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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Insignia Systems Inc | NASDAQ:ISIG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.73 | 6.80 | 8.70 | 0 | 01:00:00 |
DENVER, N.C., Feb. 14, 2019 /PRNewswire/ -- Air T, Inc. (NASDAQ: AIRT) is organized as a portfolio of powerful businesses, each of which is independent yet interrelated. These include overnight air cargo operations; ground support equipment manufacturing; ground support equipment maintenance services; and commercial aircraft management, leasing and logistics. Today the Company announced results for its fiscal quarter ended December 31, 2018.
Q3 2019 Overview
"While segment operating performance varied significantly, our consolidated third quarter operating results grew nicely from the prior year third quarter, as well as quarter over quarter," stated Nick Swenson, CEO and President of Air T. "Growth was driven by our Commercial Jet Engines and Parts segment. Congratulations to Joe Kuhn and his team! Their business posted a solid third quarter, with high levels of both revenues and operating income. Clearly, we have the start of a meaningful platform, and we are looking for innovative ways to enhance and accelerate the growth of this segment. In contrast, Air Cargo Services reported significantly lower operating results in the period. Higher direct and indirect flight crew expenses have significantly eroded our margins. We are pursuing appropriate accommodation and remain hopeful that Air Cargo will deliver acceptable profit levels --- on time. Similarly, the third quarter operating performance at Ground Support Maintenance Services sank from the prior year comparable quarter, although results improved sequentially from the second quarter of this year. Our new operating plan got traction in fiscal Q3, as we implemented various micro-actions to sustain a better operating dynamic. These actions included station by station assessments, with a special focus on markets for skilled labor. Management initiated certain rate increases and efficiency improvement plans in the early part of our fourth quarter. Finally, our Ground Support Equipment segment grew revenue at a rapid 26% in the quarter, which then reflected a more modest improvement in operating income. This segment is growing steadily and profitably under Mike Moore's leadership. As new product launches take hold, and our customers save money by upgrading to the technology solutions integrated into our latest equipment, we expect to continue to deliver real value for customers with jobs to do."
Business Segment Results
Commercial Jet Engines and Parts
Overnight Air Cargo
Aviation Ground Support Maintenance Services
Aviation Ground Support Equipment
Corporate
Other Investments and Financial Liquidity
ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and commercial aircraft asset management and logistics. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net.
FORWARD-LOOKING STATEMENTS
Certain matters discussed in this press release may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements are subject to risks, uncertainties and assumptions about our operations and the investments we make, including, among other things, factors discussed under the heading "Risk Factors" in our 10-K, as well as the following:
Forward-looking statements can be identified by the use of words like "believes," "could," "possibly," "probably," "anticipates," "estimates," "projects," "expects," "may," "will," "should," "seek," "intend," "plan," "expect," or "consider" or the negative of these expressions or other variations, or by discussions of strategy that involves risks and uncertainties. All forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual transactions, results, performance or achievements to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements. We base these forward-looking statements on current expectations and projections about future events and the information currently available to us. Although we believe that the assumptions for these forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Consequently, no representation or warranty can be given that the estimates, opinions, or assumptions made in or referenced by this prospectus will prove to be accurate. We undertake no obligation to update our forward-looking statements. We caution you that the forward-looking statements in this press release are only estimates and predictions, or statements or current intent. Actual results or outcomes, or actions that we ultimately undertake, could differ materially from those anticipated in the forward-looking statements due to risks, uncertainties or actual events differing from the assumptions underlying these statements. These risks, uncertainties and assumptions include, but are not limited to, those discussed in this press release.
