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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UKarcWEgj6Cx9/LFcdRSjbtu5sdWJkLIA8BSsozeY2A8Ju/xaV9sdHEHoH1AhIOm
 hs6//R6lnHUEagL9FRY/NQ==

<SEC-DOCUMENT>0001011696-04-000015.txt : 20040203
<SEC-HEADER>0001011696-04-000015.hdr.sgml : 20040203
<ACCEPTANCE-DATETIME>20040203154648
ACCESSION NUMBER:		0001011696-04-000015
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040203

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LISTER STEPHEN K
		CENTRAL INDEX KEY:			0001239859

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13025
		FILM NUMBER:		04562950

	BUSINESS ADDRESS:	
		STREET 1:		C/O AIRNET SYSTEMS INC
		STREET 2:		3939 INTERNATIONAL GATEWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219
		BUSINESS PHONE:		6142372057

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIRNET SYSTEMS INC
		CENTRAL INDEX KEY:			0001011696
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				311458309
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3939 INTERNATIONAL GATEWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219
		BUSINESS PHONE:		6142379777

	MAIL ADDRESS:	
		STREET 1:		3939 INTERNATIONAL GATEWAY
		STREET 2:		3939 INTERNATIONAL GATEWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>c0001239859d20040203f5f.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2003-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001011696</issuerCik>
        <issuerName>AIRNET SYSTEMS INC</issuerName>
        <issuerTradingSymbol>ANS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001239859</rptOwnerCik>
            <rptOwnerName>LISTER STEPHEN K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3939 INTERNATIONAL GATEWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43219</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President, Airline Operat</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2003-12-31</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>220</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>593</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Acquired through the AirNet Systems, Inc. Associate Stock Purchase Program</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Julia K. Hughes</signatureName>
        <signatureDate>2004-02-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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