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Condensed Consolidated Statements of Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating Revenues:        
Total revenue $ 43,238 $ 35,604 $ 80,206 $ 72,576
Operating Expenses:        
General and administrative 8,615 9,088 16,836 16,638
Depreciation and amortization 323 1,149 703 1,758
Loss (Gain) on sale of property and equipment 0 (3) 3 (4)
Operating Expenses 42,534 39,288 79,507 76,525
Operating Income (Loss) from continuing operations 704 (3,684) 699 (3,949)
Non-operating Income (Expense):        
Interest expense (1,167) (1,081) (2,105) (2,242)
Gain (Loss) from equity method investments 14 (498) 97 (1,056)
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan 8,331 0 8,331 0
Other 159 359 1,340 1,086
Nonoperating income (expense) 7,337 (1,220) 7,663 (2,212)
Income (Loss) from continuing operations before income taxes 8,041 (4,904) 8,362 (6,161)
Income Taxes Expense (Benefit) 38 (1,547) 33 (1,847)
Net income (loss) from continuing operations 8,003 (3,357) 8,329 (4,314)
Gain on sale of discontinued operations, net of tax 0 4 0 4
Net Income (Loss) 8,003 (3,353) 8,329 (4,310)
Net (Income) Loss Attributable to Non-controlling Interests (448) 433 (486) 549
Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 7,555 $ (2,920) $ 7,843 $ (3,761)
Income (Loss) from continuing operations per share (Note 5)        
Basic (in dollars per share) $ 2.62 $ (1.01) $ 2.72 $ (1.31)
Diluted (in dollars per share) 2.60 (1.01) 2.71 (1.31)
Income from discontinued operations per share (Note 5)        
Basic (in dollars per share) 0 0 0 0
Diluted (in dollars per share) 0 0 0 0
Income (Loss) per share (Note 5)        
Basic (in dollars per share) 2.62 (1.01) 2.72 (1.31)
Diluted (in dollars per share) $ 2.60 $ (1.01) $ 2.71 $ (1.31)
Weighted Average Shares Outstanding:        
Basic (in shares) 2,882 2,882 2,882 2,882
Diluted (in shares) 2,901 2,882 2,893 2,882
Overnight air cargo        
Operating Revenues:        
Total revenue $ 18,847 $ 17,295 $ 37,697 $ 33,466
Operating Expenses:        
Cost of Revenue 16,553 15,234 33,297 29,401
Operating Income (Loss) from continuing operations 857 573 1,589 1,127
Ground equipment sales        
Operating Revenues:        
Total revenue 9,189 12,060 17,371 27,888
Operating Expenses:        
Cost of Revenue 8,033 9,758 13,562 21,956
Operating Income (Loss) from continuing operations 43 924 1,465 3,140
Commercial jet engines and parts        
Operating Revenues:        
Total revenue 14,916 6,114 24,510 10,808
Operating Expenses:        
Cost of Revenue 9,010 4,062 15,106 6,776
Operating Income (Loss) from continuing operations 1,902 (2,275) 1,664 (3,177)
Corporate and other        
Operating Revenues:        
Total revenue 286 135 628 414
Operating Expenses:        
Operating Income (Loss) from continuing operations $ (2,098) $ (2,906) $ (4,019) $ (5,039)