Company Quick10K Filing
Air T
Price14.02 EPS3
Shares3 P/E4
MCap42 P/FCF2
Net Debt48 EBIT17
TEV91 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-14
10-K 2020-03-31 Filed 2020-06-26
10-Q 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-14
10-K 2019-03-31 Filed 2019-06-28
10-Q 2018-12-31 Filed 2019-02-14
S-1 2018-11-20 Public Filing
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-K 2018-03-31 Filed 2018-06-29
10-Q 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-10-26
10-K 2017-03-31 Filed 2017-10-13
10-Q 2016-12-31 Filed 2017-02-13
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-K 2016-03-31 Filed 2016-06-29
10-Q 2015-12-31 Filed 2016-02-05
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-K 2015-03-31 Filed 2015-06-08
10-Q 2014-12-31 Filed 2015-02-03
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-K 2014-03-31 Filed 2014-06-02
10-Q 2013-12-31 Filed 2014-02-10
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-K 2013-03-31 Filed 2013-06-04
10-Q 2012-12-31 Filed 2013-02-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-07
10-K 2012-03-31 Filed 2012-06-05
10-Q 2011-12-31 Filed 2012-02-03
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-10
10-K 2011-03-31 Filed 2011-06-03
10-Q 2010-12-31 Filed 2011-01-27
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-K 2010-03-31 Filed 2010-06-08
10-Q 2009-12-31 Filed 2010-02-01
8-K 2020-09-02 Regulation FD, Exhibits
8-K 2020-08-12 Shareholder Vote
8-K 2020-08-11 Regulation FD, Exhibits
8-K 2020-06-08
8-K 2020-04-16
8-K 2020-02-25
8-K 2020-02-03
8-K 2020-01-24
8-K 2019-12-31
8-K 2019-12-19
8-K 2019-12-13
8-K 2019-11-23
8-K 2019-11-22
8-K 2019-11-08
8-K 2019-10-31
8-K 2019-10-15
8-K 2019-09-30
8-K 2019-09-04
8-K 2019-08-16
8-K 2019-08-15
8-K 2019-07-26
8-K 2019-07-09
8-K 2019-06-24
8-K 2019-06-12
8-K 2019-06-10
8-K 2019-06-10
8-K 2019-05-29
8-K 2019-04-18
8-K 2019-04-03
8-K 2019-03-29
8-K 2019-03-25
8-K 2019-01-29
8-K 2019-01-22
8-K 2018-12-30
8-K 2018-12-04
8-K 2018-11-02
8-K 2018-09-27
8-K 2018-09-14
8-K 2018-08-31
8-K 2018-08-22
8-K 2018-05-25
8-K 2018-05-07
8-K 2018-05-04
8-K 2018-04-06
8-K 2018-03-07
8-K 2018-02-22
8-K 2018-02-15
8-K 2018-01-31
8-K 2015-08-26
8-K 2015-05-27
8-K 2015-04-01

AIRT 10Q Quarterly Report

Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II - - Other Information
Item 1A. Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Events
Item 6. Exhibits
EX-10.2 airco1.htm
EX-31.1 airt-20200630xex311.htm
EX-31.2 airt-20200630xex312.htm
EX-32.1 airt-20200630xex321.htm

Air T Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
14511687582902012201420172020
Assets, Equity
8063462913-32012201420172020
Rev, G Profit, Net Income
25155-5-15-252012201420172020
Ops, Inv, Fin

airt-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2020
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____
Commission File Number 001-35476
Air T, Inc.
(Exact name of registrant as specified in its charter)
Delaware52-1206400
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
5930 Balsom Ridge Road, Denver, North Carolina 28037
(Address of principal executive offices, including zip code)
(828) 464 – 8741
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Common StockAIRTNASDAQ Stock Market
Alpha Income Preferred Securities (also referred to as 8% cumulative Capital Securities) ("AIP")*AIRTPNASDAQ Stock Market
Warrant Purchase AIP*AIRTWNASDAQ Stock Market
*Issued by Air T Funding
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x                    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x                    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                     No x
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common StockCommon Shares, par value of $.25 per share
Outstanding Shares at July 31, 20202,881,868



