air t inc (AIRT) Key Developments
Air T, Inc., Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc. and Global Aviation Services, LLC Enters into Credit Agreement
Apr 7 15
On April 1, 2015, Air T, Inc. entered into a Credit Agreement dated as of April 1, 2015 among the company and Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc. and Global Aviation Services, LLC, as borrowers, and Branch Banking and Trust Company, as lender. The Credit Agreement provides for a two-year, senior secured revolving credit facility of $20.0 million, with a sublimit for issuances of letters of credit of up to $500,000. The Credit Agreement became effective on April 1, 2015. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility. The Revolving Credit Facility matures on April 1, 2017. Borrowings under the Revolving Credit Facility, together with hedging obligations owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the company and the other borrowers, but excluding interests in real property. The Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of the company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $22.0 million, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a minimum consolidated asset coverage ratio of 1.75 to 1.0, and a maximum consolidated leverage ratio of 3.5 to 1.0.
Air T Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014
Feb 3 15
Air T Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported consolidated net earnings of $1,448,000 or $0.61 per diluted share compared to consolidated net earnings of $455,000 or $0.19 per diluted share for the similar fiscal 2014 comparable period. Consolidated revenue increased $1,058,000 (4%) to $30,893,000 for the quarter ended December 31, 2014 compared to the comparable quarter in the prior fiscal year. Consolidated operating income increased $1,345,000 (169%) for the quarter ended December 31, 2014 compared to the comparable quarter in the prior fiscal year. The increase in consolidated operating income from the prior year quarter includes a gain on sale of assets for the current year quarter of $781,000 compared to $25,000 in the prior year quarter.
For the nine months, the company reported operating revenues of $87,296,000 against $75,305,000 a year ago. Net earnings were $3,340,000 or $1.41 per diluted share against $1,050,000 or $0.43 per diluted share a year ago.
Air T Inc. to Report Q3, 2015 Results on Feb 03, 2015
Jan 27 15
Air T Inc. announced that they will report Q3, 2015 results at 5:00 PM, Eastern Standard Time on Feb 03, 2015
Air T Inc. Announces Executive Changes
Nov 17 14
Air T Inc. appointed Candice L. Otey as its Vice President-Finance, Chief Financial Officer, Treasurer and Secretary and designated her as the company's principal financial officer, on November 17, 2014. Ms. Otey, appointed as the company's principal accounting officer on July 25, 2014, will continue to serve in that position. In connection with Ms. Otey's appointment, on November 17, 2014, Cheryl C. Sigmon was removed as the company's Vice President-Finance, Treasurer, Secretary and principal financial officer. Ms. Sigmon will continue to serve the company as the chief financial officer of the company's air cargo segment, which is comprised of its Mountain Air Cargo Inc. and CSA Air Inc. subsidiaries.
Air T, Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended September 30, 2014
Nov 7 14
Air T Inc. reported consolidated unaudited earnings results for the second quarter and six months ended September 30, 2014. For the quarter, the company reported consolidated net earnings of $1,818,000 or $0.77 per diluted share compared to consolidated net earnings of $456,000 or $0.18 per diluted share for the similar fiscal 2014 period. Operating revenues were $34,625,000 against $24,190,000 a year ago. Consolidated operating income increased $1,844,000 or 245% compared to the same quarter in the prior fiscal year.
For the six months, the company reported operating revenues of $56,403,000 against $45,470,000 a year ago. Net earnings were $1,891,000 or $0.80 per diluted share against $595,000 or $0.24 per diluted share a year ago.