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As Of Filer Filing For·On·As Docs:Size 11/12/20 Air T Inc. 10-Q 9/30/20 77:7.7M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 868K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 24K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 24K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 22K 11: R1 Cover HTML 73K 12: R2 Condensed Consolidated Statements of Income (Loss) HTML 171K 13: R3 Condensed Consolidated Statements of Comprehensive HTML 54K Income (Loss) 14: R4 Condensed Consolidated Balance Sheets HTML 142K 15: R5 Condensed Consolidated Balance Sheets HTML 45K (Parentheticals) 16: R6 Condensed Consolidated Statements of Cash Flows HTML 120K 17: R7 Condensed Consolidated Statements of Equity HTML 113K 18: R8 Financial Statement Presentation HTML 43K 19: R9 Revenue Recognition HTML 74K 20: R10 Discontinued Operations HTML 38K 21: R11 Accrued Expenses HTML 28K 22: R12 Income Taxes HTML 27K 23: R13 Net Earnings Per Share HTML 65K 24: R14 Investments in Securities and Derivative HTML 34K Instruments 25: R15 Equity Method Investments HTML 37K 26: R16 Inventories HTML 35K 27: R17 Leases HTML 53K 28: R18 Financing Arrangements HTML 83K 29: R19 Geographical Information HTML 41K 30: R20 Segment Information HTML 86K 31: R21 Variable Interest Entities HTML 27K 32: R22 Commitments and Contingencies HTML 23K 33: R23 Subsequent Events HTML 22K 34: R24 Financial Statement Presentation (Policies) HTML 32K 35: R25 Revenue Recognition (Tables) HTML 72K 36: R26 Discontinued Operations (Tables) HTML 40K 37: R27 Accrued Expenses (Tables) HTML 28K 38: R28 Net Earnings Per Share (Tables) HTML 63K 39: R29 Investments in Securities and Derivative HTML 30K Instruments (Tables) 40: R30 Equity Method Investments (Tables) HTML 35K 41: R31 Inventories (Tables) HTML 35K 42: R32 Leases (Tables) HTML 53K 43: R33 Financing Arrangements (Tables) HTML 80K 44: R34 Geographical Information (Tables) HTML 43K 45: R35 Segment Information (Tables) HTML 83K 46: R36 Financial Statement Presentation (Details Textual) HTML 40K 47: R37 Revenue Recognition - Disaggregation of Revenues HTML 60K (Details) 48: R38 Revenue Recognition - Contract with Customer, HTML 25K Asset and Liability (Details) 49: R39 Discontinued Operations (Details Textual) HTML 43K 50: R40 Discontinued Operations - Income Statement Summary HTML 40K of Discontinued Operations (Details) 51: R41 Accrued Expenses (Details) HTML 30K 52: R42 Income Taxes (Details Textual) HTML 24K 53: R43 Net Earnings Per Share - Earnings Per Common Share HTML 97K (Details) 54: R44 Net Earnings Per Share (Details Textual) HTML 23K 55: R45 Investments in Securities and Derivative HTML 58K Instruments (Details Textual) 56: R46 Investments in Securities and Derivative HTML 35K Instruments - Fair Value in the Balance Sheets (Details) 57: R47 Equity Method Investments (Details Textual) HTML 47K 58: R48 Equity Method Investments - Summarized Unaudited HTML 50K Financial Information (Details) 59: R49 Inventories - Inventories (Details) HTML 42K 60: R50 Inventory - Narratives (Details) HTML 27K 61: R51 Leases (Details Textual) HTML 27K 62: R52 Leases - Component of Lease Cost and Consolidated HTML 47K Balance Sheet Amounts (Details) 63: R53 Leases - Future Minimum Lease Payments (Details) HTML 43K 64: R54 Financing Arrangements (Details Textual) HTML 75K 65: R55 Financing Arrangements - Long-term Debt (Details) HTML 96K 66: R56 Financing Arrangements - Contractual Financing HTML 44K Obligations (Details) 67: R57 Financing Arrangements - Schedule of Warrant Fair HTML 21K Value (Details) 68: R58 Geographical Information - Long-lived Assets By HTML 36K Geographic Region (Details) 69: R59 Geographical Information - Revenue by Geographic HTML 30K Areas (Details) 70: R60 Segment Information (Details Textual) HTML 22K 71: R61 Segment Information - Segment Data (Details) HTML 57K 72: R62 Variable Interest Entities (Details Textual) HTML 50K 73: R63 Commitments and Contingencies (Details Textual) HTML 29K 75: XML IDEA XML File -- Filing Summary XML 137K 10: XML XBRL Instance -- airt-20200930_htm XML 2.17M 74: EXCEL IDEA Workbook of Financial Reports XLSX 91K 6: EX-101.CAL XBRL Calculations -- airt-20200930_cal XML 258K 7: EX-101.DEF XBRL Definitions -- airt-20200930_def XML 553K 8: EX-101.LAB XBRL Labels -- airt-20200930_lab XML 1.41M 9: EX-101.PRE XBRL Presentations -- airt-20200930_pre XML 858K 5: EX-101.SCH XBRL Schema -- airt-20200930 XSD 135K 76: JSON XBRL Instance as JSON Data -- MetaLinks 367± 515K 77: ZIP XBRL Zipped Folder -- 0000353184-20-000083-xbrl Zip 266K
airt-20200930 |
i ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended i September 30, 2020 | ||||
i ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____ |
i Delaware | i 52-1206400 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock | i AIRT | i NASDAQ Global Market | ||||||
