements that cover or could be deemed to cover the FedEx Components prior to the Effective Date. During the Term, Lessee will notify FedEx in writing if Lessee has knowledge of any security interest or lien that covers or could be deemed to cover the FedEx Components.

(d) It is FedEx's responsibility (in its sole discretion) to file any necessary documents in connection with FedEx's ownership of the FedEx Components, including documents required by Article 9 of the Uniform Commercial Code. Lessee will cooperate fully with FedEx, including, without limitation, by executing any financing statement or other document which FedEx reasonably determines necessary to evidence FedEx's ownership of the FedEx Components. FedEx may require the return of the FedEx Components to FedEx at any time, and Lessee shall promptly return such FedEx Components to FedEx.

Section 7. Operational Control and Crew Members; Safety Director. (a) Lessee will at all times have operational control over the Aircraft, all Routes performed under this Agreement and all flight operations contemplated under this Agreement. Lessee will, for the purposes of safe performance of the Routes, have the sole authority to determine whether a particular flight may be safely operated, to assign crew members for particular flights, to dispatch and release flights, to direct crew members and to initiate and terminate flights. The Captain of the Aircraft will be in command of the Aircraft and will have full authority and control in the operation of the Aircraft, full authority and control over other crew members and their duties during flight time and complete discretion concerning the operation of the Aircraft and the initiation and termination of any flight, and FedEx undertakes to accept all decisions of the Captain. The determination to so cancel any flight shall be immediately reported by the Lessee to FedEx's Global Operations Control at (800) 321-4589 and as otherwise directed in writing by FedEx.

(b) Lessee warrants to FedEx that any crew member who operates the Aircraft will at all times: (i) meet all safety requirements established for such operation; (ii) be properly certificated by the FAA for the operation; (iii) conduct the operation in accordance with the Laws, the standards of the FAA and to the highest standards of the pilot profession; (iv) exhibit to the public a professional appearance and demeanor; and (v) be trained and qualified to handle Hazardous Materials (as defined by The United States Department of Transportation Regulations (49 C.F.R. Part 171 et. seq.)) in accordance with the Laws if transporting Hazardous Materials.

(c) Within 60 days after the Effective Date, Lessee will staff and maintain a Director of Safety (DOS) position at Lessee's sole expense. Lessee's DOS will manage the safety performance of Lessee's organization, and be responsible for developing a high performance safety culture within Lessee’s organization. Lessee's DOS must have appropriate formal training in aviation safety and aircraft accident investigation. Lessee's DOS will serve as Lessee's liaison with the NTSB and/or FAA in the event of an incident or accident involving an aircraft operated by Lessee. Lessee's DOS will also attend annual Aviation Safety InfoShare conferences.

Section 8. Payments. (a) Lessee will pay to FedEx, as rent for the Aircraft, the Monthly Rent set forth in Exhibit 3 hereto plus all applicable sales, use or other transaction based taxes on the rent (collectively, the “Rent”). The Rent is due and payable on or before the tenth (10^th) calendar day of each month during the Term. The Rent shall be listed on the Invoice (as defined in Section 8(c)) and shall offset any fees due to Lessee on such Invoice.

(b) FedEx shall make the following payments to Lessee:

(i)

A monthly fee (the “Administrative Fee”) for performance of the Services, in the amount set forth in Exhibit 4;

(ii)

Reimbursement of “Reimbursables” as defined in Exhibit 5 hereto; and

(iii)

A fee for Maintenance performed by Lessee (the “Maintenance Fee”), calculated in accordance with Exhibit 6.

(c) On or before the tenth (10^th) calendar day of each month of the Term, Lessee will submit to FedEx an itemized invoice (the “Invoice”) setting forth the Administrative Fee. If incurred each such month, monthly invoices for Reimbursables and the Maintenance Fee will be submitted to FedEx for payment after being settled, including determination of labor hours related to the Maintenance Fee, by the Lessee. Subject to Section 8(d), FedEx will pay such invoices within ten (10) days after receipt of an accurate and properly documented invoice.

(d) In the event that FedEx disputes an invoice, FedEx will notify Lessee in writing of the reasons for the dispute and will remit payment for the undisputed amount. The disputed amounts will be resolved by mutual agreement between Parties.

(e) Lessee will keep full and accurate records, and documentation to substantiate the amounts claimed in any invoice, which records will be open to audit by FedEx, or any authorized representative of FedEx, during the Term and until two (2) years after the expiration or earlier termination of this Agreement. Lessee will provide FedEx with such records in an electronic format, as mutually agreed to between the Parties, upon FedEx’s written request.

Section 9. Taxes and Other Government Charges. (a) Subject to the provisions of Section 9, any and all applicable sales, use or similar transaction based taxes (“Tax” or “Taxes”) arising out of the Services or the lease of the Aircraft, in any manner levied, assessed or imposed by any government or subdivision or agency thereof having jurisdiction will be the sole responsibility and liability of FedEx.

(b) Lessee agrees to provide FedEx with an invoice that separately states the amount of the charges related to Taxes. With respect to any Tax which FedEx has assumed responsibility for under this Section 9, FedEx will either (i) pay such Tax directly to the taxing jurisdiction, if permitted by law, (ii) pay such Tax to Lessee in accordance with the payment procedures, (iii) provide to Lessee an exemption certificate or letter stating that the entire charge or some portion of the charge is exempt from any such Tax, or (iv) require Lessee to obtain any available exemption certificates or letters, at Lessee’s expense, stating that the entire charge or some portion of the charge is exempt from any such Tax. If payment is made in accordance with (ii) above, upon written request of FedEx and at the expense of Lessee, Lessee will provide FedEx with evidence that the Tax has been remitted to the taxing jurisdiction.

(c) If any Tax for which FedEx has assumed the responsibility for payment pursuant to this Section 9 is levied, assessed or imposed upon Lessee, Lessee will promptly give FedEx notice of such levy, assessment or imposition, whereupon FedEx will promptly pay and discharge the same or, in FedEx’s sole discretion and if permitted by law, will contest such liability before payment. If Lessee fails to notify FedEx in time to file a timely appeal of such levy, assessment or imposition, FedEx will be relieved of its payment obligation with respect to that Tax.

(d) Upon the written request and at the expense of FedEx, Lessee will fully cooperate with FedEx in contesting or protesting the validity or application of any such Tax (including, but not limited to, permitting FedEx to proceed in Lessee name if required or permitted by law, provided, in each case, that such contest does not involve, or can be separated from, the contest of any Tax or issues unrelated to the transactions described in this Agreement). FedEx will also have the right to participate in any contest conducted by the Lessee with respect to a Tax or other charge for which FedEx has assumed the responsibility for payment under this Section 9, including, without limitation, the right to attend conferences with the taxing authority and the right to review submissions to the taxing authority or any court to the extent such contest does not involve, or can be separated from, the contest of any Tax or issues unrelated to the transactions described in this Agreement. In the event Lessee will receive a refund of all or any part of such Tax which FedEx has paid and discharged, the amount of such refund will promptly be remitted to FedEx by Lessee, less any expenses of Lessee incurred in contesting the validity or application of any such Tax, not previously reimbursed by FedEx.

Section 10. Lessee's Compliance Responsibility. (a) To the extent applicable to Lessee, Lessee agrees to comply with the affirmative action requirements applicable to contracts with U.S. government contractors as set forth in Title 41 of the Code of Federal Regulations. The provisions of said regulations are incorporated by reference into this Agreement. Lessee hereby further agrees to employ only persons who are legally authorized to work in the United States and to have an I-9 employment authorization form, if required, for each person employed by it.

(b) Prior to the performance of Services, Lessee will provide evidence satisfactory to FedEx that Lessee has in place a Drug Testing Program for its employees or subcontractors who perform safety-sensitive or security related services in compliance with 14 C.F.R. Parts 121 and 135 and Appendix I to Part 121 (the "Appendix"). If FedEx discovers at any time during the Term that Lessee, its employees or subcontractors are not in full compliance with the Appendix, FedEx shall have the right, in addition to any and all other remedies at law or in equity, to immediately terminate the Agreement and secure a replacement contractor, with no further obligations or liabilities to Lessee.

(c) Lessee shall fully and punctually comply with all screening, background checks and other security requirements that any public authority having jurisdiction by virtue of the Laws (including, to the extent applicable, the Transportation Security Administration) has established or may later establish.

Section 11. FedEx's Right to Inspect and Flight Test. Without notice to Lessee, FedEx or its authorized representatives may conduct a flight test and inspect the Aircraft, its books, logs and records, but FedEx has no duty to make any such inspection and will incur no liability by reason of not making same. Within ten (10) days of FedEx’s request, Lessee will prepare and provide to FedEx a written summary of Lessee's performance of the Maintenance and the Aircraft’s compliance with the Laws.

Section 12. Risk of Loss and Indemnity. (a) Pursuant to this Agreement, Lessee is responsible for the care, custody and control the Aircraft and, except for damage caused by the intentional or negligent acts of FedEx, Lessee accepts the risk of damage or loss to the Aircraft during the Term. FedEx will not be liable to Lessee for any damage to or loss or destruction of the Aircraft caused by a third party, or for any loss, damage, or expense of any kind caused directly or indirectly by Lessee's use, maintenance, handling, hangaring or storage of the Aircraft, or loads thereon, or the repairs, servicing, or adjustment to the Aircraft, or because the Aircraft is, or has become, unsuitable or unserviceable, or for an interruption of service or loss of the Aircraft's use, or for any loss of business or damage. FedEx assumes no liability for any acts or omissions of Lessee or Lessee's agents, servants, or employees, or for damage, loss or destruction of any property of Lessee or persons in privity with Lessee, unless damage, loss or destruction of such property is caused by the intentional or negligent acts of FedEx.

(b) Lessee hereby agrees to indemnify, defend and hold harmless FedEx, its Parent Corporation and its Affiliates, their officers, directors, members, agents and employees from any and all liabilities, damages, losses, expenses, demands, suits, or judgments, including all reasonable attorneys' fees, costs, and expenses incidental thereto, resulting from: (i) Lessee’s breach or non-performance of any obligations, warranties, representations, terms or conditions contained in this Agreement; (ii) Lessee's negligence or willful misconduct, (iii) any claim for payment made by a subcontractor, agent, or employee of Lessee; and (iv) the use of the FedEx Components by a subcontractor of Lessee. Lessee's obligation to so indemnify, defend and hold harmless FedEx will survive the expiration or earlier termination of this Agreement.

Section 13. Insurance. (a) During the Term, Lessee will procure and maintain a policy or policies of insurance with coverage as follows:

(i)

Commercial Aviation General Liability Insurance including premises liability, hangarkeepers liability, products and completed operations, and personal and advertising injury liability with a combined single limit of liability of not less than $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per occurrence, which policy or policies will name FedEx, its officers, directors, agents and employees as additional insureds (the “FedEx Additional Insureds”).

