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Air T widens stock purchase loss to US$3.67 million as revenues soar 36pc
MAIDEN, North Carolina's Air T Inc has posted a net loss of US$3.67 million for the fiscal 2017's first quarter ending June 30, widening last year's quarterly a loss of $736,000 with this quarter's earnings drawn on revenues of $30.49 million, up 36 per cent year on year.
Quarterly results include a non-operating charge of $1.50 million related to an "other-than-temporary impairment of the Company's investment in marketable securities of Insignia Systems Inc".
On November 24, 2015, Air T purchased from Delphax shares of its Series B Preferred Stock. As a result of its acquisition of these interests, Delphax is required to be consolidated with Air T from November 24, 2015.
The operating loss attributable to Delphax included in consolidated net income for the three months ended June 30, 2016 was $6.93 million.
"Net loss attributable to Air T stockholders reflects a GAAP adjustment to net loss to eliminate the Delphax net loss attributable to the interests in Delphax not held by Air T," said the company statement.
Quarterly overnight air cargo revenues increased 29 per cent to $16.63 million year on year.
Administrative fee revenues increased to reflect the greater administrative fee amount paid under the dry-lease agreements which became effective on June 1, 2015, said the company statement.
In addition, maintenance revenues increased to reflect the higher hourly maintenance labour rate under these agreements during the current quarter.
Ground equipment sales revenue increased five per cent to $4.25 million this quarter. Ground equipment operating loss decreased 73 per cent to $141,000 year on year.
Ground support services segment revenue increased 25 per cent to $6.80 million.
Established in 1980, Air T Inc is a diversified holding company with four core industry segments: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and aircraft engine aftermarket and surplus parts.
Quarterly results include a non-operating charge of $1.50 million related to an "other-than-temporary impairment of the Company's investment in marketable securities of Insignia Systems Inc".
On November 24, 2015, Air T purchased from Delphax shares of its Series B Preferred Stock. As a result of its acquisition of these interests, Delphax is required to be consolidated with Air T from November 24, 2015.
The operating loss attributable to Delphax included in consolidated net income for the three months ended June 30, 2016 was $6.93 million.
"Net loss attributable to Air T stockholders reflects a GAAP adjustment to net loss to eliminate the Delphax net loss attributable to the interests in Delphax not held by Air T," said the company statement.
Quarterly overnight air cargo revenues increased 29 per cent to $16.63 million year on year.
Administrative fee revenues increased to reflect the greater administrative fee amount paid under the dry-lease agreements which became effective on June 1, 2015, said the company statement.
In addition, maintenance revenues increased to reflect the higher hourly maintenance labour rate under these agreements during the current quarter.
Ground equipment sales revenue increased five per cent to $4.25 million this quarter. Ground equipment operating loss decreased 73 per cent to $141,000 year on year.
Ground support services segment revenue increased 25 per cent to $6.80 million.
Established in 1980, Air T Inc is a diversified holding company with four core industry segments: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and aircraft engine aftermarket and surplus parts.
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