AIR T, INC. AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||||
(UNAUDITED) | ||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||
2018 | 2017 | 2018 | 2017 | |||||||
Operating Revenues: | ||||||||||
Overnight air cargo | $ 17,868,191 | $ 18,028,688 | $ 52,573,449 | $ 52,851,936 | ||||||
Ground equipment sales | 16,278,359 | 12,911,101 | 35,501,936 | 34,376,866 | ||||||
Ground support services | 8,136,466 | 8,643,267 | 25,658,143 | 26,557,666 | ||||||
Printing equipment and maintenance | 104,980 | 905,860 | 543,748 | 5,340,163 | ||||||
Commercial jet engines and parts | 20,990,088 | 3,930,510 | 58,953,054 | 21,781,095 | ||||||
Corporate and other | 244,587 | 81,820 | 600,587 | 152,383 | ||||||
63,622,671 | 44,501,246 | 173,830,917 | 141,060,109 | |||||||
Operating Expenses: | ||||||||||
Overnight air cargo | 16,292,144 | 15,538,554 | 46,816,294 | 46,020,254 | ||||||
Ground equipment sales | 13,760,055 | 10,578,846 | 29,677,280 | 28,606,906 | ||||||
Ground support services | 7,098,098 | 7,337,862 | 22,925,769 | 21,738,525 | ||||||
Printing equipment and maintenance | 94,733 | 265,054 | 289,164 | 2,848,861 | ||||||
Commercial jet engines and parts | 12,268,266 | 2,143,540 | 38,052,172 | 15,534,775 | ||||||
Research and development | - | - | - | 195,653 | ||||||
General and administrative | 10,373,194 | 7,253,472 | 28,028,050 | 21,114,626 | ||||||
Depreciation and amortization | 2,253,291 | 768,660 | 5,554,904 | 1,522,998 | ||||||
Impairment | 7,125 | 46,930 | 27,818 | 220,957 | ||||||
Gain on sale of property and equipment | 10,802 | 16,648 | 10,802 | 16,648 | ||||||
62,157,708 | 43,949,566 | 171,382,253 | 137,820,203 | |||||||
Operating Income | 1,464,963 | 551,680 | 2,448,664 | 3,239,906 | ||||||
Non-operating Income (Expense): | ||||||||||
Gain on sale of marketable securities | 81,388 | 72,145 | 81,388 | 72,145 | ||||||
Foreign currency loss, net | (15,352) | (11,797) | (17,484) | (260,903) | ||||||
Other-than-temporary impairment loss on investments | (2,000,000) | (788,799) | (2,000,000) | (1,559,972) | ||||||
Other investment income (loss), net | (586,039) | 50,485 | (623,623) | 123,286 | ||||||
Interest expense | (1,186,349) | (538,459) | (2,607,639) | (1,010,177) | ||||||
Gain on asset retirement obligation | - | - | - | 562,500 | ||||||
Unrealized gain (loss) on interest rate swap | - | (199,122) | 145,222 | (199,122) | ||||||
Bargain purchase acquisition gain | - | - | 1,983,776 | 501,880 | ||||||
Income from equity method investments | 200,929 | 89,426 | 370,670 | 119,363 | ||||||
Other expense, net | (102,406) | - | (74,720) | - | ||||||
(3,607,829) | (1,326,121) | (2,742,410) | (1,651,000) | |||||||
Income (Loss) Before Income Taxes | (2,142,866) | (774,441) | (293,746) | 1,588,906 | ||||||
Income Taxes (Benefit) | 174,000 | (60,000) | 168,000 | 595,000 | ||||||
Net Income (Loss) | (2,316,866) | (714,441) | (461,746) | 993,906 | ||||||
Net (Income) Loss Attributable to Non-controlling | ||||||||||
Interests | $ (398,085) | $ 42,502 | $ (745,697) | $ (275,755) | ||||||
Net Income (Loss) Attributable to Air T, Inc. Stockholders | $ (2,714,951) | $ (671,939) | $ (1,207,443) | $ 718,151 | ||||||
Income (Loss) Per Share: | ||||||||||
Basic | $ (1.34) | $ (0.33) | $ (0.59) | $ 0.35 | ||||||
Diluted | $ (1.34) | $ (0.33) | $ (0.59) | $ 0.35 | ||||||
Weighted Average Shares Outstanding: | ||||||||||
Basic | 2,028,194 | 2,042,789 | 2,038,523 | 2,042,789 | ||||||
Diluted | 2,028,194 | 2,042,789 | 2,038,523 | 2,047,547 | ||||||
AIR T, INC. AND SUBSIDIARIES | |||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||
December 31, 2018 | March 31, 2018 | ||||
ASSETS | |||||
Current Assets: | |||||
Cash and cash equivalents (Delphax $58,511 and $241,430)* | $ 2,729,249 | $ 4,803,238 | |||
