Air T, Inc. Reports First Quarter Fiscal 2023 Results

DENVER, NC / ACCESSWIRE / August 12, 2022 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies using processes that increase value over time. We believe we can apply corporate resources to help activate growth and overcome challenges.

Our core segments are overnight air cargo; aviation ground equipment manufacturing and sales; commercial jet engines and parts; and corporate and other.

Today the Company is announcing results for the fiscal first quarter ended June 30, 2022:

• Revenues totaled $50.9 million for the quarter ended June 30, 2022, an increase of $13.9 million, or 38% from the prior year's comparable quarter.
• Operating income was $0.8 million for the quarter ended June 30, 2022, an increase of $0.8 million from the prior year's operating loss of $4 thousand.
• Adjusted EBITDA* profit of $1.5 million for the quarter ended June 30, 2022, compared to an Adjusted EBITDA* profit of $0.3 million in the prior year's comparable quarter.
• Loss per share of $0.50 for the quarter ended June 30, 2022, compared to the income per share of $0.10 for the prior year's comparable quarter.
• Total Equity decreased from $25.7 million as of March 31, 2022, to $25.1 million as of June 30, 2022, a decrease of $0.6 million, or 2%.

*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.

Company Chairman and CEO Nick Swenson commented:

"The quarter's operational highlights included continued investment by the aircraft JV, and the spin-out of Crestone Air Partners as a separate entity to manage the JV. In addition, Contrail continued to perform at a very high level operationally and financially. Financially, the quarter was negatively impacted by a difficult comp at GGS and a significant increase in accrued healthcare costs.

GGS is very excited to demonstrate its Remotely Controlled Aircraft Deicer this September at the GSE Expo in Paris. This revolutionary technology will allow our customers to use their most qualified personnel to operate GGS deicers from anywhere in the world. While sitting in Paris, GSE Expo attendees will be able to drive and operate a Global RAD deicer located at Denver International Airport in Colorado."