Business
Air T, Inc. Reports Second Quarter Fiscal 2023 Results
DENVER, NC / ACCESSWIRE / November 10, 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 / November 10, 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 second quarter ended September 30, 2022:Revenues totaled $60.7 million for the quarter ended September 30, 2022, an increase of $17.5 million, or 40% from the prior year's comparable quarter.Operating income was $0.2 million for the quarter ended September 30, 2022, a decrease of $0.5 million from the prior year's operating income of $0.7 million.Adjusted EBITDA* profit of $2.3 million for the quarter ended September 30, 2022, compared to an Adjusted EBITDA* profit of $1.1 million in the prior year's comparable quarter.Loss per share of $0.43 for the quarter ended September 30, 2022, compared to the income per share of $2.62 for the prior year's comparable quarter.Total Equity decreased from $25.7 million as of March 31, 2022, to $23.9 million as of September 30, 2022, a decrease of $1.8 million, or 7%.*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:\"The recovery in aviation continues and some of our businesses are the beneficiary. We think a lot about inflation (distortions in prices); and expect expectations of inflation to be a new factor in unpredictable ways. If inflation persists, will our large balance sheet of tangible assets and inventories provide a tailwind? Or will something else happen? If you are wondering, we don't see any letup in the economy, business activity and the ability of large corporates to ‘take price.' Shortly before the Ukraine War a very knowledgeable friend of ours said he believed the supply side was going to drive higher oil prices. Such a development surprised many.The scale and intricacies of our balance sheet sometimes do not pair well with our income statement. This quarter our EBITDA demonstrate...