Air t, inc. (AIRT)
Balance Sheet / Quarterly
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
ASSETS
Current Assets:
Cash and cash equivalents

11,536

27,434

16,196

12,417

2,729

5,612

5,746

4,803

7,985

1,358

1,888

2,763

1,621

2,191

3,969

5,345

5,287

4,207

8,360

14,165

8,816

209

3,533

3,758

6,872

3,673

7,824

9,197

9,538

5,756

4,726

5,814

6,860

4,290

6,660

6,515

Marketable securities

1,845

1,423

1,752

1,760

2,457

2,341

1,055

290

1,363

2,210

1,979

2,130

3,196

2,526

4,780

4,944

3,921

2,139

1,541

5,278

-

4,847

1,036

1,460

-

-

-

0

-

-

-

-

-

-

-

-

Restricted cash

10,069

102

68

123

907

18

18

269

890

890

890

890

820

824

824

820

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted investments

1,008

1,018

796

831

135

1,062

1,119

1,235

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Short-term investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

51

Accounts receivable, net of allowance for doubtful accounts of $394 and $408

15,828

18,464

23,723

10,881

17,881

18,634

19,120

15,157

16,718

20,000

20,795

18,923

15,239

21,932

11,230

12,303

14,969

17,880

10,318

9,534

-

16,713

9,815

10,247

10,019

13,140

11,069

11,687

8,515

8,308

10,508

8,952

10,935

12,211

6,680

11,690

Notes and other receivables-current

-

-

7,170

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Costs and estimated earnings in excess of billings on uncompleted projects

-

-

-

-

-

-

-

2,012

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Costs and estimated earnings in excess of billings on uncompleted projects

-

-

-

-

-

0

0

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes and other receivables-current

-

-

-

-

-

-

2,880

658

1,183

2,054

1,487

2,297

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment securities available for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,602

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts receivable, less allowance for doubtful accounts of $216,107 and $150,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,328

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes and other receivables-current

-

-

-

-

-

-

-

-

-

-

-

-

1,318

2,211

1,056

592

954

705

559

816

1,212

1,245

1,380

1,628

146

133

286

145

46

43

41

64

40

6

16

78

Income tax receivable

1,504

1,030

883

142

1,940

2,109

1,351

1,557

1,006

1,054

47

402

1,582

1,105

1,136

719

0

0

797

195

-

-

739

761

315

470

523

287

5

327

500

642

358

524

447

-

Inventories, net

68,116

40,370

36,528

27,455

39,585

29,450

27,619

34,231

19,667

18,131

25,352

19,778

20,946

17,667

15,199

12,274

11,557

9,900

11,499

7,789

7,976

8,918

15,035

12,239

11,775

13,126

11,354

8,181

13,436

13,924

13,320

13,450

11,545

12,705

13,138

11,538

Other current assets

-

-

-

-

4,298

3,393

-

-

-

-

-

-

-

-

-

-

-

-

-

-

192

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Tax Assets, Net of Valuation Allowance, Current

-

-

-

-

-

-

-

-

-

-

-

-

71

117

155

291

216

589

436

278

18

210

241

210

410

410

410

410

430

430

430

430

428

406

406

406

Prepaid expenses and other

-

-

-

-

1,680

1,919

1,147

1,455

1,435

1,306

1,432

1,672

1,192

1,172

1,192

1,668

1,189

450

334

612

574

-

-

845

-

-

-

-

-

-

-

-

-

-

-

-

Other current assets

7,302

9,232

1,795

6,138

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

537

510

-

-

-

-

-

-

-

-

-

-

-

-

-

Current assets of discontinued operations

0

0

-

11,601

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

977

1,512

514

619

527

457

562

761

664

519

199

428

Total current assets

117,208

99,073

88,916

71,348

71,616

64,543

60,059

61,671

50,249

47,007

53,874

48,859

45,990

49,749

39,546

38,959

38,095

35,875

33,848

38,670

37,529

32,681

32,292

31,151

30,516

32,465

31,981

30,528

32,500

29,247

30,089

30,114

30,832

30,665

27,548

30,707

Assets on lease, net of accumulated depreciation of $5,780 and $6,689

15,825

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assets on lease, net of accumulated depreciation of $5,780 and $6,689

-

21,019

17,982

25,164

26,920

-

-

15,664

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Property and equipment, net of accumulated depreciation of $4,104 and $3,470

