Air T, Inc. AIRT Income Statement

Air t, inc. (AIRT)

Income statement / Quarterly

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10
Operating Revenues:
Total
73,300	50,693	55,704	-	55,486	40,867	60,867	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Overnight air cargo
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,051	10,733	13,115	12,062	12,339	10,826	12,371	10,718	10,324	8,920
Ground equipment sales
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,085	10,743	5,804	10,940	11,174	4,170	11,828	10,036	7,018	3,925
Ground support services
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,025	3,010	2,789	2,647	1,946	1,564	1,653	1,558	2,828	2,177
Operating Revenues
-	-	-	-	-	-	-	53,459	44,501	48,861	47,697	43,686	35,769	38,522	30,493	34,580	46,618	44,653	22,358	24,884	30,892	34,624	21,778	25,467	29,834	24,190	21,280	30,710	26,703	21,162	24,488	21,709	25,650	25,460	16,561	25,853	22,313	20,171	15,023

-	-	-	-	-	-	-	53,459	44,501	48,861	47,697	43,686	35,769	38,522	30,493	34,580	46,618	44,653	22,358	24,884	30,892	34,624	21,778	25,467	29,834	24,190	21,280	30,710	26,703	21,162	24,488	21,709	25,650	25,460	16,561	25,853	22,313	20,171	15,023
Operating Expenses:
Overnight air cargo
16,806	17,707	16,518	18,283	16,292	15,350	15,174	17,029	15,538	15,919	14,562	16,731	15,221	15,287	14,420	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Overnight air cargo - flight
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,392	9,823	9,399	6,373	6,276	5,641	5,122	5,179	5,738	5,537	4,618	4,785	5,477	5,139	4,939	4,460	5,504	4,947	4,838	4,584	31,545	-4,522	-4,647	-3,969
Overnight air cargo - maintenance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,535	6,499	5,354	5,208	6,204	6,174	5,497	5,012	6,138	7,510	6,056	6,013	7,441	5,672	5,365	4,663	5,813	5,533	5,733	4,515	29,869	-4,632	-4,172	-3,439
Ground equipment sales
12,960	10,358	9,730	9,233	13,760	10,980	4,937	12,960	10,578	13,273	4,754	7,828	4,345	8,759	3,416	4,830	14,629	15,471	3,129	4,519	9,474	13,623	4,331	5,345	8,585	6,414	4,234	11,168	9,313	5,117	9,411	5,085	9,526	9,953	3,505	44,342	-8,375	-5,763	-3,198
Ground support services
-	-	6,963	-	-	-	7,805	8,397	7,337	6,982	7,418	7,484	6,449	5,762	5,392	5,615	5,358	5,062	4,715	5,334	4,366	3,900	3,893	3,867	3,441	3,348	2,931	2,750	2,520	2,576	2,478	1,892	1,783	1,299	1,116	10,886	-1,150	-2,195	-1,505
Printing equipment and maintenance
51	121	39	60	95	49	145	127	265	1,082	1,501	1,418	948	1,116	6,007	2,235	1,376	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commercial jet engines and parts
29,308	11,050	8,285	22,896	12,268	5,663	20,121	4,967	2,143	3,321	10,069	2,041	1,672	787	0	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Leasing
-	-	-	-	-	-	-	-	-	-	-	-	0	49	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Research and development
-	-	-	-	-	-	-	0	0	0	195	184	107	239	510	561	216	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative
9,499	9,288	10,919	12,746	9,048	7,997	8,584	8,024	7,252	7,276	6,584	6,273	4,960	5,143	5,828	6,089	4,585	3,658	3,806	3,586	3,654	3,748	3,233	3,299	3,775	2,818	2,950	2,976	2,935	2,693	2,697	3,261	2,883	2,654	2,535	18,108	-2,630	-2,485	-2,402
Depreciation, amortization and impairment
-	-	-	-	-	-	-	-	-	529	398	426	411	353	1,989	589	296	192	178	-	221	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
975	1,695	2,026	2,357	2,147	1,697	1,485	-	768	-	-	-	-	-	-	-	-	-	-	-	-	222	216	212	214	181	144	153	136	118	124	172	74	62	53	639	-86	-90	-96
Impairment
4	7	6	7	7	10	10	-	46	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) Loss on sale of property and equipment
23	-1	-2	17	-4	0	0	-	-17	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property and equipment, net
-	-	-	-	-	-	-	-	-	-	-	-	-13	0	0	-44	56	-10	5	-185	780	86	187	-	24	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	-	-	-	-	-	-3	-	-
Operating Expenses
69,580	50,227	54,492	88,139	53,621	41,746	58,263	52,453	43,949	48,385	45,484	42,374	34,129	37,501	37,566	36,894	42,728	39,149	23,407	26,304	28,752	32,028	21,679	24,603	29,038	23,437	21,059	29,973	25,716	20,811	23,834	21,707	24,748	24,542	16,310	-	-	-	-