(ii)

Worker's Compensation insurance in such amounts as may be required by applicable statutes. Employee's Liability Insurance with minimum limits of $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per occurrence shall be carried for all states.

(iii)

Auto Liability Insurance in an amount not less than $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per occurrence, or maintain auto on premises coverage under aviation general liability, naming FedEx, its officers, directors, agents and employees as additional insured.

(b) Lessee waives and releases, to the extent of the proceeds that are or would be payable to it in respect of Lessee’s Commercial Aviation General Liability insurance policy any and all rights of recovery, claim, action or cause of action that it may now or later have against FedEx and the FedEx Additional Insureds, by virtue of any loss or damage that may occur to property or person, regardless of cause or origin, including, without limitation, the negligence of FedEx or the FedEx Additional Insureds. Because this Section 13(b) will preclude the assignment of any claim mentioned in it by way of subrogation or otherwise to an insurance company or any other person, Lessee will promptly give the insurance company that has issued to it the Commercial Aviation General Liability insurance policy, written notice of the waiver contained in this Section 13(b), and to have the insurance policy properly endorsed, if necessary, to prevent the invalidation of the insurance coverage by reason of the waiver contained in Section 13(b), and to secure from Lessee’s insurer a waiver of the insurer’s subrogation rights.

(i)

Aviation Hull Insurance for all aircraft owned, leased or chartered and for aircraft which have been leased to others to be operated by air crews of others as agreed to with respect to the Services.

(ii)

Aviation Liability Insurance with total liability of all damages because of all bodily injury, property damage and personal injury and in the amount of at least $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per occurrence, with respect to the Services, which policy or policies will name Lessee, its officers, directors, agents and employees as additional insureds.

(d) For each insurable claim arising under FedEx’s insurance policies of Aircraft Hull or Aircraft Liability, FedEx will be responsible for full payment of any deductibles regardless of the cause of the claim.

(e) Each Party’s policies of insurance required under this Agreement will provide for a minimum of thirty 30 days written notice to the other Party in the event of alteration, non-renewal, or cancellation. Within 10 days of the Effective Date, each Party will deliver to the other Party copies of insurance certificates reflecting each Party’s insurance obligations under this Agreement. FedEx and Lessee agree that, if any policy or policies of insurance carried by it as required by this Agreement, are materially altered or cancelled, it will immediately obtain other policies providing coverage identical to such policies.

Section 14. Limitation of Liability. Notwithstanding any other provision of this Agreement and regardless of the deductible provisions in the insurance policies of Aircraft Hull or Aircraft Liability that FedEx is required to maintain under this Agreement, the limit of Lessee’s liability to FedEx or to any third party for each insurable claim arising under FedEx’s insurance policies of Aircraft Hull or Aircraft Liability, will be capped on a per occurrence basis as follows (collectively, the “Cap”):

(i)

$0.00 if the insurable claim is caused by the intentional or negligent acts of FedEx or third party contractors or agents of FedEx or an act of God;

(ii)

$10,000.00 for C208 Aircraft and $20,000.00 for ATR42/72 Aircraft, if the insurable claim is caused by the negligence of Lessee or third party contractors or agents of Lessee; and

(iii)

$25,000.00 for C208 Aircraft and $50,000.00 for ATR42/72 Aircraft, if the insurable claim is caused by the willful misconduct or gross negligence of Lessee or third party contractors or agents of Lessee.

Lessee shall cooperate with FedEx and its representatives in investigating any insurable claim. FedEx shall make the determination as to the amount of the Cap which applies to any incident and shall inform Lessee of such determination within ten (10) days of completion of its investigation.

Section 15. Reporting Loss or Damage to Aircraft. In the event of a total loss of or damage to an Aircraft, Lessee will promptly report such loss or damage to FedEx and all concerned governmental agencies, and furnish such information and execute such documents as may be necessary for FedEx to collect the proceeds of all applicable insurance policies. All press releases after any initial legally required notifications and acknowledgement of the event will be coordinated with FedEx prior to release.

Section 16. Prohibition Against Sublease, Assignment and Third Party Use. (a) Lessee will not sublet, mortgage, pledge, sell, or otherwise encumber or dispose of the Aircraft, nor assign or transfer this Agreement or any interest herein.

(b) Lessee will operate the Aircraft solely for the performance of Services for FedEx, unless Lessee receives the prior written consent of FedEx for another use. FedEx may in its sole discretion approve or reject such other operation of the Aircraft. Lessee will be solely responsible for the operation of the Aircraft for third parties and will not operate the Aircraft in such a manner as to violate the provisions of this Agreement, any applicable insurance policies or the Laws.

Section 17. Prohibition Against Liens and Adverse Claims. (a) Lessee will not fail to make timely payment for any fuels, parts, materials, supplies or services furnished to or for the Aircraft, or for labor performed on the Aircraft nor allow the creation of any lien on the Aircraft from such failure. Lessee will not directly or indirectly create, incur, assume or suffer to exist, and will promptly take such action as may be necessary to discharge any lien on or with respect to this Agreement or the Aircraft. The expense of such action and discharge will be at Lessee's sole cost and expense which will not be reimbursed by FedEx to Lessee.

(b) Lessee shall not do, and will not permit any act which could reasonably be expected to jeopardize FedEx’s title in the Aircraft or result in the Aircraft being arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim or otherwise taken from the possession of Lessee. If any such event occurs, Lessee will at its expense give FedEx immediate notice thereof and perfect recognition of FedEx’s title in the Aircraft or procure the prompt release of the Aircraft from such adverse claims.

Section 18. Notice of Litigation. In the event that the Aircraft, or its use, operation, transportation, storage, repair or maintenance, or any other activity pertaining to the Aircraft, or any fee or charge for any of the foregoing becomes the subject of or is otherwise connected with any litigation, whether or not Lessee is a party to such litigation, Lessee will promptly give notice and details of such litigation to FedEx, and will thereafter keep FedEx advised as to the progress of such litigation.

Section 19. Events of Default. Either Party may terminate this Agreement upon five (5) days prior written notice to the other Party following the occurrence of a Default. For purposes hereof, “Default” shall mean the breach or non-performance of any obligations, warranties, representations, terms or conditions contained in this Agreement that is not cured within the Cure Period. A Default shall not be deemed to have occurred unless the non-defaulting Party has given written notice to the defaulting Party specifying in reasonable detail the event or events that are believed to constitute the Default. The Party receiving the notice of Default shall have a cure period of ten (10) days in which to take the necessary actions to cure the Default (the “Cure Period”). No Default will be deemed to have occurred if the Default is cured within the Cure Period. Notwithstanding the foregoing, the defaulting Party shall remain liable to the non-defaulting Party for any damages incurred by the non-defaulting Party due to the Default even if such Default is cured or this Agreement is terminated.

Section 20. FedEx May Assign and Encumber. FedEx reserves the right at any time to encumber the Aircraft with chattel mortgages or other security agreements which will constitute rights superior to those created by or arising under the terms of this Agreement. FedEx's right, title and interest in and to this Agreement and the Aircraft may be transferred and assigned by FedEx with written notice to Lessee. In such event, FedEx's assignee will have all of the rights, powers, privileges and remedies of FedEx hereunder. Lessee will not be entitled to terminate or amend this Agreement without the written consent of such assignee and Lessee agrees unconditionally, upon receipt of notice of an assignment, to pay to the assignee, at the address of assignee provided to Lessee, all other sums due by Lessee under this Agreement. Any such assignment will not relieve Lessee of any of its obligations to FedEx. The rights of an assignee will be free from all claims, defenses, set-offs or counterclaims which Lessee may be entitled to assert against FedEx but Lessee may assert separately against FedEx matters which Lessee is entitled to assert under this Agreement.

Section 21. Return of Aircraft Upon Termination. (a) Upon the expiration of the Term or earlier termination of this Agreement, Lessee will redeliver the Aircraft to FedEx in Memphis, Tennessee, or such other location as designated by FedEx, free of liens and in as good condition as when received by Lessee, normal wear and tear excepted, with all systems functioning properly and in full compliance with the Laws. In addition, Lessee will deliver copies of all documents, manuals and data relating to the Aircraft. In the event FedEx and Lessee are executing this Agreement in substitution for an existing lease pursuant to which FedEx is leasing to Lessee one (1) or more of the Aircraft to be leased hereunder, then with respect to such Aircraft, Lessee will redeliver the Aircraft to FedEx in Memphis, Tennessee, or such other location as designated by FedEx in as good condition as when received by Lessee under such prior lease, normal wear and tear accepted with all systems functioning properly and in full compliance with the Laws.

(b) If in FedEx's reasonable judgment the resale value of the Aircraft upon its return from Lessee is reduced because of Lessee's unauthorized modification of the Aircraft or Lessee's unauthorized addition or deletion of equipment in violation of this Agreement, FedEx in its sole discretion may elect to receive from Lessee either an amount equal to the cost of restoring the Aircraft to its original condition or an amount equal to the reduction in the resale value.

Section 22. Independent Contractor Relationship. (a) The Parties intend that an independent contractor relationship between Lessee and FedEx will be created by this Agreement. FedEx is interested only in the results of the Lessee’s work and shall not exercise any control over the conduct or supervision of the work or the means of Lessee’s performance.

(b) FedEx and Lessee acknowledge, understand and agree that:

(i)

Lessee and its employees, agents, representatives, crew members, pilots and captains (collectively, “Representatives”) are not employees of FedEx;

(ii)

Lessee, through its Representatives, provides the Services to FedEx as an independent contractor;

(iii)

Lessee, through its Representatives, is to render the Services to FedEx in the course of an independent contractor relationship, retaining the right to adopt its own means and methods;

(iv)

Lessee and its Representatives are independent from FedEx except as to final results contemplated by this Agreement;

(v)

Representatives are not paid directly from FedEx, and Lessee is solely responsible for paying its Representatives; and

(vi)

Neither Lessee nor any Representative shall have any authority or power, express or implied, to accept any order on behalf of FedEx or to bind or obligate FedEx with respect to any matter.

(c) Accordingly, Lessee shall have full responsibility for its Representative’s collection, reporting, withholding, filing and payment of all international, federal, state and local taxes and contribution, including penalties and interest, imposed pursuant to unemployment insurance, social security, income tax, workers’ compensation or any other similar statute. Lessee shall indemnify and hold FedEx harmless for any liability resulting from any Representative of Lessee claiming to be an employee of FedEx, including, but not limited to, any claim on the part of Lessee’s Representative to benefits FedEx provides to its employees.

