Air T reports Q1 FY2017 consolidated net loss of USD3.6m

Air T, Inc. (NASDAQ: AIRT) has today reported consolidated net loss attributable to Air T, Inc. stockholders of USD3,676,000 for the fiscal 2017 first quarter ended June 30, 2016 as compared to consolidated net loss of USD736,000 for the similar fiscal 2016 comparable period, the company said.

Consolidated revenue increased USD8,135,000 (36 percent) to USD30,493,000 for the quarter ended June 30, 2016, compared to the comparable quarter in the prior fiscal year. Consolidated operating loss increased USD6,024,000 (574 percent) to USD7,073,000 for the quarter ended June 31, 2016 compared to the comparable quarter in the prior fiscal year.

Overnight air cargo revenues increased SUD3,748,000 (29 p percent) to USD16,637,000 compared to the prior year comparable quarter. Administrative fee revenues increased to reflect the greater administrative fee amount paid under the dry-lease agreements, which became effective on June 1, 2015. Maintenance revenues increased to reflect the higher hourly maintenance labor rate under these agreements during the full current-year quarter. The segment´s operating income increased by USD1,074,000 to USD979,000 as a result of the same factors discussed above.

Air T, Inc. is a diversified holding company with four core industry segments: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and aircraft engine aftermarket and surplus parts.