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Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating Revenues:        
Total revenue $ 60,688,000 $ 43,238,000 $ 111,550,000 $ 80,206,000
Operating Expenses:        
General and administrative 10,664,000 8,615,000 22,396,000 16,836,000
Depreciation and amortization 1,026,000 323,000 1,888,000 703,000
Inventory write-down 1,003,000 0 1,020,000 0
Asset impairment 485,000 0 516,000 0
(Gain) Loss on sale of property and equipment (1,000) 0 (2,000) 3,000
Operating expenses 60,509,000 42,534,000 110,538,000 79,507,000
Operating Income 179,000 704,000 1,012,000 699,000
Non-operating (Expense) Income:        
Interest expense (1,996,000) (1,167,000) (3,818,000) (2,105,000)
Income from equity method investments 266,000 14,000 798,000 97,000
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan 0 8,331,000 0 8,331,000
Other (357,000) 159,000 (509,000) 1,340,000
Nonoperating income (expense) (2,087,000) 7,337,000 (3,529,000) 7,663,000
(Loss) Income before income taxes (1,908,000) 8,041,000 (2,517,000) 8,362,000
Income Taxes (Benefit) Expense (572,000) 38,000 (380,000) 33,000.0
Net (Loss) Income (1,336,000) 8,003,000 (2,137,000) 8,329,000
Net Loss (Income) Attributable to Non-controlling Interests 104,000 (448,000) (528,000) (486,000)
Net (Loss) Income Attributable to Air T, Inc. Stockholders $ (1,232,000) $ 7,555,000 $ (2,665,000) $ 7,843,000
(Loss) Income per share (Note 6)        
Basic (in dollars per share) $ (0.43) $ 2.62 $ (0.93) $ 2.72
Diluted (in dollars per share) $ (0.43) $ 2.60 $ (0.93) $ 2.71
Weighted Average Shares Outstanding:        
Basic (in shares) 2,865 2,882 2,866 2,882
Diluted (in shares) 2,865 2,901 2,866 2,893
Overnight air cargo        
Operating Revenues:        
Total revenue $ 22,069,000 $ 18,847,000 $ 42,633,000 $ 37,697,000
Operating Expenses:        
Cost of Revenue 19,451,000 16,553,000 37,522,000 33,297,000
Depreciation and amortization 23,000 14,000 42,000 27,000
Operating Income 845,000 857,000 1,922,000 1,589,000
Ground equipment sales        
Operating Revenues:        
Total revenue 18,019,000 9,189,000 23,834,000 17,371,000
Operating Expenses:        
Cost of Revenue 14,438,000 8,033,000 18,870,000 13,562,000
Depreciation and amortization 46,000 32,000 95,000 64,000
Operating Income 1,887,000 43,000 2,029,000 1,465,000
Commercial jet engines and parts        
Operating Revenues:        
Total revenue 18,986,000 14,916,000 41,841,000 24,510,000
Operating Expenses:        
Cost of Revenue 13,443,000 9,010,000 28,328,000 15,106,000
Depreciation and amortization 563,000 214,000 996,000 479,000
Operating Income (204,000) 1,902,000 2,870,000 1,664,000
Corporate and other        
Operating Revenues:        
Total revenue 1,614,000 286,000 3,242,000 628,000
Operating Expenses:        
Depreciation and amortization 394,000 62,000 755,000 133,000
Operating Income $ (2,349,000) $ (2,098,000) $ (5,809,000) $ (4,019,000)