(d) Lessee agrees to provide FedEx with any financial information as FedEx may reasonably request (including but not limited to annual audited financial statements) to allow FedEx to determine the percentage of the Lessee’s total revenue that is attributable to the Services performed pursuant to this Agreement. FedEx may terminate this Agreement upon written notice to Lessee if any one of the following occurs: (i) 60% or more of Lessee’s revenue (excluding Reimbursables) is derived from the Services performed pursuant to this Agreement; (ii) FedEx becomes Lessee’s only customer; or (iii) Lessee employs less than 6 employees.

Section 23. Confidentiality of Information. (a) During the Term, each Party (a "Disclosing Party") may disclose, or each Party (a "Receiving Party") may obtain access to certain valuable, confidential, and proprietary information or materials from the Disclosing Party related to the Disclosing Party's business ("Information"). Information shall be deemed to include, without limitation, the terms of this Agreement and all information and data obtained directly or indirectly from the Disclosing Party in connection with this Agreement. The Receiving Party acknowledges the confidential character of the Information and agrees that all such Information is the sole and exclusive property of the Disclosing Party. Accordingly, the Receiving Party agrees to hold all Information it obtains from or about the Disclosing Party in strictest confidence, not to reproduce any of the Information without the Disclosing Party's written consent, not to use such Information, other than for the performance of the Services or as otherwise provided in this Agreement, and to cause its Parent Corporation, Affiliates, employees, professionals or subcontractors to whom such Information is transmitted to be bound by the same obligation of confidentiality to which the Receiving Party is bound. The Receiving Party shall not communicate Information in any form to any third party without the Disclosing Party's prior written consent, other than for the performance of the Services or as otherwise contemplated by this Agreement. In the event of any violation of this Section 23, the Disclosing Party shall be entitled to seek preliminary and permanent injunctive relief as well as an equitable accounting of all profits or benefits arising out of such violation, which remedy shall be in addition to any other rights or remedies to which the Disclosing Party may be entitled. For purposes of this Agreement, Information shall also be deemed to include, without limitation, the confidential and proprietary information of any entity owning all or a majority of the Disclosing Party's outstanding corporate stock or other ownership interests ("Parent Corporation") and of any entity a majority or all of whose corporate stock or other ownership interests is owned, directly or indirectly, by the Parent Corporation ("Affiliate"), whether such Information is provided to the Receiving Party by the Disclosing Party, the Parent Corporation or any Affiliate.

(b) The foregoing shall not apply to Information that: (i) is or becomes generally available to the public through no wrongful act of the Receiving Party; (ii) the Receiving Party can show by written records in such Party’s files that such Information was in the Receiving Party’s possession without any confidentiality obligation prior to disclosure by the Disclosing Party (iii) the Receiving Party at any time lawfully obtains from a third party under circumstances permitting its disclosure; (iv) is compelled to be disclosed pursuant to the lawful requirement of a governmental agency or required by operation of law; provided that the Receiving Party shall promptly notify the Disclosing Party of such demand and tender to the Disclosing Party the defense of such demand and assist the Disclosing Party, at Disclosing Party’s expense, in obtaining a protective order. Unless the demand shall have been timely limited, quashed or extended, the Receiving Party shall thereafter be entitled to comply with such demand but only to the extent required by law; or (v) the Receiving Party independently develops without reliance upon or use of the Disclosing Party's Information.

(c) The obligations of the Parties as set forth in this Section 23 shall survive the expiration or earlier termination of this Agreement for a period of 2 years.

Section 24. Marketing. Lessee shall not in any manner advertise or publish the fact that it has furnished the Services or contracted with FedEx without the prior written consent of FedEx. Prior to printing and publishing any item or material displaying any of FedEx's logos, trademarks, images, brand related materials or any press release referring to FedEx, Lessee will obtain FedEx's prior written approval of the text, layout and graphics contained in the item, material or press release. Further, all copy for any commercial announcement (e.g., website) will be provided by FedEx or approved by FedEx in advance. If FedEx rejects the proposed item, copy, material or press release, Lessee will make such changes as FedEx desires in its sole discretion, which changes will be subject to the further review and written approval of FedEx.

Section 25 Miscellaneous. (a) Time is of the essence for all purposes under this Agreement.

(b) All section headings and captions used in this Agreement are purely for convenience or reference only, and shall not affect the interpretation of this Agreement.

(c) As a transportation company, FedEx may enter into certain contracts which are governed by federal law (for example, but not limited to, contracts for the carriage of goods). To the extent all or any portion of this Agreement is not governed by federal law, however, this Agreement shall be governed by and construed according to the laws of the State of Tennessee, without regard to any conflict of law provision. In furtherance of each Party’s responsibilities under this Agreement, each Party will, and cause its agents and subcontractors to, at all times strictly comply with all applicable United States and local laws, rules and regulations, including without limitation, those concerning foreign corrupt practices and anti-bribery, such as the Foreign Corrupt Practice Act (15 U.S.C. § 78dd-1, et seq.).

(d) In addition to such other rights as FedEx may have, FedEx shall have the right to immediately terminate this Agreement upon any change in the majority ownership or voting control of the capital stock, business, or assets of Lessee. Lessee shall promptly notify FedEx in writing of any such change in control of the Lessee.

(e) Each Party agrees that it will take such actions, provide such documents, do such things and provide such further assurances as may reasonably be requested by the other Party during the Term.

(f) All exhibits described in this Agreement shall be deemed to be incorporated in and made a part of this Agreement, except that if there is any inconsistency between this Agreement and the provisions of any exhibit, the provisions of this Agreement shall control. Terms used in an exhibit and also used in this Agreement shall have the same meaning.

(g) Except for FedEx’s right to update the Manual upon written notice to Lessee, this Agreement shall not be modified except by written agreement signed by both Parties. If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired.

(h) The failure of a Party at any time to require performance by the other Party of any provision of this Agreement shall in no way affect that Party's right to enforce such provision, nor shall the waiver by a Party of any breach of any provision of this Agreement be taken or held to be a waiver of any further breach of the same provision or any other provision.

(i) The provisions of this Agreement which by their nature extend beyond the expiration or earlier termination of the Agreement will survive and remain in effect until all obligations are satisfied.

(j) Notices given under this Agreement shall be in writing and shall be deemed to have been given and delivered when received, if sent by the United States Mail, certified or registered mail, with postage prepaid and addressed, or sent by way of FedEx Express service to the following addresses or to such other address provided to the other Party by written notification:

If to FedEx:

With a copy to:

Federal Express Corporation

Feeder Aircraft Operations

2955 Republican Drive

Memphis, TN 38118

Attn:Managing Director

Federal Express Corporation

Legal Department

3620 Hacks Cross Rd

Building B, 3rd Floor

Memphis, TN 38125

Attn:Business Transactions Group, Managing Director

If to Lessee:

Mountain Air Cargo, Inc.

Attn: Rob Norton

3524 Airport Road

Maiden, NC 28650

(k) This Agreement may be executed in multiple counterparts, each of which shall be an original and all of which shall together constitute one and the same instrument.

(l) This Agreement constitutes the entire agreement and understanding of the Parties on the subject matter hereof, and, as of the Effective Date, supersedes all prior agreements, whether written or oral, between the Parties concerning the subject matter hereof.

(m) This Agreement shall not be valid nor binding upon FedEx unless it shall have been executed by an officer of FedEx. No hand written changes to this Agreement shall be effective unless initialed by FedEx's attorney. Each Party represents and warrants that (i) it has the authority to execute, deliver and perform this Agreement and its obligations and responsibilities hereunder; and (ii) the performance of such obligations and responsibilities will not result in any breach of any terms or conditions of, or constitute a default under any commitment, agreement, contract, or obligation to which it is a party or by which it is bound.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have made and executed this Agreement as of the Effective Date.

FEDERAL EXPRESS CORPORATION		MOUNTAIN AIR CARGO, INC.


By:	/s/ Bill West, Jr.	By:	/s/ Robert G. Norton

Print Name: Bill West, Jr.		Print Name: Robert G. Norton

Title:	Vice President	Title:	CEO

Approved

Legal Department

/s/ ACT 5-18-15

Exhibit 1

To That Certain

Aircraft Dry Lease and Services Agreement

Between

Mountain Air Cargo, Inc.

("Lessee")

and

Federal Express Corporation

("FedEx")

Dated June 1, 2015

CESSNA C208B AIRCRAFT

AIRCRAFT TYPE	AIRCRAFT MANUFACTURER	MANUFACTURER’S SERIAL NUMBER	FAA REGISTRATION #
C208B	Cessna Aircraft Company	208B2369	985FX
C208B	Cessna Aircraft Company	208B2377	986FX
C208B	Cessna Aircraft Company	208B2390	987FX
C208B	Cessna Aircraft Company	208B2400	988FX
C208B	Cessna Aircraft Company	208B2403	989FX
C208B	Cessna Aircraft Company	208B0489	742FX
C208B	Cessna Aircraft Company	208B0484	740FX
C208B	Cessna Aircraft Company	208B0474	729FX
C208B	Cessna Aircraft Company	208B0453	721FX
C208B	Cessna Aircraft Company	208B0440	715FX
C208B	Cessna Aircraft Company	208B0231	999FE
C208B	Cessna Aircraft Company	208B0098	973FE
C208B	Cessna Aircraft Company	208B0088	967FE
C208B	Cessna Aircraft Company	208B0078	962FE
C208B	Cessna Aircraft Company	208B0066	955FE
C208B	Cessna Aircraft Company	208B0043	943FE
C208B	Cessna Aircraft Company	208B0038	938FE
C208B	Cessna Aircraft Company	208B0027	927FE
C208B	Cessna Aircraft Company	208B0024	924FE
C208B	Cessna Aircraft Company	208B0021	921FE
C208B	Cessna Aircraft Company	208B0005	905FE
C208B	Cessna Aircraft Company	208B0216	887FE
C208B	Cessna Aircraft Company	208B0204	881FE
C208B	Cessna Aircraft Company	208B0211	878FE
C208B	Cessna Aircraft Company	208B0205	874FE

C208B	Cessna Aircraft Company	208B0195	869FE
C208B	Cessna Aircraft Company	208B0189	866FE
C208B	Cessna Aircraft Company	208B0184	862FE
C208B	Cessna Aircraft Company	208B0203	855FE
C208B	Cessna Aircraft Company	208B0170	853FE
C208B	Cessna Aircraft Company	208B0162	849FE
C208B	Cessna Aircraft Company	208B0158	848FE
C208B	Cessna Aircraft Company	208B0156	847FE
C208B	Cessna Aircraft Company	208B0225	831FE
C208B	Cessna Aircraft Company	208B0290	792FE
C208B	Cessna Aircraft Company	208B0258	764FE
C208B	Cessna Aircraft Company	208B0238	747FE

ATR42/72 AIRCRAFT

AIRCRAFT TYPE	AIRCRAFT MANUFACTURER	MANUFACTURER’S SERIAL NUMBER	FAA REGISTRATION #
ATR42	AEROSPATIALE/AERITALIA	325	920FX
ATR42	AEROSPATIALE/AERITALIA	262	918FX
ATR42	AEROSPATIALE/AERITALIA	314	916FX
ATR42	AEROSPATIALE/AERITALIA	269	915FX
ATR42	AEROSPATIALE/AERITALIA	293	914FX
ATR42	AEROSPATIALE/AERITALIA	277	910FX
ATR42	AEROSPATIALE/AERITALIA	275	909FX
ATR42	AEROSPATIALE/AERITALIA	286	907FX
ATR42	AEROSPATIALE/AERITALIA	280	906FX
ATR72	AEROSPATIALE	253	821FX
ATR72	AEROSPATIALE	248	820FX
ATR72	AEROSPATIALE	404	812FX
ATR72	AEROSPATIALE	283	811FX
ATR72	AEROSPATIALE	220	810FX
ATR72	AEROSPATIALE/AERITALIA	375	806FX
ATR72	AEROSPATIALE	370	804FX
ATR72	AEROSPATIALE	344	802FX
ATR72	AEROSPATIALE/ALENIA	336	800FX

Exhibit 2

To That Certain

Aircraft Dry Lease and Services Agreement

Between

Mountain Air Cargo, Inc.

