Air T reports USD1m in FY Q2 2017 net earnings

Air T, Inc. (NASDAQ: AIRT) has reported consolidated net earnings of USD1,069,000 (USD0.52 per diluted share) for fiscal 2017´s second quarter ended September 30, 2016, compared to consolidated net earnings of USD3,794,000 (USD1.58 per diluted share) for the similar fiscal 2016 period, the company said.

Consolidated revenues net of inter-company eliminations decreased by USD6,131,000 (14 percent) to USD38,523,000 for the quarter ended September 30, 2016 compared to USD44,654,000 in the same quarter in the prior fiscal year. Consolidated operating income net of inter-company eliminations decreased by USD4,483,000 (81 percent) to USD1,022,000 for the quarter ended September 30, 2016, as compared to USD5,505,000 the same quarter in the prior fiscal year.

On November 24, 2015, Air T purchased from Delphax Technologies Inc. shares of its Series B preferred stock then convertible into approximately 38 percent of the shares of Delphax common stock outstanding after conversion and a warrant to purchase additional shares of Delphax Series B preferred stock. The operating loss attributable to Delphax included in consolidated net income for the three months ended September 30, 2016 was approximately USD12,000.

On July 18, 2016, Contrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase all of the assets of Contrail Aviation, Inc. The operating income attributable to Contrail Aviation included in consolidated net income for the three months ended September 30, 2016 was approximately USD43,000.

Air T, Inc. is a diversified holding company with four core industry segments: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and commercial jet engines.