Air T, Inc. (NASDAQ: AIRT) has reported consolidated net income of USD2,971,000 (USD1.24 per diluted share) for the fiscal 2016 third quarter ended December 31, 2015 as compared to consolidated net income of USD1,448,000 (USD0.61 per diluted share) for the similar fiscal 2015 comparable period.
Consolidated revenue increased USD15,726,000 (51 percent) to USD46,619,000 for the quarter ended December 31, 2015 compared to the comparable quarter in the prior fiscal year. Consolidated operating income increased USD1,749,000 (82 percent) to USD3,890,000 for the quarter ended December 31, 2015 compared to the comparable quarter in the prior fiscal year.
Overnight air cargo revenues increased USD5,701,000 (44 percent) to USD18,674,000 compared to the prior year comparable quarter. Administrative fee revenues increased to reflect the greater administrative fee amount paid under the new dry-lease agreements which became effective on June 1, 2015. In addition, maintenance revenues increased to reflect the higher hourly maintenance labor rate under these agreements during fiscal 2016.
Ground equipment sales revenue increased USD7,705,000 (61 percent) to USD20,344,000 this quarter compared to the prior year comparable quarter. Ground equipment sales operating income increased by USD2,170,000 (127 percent) to USD3,875,000 from the prior year comparable quarter, principally attributable to increased commercial domestic deicer sales this quarter and an improved gross margin.
Ground support services segment revenue increased USD1,279,000 (24 percent) to USD6,559,000, as a result of the company´s growth in new markets and in services offered to new and existing customers.
Consolidated revenue increased by USD1,035,000 due to the inclusion of Delphax in consolidated results since November 24, 2015. Operating income was adversely affected by Delphax´s USD883,000 operating loss for the period in which Delphax´s financial results are consolidated in Air T´s financial statements.
Air T is a small-aircraft air cargo operator in the United States.