("Lessee")

and

Federal Express Corporation

("FedEx")

Dated June 1, 2015

CERTIFICATE OF AIRCRAFT ACCEPTANCE

AND ACKNOWLEDGEMENT

Mountain Air Cargo, Inc. (“Lessee”) does hereby accept delivery of Aircraft, Manufacturer's Serial Number , Federal Aviation Administration Registration Number , together with all fixed equipment, parts, components and accessories installed thereon, including engines, from FEDERAL EXPRESS CORPORATION, and such delivery having been made at , at (a.m./p.m.) on the day of , 20___, in accordance with the Agreement between Lessee and FEDERAL EXPRESS CORPORATION dated as of , 2015. Lessee does hereby acknowledge and agree to the following:

(A)

the Aircraft is currently certificated by the FAA;

(B)

the Aircraft is in good operating order, repair and condition;

(C)

FedEx has delivered copies of all documents, manuals and data relating to the Aircraft required to be delivered by FedEx to Lessee under the Agreement;

(D)

Lessee is satisfied that the Aircraft is suitable for Lessee to fulfill its obligations under the Agreement;

(E)

Lessee has inspected the Aircraft, performed the flight test and all defects have been corrected; and

(F)

THE AIRCRAFT SHALL BE DELIVERED TO LESSEE AS-IS, WHERE IS. FEDEX SHALL NOT BE DEEMED TO HAVE MADE, AND LESSEE HEREBY DISCLAIMS, ANY AND ALL REPRESENTATIONS, WARRANTIES AND GUARANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, CONCERNING THE AIRCRAFT AND THE TESTS AND INSPECTIONS THEREOF, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. LESSEE hereby, on behalf of itself and any PERSON OR ENTITY claiming by, through or under LESSEE, irrevocably AND UNCONDITIONALLY releases and waives any and all claims against FEDEX related in any way to THE AIRCRAFT AND THE TESTS AND INSPECTIONS THEREOF WHATSOEVER and whether or not arising in tort or occasioned by FedEx’s negligence. The foregoing release and waiver shall apply to all claims whatsoever, including without limitation, any claims arising from breach of contract, tort (INCLUDING NEGLIGENCE), strict liability or otherwise. FEDEX SHALL NOT BE LIABLE to LESSEE FOR ANY damages whatsoever WITH RESPECT TO THE AIRCRAFT AND THE TESTS AND INSPECTIONS THEREOF, including without limitation, direct or indirect DAMAGES FOR PERSONAL INJURY, DEATH, property, loss of use, loss of revenue, loss of profit, loss of opportunity, loss of contract, incidental, consequential, punitive, exemplary, special OR other DAMAGES.

MOUNTAIN AIR CARGO, INC.

By:

Name:
Title:
Date:

Exhibit 3

To That Certain

Aircraft Dry Lease and Services Agreement

Between

Mountain Air Cargo, Inc.

("Lessee")

and

Federal Express Corporation

("FedEx")

Dated June 1, 2015

MONTHLY RENT

Lessee shall pay to FedEx monthly rent (the “Monthly Rent”) of $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for each ATR72 or ATR42 Aircraft and $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for each Cessna C208B Aircraft.

Exhibit 4

To That Certain

Aircraft Dry Lease and Services Agreement

Between

Mountain Air Cargo, Inc.

("Lessee")

and

Federal Express Corporation

("FedEx")

Dated June 1, 2015

ADMINISTRATIVE FEES

Subject to adjustments as set forth below, FedEx will pay Lessee an Administrative Fee of $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for each ATR72 or ATR42 Aircraft, and $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for each Cessna C208B Aircraft, in Lessee’s possession on the first day of such month. No Administrative Fee will be paid for Aircraft not in the Lessee’s possession on the first day of a month.

The foregoing Administrative Fee will be adjusted as follows in each event:

increase by $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for an ATR72 or ATR42 Aircraft, and $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for a Cessna C208B Aircraft, while it is routinely and substantially operated beyond the international borders of the United States of America;

increase by $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for an ATR72 or ATR42 Aircraft, and $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for a Cessna C208B Aircraft, while it is flown on a scheduled 'By-Pass and Bleed-Off' (BABO) or Weekend route. "BABO" shall mean occasions where an aircraft is double-turned during the normal weekly schedule to fly into a regional hub sort facility in addition to a trunk-to-feeder city route. "Weekend route" shall mean a route that is flown in the Saturday PM to Monday AM timeframe; and

decrease by $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for an ATR72 or ATR42 Aircraft, and $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] per month for a Cessna C208B Aircraft, while it is maintained in an airworthy and 'parked' status.

[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.] Any change in the Administrative Fee will be valid only after both Parties enter into a written amendment to this Agreement reflecting such change.

Exhibit 5

To That Certain

Aircraft Dry Lease and Services Agreement

Between

Mountain Air Cargo, Inc.

("Lessee")

and

Federal Express Corporation

("FedEx")

Dated June 1, 2015

REIMBURSABLES

FedEx will reimburse Lessee for expenses directly related to the maintenance and operation of the Aircraft as specifically identified in this Agreement or the Manual or otherwise authorized by FedEx (the “Reimbursables”). Unless otherwise specifically agreed in writing by FedEx in advance in each case, FedEx will not reimburse Lessee for expenses incurred in carrying out Lessee’s day-to-day activities that are not directly related to the maintenance and operation of the Aircraft.

Specific expenses for which FedEx will not reimburse Lessee, unless otherwise specifically agreed in writing by FedEx in advance in each case, include, but are not limited to:

●

Management and administrative personnel salary and benefits,

●

Management and administrative personnel travel expenses,

●

Pilot supplies including Jeppesen charts and uniforms,

●

Dispatch operations,

●

Clerical support,

●

Employee recruiting and screening,

●

Drug and alcohol screening/testing, including pre-employment screenings,

●

Eye tests (including NDT certification tests)

●

Facilities (e.g. rent and maintenance),

●

Office furniture/equipment/supplies,

●

Communications (telephones, pagers, cell phones, faxes) except “floater pilot” cell phones,

●

Insurance premiums,

●

Legal, accounting, or banking fees,

●

Security deposits (facilities, airports, letters of credit, and other third parties),

●

Interest payments,

●

Utility fees,

●

Business licenses,

●

Income taxes,

●

Postage fees for paperwork (not parts), and

●

Vendor cash discounts allowed, but not taken.

Each month, Lessee will include in its invoice to FedEx an itemized list of Lessee's reasonable and actual documented Reimbursables. FedEx must pre-approve any costs that are not part of the Reimbursables.

Lessee will submit the Reimbursables to FedEx within thirty (30) days of the Reimbursables being incurred or, if the Reimbursable relates to goods or services provided by a third party, within thirty (30) days of receipt of an invoice for such goods or services from the third party.

Exhibit 6

To That Certain

Aircraft Dry Lease and Services Agreement

Between

Mountain Air Cargo, Inc.

("Lessee")

and

Federal Express Corporation

("FedEx")

Dated June 1, 2015

MAINTENANCE FEE

FedEx will pay Lessee a Maintenance Fee, calculated as follows:

Number of hours spent by Lessee performing Maintenance in the prior month multiplied by the Maintenance Labor Rate.

The Maintenance Labor Rate is $[Information has been omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted information has been separately filed with the Securities and Exchange Commission.].

Lessee will include in its invoice to FedEx an itemized list of the Maintenance performed, including sequenced work order numbers, and hours required to complete each item of Maintenance.

EX-31.1 3 ex31-1.htm EXHIBIT 31.1 ex31-1.htm

Exhibit 31.1

SECTION 302 CERTIFICATION

I, Nick Swenson, certify that:

I have reviewed this Form 10-Q of Air T, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2015

	/s/ Nick Swenson
	Nick Swenson
	Chief Executive Officer

EX-31.2 4 ex31-2.htm EXHIBIT 31.2 ex31-2.htm

Exhibit 31.2

SECTION 302 CERTIFICATION

I, Candice Otey, certify that:

I have reviewed this Form 10-Q of Air T, Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2015

/s/ Candice Otey

Candice Otey

Chief Financial Officer

EX-32.1 5 ex32-1.htm EXHIBIT 32.1 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Air T, Inc. (the "Company") Quarterly Report on Form 10-Q for the period ended June 30, 2015 as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Nick Swenson, Chief Executive Officer, and Candice Otey, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 5, 2015

/s/ Nick Swenson

Nick Swenson, Chief Executive Officer

/s/ Candice Otey

Chief Financial Officer

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;">New Accounting Pronouncement</div></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"> </div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements.</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements.</div></div></div></div></div></div></div>