Marketable securities | 2,457,609 | 290,449 | |||
Restricted cash | 907,488 | 269,659 | |||
Restricted investments | 135,291 | 1,235,405 | |||
Accounts receivable, less allowance for doubtful accounts | |||||
of $739,607 and $801,000 (Delphax $293,044 and $317,000)* | 17,881,122 | 15,157,855 | |||
Costs and estimated earnings in excess of billings on uncompleted projects | - | 2,012,121 | |||
Income tax receivable | 1,940,955 | 1,557,180 | |||
Inventories, net | 39,585,915 | 34,231,005 | |||
Other current assets | 4,298,164 | 658,630 | |||
Prepaid expenses (Delphax $58,516 and $72,269)* | 1,680,419 | 1,455,566 | |||
Total Current Assets | 71,616,212 | 61,671,108 | |||
Investments in securities | 356,013 | 1,026,920 | |||
Assets on lease, net of accumulated depreciation of $4,932,576 and $1,625,237 | 26,920,552 | 15,664,606 | |||
Property and equipment, net of accumulated depreciation of $5,356,017 and $4,722,016 | 4,904,741 | 4,608,565 | |||
Cash surrender value of life insurance policies, net of policy loans | 562,430 | 2,356,507 | |||
Other tax receivables-long-term (Delphax $311,000 and $311,000)* | 311,000 | 311,000 | |||
Investments in funds | 278,709 | 324,854 | |||
Equity method investments | 5,666,430 | 5,032,268 | |||
Other assets | 598,006 | 420,981 | |||
Intangible assets, net of accumulated amortization of $2,081,004 and $1,788,598 | 1,271,688 | 1,312,472 | |||
Goodwill | 4,417,605 | 4,417,605 | |||
Total Assets | $ 116,903,386 | $ 97,146,886 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current Liabilities: | |||||
Accounts payable (Delphax $2,163,424 and $2,145,847)* | $ 10,960,852 | $ 10,181,143 | |||
Income tax payable (Delphax $0 and $11,312)* | 23,000 | 23,000 | |||
Accrued expenses (Delphax $3,127,229 and $3,244,514)* | 12,151,574 | 11,743,973 | |||
Deferred tax liabilities | - | - | |||
Current portion of long-term debt | 33,437,246 | 9,229,690 | |||
Total Current Liabilities | 56,572,672 | 31,177,806 | |||
Long-term debt | 33,361,871 | 38,855,260 | |||
Deferred tax liabilities | 641,080 | 92,000 | |||
Other non-current liabilities | 1,012,234 | 785,797 | |||
Total Liabilities | 91,587,857 | 70,910,863 | |||
Redeemable non-controlling interest | 2,998,161 | 1,992,939 | |||
Commitments and contingencies (Note 17) | |||||
Equity: | |||||
Air T, Inc. Stockholders' Equity: | |||||
Preferred stock, $1.00 par value, 50,000 shares authorized | - | - | |||
Common stock, $.25 par value; 4,000,000 shares authorized, | |||||
2,024,331 and 2,043,607 shares issued and outstanding | 506,084 | 510,901 | |||
Additional paid-in capital | 4,195,484 | 4,171,869 | |||
Retained earnings | 18,694,300 | 20,695,981 | |||
Accumulated other comprehensive loss | (120,284) | (260,900) | |||
Total Air T, Inc. Stockholders' Equity | 23,275,584 | 25,117,851 | |||
Non-controlling Interests | (958,216) | (874,767) | |||
Total Equity | 22,317,368 | 24,243,084 | |||
Total Liabilities and Equity | $ 116,903,386 | $ 97,146,886 | |||
* Amounts related to Delphax as of December 31, 2018 and March 31, 2018, respectively. | |||||
AIR T, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
Nine Months Ended December 31, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ (461,746) | $ 993,906 | |||||
Adjustments to reconcile net income to net | |||||||
cash provided by operating activities: | |||||||
Gain on sale of marketable securities | (28,060) | (72,145) | |||||
Loss on sale of property and equipment | 15,671 | 16,648 | |||||
Profit from sale of assets on lease | (946,185) | - | |||||
Change in inventory reserves | (367,022) | (69,222) | |||||
Change in accounts receivable reserves | (61,823) | (2,731) | |||||
Depreciation and amortization | 5,554,904 | 1,522,998 | |||||
