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WKN: 867968 ISIN: US0092071010 Ticker-Symbol: GXT 
Frankfurt
20.09.19
08:00 Uhr
12,040 Euro
-0,074
-0,61 %
Branche
Luftfahrt/Rüstung
Aktienmarkt
Sonstige
1-Jahres-Chart
AIR T INC Chart 1 Jahr
5-Tage-Chart
AIR T INC 5-Tage-Chart
14.08.2019 | 23:56
(282 Leser)
(1 Bewertungen)

DENVER, NC, / ACCESSWIRE / August 14, 2019 / Air T, Inc. (NASDAQ:AIRT) is organized as a portfolio of powerful businesses, each of which is independent yet interrelated. These include overnight air cargo operations; ground support equipment manufacturing; ground support equipment maintenance services; and commercial aircraft management, leasing and logistics. Today the Company announced results for its fiscal quarter ended June 30, 2019.

Q1 2020 Overview

  • Revenues totaled $55.7 million for the fiscal quarter ended June 30, 2019, an 8% decrease from the prior year comparable quarter
  • Operating income of $1.2 million, a decrease of $1.4 million from the prior year comparable quarter's operating income of $2.6 million
  • Non-operating income of $2.6 million, an increase of $1.6 million over the prior year comparable quarter
  • Net income attributable to Air T stockholders was $1.8 million as compared to net income of $2.8 million in the prior year comparable quarter
  • Income per share was $0.79 compared to the prior comparable quarter's income per share of $0.92

Nick Swenson commented, "While reported segment level operating income is an important reference point when evaluating AIRT's quarterly financial results, our June results reflect unusual year-over-year segment variances, each of which is driven by independent factors. At times, it is difficult and even counter-productive to manage for quarterly results. To paraphrase the Oracle of Omaha, we prefer a 'lumpy high return' to a 'smooth low return.' We are comforted by our current belief that AIRT is on target to meet or exceed its consolidated fiscal 2020 plan."

Business Segment Results

Commercial Jet Engines and Parts

  • This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics.
  • Recent acquisitions in this segment include the acquisition of the assets of Worthington Aviation in May 2018.
  • Revenues for this segment totaled $16.3 million in Q1 2020, a decrease of $11.0 million over the same period of fiscal 2019. Last year Contrail experienced record levels of sales and income in the first quarter, selling four whole engines for $17.4 million.
  • Operating income for this segment totaled $1.9 million in Q3 2020 compared to operating income of $3.2 million in the prior-year quarter.

Overnight Air Cargo

  • The segment provides air express delivery services, substantially all for FedEx.
  • Revenues for this segment increased 4% to $18.3 million in Q1 2020 compared to $17.6 million in Q1 2019.
  • Operating income for this segment was $0.0 million, a decrease of $1.0 million when compared to the operating income of Q1 2019. This decrease is due primarily to additional pilot incentives and bonus expenses as a result of the nationwide pilot shortage.

Aviation Ground Support Maintenance Services

  • This segment provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers across the United States.
  • Revenue from this segment totaled $8.5 million in Q1 2020, a decline of 6% over Q1 2019. The decrease in the current quarter is principally due to a reduction of business in the southeast region.
  • Operating income for this segment was $0.2 million in the current quarter, compared to a loss of $0.1 million in the same quarter of the prior year, due primarily to operational improvements across the system.

Aviation Ground Support Equipment

  • This segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers.
  • Revenues for this segment, which is the world's largest manufacturer of aircraft de-icing equipment, totaled $12.3 million for the fiscal quarter ended June 30, 2019. This represents an increase of 92% over the revenue of $6.4 million in the prior comparable quarter. The increase was primarily due to an increase in the unit sales of military and commercial deicers during the quarter.
  • Operating income for this segment was $1.3 million in the third quarter, an increase of $1.0 million for Q1 of last year, principally due to the higher level of revenues.

Corporate

  • This segment includes expenses attributable to core Corporate functions, investment research, and specialized resources that are available to business units.
  • This segment's operating loss totaled $1.9 million in the current quarter. In the comparable quarter of the prior year, operating loss totaled $1.7 million.
  • The increase in Corporate segment costs in the current quarter is primarily attributable to increased headcount over the prior year.

Other Investments and Financial Liquidity

  • Air T owned approximately 3.5 million shares of common stock of Insignia Systems, Inc. (NASDAQ: ISIG) with a market value of $4.0 million as of June 30, 2019.
  • As of June 30, 2019, Air T held $5.7 million of marketable securities (including Insignia at market value of $4.0 million).
  • Working capital (defined as current assets less current liabilities) as of June 30, 2019 totaled $28.5 million compared to $18.6 million as of March 31, 2019.

ABOUT AIR T, INC.

Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and commercial aircraft asset management and logistics. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net.