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”) | AIRTP | NASDAQ Global Market | ||||||
Warrant to purchase AIP | AIRTW | NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
i Non-accelerated filer | ☒ | Smaller
reporting company | i ☒ | |||||||||||
Emerging growth company | i ☐ |
Common Stock | Common Shares, par value of $.25 per share | ||||
Outstanding Shares at October 30, 2020 | i 2,881,853 |
Page | ||||||||
PART I | ||||||||
Item 5. | ||||||||
Exhibit Index | ||||||||
Certifications | ||||||||
Interactive Data Files | ||||||||
(in thousands, except (loss) income per share number) | Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
Overnight air cargo | $ | i 17,295 | $ | i 19,745 | $ | i 33,466 | $ | i 38,064 | |||||||||||||||
Ground equipment sales | i 12,060 | i 12,741 | i 27,888 | i 24,991 | |||||||||||||||||||
Commercial jet engines and parts | i 6,114 | i 17,801 | i 10,808 | i 34,128 | |||||||||||||||||||
Corporate and other | i 135 | i 406 | i 414 | i 698 | |||||||||||||||||||
i 35,604 | i 50,693 | i 72,576 | i 97,881 | ||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Overnight air cargo | i 15,234 | i 17,707 | i 29,401 | i 34,226 | |||||||||||||||||||
Ground equipment sales | i 9,758 | i 10,358 | i 21,956 | i 20,089 | |||||||||||||||||||
Commercial jet engines and parts | i 4,062 | i 11,050 | i 6,776 | i 19,336 | |||||||||||||||||||
General and administrative | i 8,424 | i 9,409 | i 15,974 | i 19,120 | |||||||||||||||||||
Depreciation and amortization | i 1,149 | i 1,695 | i 1,758 | i 3,635 | |||||||||||||||||||
Write-down on inventory | i 535 | i — | i 535 | i — | |||||||||||||||||||
Asset impairment | i 129 | i 7 | i 129 | i 14 | |||||||||||||||||||
(Gain)/Loss on sale of property and equipment | ( i 3) | i 1 | ( i 4) | ( i 4) | |||||||||||||||||||
i 39,288 | i 50,227 | i 76,525 | i 96,416 | ||||||||||||||||||||
Operating (Loss) Income from continuing operations | ( i 3,684) | i 466 | ( i 3,949) | i 1,465 | |||||||||||||||||||
Non-operating Income (Expense): | |||||||||||||||||||||||
Other-than-temporary impairment loss on investments | i — | ( i 395) | i — | ( i 1,210) | |||||||||||||||||||
Interest expense | ( i 1,081) | ( i 2,047) | ( i 2,242) | ( i 3,071) | |||||||||||||||||||
Gain on settlement of bankruptcy | i — | i 18 | i — | i 4,527 | |||||||||||||||||||
Loss from equity method investments | ( i 498) | ( i 34) | ( i 1,056) | ( i 355) | |||||||||||||||||||
Other | i 359 | ( i 426) | i 1,086 | ( i 156) | |||||||||||||||||||
( i 1,220) | ( i 2,884) | ( i 2,212) | ( i 265) | ||||||||||||||||||||
(Loss) Income from continuing operations before income taxes | ( i 4,904) | ( i 2,418) | ( i 6,161) | i 1,200 | |||||||||||||||||||
Income Taxes Benefit | ( i 1,547) | ( i 296) | ( i 1,847) | ( i 668) | |||||||||||||||||||
Net (Loss) Income from continuing operations | ( i 3,357) | ( i 2,122) | ( i 4,314) | i 1,868 | |||||||||||||||||||
Loss from discontinued operations, net of tax | i — | ( i 235) | i — | ( i 70) | |||||||||||||||||||
Gain on sale of discontinued operations, net of tax | i 4 | i 8,359 | i 4 | i 8,359 | |||||||||||||||||||
Net (Loss) Income | ( i 3,353) | i 6,002 | ( i 4,310) | i 10,157 | |||||||||||||||||||
Net Loss (Income) Attributable to Non-controlling Interests | $ | i 433 | $ | ( i 287) | $ | i 549 | $ | ( i 2,660) | |||||||||||||||
Net (Loss) Income Attributable to Air T, Inc. Stockholders | $ | ( i 2,920) | $ | i 5,715 | $ | ( i 3,761) | $ | i 7,497 | |||||||||||||||
Loss from continuing operations per share (Note 6) | |||||||||||||||||||||||
Basic | $ | ( i 1.01) | $ | ( i 0.80) | $ | ( i 1.31) | $ | ( i 0.30) | |||||||||||||||
Diluted | $ | ( i 1.01) | $ | ( i 0.80) | $ | ( i 1.31) | $ | ( i 0.30) | |||||||||||||||
Income from discontinued operations per share (Note 6) | |||||||||||||||||||||||
Basic | $ | i — | $ | i 2.69 | $ | i — | $ | i 3.14 | |||||||||||||||
Diluted | $ | i — | $ | i 2.68 | $ | i — | $ | i 3.13 | |||||||||||||||
(Loss) Income per share (Note 6) | |||||||||||||||||||||||
Basic | $ | ( i 1.01) | $ | i 1.89 | $ | ( i 1.31) | $ | i 2.84 | |||||||||||||||
Diluted | $ | ( i 1.01) | $ | i 1.88 | $ | ( i 1.31) | $ | i 2.83 | |||||||||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||||||||
Basic | i 2,882 | i 3,025 | i 2,882 | i 2,641 | |||||||||||||||||||
Diluted | i 2,882 | i 3,029 | i 2,882 | i 2,645 | |||||||||||||||||||
Three
Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net (Loss) Income | $ | ( i 3,353) | $ | i 6,002 | $ | ( i 4,310) | $ | i 10,157 | |||||||||||||||
Foreign currency translation (loss) gain | ( i 68) | i 41 | ( i 135) | i 23 | |||||||||||||||||||
Unrealized gain (loss) on interest rate swaps, net of tax | i 55 | ( i 88) | i 29 | ( i 264) | |||||||||||||||||||
Reclassification of interest rate swaps into earnings | ( i 16) | i — | ( i 16) | i — | |||||||||||||||||||
Total Other Comprehensive Loss | ( i 29) | ( i 47) | ( i 122) | ( i 241) | |||||||||||||||||||
