Air T, Inc. (Air T) (NASDAQ: AIRT) has reported consolidated net income attributable to Air T, Inc. stockholders of USD 422,000 (USD 0.21 per diluted share) for the fiscal 2018 second quarter ended September 30, 2017 as compared to consolidated net income attributable to Air T, Inc. stockholders of USD 1,084,000 (USD 0.53 per diluted share) for the fiscal 2017 comparable period, the company said.
Consolidated revenues increased USD 10,339,000 (27%) from USD 38,523,000 to USD 48,861,000 for the quarter ended September 30, 2017 compared to the comparable quarter in the prior fiscal year. Consolidated operating income decreased USD 546,000 (53%) from operating income of USD 1,022,000 to operating income of USD 476,000 for the quarter ended September 30, 2017 compared to the comparable quarter in the prior fiscal year.
The reduction was principally due to higher corporate level expenses in the current quarter compared to the prior year comparable quarter.
Overnight air cargo revenues increased USD 930,000 (5%) from USD 17,151,000 in the quarter ended September 30, 2017 to USD 18,081,000 during the prior-year comparable quarter. This segment´s operating income increased by USD 456,000 to USD 897,000 due principally to the impact of the June 1, 2017 amendment to the aircraft dry-lease agreements with the segment´s air cargo customer that increased the administrative fees payable under these agreements and due to an increase in billable maintenance hours.
Ground equipment sales revenue, net of intercompany eliminations, increased USD 4,427,000 (40%) from USD 11,089,000 to USD 15,516,000 during the quarter ended September 30, 2017 compared to the prior-year comparable quarter due to increased deicing truck sales. Ground equipment sales operating income, net of intercompany eliminations, decreased by USD 78,000 (6%) to USD 1,165,000 due to pricing on certain deicers units sold during the quarter. The segment´s order backlog was USD 20,400,000 million at September 30, 2017, as compared to USD 2,800,000 million at March 31, 2017 and USD 9,800,000 million at September 30, 2016.
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.