$AIRT
AIR T INC

2016 Q2 Form 10-Q Financial Statement

#000143774916037474 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $30.49M $22.36M
YoY Change 36.38% 2.66%
Cost Of Revenue $23.23M $19.43M
YoY Change 19.56% 5.48%
Gross Profit $7.260M $2.930M
YoY Change 147.78% -12.8%
Gross Profit Margin 23.81% 13.1%
Selling, General & Admin $11.84M $3.810M
YoY Change 210.76% 17.96%
% of Gross Profit 163.09% 130.03%
Research & Development $511.0K $0.00
YoY Change
% of Gross Profit 7.04% 0.0%
Depreciation & Amortization $1.990M $180.0K
YoY Change 1005.56% -18.18%
% of Gross Profit 27.41% 6.14%
Operating Expenses $37.57M $23.41M
YoY Change 60.49% 7.97%
Operating Profit -$7.073M -$1.049M
YoY Change 574.26% -1159.6%
Interest Expense $64.01K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.288M -$19.94K
YoY Change 6358.54% -266.55%
Pretax Income -$8.361M -$1.069M
YoY Change 682.14% -1071.85%
Income Tax -$372.0K -$333.0K
% Of Pretax Income
Net Earnings -$5.751M -$736.0K
YoY Change 681.39% -1108.22%
Net Earnings / Revenue -18.86% -3.29%
Basic Earnings Per Share -$2.42 -$0.31
Diluted Earnings Per Share -$2.42 -$0.31
COMMON SHARES
Basic Shares Outstanding 2.373M 2.373M
Diluted Shares Outstanding 2.373M 2.373M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.35M $13.49M
YoY Change -8.43% 193.28%
Cash & Equivalents $3.970M $7.581M
Short-Term Investments $8.384M $5.910M
Other Short-Term Assets $3.200M $1.300M
YoY Change 146.15% -38.1%
Inventory $15.20M $11.50M
Prepaid Expenses $1.193M $334.1K
Receivables $11.23M $10.32M
Other Receivables $1.200M $800.0K
Total Short-Term Assets $39.55M $33.85M
YoY Change 16.83% 4.79%
LONG-TERM ASSETS
Property, Plant & Equipment $4.813M $2.598M
YoY Change 85.25% -13.39%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $3.600M $4.400M
YoY Change -18.18%
Other Assets $291.8K $290.9K
YoY Change 0.31% -89.23%
Total Long-Term Assets $10.83M $9.268M
YoY Change 16.83% 59.79%
TOTAL ASSETS
Total Short-Term Assets $39.55M $33.85M
Total Long-Term Assets $10.83M $9.268M
Total Assets $50.37M $43.12M
YoY Change 16.83% 13.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.896M $5.355M
YoY Change 66.12% -16.32%
Accrued Expenses $8.035M $3.585M
YoY Change 124.12% 37.9%
Deferred Revenue
YoY Change
Short-Term Debt $2.178M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.11M $8.941M
YoY Change 113.74% -0.66%
LONG-TERM LIABILITIES
Long-Term Debt $3.300M $14.34M
YoY Change -76.98% 1493.12%
Other Long-Term Liabilities $24.50K
YoY Change
Total Long-Term Liabilities $24.50K $14.34M
YoY Change -99.83% 1493.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.11M $8.941M
Total Long-Term Liabilities $24.50K $14.34M
Total Liabilities $19.13M $23.28M
YoY Change -17.8% 117.56%
SHAREHOLDERS EQUITY
Retained Earnings $25.67M $23.67M
YoY Change 8.46%
Common Stock $593.1K $593.1K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.28M $28.78M
YoY Change
Total Liabilities & Shareholders Equity $50.37M $43.12M
YoY Change 16.83% 13.17%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$5.751M -$736.0K
YoY Change 681.39% -1108.22%
Depreciation, Depletion And Amortization $1.990M $180.0K
YoY Change 1005.56% -18.18%
Cash From Operating Activities -$4.758M -$4.515M
YoY Change 5.38% 171.16%
INVESTING ACTIVITIES
Capital Expenditures $519.6K $219.5K
YoY Change 136.71% -20.19%
Acquisitions
YoY Change
Other Investing Activities $290.0K -$1.050M
YoY Change -127.62% -216.67%
Cash From Investing Activities -$232.5K -$1.271M
YoY Change -81.7% -303.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.634M -18.70K
YoY Change -19531.11% -102.29%
NET CHANGE
Cash From Operating Activities -4.758M -4.515M
Cash From Investing Activities -232.5K -1.271M
Cash From Financing Activities 3.634M -18.70K
Net Change In Cash -1.356M -5.804M
YoY Change -76.64% 2471.24%
FREE CASH FLOW
Cash From Operating Activities -$4.758M -$4.515M
Capital Expenditures $519.6K $219.5K
Free Cash Flow -$5.277M -$4.734M
YoY Change 11.47% 144.04%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q1 us-gaap Noncurrent Assets
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CY2016Q2 us-gaap Nonoperating Income Expense
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CY2016Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
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CY2016Q2 us-gaap Number Of Operating Segments
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CY2015Q2 us-gaap Operating Expenses
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CY2016Q2 us-gaap Operating Income Loss
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CY2015Q2 us-gaap Operating Income Loss
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CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
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1358370
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
869358
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-150312
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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90969
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-281150
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
241281
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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-981370
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-628077
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2016Q2 us-gaap Other Liabilities Noncurrent
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CY2016Q1 us-gaap Other Liabilities Noncurrent
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CY2016Q2 us-gaap Other Nonoperating Income Expense
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CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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CY2016Q2 us-gaap Payments To Acquire Marketable Securities
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924623
CY2015Q2 us-gaap Payments To Acquire Marketable Securities
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CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
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219496
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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1
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q2 us-gaap Preferred Stock Shares Authorized
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CY2016Q1 us-gaap Preferred Stock Shares Authorized
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50000
CY2016Q2 us-gaap Preferred Stock Value
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CY2016Q1 us-gaap Preferred Stock Value
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CY2016Q2 us-gaap Prepaid Expense Current
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CY2016Q1 us-gaap Prepaid Expense Current
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CY2016Q2 us-gaap Proceeds From Lines Of Credit
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CY2015Q2 us-gaap Proceeds From Lines Of Credit
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CY2016Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2015Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2015Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
19163
CY2016Q2 us-gaap Product Warranty Accrual Period Increase Decrease
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CY2015Q2 us-gaap Product Warranty Accrual Period Increase Decrease
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CY2016Q2 us-gaap Profit Loss
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CY2015Q2 us-gaap Profit Loss
ProfitLoss
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CY2016Q2 us-gaap Property Plant And Equipment Net
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4813305
CY2016Q1 us-gaap Property Plant And Equipment Net
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4577774
CY2016Q2 us-gaap Repayments Of Lines Of Credit
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8727210
CY2015Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
18704
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
510960
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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824062
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
820651
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25674678
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29350980
CY2016Q2 us-gaap Revenues
Revenues
30493253
CY2015Q2 us-gaap Revenues
Revenues
22358520
CY2015Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
7000000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
2177827
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
1859300
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
31281783
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
34773878
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
27373119
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
35271530
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29795223
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28778033
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2372527
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2372527
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2372527
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2372527

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