Total Comprehensive (Loss) Income | ( i 3,382) | i 5,955 | ( i 4,432) | i 9,916 | |||||||||||||||||||
Comprehensive Loss (Income) Attributable to Non-controlling Interests | i 433 | ( i 290) | i 549 | ( i 2,675) | |||||||||||||||||||
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders | $ | ( i 2,949) | $ | i 5,665 | $ | ( i 3,883) | $ | i 7,241 |
(In thousands, except share amounts) | September 30, 2020 | March 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | i 4,253 | $ | i 5,952 | |||||||
Marketable securities | i 2,158 | i 1,677 | |||||||||
Restricted cash | i 8,616 | i 9,619 | |||||||||
Restricted investments | i 991 | i 1,085 | |||||||||
Accounts
receivable, net of allowance for doubtful accounts of $ i 1,250 and $ i 680 | i 10,302 | i 13,077 | |||||||||
Income tax receivable | i 3,237 | i 1,174 | |||||||||
Inventories, net | i 70,965 | i 60,623 | |||||||||
Other current assets | i 4,778 | i 5,279 | |||||||||
Total Current Assets | i 105,300 | i 98,486 | |||||||||
Assets
on lease or held for lease, net of accumulated depreciation of $ i 3,319 and $ i 6,526 | i 18,064 | i 27,945 | |||||||||
Property
and equipment, net of accumulated depreciation of $ i 4,631 and $ i 4,319 | i 6,095 | i 5,272 | |||||||||
Right-of-use assets | i 8,097 | i 8,116 | |||||||||
Equity method investments | i 3,945 | i 5,208 | |||||||||
Goodwill | i 4,227 | i 4,227 | |||||||||
Other assets | i 2,673 | i 2,173 | |||||||||
Total Assets | $ | i 148,401 | $ | i 151,427 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | i 9,134 | i 10,864 | ||||||||
Accrued expenses and other (Note 4) | i 12,294 | i 13,024 | |||||||||
Current portion of long-term debt | i 46,363 | i 42,684 | |||||||||
Short-term lease liability | i 1,325 | i 1,174 | |||||||||
Total Current Liabilities | i 69,116 | i 67,746 | |||||||||
Long-term debt | i 44,250 | i 43,136 | |||||||||
Deferred income tax liabilities, net | i 588 | i 579 | |||||||||
Long-term lease liability | i 7,397 | i 7,473 | |||||||||
Other non-current liabilities | i 1,380 | i 1,402 | |||||||||
Total Liabilities | i 122,731 | i 120,336 | |||||||||
Redeemable non-controlling interest | i 5,000 | i 6,080 | |||||||||
Commitments and contingencies (Note 15) | i | i | |||||||||
Equity: | |||||||||||
Air T, Inc. Stockholders' Equity: | |||||||||||
Preferred stock, $ i i 1.00 /
par value, i i 50,000 /
shares authorized | i — | i — | |||||||||
Common
stock, $ i i .25 / par value; i i 4,000,000 /
shares authorized, i i 3,022,745 / shares issued, i i 2,881,853 /
shares outstanding | i 756 | i 756 | |||||||||
Treasury stock,
i i 140,892 / shares at $ i i 18.58 / | ( i 2,617) | ( i 2,617) | |||||||||
Additional paid-in capital | i 2,175 | i 2,636 | |||||||||
Retained earnings | i 20,007 | i 23,768 | |||||||||
Accumulated other comprehensive loss | ( i 643) | ( i 537) | |||||||||
Total Air T, Inc. Stockholders' Equity | i 19,678 | i 24,006 | |||||||||
Non-controlling Interests | i 992 | i 1,005 | |||||||||
Total Equity | i 20,670 | i 25,011 | |||||||||
Total Liabilities and Equity | $ | i 148,401 | $ | i 151,427 |
(In Thousands) | Six Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net (Loss) Income | $ | ( i 4,310) | $ | i 10,157 | |||||||
Loss from discontinued operations, net of income tax | i — | i 70 | |||||||||
Gain on sale of discontinued operations, net of income tax | ( i 4) | ( i 8,359) | |||||||||
Net (loss) income from continuing operations | ( i 4,314) | i 1,868 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 1,758 | i 3,648 | |||||||||
Impairment of investment | i — | i 1,210 | |||||||||
Gain on settlement of bankruptcy | i — | ( i 4,527) | |||||||||
Other | i 1,741 | ( i 1,785) | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | i 2,202 | ( i 7,331) | |||||||||
Inventories | ( i 1,942) | i 5,891 | |||||||||
Accounts payable | ( i 1,730) | i 3,188 | |||||||||
Accrued expenses | ( i 730) | i 739 | |||||||||
Other | ( i 2,611) | ( i 3,392) | |||||||||
Net cash used in operating activities - continuing operations | ( i 5,626) | ( i 491) | |||||||||
Net cash provided by operating activities - discontinued operations | i 4 | i 1,094 | |||||||||
Net cash (used in) provided by operating activities | ( i 5,622) | i 603 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of marketable securities | ( i 659) | ( i 187) | |||||||||
Acquisition of businesses, net of cash acquired | i — | ( i 500) | |||||||||
Capital expenditures related to property & equipment | ( i 1,708) | ( i 575) | |||||||||
Capital expenditures related to assets on lease or held for lease | ( i 85) | ( i 17,614) | |||||||||
Other | i 1,837 | i 346 | |||||||||
Net cash used in investing activities - continuing operations | ( i 615) | ( i 18,530) | |||||||||
Net cash provided by investing activities - discontinued operations | i — | i 20,463 | |||||||||
