-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HcMZykmKk57gjsdA0DxbKwKDVAnOMFF93xfRCDOoxXc49QLh/ihbKhQW4v13kb0n f6xYkTcM2dHidIERZMAA6g== 0000353184-04-000025.txt : 20040730 0000353184-04-000025.hdr.sgml : 20040730 20040730160813 ACCESSION NUMBER: 0000353184-04-000025 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040730 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: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-11720 FILM NUMBER: 04942497 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 8-K/A 1 eightkmar.txt AMENDED 8-K 3/31/04 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 22, 2004 AIR T, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 0-11720 52-1206400 (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 3524 Airport Road Maiden, North Carolina 28650 (Address of Principal Executive Offices) (Zip Code) (704) 377-2109 (Registrant's Telephone Number, Including Area Code) Explanatory Note This Amendment No. 1 to Current Report on Form 8-K/A of Air T, Inc., amends our Current Report on Form 8-K filed on June 24, 2004 (the "Initial Report"). The Initial Report was submitted to report our announcement of our financial results for the fiscal year ended March 31, 2004 by a press release issued on June 22, 2004. In filing the Initial Report, we inadvertently omitted all components of the Initial Report other than the press release. This Amendment No. 1 restates the Initial Report to include all components that had been omitted. Item 7. Financial Statements and Exhibits. (a) Financial Statements Not applicable (b) Pro Forma Financial Information Not applicable (c) Exhibits Exhibit 99.1 Press release dated June 22, 2004 announcing financial results for the fiscal year ended March 31, 2004 Item 12. Results of Operations and Financial Condition. On June 22, 2004, we issued a press release announcing our financial results for the fiscal year ended March 31, 2004. We are submitting that press release as Exhibit 99.1 to this Amendment No. 1 on Form 8-K/A. * * * Note: The information contained herein (including Exhibit 99.1) shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 29, 2004 AIR T, INC. By: /s/John J. Gioffre John J. Gioffre, Secretary Exhibit Index Exhibit Description Exhibit Press release dated June 22, 2004 announcing 99.1 financial results for the fiscal year ended March 31, 2004 EX-99 2 amdpressmar.txt PRESS RELEASE 3/31/04 June 24, 2004 Contact: John J. Gioffre Chief Financial Officer 3524 Airport Road Maiden, NC 28650 (828) 464-8741 Ext. 215 FOR IMMEDIATE RELEASE AIR T, INC. REPORTS AUDITED FISCAL 2004 RESULTS MAIDEN, NC - Air T, Inc. (AirT) (NASDAQ: AIRT) today reported consolidated net earnings of $1,738,000 ($0.64 per diluted share) for fiscal 2004, which ended March 31, 2004, compared to a consolidated net loss of $1,224,000 (($0.45) per diluted share) for fiscal 2003. Fiscal 2004's net earnings was comprised of $2,164,000 ($0.80 per diluted share) in earnings from continuing operations, offset by a $426,000 (($0.16) per diluted share) loss from discontinued operations. During the fourth quarter of fiscal 2003, Company management agreed to a plan to sell the assets of its Mountain Aircraft Services, LLC (MAS) subsidiary and to discontinue the operations of the Company's aviation service sector business. In conjunction with the anticipated sale, the Company reclassified $1,591,000, net of taxes, to discontinued operations during of fiscal 2003. In August 2003, the Company completed the sale of certain assets of MAS for consideration of $1,885,000. Amounts recorded in discontinued operations in fiscal 2004 relate to the net revenues and expenses of MAS. As detailed in Financial Highlights below, the Company's financial statements reflect the results of MAS as a discontinued operation. The Company's remaining subsidiaries continue to operate in two business segments, Mountain Air Cargo, Inc. (MAC) and CSA Air, Inc. (CSA) provide overnight air cargo services to the air express delivery sector and Global Ground Support, LLC (Global) manufactures, sells and services aviation and other specialized ground support equipment products to passenger and cargo airlines, the U.S. Government, airports and commercial customers. Consolidated revenue from continuing operations increased $13,125,000 (30.6%) to $55,997,000 for the fiscal year ended March 31, 2004 compared to the prior fiscal year. The increase in 2004 revenue primarily resulted from an increase in Global revenue of $6,856,000 (52.9%) to $19,829,000, combined with a $6,269,000 (21.0%) increase in air cargo revenue to $36,168,000 in fiscal 2004. Walter Clark, Chairman and Chief Executive Officer of AirT, commented, "The turnaround in the fiscal results validates AirT's decision to focus on air freight and specialized equipment manufacture. This redirection of corporate energy coupled with substantial throughput in both our manufacturing operation and aircraft maintenance facility has resulted in these outstanding operating results. Our philosophy of viewing our customers as strategic partners in business helps to foster a positive progressive environment for all involved. AirT looks forward to working alongside our customers in current fiscal year." AirT is one of the largest, small-aircraft air cargo operators in the United States. It currently operates a fleet of single and twin engine turbo-prop aircraft nightly in the eastern half of the United States and Canada, Puerto Rico and the Virgin Islands. Statements in this press release, which contain more than historical information may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to future economic conditions, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. FINANCIAL HIGHLIGHTS (In thousands, except per share data) Fiscal Year Ended 03/31/2004 03/31/2003 Continuing Operations Revenues $ 55,997 $ 42,872 Net Earnings from Continuing Operations 2,164 366 Net Loss from Discontinued Operations (426) (1,590) Net Earnings(Loss) 1,738 (1,224) Net (Loss) Earnings Per Share-Diluted: Continuing Operations $ 0.80 $ 0.13 Discontinued Operations (0.16) (0.58) Total Net Earnings (Loss) Per Share-Diluted $ 0.64 $ (0.45) Average Common Shares Outstanding 2,728 2,726 -----END PRIVACY-ENHANCED MESSAGE-----