$AIRT
AIR T INC

2015 Q2 Form 10-Q Financial Statement

#000143774915014780 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $22.36M $21.78M
YoY Change 2.66% 2.34%
Cost Of Revenue $19.43M $18.42M
YoY Change 5.48% 2.5%
Gross Profit $2.930M $3.360M
YoY Change -12.8% 1.51%
Gross Profit Margin 13.1% 15.43%
Selling, General & Admin $3.810M $3.230M
YoY Change 17.96% 9.49%
% of Gross Profit 130.03% 96.13%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $180.0K $220.0K
YoY Change -18.18% 57.14%
% of Gross Profit 6.14% 6.55%
Operating Expenses $23.41M $21.68M
YoY Change 7.97% 601.61%
Operating Profit -$1.049M $99.00K
YoY Change -1159.6% -55.2%
Interest Expense $10.00K
YoY Change 0.0%
% of Operating Profit 10.1%
Other Income/Expense, Net -$19.94K $11.97K
YoY Change -266.55%
Pretax Income -$1.069M $110.0K
YoY Change -1071.85% -52.17%
Income Tax -$333.0K $38.00K
% Of Pretax Income 34.55%
Net Earnings -$736.0K $73.00K
YoY Change -1108.22% -47.48%
Net Earnings / Revenue -3.29% 0.34%
Basic Earnings Per Share -$0.31 $0.03
Diluted Earnings Per Share -$0.31 $0.03
COMMON SHARES
Basic Shares Outstanding 2.373M 2.355M
Diluted Shares Outstanding 2.373M 2.380M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.49M $4.600M
YoY Change 193.28% -41.03%
Cash & Equivalents $7.581M $3.533M
Short-Term Investments $5.910M $1.000M
Other Short-Term Assets $1.300M $2.100M
YoY Change -38.1% 75.0%
Inventory $11.50M $15.00M
Prepaid Expenses $334.1K
Receivables $10.32M $9.800M
Other Receivables $800.0K $800.0K
Total Short-Term Assets $33.85M $32.30M
YoY Change 4.79% 0.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.598M $3.000M
YoY Change -13.39% -11.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.400M
YoY Change
Other Assets $290.9K $2.700M
YoY Change -89.23% 42.11%
Total Long-Term Assets $9.268M $5.800M
YoY Change 59.79% 5.45%
TOTAL ASSETS
Total Short-Term Assets $33.85M $32.30M
Total Long-Term Assets $9.268M $5.800M
Total Assets $43.12M $38.10M
YoY Change 13.17% 1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.355M $6.400M
YoY Change -16.32% -15.79%
Accrued Expenses $3.585M $2.600M
YoY Change 37.9% 13.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.941M $9.000M
YoY Change -0.66% -9.09%
LONG-TERM LIABILITIES
Long-Term Debt $14.34M $900.0K
YoY Change 1493.12%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $14.34M $900.0K
YoY Change 1493.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.941M $9.000M
Total Long-Term Liabilities $14.34M $900.0K
Total Liabilities $23.28M $10.70M
YoY Change 117.56% 8.08%
SHAREHOLDERS EQUITY
Retained Earnings $23.67M
YoY Change
Common Stock $593.1K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.78M $27.34M
YoY Change
Total Liabilities & Shareholders Equity $43.12M $38.10M
YoY Change 13.17% 1.6%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$736.0K $73.00K
YoY Change -1108.22% -47.48%
Depreciation, Depletion And Amortization $180.0K $220.0K
YoY Change -18.18% 57.14%
Cash From Operating Activities -$4.515M -$1.665M
YoY Change 171.16% 208.34%
INVESTING ACTIVITIES
Capital Expenditures $219.5K $275.0K
YoY Change -20.19% -375.02%
Acquisitions
YoY Change
Other Investing Activities -$1.050M $900.0K
YoY Change -216.67%
Cash From Investing Activities -$1.271M $623.4K
YoY Change -303.85% -723.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.70K 815.9K
YoY Change -102.29% -211.77%
NET CHANGE
Cash From Operating Activities -4.515M -1.665M
Cash From Investing Activities -1.271M 623.4K
Cash From Financing Activities -18.70K 815.9K
Net Change In Cash -5.804M -225.7K
YoY Change 2471.24% -83.52%
FREE CASH FLOW
Cash From Operating Activities -$4.515M -$1.665M
Capital Expenditures $219.5K $275.0K
Free Cash Flow -$4.734M -$1.940M
YoY Change 144.04% 340.92%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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OtherNonoperatingIncomeExpense
3563
CY2015Q2 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
1070456
CY2014Q2 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
108467
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
219496
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
275016
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
334053
CY2015Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
612334
CY2015Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
CY2014Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
863050
CY2015Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
CY2014Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
458092
CY2015Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
19163
CY2014Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
548771
CY2015Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
22440
CY2014Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-41200
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2598239
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2571499
CY2015Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
18704
CY2014Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
23671875
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
24407915
CY2015Q2 us-gaap Revenues
Revenues
22358520
CY2014Q2 us-gaap Revenues
Revenues
21778537
CY2015Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
7000000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5375
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2015Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2014Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
28778033
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
29795223
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
27360057
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
27339526
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2372527
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2379576
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2372527
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2355028

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