February 1, 2013
Contact: John Parry
Chief Financial Officer
3524 Airport Road
Maiden, NC 28650
(828) 464-8741 Ext. 6677
FOR IMMEDIATE RELEASE
AIR T REPORTS UNAUDITED THIRD QUARTER RESULTS; APPOINTMENT OF LEAD INDEPENDENT DIRECTOR
MAIDEN, N.C., February 1, 2013 -- Air T, Inc. (Nasdaq Capital Market: AIRT) today reported consolidated net earnings of $633,000 ($0.26 per diluted share) for fiscal 2013's third quarter ended December 31, 2012, compared to consolidated net earnings of $579,000 ($0.24 per diluted share) for the third quarter of fiscal 2012. The Company also reported year-to-date earnings for the nine months of $1,277,000 ($.52 per diluted share) compared to
$1,340,000 ($.55 per diluted share) for the similar fiscal 2012 period.
Consolidated revenues for fiscal 2013's third quarter were $26,703,000, an increase of 4% compared to the similar
2012 fiscal quarter. Consolidated revenues for the first nine months of the 2013 fiscal year were $72,353,000 or 7% higher than the prior year comparable period. At December 31, 2012, the backlog at Global Ground Support, the Company's ground support equipment business, was $9.2 million, compared to $14.9 million at December 31, 2011.
Walter Clark, Chairman and Chief Executive Officer of Air T, commented "The focus on improving efficiencies at our equipment manufacturer bore fruit in this most recent quarter with an improved bottom line. Additionally, there has been a concerted effort to pare down inventory levels at Global Ground and that has begun to yield positive results as well. The ground support services subsidiary showed year over year improvement with both top and bottom line increases. The air cargo side of the equation continues to be a solid performer with some reduction in bottom line due to the filling of additional management positions."
Mr. Clark continued, "I am pleased to announce the appointment by Air T's board of directors of Brad Wilson as our lead independent director. Brad Wilson is currently President and CEO of Blue Cross and Blue Shield of North Carolina and, among other achievements, currently serves on, and has served as Chairman of, the Board of Governors of the University of North Carolina and served as Chairman of the Board of Directors of the North Carolina Railroad Company. Air T is fortunate to have an individual of his capabilities willing to serve in this position. I and the rest of the Air T board look forward to working with Brad in his new capacity."
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
Net Earnings Per Share - 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 (MAC) 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 December 31, 2012 to be 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, future economic conditions and their impact on the Company's customers, customer requirements for ground support equipment and facilities maintenance services will be less than anticipated, the timing and amounts of future orders under our contract with the United States Air Force, inflation rates, the impact of competition, changes in technology or government regulation, and the impact of 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.