air t inc (AIRT) Key Developments
Air T Unit Wins Supply Contract Worth More Than $32 million from American Airlines
Jul 1 15
Air T (AIRT), announced that its Global Ground Support subsidiary has been awarded a contract worth more than $32 million to supply its Ultimate 2200 aircraft deicing vehicles to American Airlines. Deliveries are expected to be completed in November. The vehicles will provide American Airlines with the glycol fluid reduction technology through Global's MIDAS vehicle telemetry system.
Air T, Inc. Reports Consolidated Earnings Results for the Fiscal Year Ended March 31, 2015
Jun 8 15
Air T Inc. reported consolidated earnings results for the fiscal year ended March 31, 2015. For the year, the company reported net earnings of $2,484,000 or $1.04 per diluted share compared to net earnings of $1,467,000 or $0.60 per diluted share a year ago. Revenue was $112,181,000 compared to $100,772,000 a year ago, representing an 11% increase.
Air T Inc. to Report Fiscal Year 2015 Results on Jun 08, 2015
Jun 1 15
Air T Inc. announced that they will report fiscal year 2015 results at 8:00 PM, GMT Standard Time on Jun 08, 2015
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.