-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	135,286	-21,394	-19,354	-14,612
Operating Income from continuing operations
3,720	466	1,211	4,475	1,865	-879	2,603	1,005	551	475	2,212	1,311	1,639	1,021	-7,073	-2,314	3,890	5,504	-1,049	-1,419	2,140	2,596	98	863	795	752	220	736	986	350	653	2	901	918	250	1,292	918	816	410
Non-operating Income (Expense):
Gain on sale of marketable securities
-	-	36	-	-	-	0	-	72	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-6	9	429	143	-	-	0	0	-	-	0	8	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign currency gain (loss), net
-	-	35	-	-	-	-2	32	-11	-60	-188	-73	235	33	91	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment loss on investments
1,095	395	814	0	2,000	0	0	0	788	0	771	1,253	0	0	1,502	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized gain
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other investment income (loss), net
-	-	162	-	-	-	-315	-1	50	42	30	1,188	66	48	42	93	0	0	-19	-	0	-	-	-	4	-	-	-	3	3	4	-	-	-	-	-	-	-	-
Equity in income (loss) of associated company
-	-	-	-	-	-	-	-	-	-	-31	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense
1,227	2,047	1,023	819	1,186	714	707	-	538	322	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6	-	-	1	0	-0	0	1	0
Unrealized gain on interest rate swap
-	-	0	-	-	-	97	132	-199	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on settlement of bankruptcy
0	18	4,509	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on asset retirement obligation
-	-	-	-	-	-	-	-	-	562	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bargain purchase acquisition gain
0	14	34	0	0	0	1,983	0	0	0	501	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) from equity method investments
-282	-34	-320	-29	201	160	9	-	89	61	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
81	-440	-	-	-623	354	-	-	-	0	-149	-293	-136	-77	-64	-121	50	-9	0	11	-2	-12	3	-	-	5	7	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense and other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	0	-	-	0	0	-	-	-	-	-	-	-	-	-
Investment income, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5	5	10	12	16	19	38	57
Nonoperating Income (Expense)
-2,523	-2,884	2,619	-619	-3,608	-200	1,065	57	-1,326	283	-608	-438	174	433	-1,287	96	55	-9	-19	0	-1	-12	11	15	-0	4	7	-2	3	2	-1	-3	5	8	12	16	18	37	57
Income (Loss) Before Income Taxes
1,197	-2,418	3,831	3,855	-1,743	-1,079	3,669	1,062	-774	759	1,603	873	1,814	1,454	-8,361	-2,217	3,945	5,494	-1,069	-	2,139	-	-	-	794	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income Taxes (Benefit)
616	-296	-	-	198	-300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (Loss) from continuing operations
581	-2,122	-	-	-1,941	-779	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss from discontinued operations, net of tax
0	-235	-	-	-376	-648	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain/ (Loss) on sale of discontinued operations, net of tax
-222	8,359	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income Before Income Taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,584	110	-	-	757	227	734	989	353	652	-1	906	927	263	-	-	-	-
Income Before Income Taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,309	937	854	467
Income Tax Expense (Benefit)
-	-	-324	-	-	-	387	-400	-60	281	374	573	149	375	-372	-471	1,499	1,701	-333	-563	690	766	38	462	340	301	89	342	357	126	235	-12	328	335	95	615	339	308	169
Net income (loss)
359	6,002	4,155	3,661	-2,317	-1,427	3,282	1,462	-714	478	1,229	300	1,665	1,079	-7,989	-1,746	2,446	3,793	-736	-	1,448	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income from continuing operations attributable to non-controlling interests