-19941

11973

23407619

21679713

-1049099

98824

236435

545287

-424045

-180198

-222095

221414

-639394

-487679

290911

224188

8410

5551

2859

-281150

-51543

-281150

-439298

-88094

-281150

-57094

-158148

-31000

-19941

3563

1070456

108467

219496

275016

24325

38580

125770

151731

69401

84705

50000

334053

612334

863050

458092

19163

548771

22440

-41200

2598239

2571499

18704

23671875

24407915

12889190

11680942

4039237

5311933

5430093

4785662

22358520

21778537

1978029

4473939

2061208

837994

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 90%; MARGIN-RIGHT: 10%; TEXT-INDENT: 0px;; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Three Months Ended June 30,</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"> </td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; PADDING-BOTTOM: 1px"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2014</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; PADDING-BOTTOM: 1px"> </td> </tr> <tr> <td style="WIDTH: 66%"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net Income (Loss)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(736,040</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">72,797 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Earnings (Loss) Per Share:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Basic</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(0.31</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">0.03 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Diluted</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(0.31</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">0.03 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Weighted Average Shares Outstanding:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Basic</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">2,372,527 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">2,355,028 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 66%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Diluted</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,372,527 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,379,576 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 90%; MARGIN-RIGHT: 10%; TEXT-INDENT: 0px;; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">June 30, 2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">March 31, 2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground support service parts </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$ </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">972,949 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$ </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">938,072 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground equipment manufacturing: </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Raw materials</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">3,261,794 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,583,797 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Work in process</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,654,867 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,535,152 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Finished goods</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,942,274 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">3,045,761 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total inventories </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">11,831,884 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">8,102,782 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Reserves </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(332,182</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(313,133</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total, net of reserves</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">11,499,702 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">7,789,649 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 80%; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px;; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Three Months Ended June 30,</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"> </td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2014</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Operating Revenues:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">12,889,190 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">11,680,942 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Domestic</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,978,029 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,473,939 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">International</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,061,208 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">837,994 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,039,237 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5,311,933 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,430,093 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">4,785,662 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">22,358,520 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">21,778,537 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="WIDTH: 62%; BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Operating Income (Loss):</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">236,435 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">545,287 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(424,045</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(180,198</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(222,095</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">221,414 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Corporate</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(639,394</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(487,679</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,049,099</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">98,824 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="WIDTH: 62%; BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Capital Expenditures:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">24,325</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">38,580 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">125,770</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">151,731 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">69,401</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">84,705 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Corporate</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">-</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">219,496 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">275,016 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="WIDTH: 62%; BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Depreciation and Amortization:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">34,472 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">38,173 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">95,440 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">126,173 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">41,232 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">43,828 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Corporate</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">7,473 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">8,366 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">178,617 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">216,540 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table></div>

7000000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 24pt; VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">8.<div style="display: inline; text-decoration: underline;"></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;">Segment Information</div></div></div></td> </tr> </table> <div style=" TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company operates in three business segments. The overnight air cargo segment, comprised of the Company’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. Each business segment has separate management teams and infrastructures. The Company evaluates the performance of its operating segments based on operating income. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Segment data is summarized as follows: </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 80%; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Three Months Ended June 30,</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"> </td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2015</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2014</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Operating Revenues:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">12,889,190 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">11,680,942 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Domestic</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,978,029 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,473,939 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">International</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,061,208 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">837,994 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,039,237 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5,311,933 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,430,093 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">4,785,662 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total </div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">22,358,520 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">21,778,537 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="WIDTH: 62%; BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Operating Income (Loss):</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">236,435 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">545,287 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(424,045</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(180,198</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(222,095</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">221,414 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Corporate</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(639,394</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(487,679</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,049,099</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">98,824 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="WIDTH: 62%; BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> <td style="BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Capital Expenditures:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">24,325</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">38,580 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">125,770</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">151,731 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">69,401</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">84,705 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Corporate</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">-</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">219,496 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">275,016 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="WIDTH: 62%; BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> <td style="BACKGROUND-COLOR: #cceeff"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Depreciation and Amortization:</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overnight Air Cargo</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">34,472 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">38,173 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Equipment Sales</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">95,440 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">126,173 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ground Support Services</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">41,232 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">43,828 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Corporate</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">7,473 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">8,366 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">178,617 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">216,540 </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table> </div></div>

5375

12000

2355028

2372527

28778033

29795223

588756

4855093

21923988

-7780

27360057

588756

4813308

21996785

-59323

27339526

593131

4929090

24407915

-134913

593131

4929090

23671875

-416063

2372527

2379576

2372527

2355028

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EX-101.SCH 7 airt-20150630.xsd EXHIBIT 101.SCH 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Condensed Consolidated Statements of Income (Loss) (Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Condensed Consolidated Statements of Comprehensive Income (Loss) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Condensed Consolidated Balance Sheets link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Condensed Consolidated Balance Sheets (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 006 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 1 - Financial Statement Presentation link:calculationLink link:definitionLink link:presentationLink 008 - Disclosure - Note 2 - Income Taxes link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 4 - Marketable Securities and Investments in Available-for-Sale Securities link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 5 - Inventories link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 6 - Stock Based Compensation link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 7 - Financing Arrangements link:calculationLink link:definitionLink link:presentationLink 014 - Disclosure - Note 8 - Segment Information link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 9 - Commitments and Contingencies link:calculationLink link:definitionLink link:presentationLink 016 - Document - Note 10 - Subsequent Events link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Significant Accounting Policies (Policies) link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Note 5 - Inventories (Tables) link:calculationLink link:definitionLink link:presentationLink 020 - Disclosure - Note 8 - Segment Information (Tables) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 2 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 4 - Marketable Securities and Investments in Available-for-Sale Securities (Details Textual) link:calculationLink link:definitionLink link:presentationLink 025 - Statement - Note 5 - Inventory (Details) link:calculationLink link:definitionLink link:presentationLink 026 - Disclosure - Note 6 - Stock Based Compensation (Details Textual) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 7 - Financing Arrangements (Details Textual) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 8 - Segment Information (Details Textual) link:calculationLink link:definitionLink link:presentationLink 029 - Statement - Note 8 - Segment Data (Details) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 8 airt-20150630_cal.xml EXHIBIT 101.CAL EX-101.DEF 9 airt-20150630_def.xml EXHIBIT 101.DEF EX-101.LAB 10 airt-20150630_lab.xml EXHIBIT 101.LAB Document And Entity Information Note To Financial Statement Details Textual statementsignificantaccountingpoliciespolicies us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet Total adjustments statementnote3netearningspersharetables statementnote5inventoriestables statementnote8segmentinformationtables Investments in Available-For-Sale Securities Available-for-sale Securities, Noncurrent statementnote3earningspercommonsharedetails statementnote5inventorydetails Amendment Flag statementnote8segmentdatadetails Notes To Financial Statements Notes To Financial Statements [Abstract] Income Tax Disclosure [Text Block] us-gaap_AllocatedShareBasedCompensationExpense Allocated Share-based Compensation Expense SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: us-gaap_IncomeLossFromContinuingOperations Income (Loss) Before Income Taxes Document Fiscal Year Focus Document Fiscal Period Focus Net Income (Loss) Net Income (Loss) Net income (loss) Document Period End Date Current Fiscal Year End Date us-gaap_IncreaseDecreaseInAccruedLiabilities Accrued expenses Marketable securities Marketable Securities, Current Entity Current Reporting Status Entity Voluntary Filers Depreciation and amortization Overnight Air Cargo Entity Filer Category us-gaap_MarketableSecurities Marketable Securities All Countries [Domain] Document Type Unrealized loss from marketable securities, net of tax Investment, Name [Axis] Statement of Comprehensive Income [Abstract] Investment, Name [Domain] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Maintenance-air cargo Maintenance costs of flying customer aircraft (parts purchases, aircraft maintenance, mechanics). Ground equipment sales Cost of sales for, Global (GGS) to manufacture & provide deicers and other specialized equipment products to passenger & cargo airlines. CASH FLOWS FROM INVESTING ACTIVITIES: Entity Well-known Seasoned Issuer Ground support services Cost of sales for GAS to provide the ground handling equipment and maintenance services for different airlines. Overnight Air Cargo [Member] Overnight air cargo [member] Ground Equipment Sales [Member] Ground equipment sales [member] us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash used in operating activities Ground Support Services [Member] Ground support services [member] Weighted Average Shares Outstanding: Flight-air cargo Flight costs of flying customer aircraft (fuel, landing fees, pilot salaries and pilot expenses. Notes and other receivables-current Corporate Segment [Member] Segments [Domain] Accounts receivable, less allowance for doubtful accounts of $212,000 and $222,000 Allowance for doubtful accounts Segments [Axis] Statement [Table] Cash and cash equivalents CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD Short-term Debt, Type [Domain] Short-term Debt, Type [Axis] Reclassification of gains on investment securities available for sale included in net income airt_RepurchaseOfStockOptions Repurchase of stock options Cash outflow for the repurchase of stock options. Letter of Credit [Member] Current Assets: Change in net unrealized loss on investment securities available for sale us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease NET DECREASE IN CASH AND CASH EQUIVALENTS Income Statement [Abstract] us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash provided by (used in) financing activities Geographical [Axis] Credit Facility [Domain] us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent Reclassification adjustment for realized gains, net of tax amount Credit Facility [Axis] Revolving Credit Facility [Member] Deferred income taxes us-gaap_GainLossOnDispositionOfAssets1 Gain on sale of property and equipment us-gaap_StockholdersEquity Balance Balance Total Stockholders' Equity us-gaap_TableTextBlock Notes Tables Preferred stock, authorized (in shares) Repurchase of stock options The adjustment to stockholders' equity for the repurchase of outstanding stock options. Preferred stock, par value (in dollars per share) Domestic [Member] Domestic [member] Ground support service parts Inventory for ground support services parts Inventories Total, net of reserves Overnight air cargo Overnight Air Cargo Common stock, outstanding (in shares) Prepaid expenses and other us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax Total unrealized loss on investment securities available for sale, net of tax amount Capital Expenditures: Operating Expenses: airt_MinimumFixedChargeCoverageRatio Minimum Fixed Charge Coverage Ratio A covenant ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases airt_MinimumAssetCoverageRatio Minimum Asset Coverage Ratio Consolidated minimum asset covenant coverage ratio determines a company's ability to cover debt obligations with its assets after all liabilities have been satisfied. us-gaap_SharesOutstanding Balance (in shares) Balance (in shares) us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value Proceeds from sale of property and equipment us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value us-gaap_InventoryGross Total inventories Finished goods Work in process us-gaap_InventoryValuationReserves Reserves us-gaap_ComprehensiveIncomeNetOfTax Total comprehensive income (loss) Additional paid-in capital us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Overnight Air Cargo Capital expenditures us-gaap_OtherComprehensiveIncomeLossNetOfTax Total other comprehensive loss Raw materials us-gaap_Assets Total Assets Stockholders' Equity: us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Current Liabilities: us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax Tax effect of reclassification of gains on investment securities available for sale included in net income Entity Registrant Name Property and Equipment, net Entity Central Index Key us-gaap_NumberOfOperatingSegments Number of Operating Segments Commitments and Contingencies Disclosure [Text Block] us-gaap_PaymentsToAcquireMarketableSecurities Purchase of marketable securities Schedule of Segment Reporting Information, by Segment [Table Text Block] us-gaap_OtherAssetsNoncurrent Other Assets us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax Tax effect of unrealized loss on investment securities available for sale Entity Common Stock, Shares Outstanding (in shares) Operating Income (Loss): Earnings Per Share [Text Block] Earnings (Loss) Per Share: Segment Reporting Disclosure [Text Block] Change in fair value of marketable securities The increase or decrease in the fair value of marketable securities. Scenario [Axis] Scenario, Unspecified [Domain] us-gaap_AssetsCurrent Total Current Assets Other comprehensive income (loss): us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements us-gaap_AvailableForSaleSecuritiesGrossUnrealizedLoss Available-for-sale Securities, Gross Unrealized Loss Income tax receivable us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains Available-for-sale Securities, Gross Unrealized Gain Long-Term Debt us-gaap_SecuredLongTermDebt Secured Long-term Debt, Noncurrent us-gaap_LiabilitiesCurrent Total Current Liabilities us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Adjustments to reconcile net income to net cash used in operating activities: SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: us-gaap_LiabilitiesAndStockholdersEquity Total Liabilities and Stockholders’ Equity Accumulated other comprehensive income (loss), net Depreciation and Amortization: Retained earnings Change in operating assets and liabilities: Proceeds from sale of marketable securities Statement of Financial Position [Abstract] Subsequent Events [Text Block] us-gaap_ShareBasedCompensation Compensation expense related to stock options us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Statement of Cash Flows [Abstract] Statement of Stockholders' Equity [Abstract] us-gaap_AvailableForSaleSecuritiesAmortizedCost Available-for-sale Securities, Amortized Cost Basis us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax CASH FLOWS FROM OPERATING ACTIVITIES: Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax Compensation expense related to stock options us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss us-gaap_IncomeTaxesPaid Income taxes Diluted (in dollars per share) Interest us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Diluted (in shares) us-gaap_IncreaseDecreaseInInsuranceAssets Change in cash surrender value of life insurance us-gaap_AccruedLiabilitiesCurrent Accrued expenses us-gaap_IncreaseDecreaseInInventories Inventories Income Taxes Income Tax Expense (Benefit) Accounts payable CASH FLOWS FROM FINANCING ACTIVITIES: us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash provided by (used in) investing activities Basic (in shares) Basic (in dollars per share) Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding Class of Stock [Axis] Proceeds from line of credit Common stock, issued (in shares) us-gaap_IncreaseDecreaseInIncomeTaxesReceivable Income taxes receivable/ payable Significant Accounting Policies [Text Block] Accounting Policies [Abstract] Common stock, authorized (in shares) airt_MaximumLeverageRatio Maximum Leverage Ratio The maximum leverage ratio required by the financial covenants for the credit agreement. airt_MinimumConsolidatedTangibleNetWorth Minimum Consolidated Tangible Net Worth The minimum consolidated tangible net worth required by the financial covenants for the credit agreement. Insignia [Member] Information pertaining to Insignia Systems, Inc. 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Note 4 - Marketable Securities and Investments in Available-for-Sale Securities (Details Textual) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2015

