Air T reports 28% increase in Q1 2019 revenue

Air T, Inc. (NASDAQ: AIRT) has reported in the first quarter of fiscal year 2019, revenues rose to USD 60.9 million, a 28% increase over the prior year´s comparable quarter, the company said.

Operating income increased to USD 2.6 million, as compared to the prior quarter´s operating income of USD 2.2 million.

Non-cash bargain purchase gain of USD 2.0 million in the first quarter of fiscal 2019 versus non-cash bargain purchase gain of USD 0.5 million in the same quarter of the prior year

Net income attributable to Air T stockholders increased to USD 2.8 million, as compared to net income of USD 1 million in the first quarter 2018, with the increase primarily due to the USD 2.0 million non-cash bargain purchase gain recognized as part of the acquisition of the assets of Worthington Aviation

Diluted earnings per share increased to USD 1.38 compared to prior comparable quarter´s USD 0.47.

Air T, Inc.is organized as a powerful portfolio of businesses and financial assets, each of which is independent yet interrelated. These include overnight air cargo operations, ground support equipment manufacturing and local maintenance services, and commercial aircraft asset management and logistics.