MAIDEN, N.C., Nov. 5, 2010 /PRNewswire-FirstCall/ -- Air T, Inc. (Nasdaq Capital Market: AIRT) today reported consolidated net earnings of $546,000 ($0.22 per diluted share) for fiscal 2011's second quarter ended September 30, 2010, compared to consolidated net earnings of $847,000 ($0.35 per diluted share) for the prior year second quarter. The Company also reported year-to-date earnings for the six months of $845,000 ($.34 per diluted share) compared to $1,965,000 ($.81 per diluted share) for the similar prior year period.
Consolidated revenues for fiscal 2011's second quarter were $20,171,000, a less than 1% increase compared to the similar prior year quarter. Consolidated revenues for the first six months of the 2011 fiscal year were $35,195,000, a 10% decrease from the prior year comparable period. Revenues for the first half of the fiscal year reflected a decrease in our Global Ground Support subsidiary revenues as no deicer units have been delivered this year under our contract with the U.S. Air Force. We have received orders from the Air Force which represent $4.9 million of our backlog at September 30, 2010. At September 30, 2010, total backlog was $14.6 million compared to $8.8 million at June 30, 2010 and $13.6 million at September 30, 2009.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "While we are still not satisfied with the results of our second quarter, we are encouraged by the improvement in revenues and profitability this quarter over our first quarter and we are further encouraged by the growth in our backlog this quarter. While the lack of orders under the contract with the Air Force has hurt our results this year, we also note that we have experienced increases in both domestic and international commercial deicer orders this year. We are also excited about the recently awarded contract to provide flight line tow tractors to the U.S. Air Force as this represents a new line of products to one of our largest customers. Finally, with regard to our air cargo business, we are delighted to have four new aircraft in our shop for heavy maintenance and expect that will have a positive influence on our operating results for the remainder of this fiscal year."
FINANCIAL HIGHLIGHTS (In thousands, except per share data) |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||
09/30/10 |
09/30/09 |
09/30/10 |
09/30/09 |
||||||
Operating Revenues |
$ 20,171 |
$ 20,142 |
$ 35,195 |
$ 39,090 |
|||||
Net Earnings |
$ 546 |
$ 847 |
$ 845 |
$ 1,965 |
|||||
Net Earnings Per Share - Diluted |
$ 0.22 |
$ 0.35 |
$ 0.34 |
$ 0.81 |
|||||
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 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 September 30, 2010 filed earlier 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, 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.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article