MAIDEN, N.C., Aug. 7, 2013 /PRNewswire/ -- Air T, Inc. (Air T) (NASDAQ: AIRT) today reported consolidated net earnings of $139,000 ($0.06 per diluted share) for fiscal 2014's first quarter ended June 30, 2013 compared to consolidated net earnings of $417,000 ($0.17 per diluted share) for the similar fiscal 2013 period.
Consolidated revenues decreased $3,208,000 (13%) to $21,280,000 for the quarter ended June 30, 2013 compared to the same quarter in the prior fiscal year. This decrease resulted principally from a $5,507,000 (51%) decrease in our ground equipment sales segment revenues resulting primarily from decreased military sales in the quarter. The segment produced an operating margin of $6,000 for the quarter, a $298,000 decline from the operating income for the comparable prior year quarter. At June 30, 2013, ground equipment sales backlog was $12.7 million, compared to $12.0 million at June 30, 2012 and $6.5 million at March 31, 2013. Our ground support services revenues increased by $624,000 (21%) as a result of increases in customers and new locations over last year's quarter. Revenues of our air cargo segment were $12,408,000 for the quarter ended June 30, 2013, a 16% increase from the segment's revenues in the prior year quarter, due primarily to an increase in maintenance pass through costs to our customer.
Walter Clark, Chief Executive Officer of Air T, commented, "The first quarter was a challenge for Air T. Our ground support services segment was a bright spot as it continued its momentum with growth at both the revenue and operating income lines. Our air cargo segment had a solid quarter although it was hindered by losing one aircraft from its fleet and by increasing facility rent and repair costs. The ground equipment sales segment had a difficult first quarter with a significant reduction in revenues. I am pleased at the continued improvement in plant efficiency with significant gains in gross margins over the prior year first quarter."
(In thousands, except per share data)
Net Earnings Per Share - Diluted
Average Common Shares Outstanding - Diluted
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 and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily 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 June 30, 2013 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, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under our contract with the United States Air Force, 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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