Net cash (used in) provided by investing activities | ( i 615) | i 1,933 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from lines of credit | i 14,130 | i 48,267 | |||||||||
Payments on lines of credit | ( i 22,257) | ( i 35,324) | |||||||||
Proceeds from term loan | i 9,479 | i 13,001 | |||||||||
Payments on term loan | ( i 4,875) | ( i 17,900) | |||||||||
Proceeds from Payroll Protection Program loan ("PPP loan") | i 8,215 | i — | |||||||||
Proceeds received from issuance of Trust Preferred Securities ("TruPS") | i — | i 5,407 | |||||||||
Other | ( i 1,030) | ( i 1,124) | |||||||||
Net cash provided by financing activities - continuing operations | i 3,662 | i 12,327 | |||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | ( i 127) | i 26 | |||||||||
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ( i 2,702) | i 14,889 | |||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | i 15,571 | i 12,647 | |||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | i 12,869 | $ | i 27,536 |
(In Thousands) | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | i 2,022 | $ | i 506 | $ | i 2,866 | $ | i 21,191 | $ | ( i 205) | $ | ( i 1,000) | $ | i 23,358 | ||||||||||||||||||||||||||||
Net income* | — | — | — | i 1,782 | — | i 2,034 | i 3,816 | ||||||||||||||||||||||||||||||||||
Repurchase of Common Stock | ( i 17) | ( i 4) | — | ( i 122) | i — | — | ( i 126) | ||||||||||||||||||||||||||||||||||
Stock Split | i 1,010 | i 252 | ( i 252) | — | — | — | i — | ||||||||||||||||||||||||||||||||||
Issuance of Debt - Trust Preferred Securities | — | — | — | ( i 4,000) | — | — | ( i 4,000) | ||||||||||||||||||||||||||||||||||
Issuance of Warrants | — | — | — | ( i 840) | — | — | ( i 840) | ||||||||||||||||||||||||||||||||||
Adoption of ASC - Leasing | — | — | — | ( i 41) | — | — | ( i 41) | ||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swaps, net of tax | — | — | — | — | ( i 176) | — | ( i 176) | ||||||||||||||||||||||||||||||||||
Foreign currency translation (loss) gain | — | — | — | — | ( i 30) | i 12 | ( i 18) | ||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable non-controlling interests | — | — | ( i 985) | — | — | — | ( i 985) | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | i 3,015 | $ | i 754 | $ | i 1,629 | $ | i 17,970 | $ | ( i 411) | $ | i 1,046 | $ | i 20,988 | ||||||||||||||||||||||||||||
Net income (loss)* | — | — | — | i 5,715 | — | ( i 17) | i 5,698 | ||||||||||||||||||||||||||||||||||
Repurchase of Common Stock | i 8 | i 2 | i — | ( i 75) | i — | — | ( i 73) | ||||||||||||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | — | i 38 | i 3 | i 41 | ||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable non-controlling interest | — | — | i 781 | — | — | — | i 781 | ||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swaps, net of tax | — | — | — | — | ( i 88) | — | ( i 88) | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | i 3,023 | $ | i 756 | $ | i 2,410 | $ | i 23,610 | $ | ( i 461) | $ | i 1,032 | $ | i 27,347 |
(In Thousands) | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, Balance, March 31, 2020 | i 3,023 | $ | i 756 | $ | i 141 | $ | ( i 2,617) | $ | i 2,636 | $ | i 23,768 | $ | ( i 537) | $ | i 1,005 | $ | i 25,011 | ||||||||||||||||||||||||||||||||||||
Net loss* | — | — | — | i — | — | ( i 841) | — | ( i 5) | ( i 846) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swaps, net of tax | — | — | — | — | — | — | ( i 26) | — | ( i 26) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation (loss) | — | i — | — | — | — | — | ( i 67) | — | ( i 67) | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable non-controlling interest | — | — | — | — | i 429 | — | — | — | i 429 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | i 3,023 | i 756 | i 141 | ( i 2,617) | i 3,065 | i 22,927 | ( i 630) | i 1,000 | i 24,501 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss* | — | — | — | — | — | ( i 2,920) | — | ( i 8) | ( i 2,928) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation (loss) | — | — | — | — | — | — | ( i 68) | — | ( i 68) | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable non-controlling interest | — | — | — | — | ( i 890) | — | — | — | ( i 890) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on interest rate swaps, net of tax | — | — | — | — | — | — | i 55 | — | i 55 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | i 3,023 | $ | i 756 | $ | i 141 | $ | ( i 2,617) | $ | i 2,175 | $ | i 20,007 | $ | ( i 643) | $ | i 992 | $ | i 20,670 |
Type of Revenue | Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms | ||||
Product Sales | The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation
is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. | ||||
Support Services | The Company provides a variety of support services such as aircraft maintenance, printer maintenance, and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide
a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is enhancing an asset that the customer controls as repair work, such as labor hours are incurred, and parts installed, is being performed. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Product Sales | |||||||||||||||||||||||
Air Cargo | $ | i 5,728 | $ | i 6,680 | $ | i 10,043 | $ | i 12,094 | |||||||||||||||
Ground equipment sales | i 11,833 | i 12,489 | i 27,571 | i 24,492 | |||||||||||||||||||
Commercial jet engines and parts | i 4,283 | i 13,218 | i 6,979 | i 24,388 | |||||||||||||||||||
Corporate and other | i — | i i 20 / | i i 33 / | i i 68 / | |||||||||||||||||||
Support Services | |||||||||||||||||||||||
Air Cargo | i 11,558 | i 13,033 | i 23,408 | i 25,927 | |||||||||||||||||||
Ground equipment sales | i 67 | i 105 | i 84 | i 210 | |||||||||||||||||||
Commercial jet engines and parts | i 956 | i 1,597 | i 2,580 | i 3,007 | |||||||||||||||||||
Corporate and other | i 6 | i 217 | i 24 | i 269 | |||||||||||||||||||
Leasing Revenue | |||||||||||||||||||||||
Air Cargo | i — | i — | i — | i — | |||||||||||||||||||
Ground equipment sales | i 23 | i 33 | i 71 | i 53 | |||||||||||||||||||
Commercial jet engines and parts | i 791 | i 2,941 | i 1,164 | i 6,655 | |||||||||||||||||||
Corporate and other | i 107 | i 36 | i 142 | i 81 | |||||||||||||||||||
Other | |||||||||||||||||||||||
Air Cargo | i 9 | i 32 | i 15 | i 43 | |||||||||||||||||||
Ground equipment sales | i 137 | i 114 | i 162 | i 236 | |||||||||||||||||||
Commercial jet engines and parts | i 84 | i 45 | i 85 | i 78 | |||||||||||||||||||
Corporate and other | i 22 | i 133 | i 215 | i 280 | |||||||||||||||||||
Total | $ | i 35,604 | $ | i 50,693 | $ | i 72,576 | $ | i 97,881 |
Outstanding contract liabilities | Outstanding contract
liabilities as of April 1, 2020 Recognized as Revenue | ||||||||||
As of September 30, 2020 | $ | i 1,480 | |||||||||
As of April 1, 2020 | i 1,853 | ||||||||||
For the six months ended September 30, 2020 | i 619 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales | $ | i — | $ | i 8,120 | $ | i — | $ | i 16,637 | |||||||||||||||
Operating Income (Expense) | i 4 | ( i 9,015) | i 4 | ( i 17,319) | |||||||||||||||||||
Gain/(Loss) from discontinued operations before income taxes | i 4 | ( i 895) | i 4 | ( i 682) | |||||||||||||||||||
Income tax expense (benefit) | i — | ( i 660) | i — | ( i 612) | |||||||||||||||||||
Gain/(Loss) from discontinued operations, net of tax | $ | i 4 | $ | ( i 235) | $ | i 4 | $ | ( i 70) |
(in thousands) | September 30, 2020 | March 31, 2020 | |||||||||
Salaries, wages and related items | $ | i 4,804 | $ | i 3,616 | |||||||
Profit sharing and bonus | i 2,447 | i 3,349 | |||||||||
Other | i 5,043 | i 6,059 | |||||||||
Total | $ | i 12,294 | $ | i 13,024 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (loss) income from continuing operations | $ | ( i 3,357) | $ | ( i 2,122) | $ | ( i 4,314) | $ | i 1,868 | |||||||||||||||
Net loss (income) from continuing operations attributable to non-controlling interests | i 433 | ( i 287) | i 549 | ( i 2,660) | |||||||||||||||||||
Net loss from continuing operations attributable to Air T, Inc. Stockholders | ( i 2,924) | ( i 2,409) | ( i 3,765) | ( i 792) | |||||||||||||||||||
Loss from continuing operations per share: | |||||||||||||||||||||||
Basic | $ | ( i 1.01) | $ | ( i 0.80) | $ | ( i 1.31) | $ | ( i 0.30) | |||||||||||||||
Diluted | $ | ( i 1.01) | $ | ( i 0.80) | $ | ( i 1.31) | $ | ( i 0.30) | |||||||||||||||
Antidilutive shares excluded from computation of loss per share from continuing operations | i 5 | i 4 | i 5 | i 4 | |||||||||||||||||||
Loss from discontinued operations, net of tax | i — | ( i 235) | i — | ( i 70) | |||||||||||||||||||
Gain on sale of discontinued operations, net of tax | i 4 | i 8,359 | i 4 | i 8,359 | |||||||||||||||||||
Income from discontinued operations attributable to Air T, Inc. stockholders | i 4 | i 8,124 | i 4 | i 8,289 | |||||||||||||||||||
Income from discontinued operations per share: | |||||||||||||||||||||||
Basic | $ | i — | $ | i 2.69 | $ | i — | $ | i 3.14 | |||||||||||||||
Diluted | $ | i — | $ | i 2.68 | $ | i — | $ | i 3.13 | |||||||||||||||
(Loss) Income per share: | |||||||||||||||||||||||
Basic | $ | ( i 1.01) | $ | i 1.89 | $ | ( i 1.31) | $ | i 2.84 | |||||||||||||||
Diluted | $ | ( i 1.01) | $ | i 1.88 | $ | ( i 1.31) | $ | i 2.83 | |||||||||||||||
Antidilutive shares excluded from computation of loss per share | i 5 | i — | i 5 | i — | |||||||||||||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||||||||
Basic | i 2,882 | i 3,025 | i 2,882 | i 2,641 | |||||||||||||||||||
Diluted | i 2,882 | i 3,029 | i 2,882 | i 2,645 |
(In thousands) | September 30, 2020 | March 31, 2020 | ||||||
Assets: | ||||||||
Exchange-traded options & futures | i | i | ||||||
Other current assets | $ | i 100 | $ | i 6 | ||||
Total assets | i 100 | i 6 | ||||||
Liabilities: | ||||||||
Exchange-traded options & futures | i | i | ||||||
