Air T doubles net earnings YoY

Air T, Inc. (NASDAQ: AIRT) said it has reported consolidated net earnings of USD3,794,000 (USD1.58 per diluted share) for fiscal 2016´s second quarter ended September 30, 2015, compared to consolidated net earnings of USD1,818,000 (USD0.77 per diluted share) for the similar fiscal 2015 period.

Consolidated revenue increased by USD10,029,000 (29 percent) to USD44,654,000 for the quarter ended September 30, 2015 compared to USD34,625,000 in the same quarter in the prior fiscal year. Consolidated operating income increased by USD2,908,000 (112 percent) to USD5,505,000 for the quarter ended September 30, 2015, as compared to USD2,597,000 the same quarter in the prior fiscal year.

Ground equipment sales revenue increased by USD3,332,000 (19 percent) this quarter compared to the prior year comparable quarter last year. The increase in revenue is attributable primarily to the shipment of aircraft deicing vehicles to a major US-based airline under a significant order announced on June 30, 2015. Ground equipment sales operating income increased by USD1,639,000 (56 percent) from the prior year comparable quarter due to the sales increase and production efficiencies. At September 30, 2015, ground equipment sales backlog was USD24.4 million, as compared to USD15.3 million at September 30, 2014.

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.