4,172

4,310

4,752

4,264

4,904

37,071

19,417

4,608

18,138

12,675

5,359

5,324

5,168

4,899

4,813

4,577

4,516

3,832

2,598

2,571

2,796

4,097

3,037

3,986

3,973

4,079

3,425

3,472

1,859

1,898

1,914

2,981

1,739

1,677

1,530

1,189

Right-of-use assets

8,458

7,154

10,071

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assets held for sale, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

452

646

-

-

-

-

-

-

-

-

-

-

-

-

-

Total property and equipment, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,550

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Property and Equipment, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,683

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash surrender value of life insurance policies, net of policy loans

163

80

101

122

562

481

2,372

2,356

2,369

2,272

2,265

2,251

2,264

2,112

2,118

2,100

2,110

2,005

2,010

1,990

2,004

1,892

1,904

1,887

1,832

1,798

1,798

1,781

1,734

1,717

1,700

1,683

1,642

1,625

1,608

1,591

Other tax receivables-long-term

0

0

0

311

311

311

311

311

0

0

0

66

0

0

0

103

-

-

-

-

-

-

33

59

77

114

131

158

-

-

113

191

191

231

307

288

Deferred income tax assets

261

781

600

548

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

-

-

-

155

0

0

204

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-64

-

227

365

365

365

Investments in funds

-

-

318

-

278

342

314

324

227

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investments in securities

1,438

785

557

1,086

356

3,045

2,840

1,026

2,268

1,966

1,724

2,463

2,876

3,934

3,603

4,711

4,744

4,136

4,368

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity method investments

5,481

4,046

4,475

5,611

5,666

5,465

5,238

5,032

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

316

284

297

200

598

687

772

420

1,028

899

786

371

402

385

291

317

289

271

290

224

-

233

138

135

120

118

126

114

111

111

19

112

107

100

79

79

Intangible assets, net of accumulated amortization of $2,303 and $2,097

826

898

1,161

998

1,271

1,347

1,371

1,312

1,156

1,225

1,300

1,376

1,139

863

0

1,109

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Goodwill

4,227

4,227

4,417

4,227

4,417

4,417

4,417

4,417

4,417

4,417

4,417

4,417

4,185

3,986

0

275

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-current assets of discontinued operations

0

0

-

1,264

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Assets

158,375

142,657

133,650

115,143

116,903

117,713

97,114

97,146

80,011

70,463

69,728

65,335

62,028

65,931

50,373

52,154

49,757

46,120

43,116

43,456

42,523

39,358

38,052

37,220

36,520

38,576

37,463

36,054

36,205

32,974

33,837

35,083

34,740

34,665

31,440

34,220

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable

11,105

12,540

13,296

11,409

10,960

14,730

14,887

10,181

9,575

12,003

10,828

11,571

9,054

10,409

8,896

7,003

5,629

7,733

5,355

4,715

6,398

5,628

6,426

6,426

6,202

7,641

7,597

5,741

5,808

4,120

4,802

5,999

5,287

6,560

3,759

6,100

Income tax payable

0

940

550

888

23

34

23

23

-

-

-

0

0

0

0

11

872

903

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

72

Employee-related Liabilities, Current

-

-

2,729

-

-

-

-

7,632

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advanced customer deposits

-

9,996

2,794

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses and other

12,624

1,380

1,254

14,175

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Customer deposits

-

-

-

-

-

-

-

590

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Accrued Liabilities, Current

-

-

3,905

-

-

-

-

3,521

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income

-

295

5,599

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

496

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses (Delphax $3,127,229 and $3,244,514)*

-

-

-

-

12,151

13,769

10,418

-

8,112

9,206

8,820

8,672

6,706

7,829

8,035

6,842

5,456

3,387

3,585

3,529

3,736

2,475

2,581

2,592

3,066

2,085

2,262

2,120

2,607

1,702

2,111

1,966

2,359

1,587

1,752

1,799

Current portion of long-term debt

51,504

29,836

27,774

24,735

33,437

15,242

-

9,229

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Short-term lease liability

1,134

1,131

2,486

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current liabilities of discontinued operations

0

0

-

1,587

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Short-term debt

-

-

-

-

-

-

9,544

-

2,500

1,625

2,225

25

1,163

1,815

2,177

1,859

208

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of long-term obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

