11.	Segment I nformation

The Company has

five

business segments. The overnight air cargo segment, comprised of the Company

’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning

November 24, 2015.

Delphax designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax’s net sales is related to service and support provided after the sale. Delphax has a significant presence in the check production marketplace in North America, Europe, Latin America, Asia and the Middle East. The Company’s newly established leasing segment, comprised of the Company’s Air T Global Leasing, LLC subsidiary, provides funding for equipment leasing transactions, which

may

include transactions for the leasing of equipment manufactured by GGS and transactions initiated by

third

parties unrelated to equipment manufactured by the Company or any of its subsidiaries. Air T Global Leasing, LLC commenced operations during the quarter ended

December 31, 2015.

Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its business segments based on operating income.

Segment data is summarized as follows:

	Three Months Ended December 31,						Nine Months Ended December 31,
	2015			2014			2015			2014
Operating Revenues:
Overnight Air Cargo	$	18,674,458		$	12,973,810		$	48,949,401		$	36,626,144
Ground Equipment Sales:
Domestic		19,024,052			9,142,043			41,165,115			23,775,339
International		1,320,235			3,497,312			4,501,549			12,127,129
Total Ground Equipment Sales		20,344,287			12,639,355			45,666,664			35,902,468
Ground Support Services		6,559,110			5,279,822			17,974,239			14,767,637
Printing Equipment and Maintenance
Domestic		789,000			-			789,000			-
International		246,000			-			246,000			-
Total Printing Equipment and Maintenance		1,035,000			-			1,035,000			-
Leasing		5,718			-			5,718			-
Total	$	46,618,573		$	30,892,987		$	113,631,022		$	87,296,249

Operating Income (Loss):
Overnight Air Cargo	$	1,413,667		$	602,776		$	3,394,326		$	1,425,692
Ground Equipment Sales		3,874,921			1,704,445			8,013,932			4,448,349
Ground Support Services		25,829			262,099			(392,002	)		574,212
Printing Equipment and Maintenance		(883,000	)		-			(883,000	)		-
Leasing		1,378			-			1,378			-
Corporate		(542,678	)		(428,500	)		(1,788,966	)		(1,611,987	)
Total	$	3,890,117		$	2,140,820		$	8,345,668		$	4,836,266

Capital Expenditures:
Overnight Air Cargo	$	6,618		$	152,606		$	82,607		$	240,945
Ground Equipment Sales		119,455			8,299			338,194			1,357,847
Ground Support Services		220,816			60,367			429,588			175,703
Printing Equipment and Maintenance		-			-			-			-
Corporate		190,733			-			200,666			-
Total	$	537,622		$	221,272		$	1,051,055		$	1,774,495

Depreciation and Amortization:
Overnight Air Cargo	$	37,068		$	39,371		$	106,161		$	118,411
Ground Equipment Sales		165,401			135,585			364,465			393,767
Ground Support Services		60,993			40,645			149,560			126,540
Printing Equipment and Maintenance		17,000			-			17,000			-
Leasing		2,195			-			2,195			-
Corporate		13,817			6,054			28,214			22,107
Total	$	296,474		$	221,655		$	667,595		$	660,825