Business
Air T, Inc. Reports Fiscal 2022 Results
DENVER, NC / ACCESSWIRE / June 28, 2022 / 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":"DENVER, NC / ACCESSWIRE / June 28, 2022 / 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; aviation ground equipment manufacturing and sales; commercial jet engines and parts; and corporate and other.Today the Company is announcing results for the Fiscal year ended March 31, 2022:Revenues totaled $177.1 million for the fiscal year ended March 31, 2022, an increase of $2.0 million, or 1.1% from the prior year.Operating income was $8.8 million for the fiscal year ended March 31, 2022, an increase of $18.0 million from the prior year's operating loss of $9.2 million.Adjusted EBITDA* profit of $11.4 million for the year ended March 31, 2022, compared to an Adjusted EBITDA* loss of $1.3 million in the prior year.Income per share of $3.79 for the year ended March 31, 2022, compared to loss per share of $2.53 for the prior year.Total Equity increased from $14.7 million as of March 31, 2021, to $24.7 million as of March 31, 2022, an increase of $10.0 million, or 68%.*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:\"We are working to build AIRT's businesses day by day. This is a process and journey, not a destination. We were hard hit by Covid. And the covid recovery started later in aviation than in other industries-yet the recovery is gathering apace now. AIRT businesses reflect this dynamic and you will notice that the company exited Fiscal 2022 at a much improved level as compared to Fiscal Years 2020 and 2021. Despite many economic storm clouds gathering here and now in June of 2022, we are not experiencing any headwinds at the present time. If and when the inevitable slow-down occurs, then we will have the opportunity to make an intelligent, long-term strategic investment.\"Business Segment ResultsOvernight Air CargoThis segment provides air express delivery services, substantially all for FedEx.Revenues for this segment increased 12.2% to $74.4 million in Fiscal 2022 compared to $66.3 mil...