Mar. 31, 2015

Jun. 30, 2014

Jun. 30, 2015

Mar. 31, 2015

Insignia [Member]

Available-for-sale Securities, Gross Unrealized Loss $ 598,000

Available-for-sale Securities, Noncurrent $ 4,966,000 4,966,000

Marketable Securities 5,910,000 5,910,000

Available-for-sale Securities, Amortized Cost Basis 6,560,000 $ 5,490,000 6,560,000 $ 5,490,000

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax 35,000 35,000

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax 685,000 685,000

Marketable Securities, Current 1,541,910 5,278,752 1,541,910 5,278,752

Available-for-sale Securities, Gross Unrealized Gain 0

Available-for-sale Securities, Gross Unrealized Loss 211,000

Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 4,616,000 4,168,000 4,616,000 4,168,000

Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss 602,000 176,000

Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss 83,000 35,000

Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 1,134,000 1,111,000 1,134,000 $ 1,111,000

Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments 0 $ 8,000 $ 8,410

Available-for-sale Securities, Noncurrent $ 4,368,000 $ 4,368,000

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Note 2 - Income Taxes
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

2.

Income Taxes

Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The income tax provision for the three-month period ended June 30, 2015 differs from the federal statutory rate partially due to the effect of state income taxes and the federal domestic production activities deduction. The rate for the period ended June 30, 2015 also includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section 831(b). During the three-month period ended June 30, 2014, the Company recorded $38,000 in income tax expense. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of 34.3%. The estimated annual effective tax rate differed from the U. S. federal statutory rate of 34% primarily due to the effect of state income taxes offset by permanent tax differences.

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Note 8 - Segment Information (Details Textual)
3 Months Ended

Jun. 30, 2015

Number of Operating Segments 3

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Note 7 - Financing Arrangements (Details Textual)
3 Months Ended

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Revolving Credit Facility [Member] | Letter of Credit [Member]

Line of Credit Facility, Maximum Borrowing Capacity $ 500,000

Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Derivative, Basis Spread on Variable Rate 1.50%

Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity $ 20,000,000

Line of Credit Facility, Commitment Fee Percentage 0.15%

Minimum Consolidated Tangible Net Worth $ 22,000,000

Minimum Fixed Charge Coverage Ratio 1.35

Minimum Asset Coverage Ratio 1.75

Maximum Leverage Ratio 3.5

Secured Long-term Debt, Noncurrent $ 7,000,000

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Note 8 - Segment Data (Details) - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Overnight Air Cargo [Member]

Operating Revenues:

Overnight Air Cargo $ 12,889,190 $ 11,680,942

Operating Income (Loss):

Overnight Air Cargo 236,435 545,287

Capital Expenditures:

Overnight Air Cargo 24,325 38,580

Depreciation and Amortization:

Overnight Air Cargo 34,472 38,173

Ground Equipment Sales [Member] | Domestic [Member]

Operating Revenues:

Overnight Air Cargo 1,978,029 4,473,939

Ground Equipment Sales [Member] | International [Member]

Operating Revenues:

Overnight Air Cargo 2,061,208 837,994

Ground Equipment Sales [Member]

Operating Revenues:

Overnight Air Cargo 4,039,237 5,311,933

Operating Income (Loss):

Overnight Air Cargo (424,045) (180,198)

Capital Expenditures:

Overnight Air Cargo 125,770 151,731

Depreciation and Amortization:

Overnight Air Cargo 95,440 126,173

Ground Support Services [Member]

Operating Revenues:

Overnight Air Cargo 5,430,093 4,785,662

Operating Income (Loss):

Overnight Air Cargo (222,095) 221,414

Capital Expenditures:

Overnight Air Cargo 69,401 84,705

Depreciation and Amortization:

Overnight Air Cargo 41,232 43,828

Corporate Segment [Member]

Operating Income (Loss):

Overnight Air Cargo $ (639,394) $ (487,679)

Capital Expenditures:

Overnight Air Cargo

Depreciation and Amortization:

Overnight Air Cargo $ 7,473 $ 8,366

Overnight Air Cargo 22,358,520 21,778,537

Overnight Air Cargo (1,049,099) 98,824

Overnight Air Cargo 219,496 275,016

Overnight Air Cargo $ 178,617 $ 216,540

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Note 1 - Financial Statement Presentation
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1.

Financial Statement Presentation

The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made.

It is suggested that these financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2015. The results of operations for the period ended June 30, 2015 are not necessarily indicative of the operating results for the full year.

New Accounting Pronouncement

In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.

In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements.

In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements.

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Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Overnight Air Cargo [Member]

Operating Revenues:

Overnight air cargo $ 12,889,190 $ 11,680,942

12,889,190 11,680,942

Operating Expenses:

Depreciation and amortization 34,472 38,173

Operating Income (Loss) 236,435 545,287

Ground Equipment Sales [Member]

Operating Revenues:

Overnight air cargo 4,039,237 5,311,933

4,039,237 5,311,933

Operating Expenses:

Depreciation and amortization 95,440 126,173

Operating Income (Loss) (424,045) (180,198)

Ground Support Services [Member]

Operating Revenues:

Overnight air cargo 5,430,093 4,785,662

5,430,093 4,785,662

Operating Expenses:

Depreciation and amortization 41,232 43,828

Operating Income (Loss) (222,095) 221,414

Overnight air cargo 22,358,520 21,778,537

22,358,520 21,778,537

Flight-air cargo 6,373,909 5,179,592

Maintenance-air cargo 5,208,164 5,012,391

Ground equipment sales 3,129,114 4,331,770

Ground support services 4,715,911 3,893,785

General and administrative 3,806,928 3,233,429

Depreciation and amortization 178,617 216,540

Gain on sale of property and equipment (5,024) (187,794)

23,407,619 21,679,713

Operating Income (Loss) (1,049,099) 98,824

Non-operating Income (Expense):

Gain on sale of marketable securities 0 8,410

Other investment income, net (19,941) 3,563

(19,941) 11,973

Income (Loss) Before Income Taxes (1,069,040) 110,797

Income Taxes (333,000) 38,000

Net Income (Loss) $ (736,040) $ 72,797

Earnings (Loss) Per Share:

Basic (in dollars per share) $ (0.31) $ 0.03

Diluted (in dollars per share) $ (0.31) $ 0.03

Weighted Average Shares Outstanding:

Basic (in shares) 2,372,527 2,355,028

Diluted (in shares) 2,372,527 2,379,576

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ (736,040) $ 72,797

Adjustments to reconcile net income to net cash used in operating activities:

Gain on sale of marketable securities 0 (8,410)

Gain on sale of property and equipment (5,024) (187,794)

Change in accounts receivable and inventory reserves 9,528 (146,802)

Depreciation and amortization 178,617 216,540

Change in cash surrender value of life insurance (20,146) (17,001)

Warranty reserve. $ (22,440) 41,200

Compensation expense related to stock options 5,375

Change in operating assets and liabilities:

Accounts receivable $ (774,712) 386,503

Notes receivable and other non-trade receivables 257,385 275,114

Inventories (3,729,103) (2,603,752)

Prepaid expenses and other assets 211,559 331,869

Accounts payable 639,787 48

Accrued expenses 78,301 (52,301)

Income taxes receivable/ payable (602,588) 21,602

Total adjustments (3,778,836) (1,737,809)

Net cash used in operating activities (4,514,876) (1,665,012)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of marketable securities $ (1,070,456) (108,467)

Proceeds from sale of marketable securities 458,092

Proceeds from sale of property and equipment $ 19,163 548,771

Capital expenditures (219,496) (275,016)

Net cash provided by (used in) investing activities $ (1,270,789) 623,380

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from line of credit $ 863,050

Payment on line of credit $ (18,704)

Repurchase of stock options $ (47,160)

Net cash provided by (used in) financing activities $ (18,704) 815,890

NET DECREASE IN CASH AND CASH EQUIVALENTS (5,804,369) (225,742)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,165,120 3,758,888

CASH AND CASH EQUIVALENTS AT END OF PERIOD 8,360,751 3,533,146

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:

Change in fair value of marketable securities (439,298) (82,543)

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest 20,497 2,750

Income taxes $ 269,701 $ 17,000

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Note 2 - Income Taxes (Details Textual) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

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Jun. 30, 2014

Net Income (Loss) $ (736,040) $ 72,797

Earnings (Loss) Per Share:

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Diluted (in dollars per share) $ (0.31) $ 0.03

Weighted Average Shares Outstanding:

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Note 10 - Subsequent Events
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Notes to Financial Statements

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10.

