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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating Revenues:        
Total revenue $ 78,966 $ 60,688 $ 150,397 $ 111,550
Operating Expenses:        
General and administrative 13,362 10,663 26,113 22,394
Depreciation and amortization 700 1,026 1,389 1,888
Inventory write-down 3 1,003 5 1,020
Asset impairment 0 485 0 516
Operating expenses 78,205 60,509 148,975 110,538
Operating Income 761 179 1,422 1,012
Non-operating (Expense) Income:        
Interest expense (1,853) (1,996) (3,662) (3,818)
Income from equity method investments 748 266 1,439 798
Other (777) (357) (136) (509)
Nonoperating income (expense) (1,882) (2,087) (2,359) (3,529)
Loss before income taxes (1,121) (1,908) (937) (2,517)
Income Taxes Expense (Benefit) 487 (572) 698 (380)
Net Loss (1,608) (1,336) (1,635) (2,137)
Net (Income) Loss Attributable to Non-controlling Interests (1) 104 (505) (528)
Net Loss Attributable to Air T, Inc. Stockholders $ (1,609) $ (1,232) $ (2,140) $ (2,665)
Loss per share (Note 6)        
Basic (in dollars per share) $ (0.57) $ (0.43) $ (0.76) $ (0.93)
Diluted (in dollars per share) $ (0.57) $ (0.43) $ (0.76) $ (0.93)
Weighted Average Shares Outstanding:        
Basic (in shares) 2,820 2,865 2,820 2,866
Diluted (in shares) 2,820 2,865 2,820 2,866
Overnight air cargo        
Operating Revenues:        
Total revenue $ 28,197 $ 22,069 $ 55,925 $ 42,633
Operating Expenses:        
Cost of Revenue 23,625 19,451 47,337 37,522
Depreciation and amortization 90 23 175 42
Operating Income 2,039 845 3,974 1,922
Ground equipment sales        
Operating Revenues:        
Total revenue 12,246 18,019 24,033 23,834
Operating Expenses:        
Cost of Revenue 10,553 14,438 20,891 18,870
Depreciation and amortization 35 46 70 95
Operating Income (12) 1,887 (97) 2,029
Commercial jet engines and parts        
Operating Revenues:        
Total revenue 36,478 18,986 66,324 41,841
Operating Expenses:        
Cost of Revenue 29,962 13,443 53,240 28,328
Depreciation and amortization 189 563 380 996
Operating Income 1,152 (204) 2,629 2,870
Corporate and other        
Operating Revenues:        
Total revenue 2,045 1,614 4,115 3,242
Operating Expenses:        
Depreciation and amortization 386 394 764 755
Operating Income $ (2,418) $ (2,349) $ (5,084) $ (5,809)