5

8

Total Current Liabilities

76,367

56,118

60,391

52,794

56,572

43,776

34,873

31,177

20,188

22,835

21,874

20,268

16,925

20,054

19,109

15,717

12,165

12,024

8,940

8,245

10,631

8,121

9,007

9,018

9,269

9,726

9,860

7,861

8,416

5,823

6,914

7,966

7,646

8,149

5,517

7,980

Long-term debt

39,995

45,544

36,285

32,918

33,361

44,123

31,322

38,855

32,304

20,247

20,863

18,412

18,358

20,761

3,320

4

11

1,381

4,981

5,000

-

1,330

863

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income tax liabilities

1,604

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term lease liability

7,779

6,446

8,071

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

783

-

-

-

-

-

-

-

-

-

-

Deferred tax liabilities

-

-

-

-

641

689

681

92

0

81

27

8

546

546

546

546

416

416

416

416

842

842

842

842

69

69

69

69

64

64

-

64

-

-

-

-

Other non-current liabilities

1,039

1,202

1,229

597

1,012

775

719

785

2,375

2,131

2,085

3,039

2,992

2,933

24

615

53

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities, Total

126,784

109,310

105,978

86,309

91,587

89,364

67,596

70,910

54,868

45,295

44,852

41,728

38,822

44,295

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redeemable Noncontrolling Interest, Equity, Carrying Amount

8,190

6,000

6,685

5,476

2,998

2,583

2,445

1,992

1,997

1,796

1,712

1,443

1,127

1,079

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Commitments and contingencies (Note 15)

-

-

-

-

-

0

0

-

0

0

0

0

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,821

14,338

-

0

-

-

0

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,705

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized

0

0

0

0

-

0

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

-

-

0

-

-

-

-

-

-

-

-

0

0

0

0

Common stock, $.25 par value; 4,000,000 shares authorized, 3,023,085 and 2,022,637 shares issued, 2,912,599 and 2,022,637 shares outstanding

756

756

753

506

506

511

510

510

510

510

510

510

510

510

593

593

593

593

593

593

592

588

588

588

588

611

611

611

611

611

611

611

611

611

611

607

Treasury stock, 110,146 shares at $19.58

2,157

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additional paid-in capital

1,029

2,410

1,629

2,866

4,195

4,187

4,171

4,171

4,163

4,171

4,180

4,205

4,268

4,268

4,956

4,956

4,936

4,929

4,929

4,929

4,854

-

-

4,855

-

-

-

-

-

-

-

-

-

-

-

-

Additional paid-in capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,751

4,813

-

5,086

6,333

6,327

6,321

6,315

6,309

6,308

6,308

6,360

6,360

6,360

6,238

Retained earnings

23,180

23,610

17,970

21,191

18,694

22,075

23,418

20,695

19,137

19,851

19,429

18,461

18,227

17,007

23,070

28,821

30,191

27,465

23,671

24,407

25,263

23,815

21,996

21,923

21,506

21,051

20,595

21,191

20,798

20,165

19,938

20,132

20,122

19,543

18,950

19,394

Accumulated other comprehensive loss

-420

-461

-411

-205

-120

-70

-124

-260

117

-381

-171

-212

4

41

-1

-140

-37

-689

-416

-134

339

-90

-59

-7

-

-

-

-

-

-

-

-

-

-

-

-

Total Air T, Inc. Stockholders' Equity

22,388

26,315

19,941

24,358

23,275

26,704

27,977

25,117

23,928

24,152

23,949

22,965

23,011

21,828

28,617

34,230

35,683

32,298

28,778

29,795

31,050

29,064

27,339

27,360

27,182

27,997

27,534

28,124

27,725

27,086

26,858

27,052

27,094

26,515

25,923

26,240

Non-controlling Interests

1,013

1,032

1,045

-1,000

-958

-938

-903

-874

-782

-780

-785

-803

-932

-1,271

-1,244

1,040

1,427

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Equity

23,401

27,347

20,987

23,358

22,317

25,766

27,073

24,243

23,146

23,372

23,163

22,162

22,078

20,556

27,373

35,271

37,111

-

-

29,795

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Liabilities and Equity

158,375

142,657

133,650

115,143

116,903

117,713

97,114

97,146

80,011

70,463

69,728

65,335

62,028

65,931

50,373

52,154

49,757

46,120

43,116

43,456

42,523

39,358

38,052

37,220

36,520

38,576

37,463

36,054

36,205

32,974

33,837

35,083

34,740

34,665

31,440

34,220