Air T Inc. Files 2024 10-K
Ticker: AIRTP · Form: 10-K · Filed: Jun 26, 2024 · CIK: 353184
Sentiment: neutral
Topics: 10-K, annual-report, air-cargo, equipment-sales
TL;DR
AIRT 10-K filed. FY24 results out. Check financials.
AI Summary
Air T Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations in air courier services. The company's fiscal year runs from April 1 to March 31. Key segments include Overnight Air Cargo and Ground Equipment Sales. The filing details financial performance and operational aspects for the period.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Air T Inc.'s financial health and operational performance for the fiscal year 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently contain new, significant risks beyond those typical for a company in the air courier and equipment sales industry.
Key Numbers
- 2024-03-31 — Fiscal Year End (The reporting period concludes on this date.)
- 20240626 — Filing Date (The date the 10-K was officially submitted to the SEC.)
Key Players & Entities
- AIR T INC (company) — Filer of the 10-K
- 2024-03-31 (date) — Fiscal year end date
- 20240626 (date) — Filing date
- Overnight Air Cargo Segment (company) — Business segment
- Ground Equipment Sales Segment (company) — Business segment
FAQ
What were the primary business segments for Air T Inc. during the fiscal year ending March 31, 2024?
The primary business segments reported were the Overnight Air Cargo Segment and the Ground Equipment Sales Segment.
When did Air T Inc. file its 10-K for the fiscal year 2024?
Air T Inc. filed its 10-K on June 26, 2024.
What is the fiscal year end date for Air T Inc. as indicated in the filing?
The fiscal year end date is March 31, 2024.
What is the Standard Industrial Classification (SIC) code for Air T Inc.?
The SIC code for Air T Inc. is 4513, which corresponds to Air Courier Services.
What was the previous name of Air T Inc. before its name change in 1992?
Before July 3, 1992, the company was known as AIR TRANSPORTATION HOLDING CO INC.
Filing Stats: 4,499 words · 18 min read · ~15 pages · Grade level 13 · Accepted 2024-06-26 17:00:54
Key Financial Figures
- $12.6 m — h 31, 2024, GGS's backlog of orders was $12.6 million, all of which GGS expects to be f
- $13.6 million — h 31, 2023, GGS's backlog of orders was $13.6 million. Backlog is not meaningful for the Comp
Filing Documents
- airt-20240331.htm (10-K) — 1998KB
- ex-211to2024form10xkairtinc.htm (EX-21.1) — 25KB
- ex-221xairtx20240331.htm (EX-22.1) — 3KB
- ex-231airtx2024consent.htm (EX-23.1) — 2KB
- ex-241xairtx20240331.htm (EX-24.1) — 16KB
- ex-311xairtx20240331.htm (EX-31.1) — 9KB
- ex-312xairtx20240331.htm (EX-31.2) — 9KB
- ex-321xairtx20240331.htm (EX-32.1) — 4KB
- ex-322xairtx20240331.htm (EX-32.2) — 4KB
- ex-971xairtincclawbackpoli.htm (EX-97.1) — 36KB
- 0000353184-24-000062.txt ( ) — 11494KB
- airt-20240331.xsd (EX-101.SCH) — 80KB
- airt-20240331_cal.xml (EX-101.CAL) — 133KB
- airt-20240331_def.xml (EX-101.DEF) — 419KB
- airt-20240331_lab.xml (EX-101.LAB) — 979KB
- airt-20240331_pre.xml (EX-101.PRE) — 739KB
- airt-20240331_htm.xml (XML) — 1508KB
Business
Business 4 Item 1A.
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 25 I tem 1C. C ybersecurity 25 Item 2.
Properties
Properties 26 Item 3.
Legal Proceedings
Legal Proceedings 26 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 27 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 28
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 Item 9A.
Controls and Procedures
Controls and Procedures 77 Item 9B. Other Information 78
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.
Executive Compensation
Executive Compensation 79 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Account ant Fees and Services 80 PART IV Item 15. Exhibits and Financial Statement Schedules 80 Item 16. Form 10-K Summary 90
Signatures
Signatures Interactive Data Files 3 PART I
Business
Item 1. Business Air T, Inc. (the "Company," "Air T," "we" or "us" or "our") is a holding company with a portfolio of operating businesses and financial assets. Our goal is to prudently and strategically grow Air T's earnings power, compounding its free-cash-flow per share over time. We currently operate in four industry segments: Overnight air cargo, which operates in the air express delivery services industry; Ground equipment sales, which manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers; Commercial jet engines and parts, which manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines and; Corporate and other, which acts as the capital allocator and resource for other consolidated businesses. Further, Corporate and other also comprises insignificant businesses and business interests. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income (loss) and Adjusted EBITDA. Certain financial data with respect to the Company's geographic areas and segments is set forth in Notes 19 and 20 of Notes to Consolidated Financial Statements included under Part II, Item 8 of this report. Air T was incorporated under the laws of the State of Delaware in 1980. The principal place of business of Air T is 11020 David Taylor Drive, Suite 305, Charlotte NC, 28262. The principal place of business of Mountain Air Cargo, Inc. ("MAC") is Denver, North Carolina. The principal place of business of CSA Air, Inc. ("CSA") is Iron Mountain, Michigan. The principal place of business for Global Ground Support, LLC ("GGS") is Olathe, Kansas.