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Condensed Consolidated Statements of Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Operating Revenues:        
Total $ 55,819 $ 73,300 $ 128,394 $ 171,181
Total revenue 55,819 73,300 128,394 171,181
Operating Expenses:        
General and administrative 8,303 9,550 24,276 28,670
Depreciation and amortization 886 975 2,644 4,610
Write-down on inventory 0 0 535 0
Asset impairment 0 4 129 18
Loss (Gain) on sale of property and equipment 5 (23) 1 (26)
Operating Expenses 54,751 69,580 131,275 165,996
Operating Income (Loss) from continuing operations 1,068 3,720 (2,881) 5,185
Non-operating Income (Expense):        
Other-than-temporary impairment loss on investments 0 (1,095) 0 (2,305)
Interest expense (1,172) (1,227) (3,413) (4,298)
Gain on settlement of bankruptcy 0 0 0 4,527
Gain (Loss) from equity method investments 510 (282) (546) (636)
Other 1,039 81 2,125 (75)
Nonoperating income (expense) 377 (2,523) (1,834) (2,787)
Income (Loss) from continuing operations before income taxes 1,445 1,197 (4,715) 2,398
Income Taxes (Benefit) Expense (318) 616 (2,165) (52)
Net Income (Loss) from continuing operations 1,763 581 (2,550) 2,450
Loss from discontinued operations, net of tax 0 0 0 (70)
(Loss) Gain on sale of discontinued operations, net of tax 0 (222) 4 8,137
Net Income (Loss) 1,763 359 (2,546) 10,517
Net Loss (Income) Attributable to Non-controlling Interests 335 (789) 884 (3,449)
Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 2,098 $ (430) $ (1,662) $ 7,068
Income (Loss) from continuing operations per share (Note 6)        
Basic (in dollars per share) $ 0.73 $ (0.07) $ (0.58) $ (0.36)
Diluted (in dollars per share) 0.73 (0.07) (0.58) (0.36)
(Loss) Income from discontinued operations per share (Note 6)        
Basic (in dollars per share) 0 (0.07) 0 2.93
Diluted (in dollars per share) 0 (0.07) 0 2.93
Income (Loss) per share (Note 6)        
Basic (in dollars per share) 0.73 (0.14) (0.58) 2.57
Diluted (in dollars per share) $ 0.73 $ (0.14) $ (0.58) $ 2.57
Weighted Average Shares Outstanding:        
Basic (in shares) 2,882 2,973 2,882 2,752
Diluted (in shares) 2,887 2,973 2,882 2,756
Overnight air cargo        
Operating Revenues:        
Total $ 16,322 $ 18,706 $ 49,789 $ 56,771
Operating Expenses:        
Cost of Revenue 14,505 16,806 43,906 51,031
Operating Income (Loss) from continuing operations 490 638 1,617 909
Ground equipment sales        
Operating Revenues:        
Total 20,769 15,949 48,656 40,939
Operating Expenses:        
Cost of Revenue 14,966 12,960 36,923 33,049
Operating Income (Loss) from continuing operations 4,229 1,644 7,369 4,212
Commercial jet engines and parts        
Operating Revenues:        
Total 18,078 38,536 28,886 72,665
Operating Expenses:        
Cost of Revenue 16,086 29,308 22,861 48,644
Corporate and other        
Operating Revenues:        
Total 650 109 1,063 806
Corporate and other 650 109 1,063 806
Operating Expenses:        
Operating Income (Loss) from continuing operations $ (2,053) $ (2,002) $ (7,091) $ (6,347)