Business
Air T, Inc. Reports Fiscal 2024 Results
CHARLOTTE, NC / ACCESSWIRE / June 26, 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 / June 26, 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 year ended March 31, 2024:Revenues totaled $286.8 million for the fiscal year ended March 31, 2024, an increase of $39.5 million, or 16% from the prior fiscal year.Operating income was $1.3 million for the fiscal year ended March 31, 2024, compared to operating loss in the prior fiscal year of $4.4 million.Adjusted EBITDA* profit of $5.6 million for the fiscal year ended March 31, 2024, compared to Adjusted EBITDA* profit of $6.0 million in the prior fiscal year.Loss per share of $2.42 for the fiscal year ended March 31, 2024, compared to loss per share of $4.32 for the prior fiscal year.Total Equity decreased from $13.0 million as of March 31, 2023, to $5.8 million as of March 31, 2024, a decrease of $7.2 million, or 55.2%.*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:\"Our Fiscal Year 2024 was eventful and productive across many of Air T's businesses. We believe our dynamism took a step up. Considering it is difficult to go deep into the most significant items, we offer you a long list to generate the gestalt: Air Cargo continued its wonderful growth in number and type of services provided to our largest customer; GGS initiated a new generation of customer-centric service and product while grinding through an unpredicted slowdown in global deicer industry sales; Contrail continued its expansion and experienced significant margin rebound in the back half; Crestone built out its team and drove asset growth, leading to one quarter of positive cash flow; Stratus continued to deliver strategic capabilities and generated investment ideas and sales channel expansion; our digital aviation groups drove notable revenue growth and new product offerings; and our inves...