Impairment | 27,818 | 220,957 | |||||
Change in cash surrender value of life insurance | (102,710) | (118,254) | |||||
Gain on asset retirement obligation | - | (562,500) | |||||
Gain on bargain purchase, net of tax | (1,983,777) | (501,880) | |||||
Deferred income taxes | - | (102,566) | |||||
Change in warranty reserve | 156,253 | 53,092 | |||||
Other-than-temporary impairment loss on investments | 2,000,000 | 1,559,972 | |||||
Unrealized loss on marketable securities | 854,874 | - | |||||
Unrealized (gain) loss on interest rate swap | (145,222) | 199,122 | |||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | (718,690) | 3,011,203 | |||||
Costs and estimated earnings in excess of billings and uncompleted projects | 2,012,121 | - | |||||
Notes receivable and other non-trade receivables | (3,638,929) | 1,053,846 | |||||
Inventories | (75,059) | 4,223,445 | |||||
Prepaid expense and other assets | (742,050) | 145,640 | |||||
Accounts payable | (506,587) | (2,294,265) | |||||
Accrued expenses | 147,160 | (538,232) | |||||
Income taxes payable/receivable | (72,775) | (603,843) | |||||
Non-current liabilities | 356,541 | 165,039 | |||||
Total adjustments | 1,736,453 | 7,306,324 | |||||
Net cash provided by operating activities | 1,274,707 | 8,300,230 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of marketable securities | (2,013,921) | (1,007,071) | |||||
Proceeds from sale of marketable securities | 836,510 | 537,826 | |||||
Acquisition of businesses, net of cash acquired | (3,375,700) | (2,900,000) | |||||
Cash used for equity method investments | (263,492) | - | |||||
Investment in reinsurance entity | (2,000,000) | - | |||||
Capital expenditures related to property & equipment | (1,010,330) | (1,655,551) | |||||
Capital expenditures related to assets on lease | (19,149,515) | (13,591,693) | |||||
Proceeds from sale of property and equipment | 50,602 | 1,861 | |||||
Proceeds from sale of assets on lease | 4,180,208 | - | |||||
Net cash used in investing activities | (22,745,638) | (18,614,628) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from lines of credit | 86,519,612 | 86,949,125 | |||||
Payments on lines of credit | (83,566,277) | (88,817,034) | |||||
Proceeds from term loan | 22,539,000 | 20,841,000 | |||||
Payments on term loan | (6,787,210) | (2,436,225) | |||||
Debt issuance costs | (150,142) | (156,115) | |||||
Proceeds from loan against cash surrender value of life insurance policies | 1,896,788 | - | |||||
Distribution to non-controlling member | (65,672) | (1,100,000) | |||||
Contribution from non-controlling member | 210,000 | 252,000 | |||||
Payments for repurchase of stock | (693,136) | - | |||||
Proceeds from exercise of stock options | 17,762 | - | |||||
Net cash provided by financing activities | 19,920,725 | 15,532,751 | |||||
Effect of foreign currency exchange rates on cash and cash equivalents | 114,046 | 3,370 | |||||
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (1,436,160) | 5,221,723 | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,072,897 | 3,653,734 | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 3,636,737 | $ 8,875,457 | |||||
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES: | |||||||
Non-cash capital expenditures related to property & equipment | $ 8,675 | $ - | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Cash paid during the year for: | |||||||
Interest | $ 2,084,085 | $ 690,859 | |||||
Income taxes | 490,181 | 1,457,518 | |||||
View original content:http://www.prnewswire.com/news-releases/air-t-inc-reports-third-quarter-fiscal-2019-results-300796280.html
SOURCE Air T, Inc.
Copyright 2019 PR Newswire
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