Diversified Holding Company Air T, Inc. Q1 2019 Revenue Rose 28% to $60.9M And Q1 2019 Operating Income Rose 18% to $2.6M; Announces Consideration of Trust Preferred Offering

• This segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers
• Revenues for this segment, which is the world's largest manufacturer of aircraft de-icing equipment, totaled $6.4 million for the fiscal quarter ended June 30, 2018. This represents an increase of 7% over the revenue of $5.9 million in the prior comparable quarter.
• The segment has a sales backlog of $17.5 million as of June 30, 2018 compared to $16.4 million a year-ago.

Other Investments and Financial Liquidity

• Air T owned approximately 3.5 million shares of common stock of Insignia Systems, Inc. (NASDAQ: ISIG) with a market value of $5.7 million as of June 30, 2018
• As of June 30, 2018, Air T had $9.6 million of securities (including Insignia at market value of $5.7 million)
• Working capital as of June 30, 2018 totaled $25.2 million compared to $30.5 million as of March 31, 2018

Consideration of Trust Preferred Offering
Air T is considering issuing and distributing $3 million in face value of a new 8% fixed income security, Alpha Income Preferred (AIP), pro rata to existing holders of Air T common stock. At this time, it is contemplated that Air T stockholders would also receive warrants to purchase up to an additional $17 million in 8% AIP at a discount to face value, exercisable for up to one year. If the warrants are all exercised, there will be $20 million in face amount of 8% AIP outstanding. The 8% AIP will be preferred securities of a subsidiary trust to be formed by Air T. Air T currently expects that both the AIP and the warrants would be listed for trading upon issuance on The Nasdaq Stock Market or another exchange or quotation service.  Air T anticipates completing the distribution in the third or fourth quarter of calendar 2018. However, Air T's Board has not yet approved this distribution nor has Air T yet engaged a trustee or finalized the plans for the distribution, which are subject to delay or cancellation.

Air T believes the distribution and issuance of the 8% AIP, if successfully implemented, will benefit Air T and its stockholders by increasing Air T's financial flexibility. Exercises of warrants will provide additional cash resources for Air T's investments and operations. In addition, the distribution will provide holders of Air T's securities with the ability to adjust their portfolios of securities according to their investment priorities.

ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a powerful portfolio of businesses and financial assets, each of which is independent yet interrelated. Its four core segments are: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and commercial aircraft asset management and logistics. Our ownership interests are designed to expand, strengthen and diversify Air T's cash earnings power.  Our goal is to build on Air T's core businesses, and when appropriate, to expand into adjacent and other industries that we believe fit into the Air T portfolio.  For more information, visit www.airt.net.

FORWARD-LOOKING STATEMENTS
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including, but not limited to, the risk that contracts with major customers will be terminated or not extended, future economic conditions and their impact on the Company's customers, the Company's ability to recover on its investments, including its investments in Delphax and other recently acquired companies, the timing and amounts of future orders under the Company's Global Ground Support subsidiary's contract with the United States Air Force, and risks and uncertainties related to business acquisitions, including the ability to successfully achieve the anticipated benefits of the acquisitions, inflation rates, competition, changes in technology or government regulation, information technology disruptions, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. The Company is under no obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
		Three Months Ended June 30,
		2018			2017
Operating Revenues:
Overnight air cargo		$	17,640,658		$	16,742,175
Ground equipment sales		6,384,781			5,949,656
Ground support services		9,047,640			9,113,073
Printing equipment and maintenance		298,823			3,131,381
Commercial jet engines and parts		27,320,175			12,725,341
Corporate		175,392			35,747
		60,867,469			47,697,373
Operating Expenses:
Overnight air cargo		15,174,396			14,562,143
Ground equipment sales		4,937,312			4,754,215
Ground support services		7,805,209			7,418,393
Printing equipment and maintenance		145,528			1,501,056
Commercial jet engines and parts		20,121,118			10,069,850
Research and development		-			195,653
General and administrative		8,584,803			6,584,668
Depreciation, amortization and impairment		1,495,401			398,827
		58,263,767			45,484,805
Operating Income		2,603,702			2,212,568
Non-operating Income (Expense):
Foreign currency gain (loss), net		(2,182)			(188,624)
Other-than-temporary impairment loss on investments		-			(771,173)
Other investment income (loss), net		(315,507)			30,651
Interest expense and other		(707,199)			(149,519)
Unrealized gain on interest rate swap		97,337			-
Bargain purchase acquisition gain, net of tax		1,983,777			501,880
Equity in income (loss) of associated company		9,183			(31,903)
		1,065,409			(608,688)
Income Before Income Taxes		3,669,111			1,603,880 Werbung Mehr Nachrichten zur Lendway Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 10:13 - ARIVA.DE Redaktion Minimale Kursveränderung bei Volkswagen-Aktie (89,64 €) 06.01.25 - ARIVA.DE Redaktion Deutsche Post-Aktie leicht im Plus (34,31 €) 06.01.25 - ARIVA.DE Redaktion Kursgewinne für die SAP-Aktie (235,75 €) 1000 Der nächste Lithium-Gigant?    Rio Tinto setzt 44,4 Mio. Dollar auf das Potenzial dieser Junior-Aktie! weiterlesen» Anzeige wo-site-teaser-box-19005_site-teaser-box_2025-01-07_09%253A00%253A00_2025-01-08_09%253A00%253A59