Accrued Expenses and other | i 71 | i 36 | ||||||
Total liabilities | $ | i 71 | $ | i 36 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||
Revenue | $ | i 12,138 | $ | i 29,885 | $ | i 34,074 | $ | i 60,222 | |||||||||||||||
Gross Profit | i 1,161 | i 2,558 | i 1,966 | i 3,617 | |||||||||||||||||||
Operating loss | ( i 1,814) | ( i 1,045) | ( i 4,192) | ( i 3,371) | |||||||||||||||||||
Net loss | ( i 1,925) | ( i 1,122) | ( i 4,211) | ( i 3,971) | |||||||||||||||||||
Net loss attributable to Air T, Inc. stockholders | $ | ( i 542) | $ | ( i 166) | $ | ( i 1,112) | $ | ( i 488) |
September 30, 2020 | March 31, 2020 | ||||||||||
Ground equipment manufacturing: | |||||||||||
Raw materials | $ | i 5,628 | $ | i 4,192 | |||||||
Work in process | i 3,933 | i 2,731 | |||||||||
Finished goods | i 3,007 | i 1,725 | |||||||||
Corporate and Other: | |||||||||||
Raw materials | i 565 | i 464 | |||||||||
Finished goods | i 891 | i 910 | |||||||||
Commercial jet engines and parts | i 57,811 | i 51,084 | |||||||||
Total inventories | $ | i 71,835 | $ | i 61,106 | |||||||
Reserves | ( i 870) | ( i 483) | |||||||||
Total inventories, net of reserves | $ | i 70,965 | $ | i 60,623 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating lease cost | $ | i 481 | $ | i 514 | $ | i 1,052 | $ | i 920 | |||||||||||||||
Short-term lease cost | i 139 | i 50 | i 201 | i 255 | |||||||||||||||||||
Variable lease cost | i 216 | i 71 | i 291 | i 207 | |||||||||||||||||||
Sublease income | i — | i — | i — | i — | |||||||||||||||||||
Total lease cost | $ | i 836 | $ | i 635 | $ | i 1,544 | $ | i 1,382 |
September 30, 2020 | March 31, 2020 | ||||||||||
Operating leases | |||||||||||
Operating lease right-of-use assets | $ | i 8,097 | $ | i 8,116 | |||||||
Operating lease liabilities | i 8,722 | i 8,647 | |||||||||
Weighted-average remaining lease term | i 13 years, 9 months | i 14 years, 4 months | |||||||||
Operating leases | |||||||||||
Weighted-average discount rate | i 4.4 | % | i 4.5 | % | |||||||
Operating leases |
Operating Leases | |||||
2021 (excluding the six months ended September 30, 2020) | $ | i 879 | |||
2022 | i 1,619 | ||||
2023 | i 1,440 | ||||
2024 | i 1,071 | ||||
2025 | i 746 | ||||
2026 | i 537 | ||||
Thereafter | i 5,850 | ||||
Total undiscounted lease payments | $ | i 12,142 | |||
Less: Interest | ( i 2,877) | ||||
Less: Discount | ( i 543) | ||||
Total lease liabilities | $ | i 8,722 |
(In Thousands) | September 30, 2020 | March 31, 2020 | Maturity Date | Interest Rate | Unused commitments | ||||||||||||||||||||||||
Air T Debt | |||||||||||||||||||||||||||||
Revolver - MB&T | $ | i 942 | $ | i — | August 31, 2021 | Greater of i 2.5% or Prime - i 1% | $ | i 16,058 | |||||||||||||||||||||
Supplemental Revolver- MBT | i — | i 9,550 | June 30, 2020 | Greater of 1-month LIBOR + i 1.25% and i 3% | |||||||||||||||||||||||||
Term Note A - MB&T | i 7,250 | i 7,750 | January 1, 2028 | 1-month LIBOR + i 2% | |||||||||||||||||||||||||
Term Note B - MB&T | i 3,625 | i 3,875 | January 1, 2028 | i 4.50% | |||||||||||||||||||||||||
Term Note D - MB&T | i 1,506 | i 1,540 | January 1, 2028 | 1-month LIBOR + i 2% | |||||||||||||||||||||||||
Term Note E - MBT | i 8,451 | i — | June 25, 2025 | Greater of LIBOR + i 1.5% or i 2.5% | |||||||||||||||||||||||||
Debt - Trust Preferred Securities | i 12,877 | i 12,877 | June 7, 2049 | i 8.00% | |||||||||||||||||||||||||
PPP Loan | i 8,215 | i — | April 10, 2022 | i 1.00% | |||||||||||||||||||||||||
Total | i 42,866 | i 35,592 | |||||||||||||||||||||||||||
AirCo 1 Debt | |||||||||||||||||||||||||||||
Revolver - MB&T | i 7,500 | i 8,335 | August 31, 2021 | Greater of i 6.50% or Prime + i 2% | i — | ||||||||||||||||||||||||
Total | i 7,500 | i 8,335 | |||||||||||||||||||||||||||
Contrail Debt | |||||||||||||||||||||||||||||
Revolver - ONB | i 21,764 | i 21,284 | September 5, 2021 | 1-month LIBOR + i 3.45% | i 18,236 | ||||||||||||||||||||||||
Term Loan A - ONB | i 5,602 | i 6,285 | January 26, 2021 | 1-month LIBOR + i 3.75% | |||||||||||||||||||||||||
Term Loan E - ONB | i 5,171 | i 6,320 | December 1, 2022 | 1-month LIBOR + i 3.75% | |||||||||||||||||||||||||
Term Loan F - ONB | i 7,933 | i 8,358 | May 1, 2025 | 1-month LIBOR + i 3.75% | |||||||||||||||||||||||||
Total | i 40,470 | i 42,247 | |||||||||||||||||||||||||||
Delphax Solutions Debt | |||||||||||||||||||||||||||||
Canadian Emergency Business Account Loan | i 30 | i — | December 31, 2025 | i 5.00% | |||||||||||||||||||||||||
Total | i 30 | i — | |||||||||||||||||||||||||||
Total Debt | i 90,866 | i 86,174 | |||||||||||||||||||||||||||
Less: Unamortized Debt Issuance Costs | ( i 253) | ( i 354) | |||||||||||||||||||||||||||
Total Debt, net | $ | i 90,613 | $ | i 85,820 |
Due by | Amount | |||||||
September 30, 2021 | $ | i 46,363 | ||||||
September 30, 2022 | i 8,791 | |||||||
September 30, 2023 | i 3,842 | |||||||
September 30, 2024 | i 3,267 | |||||||