AIR T, INC. AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page
Exhibit Index
Certifications
Interactive Data Files
3



Item 1. Financial Statements
AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except (loss) income per share number)Three Months Ended
June 30,
20202019
Operating Revenues:
Overnight air cargo$16,171  $18,320  
Ground equipment sales15,828  12,249  
Commercial jet engines and parts4,693  16,327  
Printing equipment and maintenance88  64  
Corporate and other190  228  
36,970  47,188  
Operating Expenses:
Overnight air cargo14,167  16,519
Ground equipment sales12,198  9,731  
Commercial jet engines and parts2,714  8,286  
Printing equipment and maintenance21  39  
General and administrative7,529  9,671  
Depreciation and amortization609  1,941  
Impairment of property and equipment   7  
Gain on sale of property and equipment(2) (4) 
37,236  46,190  
Operating (Loss) Income from Continuing Operations(266) 998  
Non-operating (Expense) Income:
Other-than-temporary impairment loss on investments  (815) 
Interest expense and other(1,161) (1,024) 
Gain on settlement of bankruptcy  4,509  
Loss from equity method investments(558) (321) 
Other729  271  
(990) 2,620  
(Loss) Income from Continuing Operations Before Income Taxes(1,256) 3,618  
Income Taxes (Benefit)(300) (377) 
Net (Loss) Income from Continuing Operations(956) 3,995  
Income from Discontinued Operations, net of tax  161
Net (Loss) Income(956) 4,156  
Net Loss (Income) Attributable to Non-controlling Interests115  (2,373) 
Net (Loss) Income Attributable to Air T, Inc. Stockholders$(841) $1,783  
(Loss) Income from continuing operations per share (Note 6)
Basic(0.29) 0.72  
Diluted(0.29) 0.72
Income from discontinued operations per share (Note 6)
Basic  0.07  
Diluted  0.07  
(Loss) Income per share (Note 6)
Basic(0.29) 0.79  
Diluted(0.29) 0.79  
Weighted Average Shares Outstanding:
Basic2,882  2,253  
Diluted2,882  2,257  

See notes to condensed consolidated financial statements.
4


AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands)Three Months Ended
June 30,
20202019
Net (loss) income$(956) $4,156  
Other comprehensive loss:
Foreign currency translation loss(67) (18) 
Unrealized loss on interest rate swaps, net of tax of $7 and $52 respectively
(26) (176) 
Total Other Comprehensive Loss(93) (194) 
Total Comprehensive (Loss) Income(1,049) 3,962  
Comprehensive Loss (Income) Attributable to Non-controlling Interests115  (2,386) 
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders$(934) $1,576  

See notes to condensed consolidated financial statements.
5


AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares number)June 30, 2020March 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$7,095  $5,952  
Marketable securities2,845  1,677  
Restricted cash9,561  9,619  
Restricted investments1,042  1,085  
Accounts receivable, net of allowance for doubtful accounts of $913 and $680
10,274  13,077  
Income tax receivable1,471  1,174  
Inventories, net63,879  60,623  
Other current assets7,453  5,279  
Total Current Assets103,620  98,486  
Asset on lease or held for lease, net of accumulated depreciation of $6,102 and $6,526
25,325  27,945  
Property and equipment, net of accumulated depreciation of $4,454 and $4,319
5,190  5,272  
Right-of-use assets7,851  8,116  
Investments in securities783  815  
Equity method investments4,650  5,208  
Intangible assets, net of accumulated amortization of $2,245 and $2,380
878  749  
Goodwill4,227  4,227  
Other assets626  609  
Total Assets$153,150  $151,427  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable7,722  $10,864  
Accrued expenses and other (Note 4)13,995  13,024  
Current portion of long-term debt37,249  42,684  
Short-term lease liability1,192  1,174  
Total Current Liabilities60,158  67,746  
Long-term debt53,703  43,136  
Deferred income tax liabilities, net572  579  
Long-term lease liability7,241  7,473  
Other non-current liabilities1,435  1,402  
Total Liabilities123,109  120,336  
Redeemable non-controlling interest5,540  6,080  
Commitments and contingencies (Note 15)
Equity:
Air T, Inc. Stockholders' Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized
    
