Air T, Inc. (AIRT) Financial Statements (2024 and earlier)

Company Profile

Business Address 11020 DAVID TAYLOR DRIVE
CHARLOTTE, NC 28262
State of Incorp. DE
Fiscal Year End March 31
Industry (SIC) 4513 - Air Courier Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
3/31/2023
12/31/2022
MRQ
3/31/2022
3/31/2021
3/31/2020
3/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments5,8065,3756,47512,4037,62914,284
Cash and cash equivalents5,8064,7535,61610,9965,95212,524
Short-term investments  6228591,4071,6771,760
Restricted cash and investments3,4453,2534,4436,43810,704954
Receivables27,75418,00822,91410,89414,25119,236
Inventory, net of allowances, customer advances and progress billings71,12586,21875,16771,97160,62329,967
Inventory71,12586,21875,16771,97160,62329,967
Prepaid expense      1,880
Other undisclosed current assets8,42718,24219,2444,0685,2795,027
Total current assets:116,557131,096128,243105,77498,48671,348
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 8312,87714,5092,13127,945
Operating lease, right-of-use asset11,6666,3917,3547,7578,116
Property, plant and equipment21,43921,25221,2128,5195,2724,818
Long-term investments and receivables13,23014,7469,8644,4755,2085,922
Long-term investments13,23014,7469,8644,4755,2085,611
Accounts and financing receivable, after allowance for credit loss      311
Intangible assets, net (including goodwill)22,66621,59223,3864,2274,9765,643
Goodwill10,56310,41410,1264,2274,2274,418
Intangible assets, net (excluding goodwill)12,10311,17813,260 7491,225
Other noncurrent assets3,9214,4073,0317,867366491
Other undisclosed noncurrent assets     1,05826,920
Total noncurrent assets:73,00581,26579,35634,97652,94143,794
TOTAL ASSETS:189,562212,361207,599140,750151,427115,142
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities23,58224,2279,5918,38310,86426,539
Taxes payable19439 662
Employee-related liabilities   8,910
Accounts payable10,4499,2879,3978,34410,86412,553
Accrued liabilities13,13314,940   4,414
Debt38,73642,2606,4825,63943,85824,735
Contract with customer, liability1,520
Other undisclosed current liabilities1,9681,45814,83414,15713,024 
Total current liabilities:64,28667,94530,90728,17967,74652,794
Noncurrent Liabilities
Long-term debt and lease obligation86,34999,624136,06088,93250,60932,918
Long-term debt, excluding current maturities86,34999,624129,32681,85743,13632,918
Liabilities, other than long-term debt13,23510,2774,1542,3271,981597
Deferred income tax liabilities2,4173,0852,812595579
Other liabilities 471,2671,3421,7321,402597
Operating lease, liability10,7715,9256,7347,0757,473
Total noncurrent liabilities:99,584109,901140,21491,25952,59033,514
Total liabilities:163,870177,846171,121119,438120,33686,308
Temporary equity, carrying amount12,71012,06310,7616,5986,0805,476
Equity
Equity, attributable to parent11,90421,36524,61313,72524,00624,358
Common stock757757756756756506
Treasury stock, value(4,083)(3,995)(3,002)(2,617)(2,617) 
Additional paid in capital728650393 2,6362,867
Accumulated other comprehensive income (loss)816800(263)(684)(537)(205)
Retained earnings13,68623,15326,72916,27023,76821,191
Equity, attributable to noncontrolling interest1,0781,0871,1049891,005(1,001)
Total equity:12,98222,45225,71714,71425,01123,358
TOTAL LIABILITIES AND EQUITY:189,562212,361207,599140,750151,427115,142

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
3/31/2023
12/31/2022
TTM
3/31/2022
3/31/2021
3/31/2020
3/31/2019
Revenues247,323172,946177,077175,121236,785249,834
Cost of revenue
(Cost of Goods and Services Sold)
  (1,003)(768)(6,405)  
Gross profit:247,323171,943176,309168,716236,785249,834
Operating expenses(251,730)(171,798)(168,322)(184,296)(229,494)(241,770)
Other undisclosed operating income  1,0037686,405  
Operating income (loss):(4,407)1,1488,755(9,175)7,2918,065
Nonoperating income (expense)(6,946)(3,714)4,641(2,606)(4,667)(3,363)
Other nonoperating income (expense)(471)(608)1,2212,741(1,336) 
Interest and debt expense(7,935)(6,022)(4,948)(4,624)(4,692)(3,427)
Income (loss) from continuing operations before equity method investments, income taxes:(19,288)(8,588)8,448(16,405)(2,068)1,275
Other undisclosed income from continuing operations before income taxes7,9356,0224,9484,6244,6923,427
Income (loss) from continuing operations before income taxes:(11,353)(2,566)13,396(11,781)2,6244,702
Income tax expense (benefit)(432)536(1,169)3,387544(1,502)
Income (loss) from continuing operations:(11,785)(2,030)12,227(8,394)3,1683,200
Income (loss) before gain (loss) on sale of properties:(2,138)12,227(8,394)3,0543,200
Loss from discontinued operations     (114) 
Other undisclosed net income    48,179 
Net income (loss):(11,785)(2,030)12,227(8,390)11,2333,200
Net income (loss) attributable to noncontrolling interest(510)(1,225)(1,299)1,113(3,577)(1,860)
Net income (loss) available to common stockholders, diluted:(12,295)(3,255)10,928(7,277)7,6561,340

Comprehensive Income ($ in thousands)

9/30/2023
TTM
3/31/2023
12/31/2022
TTM
3/31/2022
3/31/2021
3/31/2020
3/31/2019
Net income (loss):(11,785)(2,030)12,227(8,390)11,2333,200
Other comprehensive income (loss)1,0791,063421(165)(317)(10)
Comprehensive income (loss):(10,706)(967)12,648(8,555)10,9163,190
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(510)(1,225)(1,299)1,113(3,592)(1,900)
Comprehensive income (loss), net of tax, attributable to parent:(11,216)(2,192)11,349(7,442)7,3241,289

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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