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this press release may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements are subject to risks, uncertainties and assumptions about our operations and the investments we make, including, among other things, factors discussed under the heading "Risk Factors" in our 10-K, as well as the following:

  • The risk that contracts with major customers will be terminated or not extended;
  • Future economic conditions and their impact on the Company's customers;
  • The Company's ability to recover on its investments, including its investments in Delphax and other recently acquired companies,
  • The timing and amounts of future orders under the Company's Global Ground Support subsidiary's contract with the United States Air Force; and
  • The risks and uncertainties related to business acquisitions (including the ability to successfully achieve the anticipated benefits of the acquisitions) inflation rates, competition, changes in technology or government regulation, debt covenants, information technology disruptions, and the impact of future terrorist activities in the United States and abroad.

Forward-looking statements can be identified by the use of words like "believes," "could," "possibly," "probably," "anticipates," "estimates," "projects," "expects," "may," "will," "should," "seek," "intend," "plan," "expect," or "consider" or the negative of these expressions or other variations, or by discussions of strategy that involves risks and uncertainties. All forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual transactions, results, performance or achievements to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements. We base these forward-looking statements on current expectations and projections about future events and the information currently available to us. Although we believe that the assumptions for these forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Consequently, no representation or warranty can be given that the estimates, opinions, or assumptions made in or referenced by this prospectus will prove to be accurate. We undertake no obligation to update our forward-looking statements. We caution you that the forward-looking statements in this press release are only estimates and predictions, or statements or current intent. Actual results or outcomes, or actions that we ultimately undertake, could differ materially from those anticipated in the forward-looking statements due to risks, uncertainties or actual events differing from the assumptions underlying these statements. These risks, uncertainties and assumptions include, but are not limited to, those discussed in this press release.

CONTACT

Air T, Inc.
Brian Ochocki, CFO

bochocki@airt.net

612-268-0052

AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

Three Months Ended
June 30,
2019 2018
Operating Revenues:
Overnight air cargo
$ 18,319,682 $ 17,640,658
Ground equipment sales
12,248,891 6,384,781
Ground support services
8,516,800 9,047,640
Commercial jet engines and parts
16,326,905 27,320,175
Printing equipment and maintenance
64,270 298,823
Corporate and other
227,987 175,392
55,704,535 60,867,469
Operating Expenses:
Overnight air cargo
16,518,823 15,174,396
Ground equipment sales
9,730,856 4,937,312
Ground support services
6,963,662 7,805,209
Commercial jet engines and parts
8,285,769 20,121,118
Printing equipment and maintenance
39,047 145,528
General and administrative
10,919,320 8,584,803
Depreciation and amortization
2,026,600 1,485,055
Impairment
6,686 10,346
Gain on sale of property and equipment
2,073 -
54,492,836 58,263,767
Operating Income
1,211,699 2,603,702
Non-operating Income (Expense):
Gain on sale of marketable securities
36,460 -
Foreign currency gain (loss), net
35,755 (2,182)
Other-than-temporary impairment loss on investments
(814,558) -
Other investment income (loss), net
162,957 (315,507)
Interest expense and other
(1,023,622) (707,199)
Unrealized gain on interest rate swap
- 97,337
Gain on settlement of bankruptcy
4,509,302 -
Bargain purchase acquisition gain
34,244 1,983,777
Income (loss) from equity method investments
(320,578) 9,183
2,619,960 1,065,409
Income (Loss) Before Income Taxes
3,831,659 3,669,111
Income Taxes (Benefit)
(324,000) 387,000
Net Income (Loss)
4,155,659 3,282,111
Net (Income) Loss Attributable to Non-controlling
Interests
$ (2,373,307) $ (453,417)
Net Income (Loss) Attributable to Air T, Inc. Stockholders
$ 1,782,352 $ 2,828,694
Income (Loss) Per Share:
Basic
$ 0.79 $ 0.92
Diluted
$ 0.79 $ 0.92
Weighted Average Shares Outstanding:
Basic
2,252,698 3,065,411
Diluted
2,256,868 3,074,547

AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2019 March 31, 2019
ASSETS
(Unaudited)
Current Assets:
Cash and cash equivalents (Delphax $9,430 and $12,315)**
$ 16,196,626 12,524,321
Marketable securities
1,752,727 1,760,052
Restricted cash
68,979 123,409
Restricted investments
796,958 830,925
Accounts receivable, net of allowance for doubtful accounts of $574,086 and $754,108 (Delphax $291,337 and $294,296 )**
23,723,077 19,077,248
Notes and other receivables-current
7,170,143 5,026,549
Income tax receivable
883,131 158,446
Inventories, net
36,528,777 29,967,037
Prepaid expenses and other (Delphax $9,672 and $58,164 )**
1,795,614 1,880,126
Total Current Assets
88,916,032 71,348,113
Asset on lease, net of accumulated depreciation of $6,397,157 and $6,688,630
17,982,582 25,164,497
Property and equipment, net of accumulated depreciation of $5,977,699 and $5,665,498
4,752,051 4,817,912
Right-of-use assets
10,071,405 -
Cash surrender value of life insurance policies, net of policy loans
101,259 122,062
Other tax receivables-long-term (Delphax $0 and $311,000)**
- 311,000
Deferred income taxes
600,303 547,987
Investments in funds
318,020 463,892
Investments in securities
557,329 621,610
Equity method investments
4,475,738 5,610,874
Other assets
297,507 491,328
Intangible assets, net of accumulated amortization of $2,207,571 and $2,156,192
1,161,111 1,225,257
Goodwill
4,417,605 4,417,605
Total Assets
$ 133,650,942 $ 115,142,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable (Delphax $96,109 and $2,134,053)**
$ 13,296,498 $ 12,552,724
Income tax payable
550,727 661,690
Accrued payroll and related items (Delphax $401,275 and $3,146,395 )**
2,729,056 8,910,245
Customer deposits
2,794,277 1,520,000
Accrued insurance liability
1,254,396 1,119,853
Other accrued expenses (Delphax $0 and $11,312)**
3,905,819 2,953,176
Deferred income
5,599,423 341,098
Current portion of long-term debt
27,774,151 24,735,224
Short-term lease liability
2,486,842 -
Total Current Liabilities
60,391,189 52,794,010
Long-term debt
36,285,910 32,917,765
Deferred income taxes
- -
Long-term lease liability
8,071,541 -
Other non-current liabilities
1,229,495 596,598
Total Liabilities
105,978,135 86,308,373
Redeemable non-controlling interest
6,685,000 5,476,000
Commitments and contingencies (Note 17)
Equity:
Air T, Inc. Stockholders' Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized
- -
Common stock, $.25 par value; 4,000,000 shares authorized, 3,015,087 and 2,022,637 shares issued and outstanding
753,770 505,657
Additional paid-in capital
1,629,202 2,866,695
Retained earnings
17,970,387 21,191,126
Accumulated other comprehensive loss
(411,479) (205,086)
Total Air T, Inc. Stockholders' Equity
19,941,880 24,358,392
Non-controlling Interests
1,045,927 (1,000,628)
Total Equity
20,987,807 23,357,764
Total Liabilities and Equity
$ 133,650,942 $ 115,142,137

AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended
June 30,
2019 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 4,155,659 $ 3,282,111
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) Loss on sale of marketable securities
(36,460) 10,828
Loss on sale of property and equipment
2,073 1,661
Profit from sale of assets on lease
- -
Change in inventory reserves
(4,087) 91,547
Change in accounts receivable reserves
(180,022) (45,628)
Depreciation and amortization
2,033,286 1,495,401
Amortization of debt issuance costs
73,467 -
Impairment of investment
814,558 -
Change in cash surrender value of life insurance
20,803 (15,782)
Gain on settlement of bankruptcy
(4,509,302) -
Bargain purchase acquisition gain
(34,244) (1,983,777)
Change in warranty reserve
335,632 (980)
Unrealized loss on marketable securities
6,105 322,477
Unrealized gain on interest rate swap
- (97,337)
Change in operating assets and liabilities:
Accounts receivable
(4,254,064) 29,564
Notes receivable and other non-trade receivables
(2,046,291) (2,221,930)
Inventories
2,374,836 11,319,597
Prepaid expense and other assets
677,015 288,286
Accounts payable
2,801,237 3,942,185
Accrued expenses
3,898,519 (1,982,397)
Income taxes payable/receivable
(835,646) 205,583
Non-current liabilities
94,482 75,525
Total adjustments
1,231,897 11,434,823
Net cash provided by operating activities
5,387,556 14,716,934
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities
(27,211) (784,443)
Proceeds from sale of marketable securities
309,012 -
Acquisition of businesses, net of cash acquired
(500,000) (3,325,700)
Cash used for equity method investments
- (197,532)
Investment in reinsurance entity
- (2,000,000)
Capital expenditures related to property & equipment
(297,967) (459,575)
Capital expenditures related to assets on lease
(3,298,343) -
Proceeds from sale of property and equipment
33,995 50,602
Net cash used in investing activities
(3,780,514) (6,716,648)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit
24,446,825 28,933,742
Payments on lines of credit
(17,143,130) (38,156,091)
Proceeds from term loan
- 3,400,000
Payments on term loan
(7,026,081) (1,404,800)
Debt issuance costs
(46,319) (35,702)
Distribution to non-controlling member
(115,000) (47,051)
Payments for repurchase of stock
(126,317) -
Proceeds from exercise of warrants
2,018,217 -
Net cash provided by financing activities
2,008,195 (7,309,902)
Effect of foreign currency exchange rates on cash and cash equivalents
2,638 2,072
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
3,617,875 692,456
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
12,647,730 5,072,897
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
$ 16,265,605 $ 5,765,353
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES:
Non-cash capital expenditures related to property & equipment
$ 71,703 $ -
Equipment leased to customers transferred to inventory
8,818,109 234,151
SUPPLEMENTAL DISCLOSURE OF FINANCING ACTIVITIES:
Issuance of Debt - Trust Preferred Securities
4,000,000 -
Issuance of warrant liability
840,000 -
Exercise of warrants
84,092 -
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest
$ 678,610 $ 629,264
Income taxes
29,634 181,417

SOURCE: Air T, Inc.



View source version on accesswire.com:
https://www.accesswire.com/556023/Air-T-Inc-Reports-First-Quarter-Fiscal-2020-Results


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