$AIRT
AIR T INC

2014 Q4 Form 10-Q Financial Statement

#000143774915001673 Filed on February 03, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q1 2013 Q4
Revenue $30.89M $25.47M $29.84M
YoY Change 3.55% -17.07% 11.74%
Cost Of Revenue $25.66M $21.09M $25.07M
YoY Change 2.35% -20.26% 10.68%
Gross Profit $5.240M $4.380M $4.760M
YoY Change 10.08% 2.82% 17.24%
Gross Profit Margin 16.96% 17.2% 15.95%
Selling, General & Admin $3.650M $3.300M $3.780M
YoY Change -3.44% 0.0% 28.57%
% of Gross Profit 69.66% 75.34% 79.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0K $210.0K $210.0K
YoY Change 4.76% -34.38% 50.0%
% of Gross Profit 4.2% 4.79% 4.41%
Operating Expenses $28.75M $3.510M $29.04M
YoY Change -0.99% -0.28% 845.89%
Operating Profit $2.141M $864.0K $796.0K
YoY Change 168.97% 16.76% -19.6%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0% 0.0%
Other Income/Expense, Net -$1.750K $20.00K -$773.00
YoY Change 126.39%
Pretax Income $2.139M $880.0K $794.9K
YoY Change 169.1% 20.55% -19.71%
Income Tax $690.6K $460.0K $340.0K
% Of Pretax Income 32.29% 52.27% 42.77%
Net Earnings $1.448M $417.0K $455.0K
YoY Change 218.24% 6.92% -27.78%
Net Earnings / Revenue 4.69% 1.64% 1.53%
Basic Earnings Per Share $0.61 $0.17 $0.19
Diluted Earnings Per Share $0.61 $0.17 $0.19
COMMON SHARES
Basic Shares Outstanding 2.358M 2.408M
Diluted Shares Outstanding 2.381M 2.442M

Balance Sheet

Concept 2014 Q4 2014 Q1 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.40M $5.200M $6.900M
YoY Change 108.7% -43.48% -27.37%
Cash & Equivalents $8.816M $3.509M $6.873M
Short-Term Investments $5.600M $1.500M
Other Short-Term Assets $192.7K $135.7K $1.600M
YoY Change -87.96% -88.69% 60.0%
Inventory $7.977M $12.24M $11.80M
Prepaid Expenses $574.0K $845.6K
Receivables $13.30M $10.25M $10.00M
Other Receivables $0.00 $800.0K $300.0K
Total Short-Term Assets $37.53M $31.15M $30.50M
YoY Change 23.05% 2.14% -6.15%
LONG-TERM ASSETS
Property, Plant & Equipment $2.797M $3.986M $4.000M
YoY Change -30.08% 13.89% 110.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.200M $135.7K $2.000M
YoY Change 10.0% -92.86% 11.11%
Total Long-Term Assets $4.994M $6.069M $6.000M
YoY Change -16.76% 8.38% 62.16%
TOTAL ASSETS
Total Short-Term Assets $37.53M $31.15M $30.50M
Total Long-Term Assets $4.994M $6.069M $6.000M
Total Assets $42.52M $37.22M $36.50M
YoY Change 16.5% 3.1% 0.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.398M $6.426M $6.200M
YoY Change 3.2% 12.74% 6.9%
Accrued Expenses $3.737M $2.593M $3.100M
YoY Change 20.54% 23.45% 19.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.63M $9.019M $9.300M
YoY Change 14.31% 14.16% 10.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.63M $9.019M $9.300M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.63M $9.019M $9.300M
YoY Change 14.31% 14.16% 9.41%
SHAREHOLDERS EQUITY
Retained Earnings $25.26M $21.92M
YoY Change
Common Stock $592.5K $588.8K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.05M $27.36M $27.18M
YoY Change
Total Liabilities & Shareholders Equity $42.52M $37.22M $36.50M
YoY Change 16.5% 3.1% 0.83%

Cashflow Statement

Concept 2014 Q4 2014 Q1 2013 Q4
OPERATING ACTIVITIES
Net Income $1.448M $417.0K $455.0K
YoY Change 218.24% 6.92% -27.78%
Depreciation, Depletion And Amortization $220.0K $210.0K $210.0K
YoY Change 4.76% -34.38% 50.0%
Cash From Operating Activities $7.650M -$460.0K $5.340M
YoY Change 43.26% -112.81%
INVESTING ACTIVITIES
Capital Expenditures $221.3K -$1.010M $123.2K
YoY Change 79.53% 531.25%
Acquisitions
YoY Change
Other Investing Activities $2.400M -$1.460M $40.00K
YoY Change 5900.0% -14700.0%
Cash From Investing Activities $2.180M -$2.470M -$90.00K
YoY Change -2522.22% 1546.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.230M -170.0K -2.060M
YoY Change -40.29%
NET CHANGE
Cash From Operating Activities 7.650M -460.0K 5.340M
Cash From Investing Activities 2.180M -2.470M -90.00K
Cash From Financing Activities -1.230M -170.0K -2.060M
Net Change In Cash 8.600M -3.100M 3.190M
YoY Change 169.59% -190.12%
FREE CASH FLOW
Cash From Operating Activities $7.650M -$460.0K $5.340M
Capital Expenditures $221.3K -$1.010M $123.2K
Free Cash Flow $7.429M $550.0K $5.217M
YoY Change 42.4% -85.33%

Facts In Submission

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NonoperatingIncomeExpense
-1894
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
10898
CY2014Q1 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
59611
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
28752166
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
29038930
us-gaap Operating Expenses
OperatingExpenses
82459983
us-gaap Operating Expenses
OperatingExpenses
73536126
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
795670
us-gaap Operating Income Loss
OperatingIncomeLoss
4836266
us-gaap Operating Income Loss
OperatingIncomeLoss
1768620
CY2014Q4 us-gaap Other Assets Current
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192675
CY2014Q4 us-gaap Operating Income Loss
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2140820
CY2014Q1 us-gaap Other Assets Current
OtherAssetsCurrent
135727
CY2014Q4 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-78
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-8487
CY2014Q4 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-54
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-5394
CY2014Q4 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-24
us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-3093
CY2014Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
430427
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
347717
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
347717
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
672620
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
550787
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
430481
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
353111
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
242139
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
197676
CY2014Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
119638
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1078217
us-gaap Payments Of Dividends
PaymentsOfDividends
733885
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4109201
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1774495
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
267523
CY2014Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
221272
CY2013Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
123248
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
574025
CY2014Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
845595
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1330888
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
515045
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3357810
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
39140
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124350
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25375
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
103065
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
240942
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2796814
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3986174
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
13328001
CY2014Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
10247179
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1330888
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25263539
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
21923988
CY2014Q4 us-gaap Revenues
Revenues
30892986
CY2013Q4 us-gaap Revenues
Revenues
29834600
us-gaap Revenues
Revenues
87296249
us-gaap Revenues
Revenues
75304746
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2408198
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2355901
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2433544
us-gaap Share Based Compensation
ShareBasedCompensation
8958
us-gaap Share Based Compensation
ShareBasedCompensation
17824
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
32000
CY2014Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15000
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
28124219
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
27182094
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
27360057
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
31050297
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2381214
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2441569
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2373500
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2458040
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2357637

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