XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating Revenues:        
Operating Revenues $ 48,861,490 $ 38,522,990 $ 96,558,863 $ 69,016,243
Operating Expenses:        
Overnight air cargo 15,919,557 15,287,937 30,481,700 29,708,406
Ground equipment sales 13,273,845 8,759,677 18,028,060 12,176,001
Ground support services 6,982,270 5,762,634 14,400,663 11,155,302
Printing equipment and maintenance 1,082,751 1,116,964 2,583,807 7,124,731
Commercial jet engines and parts 3,321,385 787,539 13,391,235 787,539
Leasing 49,460 49,460
Research and development 239,922 195,653 750,882
General and administrative 7,276,486 5,143,446 13,862,245 10,972,392
Depreciation, amortization and impairment 529,538 353,672 928,365 2,343,273
Gain on sale of property and equipment (1,091)
48,385,832 37,501,251 93,870,637 75,067,986
Operating Income (Loss) 475,658 1,021,739 2,688,226 (6,051,743)
Non-operating Income (Expense):        
Gain on sale of marketable securities 429,076 572,945
Foreign currency gain (loss) (60,482) 33,096 (249,106) 124,886
Other-than-temporary impairment loss on investments (771,173) (1,502,239)
Other investment income, net 42,150 48,269 72,801 90,962
Interest expense and other (322,199) (77,366) (471,718) (141,377)
Gain on asset retirement obligation 562,500 562,500
Bargain purchase acquisition gain, net of tax 501,880
Equity in income of associated company 61,840 29,937
283,809 433,075 (324,879) (854,823)
Income (Loss) Before Income Taxes 759,467 1,454,814 2,363,347 (6,906,566)
Income Taxes 281,000 375,000 655,000 3,000
Net Income (Loss) 478,467 1,079,814 1,708,347 (6,909,566)
Net (Income) Loss Attributable to Non-controlling Interests (56,766) 4,288 (318,257) 2,242,197
Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 421,701 $ 1,084,102 $ 1,390,090 $ (4,667,369)
Earnings (Loss) Per Share:        
Basic (in dollars per share) $ 0.21 $ 0.53 $ 0.68 $ (2.11)
Diluted (in dollars per share) $ 0.21 $ 0.53 $ 0.68 $ (2.11)
Weighted Average Shares Outstanding:        
Basic (in shares) 2,042,789 2,042,789 2,042,789 2,207,658
Diluted (in shares) 2,046,945 2,047,976 2,047,305 2,207,658
Overnight Air Cargo [Member]        
Operating Revenues:        
Operating Revenues $ 18,081,073 $ 17,151,214 $ 34,823,248 $ 33,788,379
Ground Equipment Sales [Member]        
Operating Revenues:        
Operating Revenues 15,516,109 11,088,877 21,465,765 15,343,065
Ground Support Services [Member]        
Operating Revenues:        
Operating Revenues 8,801,326 7,038,151 17,914,399 13,838,193
Printing Equipment and Maintenance [Member]        
Operating Revenues:        
Operating Revenues 1,302,922 1,727,896 4,434,303 4,287,984
Commercial Jet Engines Inventory [Member]        
Operating Revenues:        
Operating Revenues 5,125,244 1,295,107 17,850,585 1,295,107
Leasing [Member]        
Operating Revenues:        
Operating Revenues $ 34,816 $ 221,745 $ 70,563 $ 463,515