Air T, Inc. Reports First Quarter Fiscal 2023 Results - Seite 2

Business Segment Results

Overnight Air Cargo

• This segment provides air express delivery services, substantially all for FedEx.
• Revenues for this segment increased 9% to $20.6 million in the quarter ended June 30, 2022, compared to $18.9 million in the prior year quarter. The increase was principally attributable to higher administrative fees and maintenance labor revenue from FedEx.
• Adjusted EBITDA* for this segment was $1.1 million for the quarter ended June 30, 2022, an increase of $0.3 million when compared to the prior year quarter, primarily due to the revenue increase noted above.

Aviation ground equipment manufacturing and sales ("GGS")

• This segment, which includes the world's largest manufacturer of aircraft de-icing equipment, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, and military and industrial customers.
• Revenues for this segment totaled $5.8 million for the quarter ended June 30, 2022, down 29% versus $8.2 million in the same quarter in 2021. The decrease was primarily driven by a lower sales volume of military deicing trucks in the current quarter compared to prior year comparable quarter.
• Adjusted EBITDA* for this segment was $0.2 million in the quarter ended June 30, 2022, a decrease of $1.3 million compared to the prior year quarter, due primarily to the revenue decrease noted above.
• As of June 30, 2022, this segment's order backlog was $17.2 million versus $7.1 million on June 30, 2021.

Commercial Jet Engines and Parts

• This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics.
• Revenues for this segment totaled $22.9 million for the quarter ended June 30, 2022, an increase of $13.3 million versus the previous year's first fiscal quarter. The increase was primarily driven by higher component part sales across all companies within the segment and engine sales at AirCo1 that did not occur in the same quarter in the prior fiscal year.
• Adjusted EBITDA* for this segment was $3.3 million for the quarter ended June 30, 2022, compared to an Adjusted EBITDA* loss of $74 thousand in the prior year comparable quarter.

Corporate and Other