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Document And Entity Information - shares
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Aug. 01, 2015

Entity Registrant Name AIR T INC

Entity Central Index Key 0000353184

Current Fiscal Year End Date --03-31

Entity Filer Category Smaller Reporting Company

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Well-known Seasoned Issuer No

Entity Common Stock, Shares Outstanding (in shares) 2,372,527

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Document Fiscal Year Focus 2016

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Significant Accounting Policies (Policies)
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Accounting Policies [Abstract]

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In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.

In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements.

In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements.

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Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2015

Mar. 31, 2015

Current Assets:

Cash and cash equivalents $ 8,360,751 $ 14,165,120

Marketable securities 1,541,910 5,278,752

Accounts receivable, less allowance for doubtful accounts of $212,000 and $222,000 10,318,797 9,534,563

Notes and other receivables-current 559,221 816,606

Income tax receivable 797,588 195,000

Inventories 11,499,702 7,789,649

Deferred income taxes 436,148 278,000

Prepaid expenses and other 334,053 612,334

Total Current Assets 33,848,170 $ 38,670,023

Investments in Available-For-Sale Securities 4,368,000

Property and Equipment, net 2,598,239 $ 2,571,499

Cash Surrender Value of Life Insurance Policies 2,010,817 1,990,671

Other Assets 290,911 224,188

Total Assets 43,116,137 43,456,382

Current Liabilities:

Accounts payable 5,355,496 4,715,709

Accrued expenses 3,585,312 3,529,451

Total Current Liabilities 8,940,808 8,245,160

Long-Term Debt 4,981,296 5,000,000

Deferred Income Taxes 416,000 416,000

Total Liabilities 14,338,104 13,661,160

Stockholders' Equity:

Preferred stock, $1.00 par value, 50,000 shares authorized 0 0

Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding 593,131 593,131

Additional paid-in capital 4,929,090 4,929,090

Retained earnings 23,671,875 24,407,915

Accumulated other comprehensive income (loss), net (416,063) (134,913)

Total Stockholders' Equity 28,778,033 29,795,223

Total Liabilities and Stockholders’ Equity $ 43,116,137 $ 43,456,382

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XML 31 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727

Note 5 - Inventories
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]

5.

Inventories

Inventories consisted of the following:

June 30, 2015

March 31, 2015

Ground support service parts
$ 972,949 $ 938,072

Ground equipment manufacturing:

Raw materials
3,261,794 2,583,797

Work in process
1,654,867 1,535,152

Finished goods
5,942,274 3,045,761

Total inventories
11,831,884 8,102,782

Reserves
(332,182 ) (313,133 )

Total, net of reserves
$ 11,499,702 $ 7,789,649

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Note 4 - Marketable Securities and Investments in Available-for-Sale Securities
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

4.

Marketable Securities and Investments in Available-for-Sale Securities

Marketable securities and investments in available-for-sale securities at June 30, 2015 consisted of investments in publicly traded companies held for sale with a fair market value of $5,910,000, an aggregate cost basis of $6,560,000, gross unrealized gains aggregating $35,000 and gross unrealized losses aggregating $685,000. Marketable securities at March 31, 2015 consisted of investments with a fair value of $5,279,000, an aggregate cost basis of $5,490,000, gross unrealized gains aggregating $0 and gross unrealized losses aggregating $211,000. Securities in a loss position at June 30, 2015 had a fair market value of $4,616,000 and had been in a continuous loss position in the amount of $602,000 for less than twelve months and securities in a loss position in the amount of $83,000 for greater than twelve months had a fair value of $1,134,000. Securities in a loss position at March 31, 2015 had a fair value of $4,168,000 and had been in a continuous loss position in the amount of $176,000 for less than twelve months and securities in a loss position in the amount of $35,000 for greater than twelve months had a fair value of $1,111,000. The Company realized gains of $0 from the sale of securities during the quarter ended June 30, 2015 and $8,000 for the quarter ended June 30, 2014. The marketable securities held by the Company as of June 30, 2015 and March 31, 2015 are classified as available for sale securities. The Company does not intend to liquidate marketable securities holdings in Insignia Systems, Inc. (“Insignia”) within twelve months; as a result, the fair value of marketable securities in Insignia have been reclassified from current assets to non-current assets, and are reported as investments in available-for-sale securities at June 30, 2015. Investments in Insignia at June 30, 2015 had an aggregate cost basis of $4,966,000 and sustained gross unrealized losses aggregating $598,000. All securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

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Jun. 30, 2015

Jun. 30, 2014

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0

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Note 3 - Net Earnings Per Share (Tables)
3 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Three Months Ended June 30,

2015

2014

Net Income (Loss)
$ (736,040 ) $ 72,797

Earnings (Loss) Per Share:

Basic
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Diluted
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Weighted Average Shares Outstanding:

Basic
2,372,527 2,355,028

Diluted
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Note 8 - Segment Information
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

8.

Segment Information

The Company operates in three business segments. The overnight air cargo segment, comprised of the Company’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. Each business segment has separate management teams and infrastructures. The Company evaluates the performance of its operating segments based on operating income.

Segment data is summarized as follows:

Three Months Ended June 30,

2015

2014

Operating Revenues:

Overnight Air Cargo
$ 12,889,190 $ 11,680,942

Ground Equipment Sales:

Domestic
1,978,029 4,473,939

International
2,061,208 837,994

Total Ground Equipment Sales
4,039,237 5,311,933

Ground Support Services
5,430,093 4,785,662

Total
$ 22,358,520 $ 21,778,537

Operating Income (Loss):

Overnight Air Cargo
$ 236,435 $ 545,287

Ground Equipment Sales
(424,045 ) (180,198 )

Ground Support Services
(222,095 ) 221,414

Corporate
(639,394 ) (487,679 )

Total
$ (1,049,099 ) $ 98,824

Capital Expenditures:

Overnight Air Cargo
$ 24,325 $ 38,580

Ground Equipment Sales
125,770 151,731

Ground Support Services
69,401 84,705

Corporate
- -

Total
$ 219,496 $ 275,016

Depreciation and Amortization:

Overnight Air Cargo
$ 34,472 $ 38,173

Ground Equipment Sales
95,440 126,173

Ground Support Services
41,232 43,828

Corporate
7,473 8,366

Total
$ 178,617 $ 216,540

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Note 6 - Stock Based Compensation
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6.

Stock Based Compensation

The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost the Company records for these awards is based on their fair value on the date of grant. The Company has used the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense.

No options were granted or exercised during the three-month periods ended June 30, 2015 and 2014, respectively. During the three-month period ended June 30, 2014, options for 12,000 shares were repurchased by the Company and cancelled. Stock based compensation expense in the amount of $0 and $5,375 was recognized for the three-month periods ended June 30, 2015 and 2014, respectively.

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Note 7 - Financing Arrangements
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

7.

Financing Arrangements

On April 1, 2015, the Company replaced its existing $7.0 million credit line with a senior secured revolving credit facility of $20.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a sublimit for issuances of letters of credit of up to $500,000. Under the Revolving Credit Facility, each of the Company, and its operating subsidiaries may make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility. The Revolving Credit Facility matures on April 1, 2017.

Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property.

The agreement governing the Revolving Credit Facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $22.0 million, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a minimum consolidated asset coverage ratio of 1.75 to 1.0, and a maximum consolidated leverage ratio of 3.5 to 1.0. The agreement governing the Revolving Credit Facility contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole.

10

The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements.

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Note 9 - Commitments and Contingencies
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

9.

Commitments and Contingencies

The Company is currently involved in certain product liability related matters, which involve pending or threatened lawsuits. Management believes that these threatened or pending lawsuits, if adversely decided, would not have a material adverse effect on the Company's results of operations or financial position.

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Note 8 - Segment Information (Tables)
3 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Three Months Ended June 30,

2015

2014

Operating Revenues:

Overnight Air Cargo
$ 12,889,190 $ 11,680,942

Ground Equipment Sales:

Domestic
1,978,029 4,473,939

International
2,061,208 837,994

Total Ground Equipment Sales
4,039,237 5,311,933

Ground Support Services
5,430,093 4,785,662

Total
$ 22,358,520 $ 21,778,537

Operating Income (Loss):

Overnight Air Cargo
$ 236,435 $ 545,287

Ground Equipment Sales
(424,045 ) (180,198 )

Ground Support Services
(222,095 ) 221,414

Corporate
(639,394 ) (487,679 )

Total
$ (1,049,099 ) $ 98,824

Capital Expenditures:

Overnight Air Cargo
$ 24,325 $ 38,580

Ground Equipment Sales
125,770 151,731

Ground Support Services
69,401 84,705

Corporate
- -

Total
$ 219,496 $ 275,016

Depreciation and Amortization:

Overnight Air Cargo
$ 34,472 $ 38,173

Ground Equipment Sales
95,440 126,173

Ground Support Services
41,232 43,828

Corporate
7,473 8,366

Total
$ 178,617 $ 216,540

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Note 5 - Inventory (Details) - USD ($)

Jun. 30, 2015

Mar. 31, 2015

Ground support service parts $ 972,949 $ 938,072

Raw materials 3,261,794 2,583,797

Work in process 1,654,867 1,535,152

Finished goods 5,942,274 3,045,761

Total inventories 11,831,884 8,102,782

Reserves (332,182) (313,133)

Total, net of reserves $ 11,499,702 $ 7,789,649

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Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)

Jun. 30, 2015

Mar. 31, 2015

Allowance for doubtful accounts $ 212,000 $ 222,000

Preferred stock, par value (in dollars per share) $ 1 $ 1

Preferred stock, authorized (in shares) 50,000 50,000

Common stock, par value (in dollars per share) $ 0.25 $ 0.25

Common stock, authorized (in shares) 4,000,000 4,000,000

Common stock, issued (in shares) 2,372,527 2,372,527

Common stock, outstanding (in shares) 2,372,527 2,372,527

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Note 3 - Net Earnings Per Share
3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

3.

