Air T, Inc. (NASDAQ: AIRT) has reported consolidated net income attributable to Air T, Inc. stockholders of USD 968,000 (USD 0.47 per diluted share) for the fiscal 2018 first quarter ended June 30, 2017 as compared to consolidated net loss attributable to Air T, Inc. stockholders of USD 5,751,000 (USD 2.42 per diluted share) for the fiscal 2017 comparable period, the company said.
Consolidated revenue increased USD 17,204,000 (56%) from USD 30,493,000 to USD 47,697,000 for the quarter ended June 30, 2017 compared to the comparable quarter in the prior fiscal year.
Consolidated operating income increased USD 9,286,000 (131%) from an operating loss of USD 7,073,000 to operating income of USD 2,213,000 for the quarter ended June 30, 2017 compared to the comparable quarter in the prior fiscal year principally due to significant negative operating results of Delphax Technologies Inc. (“Delphax”), including related asset impairments, in the prior-year period that did not recur in the quarter ended June 30, 2017.
Overnight air cargo revenues increased USD 105,000 (1%) from USD 16,637,000 to USD 16,742,000 compared to the prior-year comparable quarter. The segment´s operating income decreased by USD 163,000 to USD 817,000 due to higher operating costs not passed through to the customer, principally increased flight crew costs.
Established in 1980, 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 parts. For more information, visit www.airt.net.