Business
Air T, Inc. Reports Third Quarter Fiscal 2023 Results
DENVER, NC / ACCESSWIRE / February 10, 2023 / 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 / February 10, 2023 / 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 third quarter ended December 31, 2022:Revenues totaled $61.4 million for the quarter ended December 31, 2022, an increase of $16.0 million, or 35% from the prior year's comparable quarter.Operating income was $135.0 thousand for the quarter ended December 31, 2022, an increase of $110.0 thousand from the prior year's operating income of $25.0 thousand.Adjusted EBITDA* profit of $1.3 million for the quarter ended December 31, 2022, compared to an Adjusted EBITDA* profit of $0.5 million in the prior year's comparable quarter.Loss per share of $0.21 for the quarter ended December 31, 2022, compared to the loss per share of $0.44 for the prior year's comparable quarter.Total Equity decreased from $25.7 million as of March 31, 2022, to $22.5 million as of December 31, 2022, a decrease of $3.2 million, or 12%.*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's quarter ended December 31, 2022 was marked by a continued rebound in the aviation sector: MAC/CSA was called on to fly more aircraft for our largest customer and demand for the commercial engine parts offered by Contrail continues to grow. We modestly improved our bottom-line profitability despite a significant and persistent increase in corporate overhead. Growing into our corporate structure remains an open challenge. We are very pleased that MAC was chosen to operate the first commercial revenue-service flight of the new Cessna 408 SkyCourier. The team fully embraced this remarkable opportunity, and through their collaboration with the FAA, incorporated the new aircraft fleet type seamlessly. Congratulations!\"Business Segment ResultsOvernight Air CargoThis segment provides...