Net Earnings Per Share

Basic earnings per share has been calculated by dividing net earnings by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

8

The computation of basic and diluted earnings per common share is as follows:

Three Months Ended June 30,

2015

2014

Net Income (Loss)
$ (736,040 ) $ 72,797

Earnings (Loss) Per Share:

Basic
$ (0.31 ) $ 0.03

Diluted
$ (0.31 ) $ 0.03

Weighted Average Shares Outstanding:

Basic
2,372,527 2,355,028

Diluted
2,372,527 2,379,576

The Company reported a net loss for the three-month period ended June 30, 2015. As a result of the net loss, there is no potential dilutive effect of outstanding stock options. For the three-month period ended June 30, 2014, there were no stock options outstanding that were anti-dilutive.

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Note 6 - Stock Based Compensation (Details Textual) - USD ($)
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Note 5 - Inventories (Tables)
3 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Inventory, Current [Table Text Block]

June 30, 2015

March 31, 2015

Ground support service parts
$ 972,949 $ 938,072

Ground equipment manufacturing:

Raw materials
3,261,794 2,583,797

Work in process
1,654,867 1,535,152

Finished goods
5,942,274 3,045,761

Total inventories
11,831,884 8,102,782

Reserves
(332,182 ) (313,133 )

Total, net of reserves
$ 11,499,702 $ 7,789,649

X

- Definition
Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 50

-Paragraph 1

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 2

-Paragraph 6

-Subparagraph a,b,c

-Article 5

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	/s/ Nick Swenson
	Nick Swenson, Chief Executive Officer



	/s/ Candice Otey
	Chief Financial Officer

Note 4 - Marketable Securities and Investments in Available-for-Sale Securities (Details Textual) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Mar. 31, 2015
Insignia [Member]
Available-for-sale Securities, Gross Unrealized Loss				$ 598,000
Available-for-sale Securities, Noncurrent	$ 4,966,000			4,966,000
Marketable Securities	5,910,000			5,910,000
Available-for-sale Securities, Amortized Cost Basis	6,560,000	$ 5,490,000		6,560,000	$ 5,490,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	35,000			35,000
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	685,000			685,000
Marketable Securities, Current	1,541,910	5,278,752		1,541,910	5,278,752
Available-for-sale Securities, Gross Unrealized Gain					0
Available-for-sale Securities, Gross Unrealized Loss					211,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	4,616,000	4,168,000		4,616,000	4,168,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	602,000	176,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	83,000	35,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	1,134,000	1,111,000		1,134,000	$ 1,111,000
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments	0	$ 8,000	$ 8,410
Available-for-sale Securities, Noncurrent	$ 4,368,000			$ 4,368,000

Note 8 - Segment Information (Details Textual)	3 Months Ended
Note 8 - Segment Information (Details Textual)	Jun. 30, 2015
Number of Operating Segments	3

Note 7 - Financing Arrangements (Details Textual)	3 Months Ended
Note 7 - Financing Arrangements (Details Textual)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)
Revolving Credit Facility [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Derivative, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Commitment Fee Percentage	0.15%
Minimum Consolidated Tangible Net Worth	$ 22,000,000
Minimum Fixed Charge Coverage Ratio	1.35
Minimum Asset Coverage Ratio	1.75
Maximum Leverage Ratio	3.5
Secured Long-term Debt, Noncurrent		$ 7,000,000

Note 8 - Segment Data (Details) - USD ($)	3 Months Ended
Note 8 - Segment Data (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Overnight Air Cargo [Member]
Operating Revenues:
Overnight Air Cargo	$ 12,889,190	$ 11,680,942
Operating Income (Loss):
Overnight Air Cargo	236,435	545,287
Capital Expenditures:
Overnight Air Cargo	24,325	38,580
Depreciation and Amortization:
Overnight Air Cargo	34,472	38,173
Ground Equipment Sales [Member] \| Domestic [Member]
Operating Revenues:
Overnight Air Cargo	1,978,029	4,473,939
Ground Equipment Sales [Member] \| International [Member]
Operating Revenues:
Overnight Air Cargo	2,061,208	837,994
Ground Equipment Sales [Member]
Operating Revenues:
Overnight Air Cargo	4,039,237	5,311,933
Operating Income (Loss):
Overnight Air Cargo	(424,045)	(180,198)
Capital Expenditures:
Overnight Air Cargo	125,770	151,731
Depreciation and Amortization:
Overnight Air Cargo	95,440	126,173
Ground Support Services [Member]
Operating Revenues:
Overnight Air Cargo	5,430,093	4,785,662
Operating Income (Loss):
Overnight Air Cargo	(222,095)	221,414
Capital Expenditures:
Overnight Air Cargo	69,401	84,705
Depreciation and Amortization:
Overnight Air Cargo	41,232	43,828
Corporate Segment [Member]
Operating Income (Loss):
Overnight Air Cargo	$ (639,394)	$ (487,679)
Capital Expenditures:
Overnight Air Cargo
Depreciation and Amortization:
Overnight Air Cargo	$ 7,473	$ 8,366
Overnight Air Cargo	22,358,520	21,778,537
Overnight Air Cargo	(1,049,099)	98,824
Overnight Air Cargo	219,496	275,016
Overnight Air Cargo	$ 178,617	$ 216,540

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (736,040)	$ 72,797
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale of marketable securities	0	(8,410)
Gain on sale of property and equipment	(5,024)	(187,794)
Change in accounts receivable and inventory reserves	9,528	(146,802)
Depreciation and amortization	178,617	216,540
Change in cash surrender value of life insurance	(20,146)	(17,001)
Warranty reserve.	$ (22,440)	41,200
Compensation expense related to stock options		5,375
Change in operating assets and liabilities:
Accounts receivable	$ (774,712)	386,503
Notes receivable and other non-trade receivables	257,385	275,114
Inventories	(3,729,103)	(2,603,752)
Prepaid expenses and other assets	211,559	331,869
Accounts payable	639,787	48
Accrued expenses	78,301	(52,301)
Income taxes receivable/ payable	(602,588)	21,602
Total adjustments	(3,778,836)	(1,737,809)
Net cash used in operating activities	(4,514,876)	(1,665,012)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities	$ (1,070,456)	(108,467)
Proceeds from sale of marketable securities		458,092
Proceeds from sale of property and equipment	$ 19,163	548,771
Capital expenditures	(219,496)	(275,016)
Net cash provided by (used in) investing activities	$ (1,270,789)	623,380
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		$ 863,050
Payment on line of credit	$ (18,704)
Repurchase of stock options		$ (47,160)
Net cash provided by (used in) financing activities	$ (18,704)	815,890
NET DECREASE IN CASH AND CASH EQUIVALENTS	(5,804,369)	(225,742)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	14,165,120	3,758,888
CASH AND CASH EQUIVALENTS AT END OF PERIOD	8,360,751	3,533,146
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Change in fair value of marketable securities	(439,298)	(82,543)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	20,497	2,750
Income taxes	$ 269,701	$ 17,000

Note 2 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 2 - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			34.00%
Income Tax Expense (Benefit)	$ (333,000)	$ 38,000
Effective Income Tax Rate Reconciliation, Percent			34.30%

Note 3 - Earnings Per Common Share (Details) - USD ($)	3 Months Ended
Note 3 - Earnings Per Common Share (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Net Income (Loss)	$ (736,040)	$ 72,797
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ (0.31)	$ 0.03
Diluted (in dollars per share)	$ (0.31)	$ 0.03
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527	2,355,028
Diluted (in shares)	2,372,527	2,379,576

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Mar. 31, 2014	2,355,028
Balance at Mar. 31, 2014	$ 588,756	$ 4,855,093	$ 21,923,988	$ (7,780)	$ 27,360,057
Net Income (Loss)			$ 72,797		72,797
Unrealized loss from marketable securities, net of tax				$ (51,543)	(51,543)
Repurchase of stock options		$ (47,160)			(47,160)
Compensation expense related to stock options		5,375			5,375
Balance (in shares) at Jun. 30, 2014	2,355,028
Balance at Jun. 30, 2014	$ 588,756	4,813,308	$ 21,996,785	$ (59,323)	27,339,526
Balance (in shares) at Mar. 31, 2015	2,372,527
Balance at Mar. 31, 2015	$ 593,131	$ 4,929,090	24,407,915	$ (134,913)	29,795,223
Net Income (Loss)			$ (736,040)		(736,040)
Unrealized loss from marketable securities, net of tax				$ (281,150)	(281,150)
Balance (in shares) at Jun. 30, 2015	2,372,527
Balance at Jun. 30, 2015	$ 593,131	$ 4,929,090	$ 23,671,875	$ (416,063)	$ 28,778,033

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jun. 30, 2015	Aug. 01, 2015
Entity Registrant Name	AIR T INC
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		2,372,527
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncement In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements. In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements. In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements.

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Current Assets:
Cash and cash equivalents	$ 8,360,751	$ 14,165,120
Marketable securities	1,541,910	5,278,752
Accounts receivable, less allowance for doubtful accounts of $212,000 and $222,000	10,318,797	9,534,563
Notes and other receivables-current	559,221	816,606
Income tax receivable	797,588	195,000
Inventories	11,499,702	7,789,649
Deferred income taxes	436,148	278,000
Prepaid expenses and other	334,053	612,334
Total Current Assets	33,848,170	$ 38,670,023
Investments in Available-For-Sale Securities	4,368,000
Property and Equipment, net	2,598,239	$ 2,571,499
Cash Surrender Value of Life Insurance Policies	2,010,817	1,990,671
Other Assets	290,911	224,188
Total Assets	43,116,137	43,456,382
Current Liabilities:
Accounts payable	5,355,496	4,715,709
Accrued expenses	3,585,312	3,529,451
Total Current Liabilities	8,940,808	8,245,160
Long-Term Debt	4,981,296	5,000,000
Deferred Income Taxes	416,000	416,000
Total Liabilities	14,338,104	13,661,160
Stockholders' Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding	593,131	593,131
Additional paid-in capital	4,929,090	4,929,090
Retained earnings	23,671,875	24,407,915
Accumulated other comprehensive income (loss), net	(416,063)	(134,913)
Total Stockholders' Equity	28,778,033	29,795,223
Total Liabilities and Stockholders’ Equity	$ 43,116,137	$ 43,456,382

Note 3 - Net Earnings Per Share (Details Textual) - shares	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Note 5 - Inventory (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Ground support service parts	$ 972,949	$ 938,072
Raw materials	3,261,794	2,583,797
Work in process	1,654,867	1,535,152
Finished goods	5,942,274	3,045,761
Total inventories	11,831,884	8,102,782
Reserves	(332,182)	(313,133)
Total, net of reserves	$ 11,499,702	$ 7,789,649

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Allowance for doubtful accounts	$ 212,000	$ 222,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized (in shares)	50,000	50,000
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, authorized (in shares)	4,000,000	4,000,000
Common stock, issued (in shares)	2,372,527	2,372,527
Common stock, outstanding (in shares)	2,372,527	2,372,527

Note 6 - Stock Based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period		12,000
Allocated Share-based Compensation Expense	$ 0	$ 5,375