July 29, 2004
Contact: John Gioffre
Chief Financial Officer
3524 Airport Road
Maiden, NC 28650
(828) 464-8741 Ext. 215
FOR IMMEDIATE RELEASE
AIR T, INC. REPORTS UNAUDITED FIRST QUARTER EARNINGS
MAIDEN, NC - Air T, Inc. (AirT) (NASDAQ: AIRT) today reported
consolidated net earnings of $533,000 ($0.20 per diluted share)
for fiscal 2005's first quarter ended June 30, 2004, a $184,000
(53%) increase compared to a consolidated net earnings of
$349,000 ($0.13 per diluted share) for the similar fiscal 2004
period. Fiscal 2005's increase in net earnings was primarily the
result of increased levels of service and equipment orders
related to both the air cargo and ground equipment sectors of the
Company's business. The discontinuation and subsequent sale of
assets related to the Company's aircraft parts brokerage and
repair service business sector in fiscal 2004 further contributed
to increased net earnings in the first quarter of fiscal 2005.
Consolidated revenues increased $4,031,000 (36.5%) to $15,087,000
for the quarter ended June 30, 2004 compared to the same quarter
in the prior fiscal year. The increase in current period
revenues primarily resulted from a $1,776,000 (24.2%) increase in
air cargo revenues to $9,051,000 and an increase in ground
equipment revenues of $2,265,000 (60.1%) to $6,036,000.
Walter Clark, Chairman and Chief Executive Officer of AirT,
commented, "These earnings are a furtherance of the strong
results shown by AirT in the last fiscal year. We continue to
provide services and products that offer cost effective solutions
to meet our customer's needs.
The Company operates in two business segments. AirT, through its
subsidiaries, provides overnight air freight service to the
express delivery industry, and manufactures, sells and services
aircraft ground support and special purpose industrial equipment.
AirT is one of the largest, small-aircraft air cargo operators in
the United States. It currently operates a fleet of single and
twin-engine turbo-prop aircraft nightly in the eastern half of
the United States and Canada, Puerto Rico and the Virgin Islands.
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
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.
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended (Unaudited)
06/30/2004 06/30/2003
Continuing Operations Revenues $ 15,087 $ 11,056
Net Earnings from Continuing Operations 533 444
Net Loss from Discontinued Operations - (95)
Net Earnings 533 349
Net Earnings (Loss) Per Share-Diluted:
Continuing Operations $ 0.20 $ 0.16
Discontinued Operations - (0.03)
Total Net Earnings Per Share-Diluted $ 0.20 $ 0.13
Average Common Shares Outstanding 2,687 2,726