$AIRT
AIR T INC

2017 Q2 Form 10-Q Financial Statement

#000143774917017683 Filed on October 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $47.70M $30.49M
YoY Change 56.42% 36.38%
Cost Of Revenue $36.80M $23.23M
YoY Change 58.42% 19.56%
Gross Profit $10.89M $7.260M
YoY Change 50.0% 147.78%
Gross Profit Margin 22.83% 23.81%
Selling, General & Admin $8.090M $11.84M
YoY Change -31.67% 210.76%
% of Gross Profit 74.29% 163.09%
Research & Development $195.7K $511.0K
YoY Change -61.71%
% of Gross Profit 1.8% 7.04%
Depreciation & Amortization $400.0K $1.990M
YoY Change -79.9% 1005.56%
% of Gross Profit 3.67% 27.41%
Operating Expenses $45.48M $37.57M
YoY Change 21.08% 60.49%
Operating Profit $2.213M -$7.073M
YoY Change -131.29% 574.26%
Interest Expense -$340.0K $64.01K
YoY Change -631.16%
% of Operating Profit -15.36%
Other Income/Expense, Net -$608.7K -$1.288M
YoY Change -52.74% 6358.54%
Pretax Income $1.604M -$8.361M
YoY Change -119.18% 682.14%
Income Tax $374.0K -$372.0K
% Of Pretax Income 23.32%
Net Earnings $968.0K -$5.751M
YoY Change -116.83% 681.39%
Net Earnings / Revenue 2.03% -18.86%
Basic Earnings Per Share $0.47 -$2.42
Diluted Earnings Per Share $0.47 -$2.42
COMMON SHARES
Basic Shares Outstanding 2.043M 2.373M
Diluted Shares Outstanding 2.048M 2.373M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.593M $12.35M
YoY Change -54.73% -8.43%
Cash & Equivalents $1.889M $3.970M
Short-Term Investments $3.704M $8.384M
Other Short-Term Assets $3.800M $3.200M
YoY Change 18.75% 146.15%
Inventory $25.35M $15.20M
Prepaid Expenses $1.432M $1.193M
Receivables $20.80M $11.23M
Other Receivables $0.00 $1.200M
Total Short-Term Assets $53.87M $39.55M
YoY Change 36.23% 16.83%
LONG-TERM ASSETS
Property, Plant & Equipment $5.359M $4.813M
YoY Change 11.35% 85.25%
Goodwill $4.418M
YoY Change
Intangibles $1.301M $0.00
YoY Change
Long-Term Investments $1.700M $3.600M
YoY Change -52.78% -18.18%
Other Assets $786.2K $291.8K
YoY Change 169.42% 0.31%
Total Long-Term Assets $15.85M $10.83M
YoY Change 46.42% 16.83%
TOTAL ASSETS
Total Short-Term Assets $53.87M $39.55M
Total Long-Term Assets $15.85M $10.83M
Total Assets $69.73M $50.37M
YoY Change 38.42% 16.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.83M $8.896M
YoY Change 21.72% 66.12%
Accrued Expenses $8.821M $8.035M
YoY Change 9.77% 124.12%
Deferred Revenue
YoY Change
Short-Term Debt $2.225M $2.178M
YoY Change 2.17%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.87M $19.11M
YoY Change 14.47% 113.74%
LONG-TERM LIABILITIES
Long-Term Debt $20.90M $3.300M
YoY Change 533.33% -76.98%
Other Long-Term Liabilities $2.086M $24.50K
YoY Change 8414.17%
Total Long-Term Liabilities $2.086M $24.50K
YoY Change 8414.17% -99.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.87M $19.11M
Total Long-Term Liabilities $2.086M $24.50K
Total Liabilities $44.85M $19.13M
YoY Change 134.41% -17.8%
SHAREHOLDERS EQUITY
Retained Earnings $19.43M $25.67M
YoY Change -24.32% 8.46%
Common Stock $510.7K $593.1K
YoY Change -13.9% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.95M $31.28M
YoY Change
Total Liabilities & Shareholders Equity $69.73M $50.37M
YoY Change 38.42% 16.83%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $968.0K -$5.751M
YoY Change -116.83% 681.39%
Depreciation, Depletion And Amortization $400.0K $1.990M
YoY Change -79.9% 1005.56%
Cash From Operating Activities -$2.145M -$4.758M
YoY Change -54.93% 5.38%
INVESTING ACTIVITIES
Capital Expenditures $490.0K $519.6K
YoY Change -5.69% 136.71%
Acquisitions $2.900M
YoY Change
Other Investing Activities -$2.930M $290.0K
YoY Change -1110.34% -127.62%
Cash From Investing Activities -$3.419M -$232.5K
YoY Change 1370.38% -81.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $200.0K
YoY Change
Cash From Financing Activities 4.683M 3.634M
YoY Change 28.84% -19531.11%
NET CHANGE
Cash From Operating Activities -2.145M -4.758M
Cash From Investing Activities -3.419M -232.5K
Cash From Financing Activities 4.683M 3.634M
Net Change In Cash -874.5K -1.356M
YoY Change -35.51% -76.64%
FREE CASH FLOW
Cash From Operating Activities -$2.145M -$4.758M
Capital Expenditures $490.0K $519.6K
Free Cash Flow -$2.635M -$5.277M
YoY Change -50.08% 11.47%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
321345
CY2017Q2 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2017Q1 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-608688
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1287898
CY2017Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
CY2017Q1 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
66771
CY2017Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
6
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
45484805
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2212568
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-7073482
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
786228
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
371975
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
771173
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
1358370
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
493551
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
869358
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
134789
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-150312
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
241281
CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-94997
CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
277622
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
489012
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
39792
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
90969
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-920309
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-981370
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-588548
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-628077
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-331761
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-353293
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2085801
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3039402
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-149519
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-64011
CY2017Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
771173
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
1502239
CY2017Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2900000
CY2016Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
CY2017Q2 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
30476
CY2016Q2 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
924623
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
489995
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
519569
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1432000
CY2017Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1672475
CY2017Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2400000
CY2016Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2017Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17002765
CY2016Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
12047913
CY2017Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
CY2016Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1215105
CY2017Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1861
CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2017Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
27706
CY2016Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
39001
CY2017Q2 us-gaap Profit Loss
ProfitLoss
1229880
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-7989380
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5359386
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5324488
CY2017Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1712153
CY2017Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1443901
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22162394
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
2225000
CY2017Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
25000
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
890369
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
19429736
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18461347
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2016Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
23949558
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
22965532
CY2017Q2 us-gaap Revenues
Revenues
47697373
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23163814
CY2016Q2 us-gaap Revenues
Revenues
30493253
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
195653
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
510960
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
890369
CY2017Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
14520242
CY2016Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
8727210
CY2017Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
200000
CY2016Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
35271530
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
27373119
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2047623
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2372527
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2042789
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2372527

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