September 30, 2025 | i 11,152 | |||||||
Thereafter | i 17,451 | |||||||
i 90,866 | ||||||||
Less: Unamortized Debt Issuance Costs | ( i 253) | |||||||
$ | i 90,613 |
Fair
Value Measurement as of September 30, 2020 | |||||
Warrant liability (Level 2) | $ | i 485 |
September 30, 2020 | March 31, 2020 | ||||||||||
United States | $ | i 11,215 | $ | i 19,086 | |||||||
Foreign | i 12,944 | i 14,131 | |||||||||
Total tangible long-lived assets, net | $ | i 24,159 | $ | i 33,217 |
September 30, 2020 | March 31, 2020 | ||||||||||
Spain | $ | i 10,363 | $ | i — | |||||||
Netherlands | i 2,574 | i 4,778 | |||||||||
Estonia | i — | i 7,408 | |||||||||
Mexico | i — | i 1,845 | |||||||||
Other | i 7 | i 100 | |||||||||
Total tangible long-lived assets, net | $ | i 12,944 | $ | i 14,131 |
September 30, 2020 | September 30, 2019 | ||||||||||
United States | $ | i 67,163 | $ | i 75,891 | |||||||
Foreign | i 5,413 | i 21,990 | |||||||||
Total revenue | $ | i 72,576 | $ | i 97,881 |
(In Thousands) | Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating Revenues by Segment: | |||||||||||||||||||||||
Overnight Air Cargo | $ | i 17,295 | $ | i 19,745 | $ | i 33,466 | $ | i 38,064 | |||||||||||||||
Ground Equipment Sales: | |||||||||||||||||||||||
Domestic | i 10,996 | i 12,102 | i 26,807 | i 22,961 | |||||||||||||||||||
International | i 1,064 | i 639 | i 1,081 | i 2,030 | |||||||||||||||||||
Total Ground Equipment Sales | i 12,060 | i 12,741 | i 27,888 | i 24,991 | |||||||||||||||||||
Commercial Jet Engines and Parts: | |||||||||||||||||||||||
Domestic | i 4,155 | i 6,102 | i 6,625 | i 14,288 | |||||||||||||||||||
International | i 1,959 | i 11,699 | i 4,183 | i 19,840 | |||||||||||||||||||
Total Commercial Jet Engines and Parts | i 6,114 | i 17,801 | i 10,808 | i 34,128 | |||||||||||||||||||
Corporate and other: | |||||||||||||||||||||||
Domestic | i 67 | i 332 | i 264 | i 556 | |||||||||||||||||||
International | i 68 | i 74 | i 150 | i 142 | |||||||||||||||||||
Total Corporate and other | i 135 | i 406 | i 414 | i 698 | |||||||||||||||||||
Total | $ | i 35,604 | $ | i 50,693 | $ | i 72,576 | $ | i 97,881 | |||||||||||||||
Operating Income (Loss): | |||||||||||||||||||||||
Overnight Air Cargo | i 573 | i 254 | i 1,127 | i 271 | |||||||||||||||||||
Ground Equipment Sales | i 924 | i 1,221 | i 3,140 | i 2,568 | |||||||||||||||||||
Commercial Jet Engines and Parts | ( i 2,275) | i 1,083 | ( i 3,177) | i 2,971 | |||||||||||||||||||
Corporate and other | ( i 2,906) | ( i 2,092) | ( i 5,039) | ( i 4,345) | |||||||||||||||||||
Total | $ | ( i 3,684) | $ | i 466 | $ | ( i 3,949) | $ | i 1,465 | |||||||||||||||
Capital Expenditures: | |||||||||||||||||||||||
Overnight Air Cargo | i 93 | i 26 | i 144 | i 56 | |||||||||||||||||||
Ground Equipment Sales | i — | i 286 | i 111 | i 10 | |||||||||||||||||||
Commercial Jet Engines and Parts | i 1,054 | i 16,005 | i 1,510 | i 17,656 | |||||||||||||||||||
Corporate and other | i — | i 51 | i 28 | i 72 | |||||||||||||||||||
Total | $ | i 1,147 | $ | i 16,368 | $ | i 1,793 | $ | i 17,794 | |||||||||||||||
Depreciation and Amortization: | |||||||||||||||||||||||
Overnight Air Cargo | i 19 | i 19 | i 35 | i 37 | |||||||||||||||||||
Ground Equipment Sales | i 46 | i 57 | i 114 | i 102 | |||||||||||||||||||
Commercial Jet Engines and Parts | i 978 | i 1,457 | i 1,360 | i 3,192 | |||||||||||||||||||
Corporate and other | i 106 | i 162 | i 249 | i 304 | |||||||||||||||||||
Total | $ | i 1,149 | $ | i 1,695 | $ | i 1,758 | $ | i 3,635 |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Overnight Air Cargo | $ | 17,295 | $ | 19,745 | $ | (2,450) | (12) | % | |||||||||||||||
Ground Equipment Sales | 12,060 | 12,741 | (681) | (5) | % | ||||||||||||||||||
Commercial Jet Engines and Parts | 6,114 | 17,801 | (11,687) | (66) | % | ||||||||||||||||||
Corporate and Other | 135 | 406 | (271) | (67) | % | ||||||||||||||||||
$ | 35,604 | $ | 50,693 | $ | (15,089) | (30) | % |
Three Months Ended September 30, 2020 | Change | ||||||||||||||||
2020 | 2019 | ||||||||||||||||
Overnight Air Cargo | $ | 573 | $ | 254 | $ | 319 | |||||||||||
Ground Equipment Sales | 924 | 1,221 | (297) | ||||||||||||||
Commercial Jet Engines and Parts | (2,275) | 1,083 | (3,358) | ||||||||||||||
Corporate and Other | (2,906) | (2,092) | (814) | ||||||||||||||
$ | (3,684) | $ | 466 | $ | (4,150) |
Three
Months Ended September 30, | Change | ||||||||||||||||
2020 | 2019 | ||||||||||||||||
Other-than-temporary impairment loss on investments | $ | — | $ | (395) | $ | 395 | |||||||||||
Interest expense | (1,081) | (2,047) | 966 | ||||||||||||||
Gain on settlement of bankruptcy | — | 18 | (18) | ||||||||||||||
Loss from equity method investments | (498) | (34) | (464) | ||||||||||||||
Other | 359 | (426) | 785 | ||||||||||||||
$ | (1,220) | $ | (2,884) | $ | 1,664 |
Six
Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Overnight Air Cargo | $ | 33,466 | $ | 38,064 | $ | (4,598) | (12) | % | |||||||||||||||