Common stock, $.25 par value; 4,000,000 shares authorized, 3,022,745 shares issued, 2,881,853 shares outstanding
756  756  
Treasury stock, 140,892 shares at $18.58
(2,617) (2,617) 
Additional paid-in capital3,065  2,636  
Retained earnings22,927  23,768  
Accumulated other comprehensive loss(630) (537) 
Total Air T, Inc. Stockholders' Equity23,501  24,006  
Non-controlling Interests1,000  1,005  
Total Equity24,501  25,011  
Total Liabilities and Equity$153,150  $151,427  

See notes to condensed consolidated financial statements.
6


AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)Three Months Ended
June 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(956) $4,156  
Less: Income from discontinued operations, net of income tax  161  
Net (loss) income from continuing operations(956) 3,995  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and  amortization609  1,947  
Impairment of investment  815  
Gain on settlement of bankruptcy  (4,509) 
Bargain purchase acquisition gain  (34) 
Other369  378  
Change in operating assets and liabilities:
Accounts receivable2,570  (4,474) 
Inventories(663) 2,401  
Accounts payable(3,141) 2,537  
Accrued expenses971  3,831  
Other(3,094) (2,045) 
Net cash (used in) provided by operating activities - continuing operations(3,335) 4,842  
Net cash provided by operating activities - discontinued operations  546  
Net cash (used in) provided by operating activities(3,335) 5,388  
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities(482) (27) 
Sale of marketable securities658  309  
Acquisition of businesses, net of cash acquired  (500) 
Capital expenditures related to property & equipment(586) (250) 
Capital expenditures related to assets on lease or held for lease(60) (3,298) 
Other(78) 34  
Net cash used in investing activities - continuing operations(548) (3,732) 
Net cash used in investing activities - discontinued operations  (48) 
Net cash used in investing activities(548) (3,780) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit8,006  24,447  
Payments on lines of credit(18,205) (17,143) 
Proceeds from term loan9,478    
Proceeds from Payroll Protection Program loan ("PPP loan")8,215    
Payments on term loan(2,437) (7,026) 
Proceeds received from issuance of TruPs  2,018  
Other(17) (288) 
Net cash provided by financing activities5,040  2,008  
Effect of foreign currency exchange rates on cash and cash equivalents(72) 3  
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH1,085  3,619  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD15,571  12,648  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD$16,656  $16,267  

See notes to condensed consolidated financial statements.
7


AIR T, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)

(in thousands)Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Non-controlling
Interests
Total
Equity
SharesAmount
Balance, March 31, 20192,022  $506  $2,866  $21,191  $(205) $(1,000) $23,358  
Net income*—  —  —  1,783  —  2,034  3,817  
Repurchase of Common Stock(17) (4) —  (122) —  —  (126) 
Stock Split1,010  252  (252) —  —  —    
Issuance of Debt - Trust Preferred Securities—  —  —  (4,000) —  —  (4,000) 
Issuance of Warrants—  —  —  (840) —  —  (840) 
Adoption of ASC 842 - Leasing
—  —  —  (41) —  —  (41) 
Unrealized loss on interest rate swaps, net of tax—  —  —  —  (176) —  (176) 
Foreign currency translation gain (loss)—  —  —  —  (30) 12  (18) 
Adjustment to fair value of redeemable non-controlling interest—  —  (985) —  —  —  (985) 
Balance, June 30, 20193,015  $754  $1,629  $17,971  $(411) $1,046  $20,989  



8






(in thousands)Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Non-controlling
Interests
Total
Equity
ShareAmountShareAmount
Balance, March 31, 20203,023  $756  $141  $(2,617) $2,636  $23,768  $(537) $1,005  $25,011