10-K Filing

AIR T INC CIK: 353184 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0000353184-12-000010`
Period End Date	20120331
Filing Date	20120605
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	airt-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 48 Cash Flow Statement 64 Stockholders Equity 17

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$108.00K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$40.00K	USD	Point-in-time
Preferred stock par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.78M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50,000.00	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50,000.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$51.03K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	4.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $108,000 and $40,000	`AccountsReceivableNetCurrent`	$8.95M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	4.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $108,000 and $40,000	`AccountsReceivableNetCurrent`	$11.69M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.43M	shares	Point-in-time
Notes and other receivables-current	`AccountsNotesAndLoansReceivableNetCurrent`	$78.42K	USD	Point-in-time
Notes and other receivables-current	`AccountsNotesAndLoansReceivableNetCurrent`	$64.25K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.45M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$642.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.43M	shares	Point-in-time
Inventories	`InventoryNet`	$14.54M	USD	Point-in-time
Inventories	`InventoryNet`	$11.54M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$430.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$406.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$428.04K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$761.02K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$31.21M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$30.71M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$1.19M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$1.89M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxAssetsNetNoncurrent`	$365.00K	USD	Point-in-time
Cash Surrender Value of Life Insurance Policies	`CashSurrenderValueOfLifeInsurance`	$1.68M	USD	Point-in-time
Cash Surrender Value of Life Insurance Policies	`CashSurrenderValueOfLifeInsurance`	$1.59M	USD	Point-in-time
Notes and Other Receivables-LongTerm	`NotesAndLoansReceivableNetNoncurrent`	$288.03K	USD	Point-in-time
Notes and Other Receivables-LongTerm	`NotesAndLoansReceivableNetNoncurrent`	$191.50K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$79.52K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$112.17K	USD	Point-in-time
Total Assets	`Assets`	$35.08M	USD	Point-in-time
Total Assets	`Assets`	$34.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.10M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.97M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.80M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$72.00K	USD	Point-in-time
Current portion of long-term obligations	`LongTermDebtCurrent`	$8.27K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.97M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.98M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$64.00K	USD	Point-in-time
Preferred stock, $1.00 par value, 50,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $1.00 par value, 50,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,446,286 and 2,431,286 shares issued and outstanding	`CommonStockValue`	$607.82K	USD	Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,446,286 and 2,431,286 shares issued and outstanding	`CommonStockValue`	$611.57K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$6.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$6.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.13M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.39M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$26.24M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$24.90M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.05M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$34.22M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$35.08M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Overnight air cargo	`CargoAndFreightRevenue`	$42.34M	USD	Annual
Overnight air cargo	`CargoAndFreightRevenue`	$48.34M	USD	Annual
Ground equipment sales	`GroundEquipmentSales`	$32.81M	USD	Annual
Ground equipment sales	`GroundEquipmentSales`	$32.09M	USD	Annual
Ground support services	`GroundSupportServices`	$8.22M	USD	Annual
Ground support services	`GroundSupportServices`	$8.95M	USD	Annual
Revenues	`Revenues`	$89.38M	USD	Annual
Revenues	`Revenues`	$83.36M	USD	Annual
Flight-air cargo	`FlightairCargo`	$19.87M	USD	Annual
Flight-air cargo	`FlightairCargo`	$18.41M	USD	Annual
Maintenance-air cargo	`MaintenanceairCargo`	$17.62M	USD	Annual
Maintenance-air cargo	`MaintenanceairCargo`	$21.59M	USD	Annual
Ground equipment sales	`GroundEquipmentExpense`	$28.16M	USD	Annual
Ground equipment sales	`GroundEquipmentExpense`	$27.00M	USD	Annual
Ground support services	`GroundSupportExpenses`	$6.09M	USD	Annual
Ground support services	`GroundSupportExpenses`	$6.04M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$11.34M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$10.59M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$365.91K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$278.36K	USD	Annual
Gain on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$103.41K	USD	Annual
Gain on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$22.37K	USD	Annual
OperatingCostsAndExpenses	`OperatingCostsAndExpenses`	$87.31M	USD	Annual
OperatingCostsAndExpenses	`OperatingCostsAndExpenses`	$79.92M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$3.44M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$2.07M	USD	Annual
Investment income	`InvestmentIncomeInterest`	$131.85K	USD	Annual
Investment income	`InvestmentIncomeInterest`	$34.33K	USD	Annual
Interest expense	`InterestExpense`	$1.40K	USD	Annual
Interest expense	`InterestExpense`	$11.65K	USD	Annual
NonoperatingIncomeExpense	`NonoperatingIncomeExpense`	$22.68K	USD	Annual
NonoperatingIncomeExpense	`NonoperatingIncomeExpense`	$130.45K	USD	Annual
Income Before Income Taxes	`IncomeLossAttributableToParent`	$3.57M	USD	Annual