Ground Equipment Sales | 27,888 | 24,991 | 2,897 | 12 | % | ||||||||||||||||||
Commercial Jet Engines and Parts | 10,808 | 34,128 | (23,320) | (68) | % | ||||||||||||||||||
Corporate and Other | 414 | 698 | (284) | (41) | % | ||||||||||||||||||
$ | 72,576 | $ | 97,881 | $ | (25,305) | (26) | % |
Six
Months Ended September 30, | Change | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Overnight Air Cargo | $ | 1,127 | $ | 271 | $ | 856 | ||||||||||||||
Ground Equipment Sales | 3,140 | 2,568 | 572 | |||||||||||||||||
Commercial Jet Engines and Parts | (3,177) | 2,971 | (6,148) | |||||||||||||||||
Corporate and Other | (5,039) | (4,345) | (694) | |||||||||||||||||
$ | (3,949) | $ | 1,465 | $ | (5,414) |
Six
Months Ended September 30, | Change | ||||||||||||||||
2020 | 2019 | ||||||||||||||||
Other-than-temporary impairment loss on investments | $ | — | $ | (1,210) | $ | 1,210 | |||||||||||
Interest expense | (2,242) | (3,071) | 829 | ||||||||||||||
Gain on settlement of bankruptcy | — | 4,527 | (4,527) | ||||||||||||||
Loss from equity method investments | (1,056) | (355) | (701) | ||||||||||||||
Other | 1,086 | (156) | 1,242 | ||||||||||||||
$ | (2,212) | $ | (265) | $ | (1,947) |
Six Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Net Cash (Used in) Provided by Operating Activities | (5,622) | 603 | |||||||||
Net Cash (Used in) Provided by Investing Activities | (615) | 1,933 | |||||||||
Net Cash Provided by Financing Activities | 3,662 | 12,327 | |||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | (127) | 26 | |||||||||
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (2,702) | 14,889 |
Three months ended | Six months ended | |||||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||
Operating income from continuing operations | $ | (3,684) | $ | 466 | $ | (3,949) | $ | 1,465 | ||||||||||||||||||
Depreciation and amortization (excluding leased engines depreciation) | 305 | 344 | 658 | 647 | ||||||||||||||||||||||
Asset impairment, restructuring or impairment charges | 664 | 402 | 664 | 409 | ||||||||||||||||||||||
(Gains)/Losses on disposition of assets | (3) | 1 | (4) | (3) | ||||||||||||||||||||||
Security issuance expenses | — | 34 | — | 269 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (2,718) | $ | 1,247 | $ | (2,631) | $ | 2,787 |
Three months ended | Six months ended | |||||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||
Overnight Air Cargo | $ | 596 | $ | 273 | $ | 1,166 | $ | 309 | ||||||||||||||||||
Ground Equipment Sales | 970 | 1,285 | 3,254 | 2,685 | ||||||||||||||||||||||
Commercial Jet Engines and Parts | (1,614) | 1,190 | (2,390) | 3,171 | ||||||||||||||||||||||
Corporate and Other | (2,670) | (1,501) | (4,661) | (3,378) | ||||||||||||||||||||||
Adjusted EBITDA | $ | (2,718) | $ | 1,247 | $ | (2,631) | $ | 2,787 |
No. | Description | ||||
10.1 | Form
of Third Amendment to Supplement #2 to Master Loan Agreement with Exhibit A, dated September 25, 2020 by and between Contrail Aviation Support, LLC and Old National Bank (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated September 30, 2020) (Commission File No. 001-35476) | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101 | The
following financial information from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements. |
AIR T, INC. | ||||||||
Date: November 12, 2020 | ||||||||
/s/ Nick Swenson | ||||||||
Nick Swenson, Chief Executive Officer and Director | ||||||||
/s/ Brian Ochocki | ||||||||
Brian Ochocki, Chief Financial Officer | ||||||||
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/28 | ||||
12/31/25 | ||||
9/30/25 | ||||
6/25/25 | ||||
5/1/25 | ||||
9/30/24 | ||||
9/30/23 | ||||
12/31/22 | ||||
12/1/22 | ||||
9/30/22 | ||||
4/10/22 | ||||
3/31/22 | ||||
9/30/21 | 10-Q | |||
9/5/21 | ||||
8/31/21 | ||||
7/18/21 | ||||
1/26/21 | ||||
1/15/21 | ||||
12/31/20 | 10-Q, 10-Q/A, 4, 4/A, SD | |||
12/15/20 | ||||
Filed on: | 11/12/20 | |||
10/30/20 | ||||
For Period end: | 9/30/20 | 8-K | ||
9/25/20 | ||||
9/8/20 | ||||
9/2/20 | 424B3, 8-K | |||
6/30/20 | 10-Q | |||
4/10/20 | ||||
4/1/20 | SC 13D/A | |||
3/31/20 | 10-K, SC 13D/A | |||
1/14/20 | ||||
1/1/20 | ||||
11/8/19 | 8-K | |||
9/30/19 | 10-Q, 8-K | |||
6/30/19 | 10-Q | |||
6/24/19 | 8-K | |||
6/11/19 | ||||
6/10/19 | 424B1, 8-K, EFFECT | |||
6/4/19 | 8-A12B, CORRESP, S-1/A | |||
3/31/19 | 10-K, DEF 14A | |||
8/1/18 | ||||
8/8/17 | ||||
11/24/15 | ||||
5/14/14 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/19/21 Air T Funding 424B5 1:726K RDG Filings/FA 8/09/21 Air T Funding 424B5 1:732K RDG Filings/FA 6/25/21 Air T Inc. 10-K 3/31/21 118:28M 5/14/21 Air T Funding 424B5 1:713K RDG Filings/FA 3/22/21 Air T Inc. 424B3 1:592K RDG Filings/FA 3/11/21 Air T Inc. S-3 3/10/21 3:764K RDG Filings/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/30/20 Air T Inc. 8-K:1,2,9 9/30/20 4:981K |