Air T Reports Unaudited Third Quarter Results
MAIDEN, N.C., Feb. 1 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq: AIRT) today reported consolidated net earnings of $1,247,000 ( $0.51 per diluted share) for fiscal 2010's third quarter ended December 31, 2009, compared to consolidated net earnings of $974,000 ( $0.40 per diluted share) for the third quarter of fiscal 2009. The Company also reported year-to-date earnings for the nine months of $3,212,000 ( $1.32 per diluted share) compared to $3,636,000 ( $1.50 per diluted share) for the similar fiscal 2009 period.
Consolidated revenues for fiscal 2010's third quarter were $22,321,000, a decrease of 5% compared to the similar 2009 fiscal quarter. Consolidated revenues for the first nine months of the 2010 fiscal year were $61,411,000 or 12% lower than the prior year comparable period. At December 31, 2009, the backlog at Global Ground Support, the Company's ground support equipment business, was $5.7 million, compared to $12.2 million at December 31, 2008.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "While we are not pleased with the decrease in revenues and backlog this quarter, we are satisfied with the third quarter profitability of Air T. We have experienced a slowing in the commercial deicer business and at the same time we are awaiting information from the U.S. Air Force regarding unit orders for next year under our new deicer contract. These two factors have contributed to a low backlog for Global Ground Support at this time. It is difficult to predict when this trend will reverse, considering the current economic environment that we are operating in. On a positive note, operating levels at our air cargo delivery business stabilized as we saw no further reduction in the number of aircraft that we operate for FedEx this past quarter. In addition, we continued to experience growth in revenues and profits from our Global Aviation Services segment."
"In this uncertain economy, I want to reiterate that we are continuing our focus on conserving cash, controlling costs, tightening our credit policies and maintaining our customer and vendor relationships," Clark continued.
FINANCIAL HIGHLIGHTS (In thousands, except per share data) Three Months Ended Nine Months Ended ------------------- ------------------- 12/31/09 12/31/08 12/31/09 12/31/08 -------- -------- -------- -------- Operating Revenues $22,321 $23,538 $61,411 $69,967 ======== ======== ======== ======== Net Earnings $1,247 $974 $3,212 $3,636 ======== ======== ======== ======== Net Earnings Per Share - Diluted $0.51 $0.40 $1.32 $1.50 ======== ======== ======== ========Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft nightly in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers. For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2009 to be filed today with the Securities and Exchange Commission. Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov. Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, future economic conditions, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE Air T, Inc.
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