Air T Inc. Files Q2 2024 10-Q
Ticker: AIRTP · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 353184
Sentiment: neutral
Topics: 10-Q, financials, air-cargo, jet-engines
TL;DR
AIRT Q2 10-Q is in - check financials for cargo, ground equipment, and jet engines.
AI Summary
Air T Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance across its Overnight Air Cargo, Ground Equipment Sales, and Commercial Jet Engines Inventory segments. The filing details revenues and expenses for these divisions, providing a snapshot of the company's operational and financial status for the quarter.
Why It Matters
This filing provides investors and analysts with the latest financial data for Air T Inc., crucial for understanding the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: medium — The company operates in multiple segments, including air cargo and jet engines, which can be subject to significant market volatility and operational risks.
Key Numbers
- 2024-04-01 — Quarter Start Date (Reporting period for financial data)
- 2024-06-30 — Quarter End Date (Reporting period for financial data)
- 0331 — Fiscal Year End (Indicates the end of the company's fiscal year)
Key Players & Entities
- AIR T INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240814 (date) — Filed as of Date
- CHARLOTTE (location) — Business Address City
- DE (location) — State of Incorporation
FAQ
What were the key financial highlights for Air T Inc. in the quarter ending June 30, 2024?
The 10-Q filing for the period ending June 30, 2024, provides detailed financial statements for Air T Inc., including revenues, expenses, and net income/loss across its operating segments.
Which business segments are reported in this 10-Q filing?
This filing covers the Overnight Air Cargo Segment, Ground Equipment Sales Segment, and Commercial Jet Engines Inventory Segment.
What is the company's principal business activity?
Air T Inc. is primarily engaged in Air Courier Services, as indicated by its Standard Industrial Classification code [4513].
When was Air T Inc. incorporated and where is its principal office located?
The company was incorporated in Delaware (DE) and its business address is located in Charlotte, NC.
What is the filing date and the period of report for this 10-Q?
The 10-Q was filed on August 14, 2024, and it reports on the period ending June 30, 2024.
Filing Stats: 4,800 words · 19 min read · ~16 pages · Grade level 16 · Accepted 2024-08-14 16:35:46
Filing Documents
- airt-20240630.htm (10-Q) — 1075KB
- airt-20240630xex221.htm (EX-22.1) — 3KB
- airt-20240630xex311.htm (EX-31.1) — 9KB
- airt-20240630xex312.htm (EX-31.2) — 9KB
- airt-20240630xex321.htm (EX-32.1) — 6KB
- 0000353184-24-000097.txt ( ) — 7371KB
- airt-20240630.xsd (EX-101.SCH) — 55KB
- airt-20240630_cal.xml (EX-101.CAL) — 88KB
- airt-20240630_def.xml (EX-101.DEF) — 286KB
- airt-20240630_lab.xml (EX-101.LAB) — 666KB
- airt-20240630_pre.xml (EX-101.PRE) — 477KB
- airt-20240630_htm.xml (XML) — 1019KB
Financial Statements
Financial Statements Condensed Consolidated Statements of Income (Loss) (Unaudited) For The Three Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For The Three Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) For The Three Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Equity (Unaudited) For The Three Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.
Controls and Procedures
Controls and Procedures 32 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Other Information
Item 5. Other Information 32 Item 6. Exhibits 32
Signatures
Signatures 34 Exhibit Index Certifications Interactive Data Files 2
Financial Statements
Item 1. Financial Statements AIR T, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (in thousands, except per share data) Three Months Ended June 30, 2024 2023 Operating Revenues: Overnight air cargo $ 30,383 $ 27,728 Ground equipment sales 7,354 11,787 Commercial jet engines and parts 26,250 29,846 Corporate and other 2,424 2,070 66,411 71,431 Operating Expenses: Overnight air cargo 25,709 23,712 Ground equipment sales 6,533 10,338 Commercial jet engines and parts 18,533 23,279 Corporate and other 841 892 General and administrative 14,612 11,862 Depreciation and amortization 760 690 66,988 70,773 Operating (Loss) Income ( 577 ) 658 Non-operating Income (Expense): Interest expense ( 1,946 ) ( 1,808 ) Income from equity method investments 1,923 691 Other 703 643 680 ( 474 ) Income before income taxes 103 184 Income Tax Expense 71 211 Net Income (Loss) 32 ( 27 ) Net Income Attributable to Non-controlling Interests ( 367 ) ( 504 ) Net Loss Attributable to Air T, Inc. Stockholders $ ( 335 ) $ ( 531 ) Loss per share (Note 5) Basic $ ( 0.12 ) $ ( 0.19 ) Diluted $ ( 0.12 ) $ ( 0.19 ) Weighted Average Shares Outstanding: Basic 2,761 2,818 Diluted 2,761 2,818 See notes to condensed consolidated financial statements. 3 AIR T, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended June 30, (In Thousands) 2024 2023 Net Income (Loss) $ 32 $ ( 27 ) Foreign currency translation loss ( 50 ) ( 65 ) Redemption of non-controlling interest 146 — Unrealized gain on interest rate swaps 1 24 Reclassification of interest rate swaps into earnings ( 203 ) ( 192 ) Total Other Comprehensive Loss ( 106 ) ( 233 ) Total Comprehensive Loss ( 74 ) ( 260 ) Comprehensive Income Attributable to Non-controlling Interests ( 367 ) ( 504 ) Comprehensive Loss Attributable to Air T, Inc. Stockholders $ ( 441 ) $ ( 764 ) See notes to condensed