Income Before Income Taxes	`IncomeLossAttributableToParent`	$2.10M	USD	Annual
Income Taxes	`IncomeTaxExpenseBenefit`	$1.43M	USD	Annual
Income Taxes	`IncomeTaxExpenseBenefit`	$746.00K	USD	Annual
Net Income	`NetIncomeLoss`	$1.35M	USD	Annual
Net Income	`NetIncomeLoss`	$2.14M	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.55	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.88	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.55	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.87	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.25	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.33	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.44M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.43M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.45M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.46M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.35M	USD	Annual
Net income	`NetIncomeLoss`	$2.14M	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$22.37K	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$103.41K	USD	Annual
Change in accounts receivable and inventory reserves	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$-236.21K	USD	Annual
Change in accounts receivable and inventory reserves	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$-135.42K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$365.91K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$278.36K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInInsuranceAssets`	$94.13K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInInsuranceAssets`	$91.70K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$405.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.00K	USD	Annual
Warranty reserve	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$489.00K	USD	Annual
Warranty reserve	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$188.00K	USD	Annual
Compensation expense related to stock options	`ShareBasedCompensation`	$4.80K	USD	Annual
Compensation expense related to stock options	`ShareBasedCompensation`	$1.47K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.04M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.67M	USD	Annual
Notes receivable and other non-trade receivables	`IncreaseDecreaseInReceivables`	$-110.69K	USD	Annual
Notes receivable and other non-trade receivables	`IncreaseDecreaseInReceivables`	$-74.48K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$3.17M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$4.70M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$58.96K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$365.64K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.48M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-100.41K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-321.95K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-447.58K	USD	Annual
Income taxes payable/ receivable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-714.00K	USD	Annual
Income taxes payable/ receivable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$539.00K	USD	Annual
Total adjustments	`IncreaseDecreaseInOtherOperatingCapitalNet`	$6.65M	USD	Annual
Total adjustments	`IncreaseDecreaseInOtherOperatingCapitalNet`	$597.95K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.52M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$752.27K	USD	Annual
Proceeds from sale of investments	`PaymentsForProceedsFromInvestments`	$-2.22M	USD	Annual
Proceeds from sale of investments	`PaymentsForProceedsFromInvestments`	$-51.03K	USD	Annual
Purchase of investments	`PaymentsToAcquireInvestments`	$20.98K	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$45.25K	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$121.20K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$255.52K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.00M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.07M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-905.50K	USD	Annual
Payment of cash dividend	`PaymentsOfDividends`	$611.57K	USD	Annual
Payment of cash dividend	`PaymentsOfDividends`	$802.34K	USD	Annual
Payment on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$12.37K	USD	Annual
Payment on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.27K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$124.35K	USD	Annual
Tax effect from exercise and forfeiture of stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-52.16K	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfEquity`	$391.00	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-547.65K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-815.10K	USD	Annual
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-700.88K	USD	Annual
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.26M	USD	Annual
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$6.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$9.78M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$6.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$9.78M	USD	Point-in-time
Interest	`InterestPaid`	$1.80K	USD	Annual
Interest	`InterestPaid`	$3.00K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$887.00K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$1.09M	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$26.24M	USD	Point-in-time
Cash dividend per share	`CommonStockDividendsPerShareCashPaid`	$0.33	USD	Annual
Balance	`StockholdersEquity`	$24.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time
Cash dividend per share	`CommonStockDividendsPerShareCashPaid`	$0.25	USD	Annual
Net income	`NetIncomeLoss`	$1.35M	USD	Annual
Net income	`NetIncomeLoss`	$2.14M	USD	Annual
Cash dividend	`DividendsCash`	$-802.34K	USD	Annual
Cash dividend	`DividendsCash`	$-611.57K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$124.35K	USD	Annual
Tax effect from exercise and forfeiture of stock options	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$-52.16K	USD	Annual
Compensation expense related to stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$4.80K	USD	Annual
Compensation expense related to stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.47K	USD	Annual
Stock repurchase	`StockRepurchasedDuringPeriodValue`	$-391.00	USD	Annual
Balance	`StockholdersEquity`	$26.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.