789	287	2,373	1,114	398	-106	453	-96	-42	56	261	66	445	-4	-2,237	-376	-279	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Attributable to Air T, Inc. Stockholders
-430	5,715	1,782	2,547	-2,715	-1,321	2,828	1,558	-671	421	968	233	1,220	1,084	-5,751	-1,369	2,725	3,793	-736	-855	1,448	1,818	72	417	454	456	138	392	632	227	417	10	578	592	168	694	598	546	298
Loss from continuing operations per share (Note 6)
Basic (in dollars per share)
-0.07	-0.80	-	-	-0.77	-0.22	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted (in dollars per share)
-0.07	-0.80	-	-	-0.77	-0.22	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from discontinued operations per share (Note 6)
Basic (in dollars per share)
-0.07	2.69	-	-	-0.12	-0.21	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted (in dollars per share)
-0.07	2.68	-	-	-0.12	-0.21	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) per share (Note 6)
Comprehensive Income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	138	-	-	-	-	-	-	-	-	-	-	-	-
Basic (in dollars per share)
-0.14	-	0.79	-	-0.89	-	0.92	0.76	-0.33	0.21	0.47	-0.22	0.60	0.53	-2.42	-0.58	1.15	1.60	-0.31	-0.36	0.61	0.77	0.03	0.17	0.19	0.19	0.06	0.16	0.26	0.09	0.17	0.00	0.24	0.24	0.07	0.28	0.25	0.23	0.12
Diluted (in dollars per share)
-0.14	-	0.79	-	-0.89	-	0.92	0.76	-0.33	0.21	0.47	-0.22	0.60	0.53	-2.42	-0.57	1.14	1.58	-0.31	-0.37	0.61	0.77	0.03	0.17	0.19	0.18	0.06	0.16	0.26	0.09	0.17	0.00	0.24	0.24	0.07	0.29	0.24	0.22	0.12
Dividends Declared Per Share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	0.30	0.00	0.00	0.00	0.25	0.00	0.00	0.00	0.25	0.00	0.00	0.00	0.33
Weighted Average Shares Outstanding:
Basic (in shares)
2,973	3,025	2,252	-1,034	3,042	3,066	3,065	2,042	2,042	2,042	2,042	2,042	2,042	2,042	2,372	2,372	2,372	2,372	2,372	2,370	2,357	2,355	2,355	2,355	2,408	2,446	2,446	2,446	2,446	2,446	2,446	2,446	2,446	2,446	2,436	2,431	2,431	2,431	2,431
Diluted (in shares)
2,973	3,029	2,256	-1,022	3,042	3,066	3,074	2,053	2,042	2,046	2,047	2,032	2,047	2,047	2,372	2,420	2,396	2,397	2,372	2,383	2,381	2,375	2,379	2,335	2,441	2,485	2,470	2,461	2,447	2,450	2,458	2,458	2,446	2,446	2,454	2,457	2,452	2,451	2,495
Overnight air cargo
Total
18,706	19,745	18,319	-	17,868	17,064	17,640	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ground equipment sales
Total
15,949	12,741	12,248	-	16,278	12,838	6,384	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ground support services
Total
-	-	8,516	-	-	-	9,047	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Printing equipment and maintenance
Total
82	249	64	-	105	139	298	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commercial jet engines and parts
Total
38,536	17,801	16,326	-	20,990	10,643	27,320	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Corporate and other
Total
27	157	227	-	245	183	175	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Overnight Air Cargo [Member]
Operating Revenues
-	-	-	-	-	-	-	-	18,028	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ground Equipment Sales [Member]
Operating Revenues
-	-	-	-	-	-	-	-	12,911	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ground Support Services [Member]
Operating Revenues
-	-	-	-	-	-	-	-	8,643	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commercial Jet Engines Inventory [Member]
Operating Revenues
-	-	-	-	-	-	-	-	3,930	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Printing Equipment and Maintenance [Member]
Operating Revenues
-	-	-	-	-	-	-	-	905	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Corporate and Other [Member]
Operating Revenues
-	-	-	-	-	-	-	-	81	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-