Business
Air T, Inc. Reports First Quarter Fiscal 2025 Results
CHARLOTTE, NC / ACCESSWIRE / August 14, 2024 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is
About this update from Air T, Inc.
[{"type":"text","content":"CHARLOTTE, NC / ACCESSWIRE / August 14, 2024 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies using processes that increase value over time. We believe we can apply corporate resources to help activate growth and overcome challenges.Our core segments are overnight air cargo; ground equipment sales; commercial jet engines and parts; and corporate and other.Today the Company is announcing results for the fiscal first quarter ended June 30, 2024:Revenues totaled $66.4 million for the quarter ended June 30, 2024, a decrease of $5.0 million, or 7% from the prior year's comparable quarter.Operating loss was $0.6 million for the quarter ended June 30, 2024, compared to the prior year's operating income of $0.7 million.Adjusted EBITDA* profit of $0.7 million for the quarter ended June 30, 2024, compared to an Adjusted EBITDA* profit of $1.4 million in the prior year's comparable quarter.Loss per share of $0.12 for the quarter ended June 30, 2024, compared to the loss per share of $0.19 for the prior year's comparable quarter.Total Equity decreased from $5.8 million as of March 31, 2024, to $5.2 million as of June 30, 2024, a decrease of $0.6 million, or 10%.*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.Company Chairman and CEO Nick Swenson commented:\"Air T management is focused on executing its business plans for the year. We have challenges and opportunities. The leadership teams around the company are cohesive and working hard. We are seeking to deliver shareholder-value-creating results as the year unfolds.\"Business Segment ResultsOvernight Air CargoThis segment provides air express delivery services, primarily for FedEx, and repair services.Revenues for this segment increased 10% to $30.4 million in the quarter ended June 30, 2024, compared to $27.7 million in the prior year quarter. The increase was principally attributable to higher administrative fees due to increased fleet of 105 aircraft in the current year quarter compared to 85 aircraft in the prior year quarter, partially offset by lower pass-through revenues from FedEx due to initial provisioning for new aircraft in the prior year that did not recur i...