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10-Q Filing

AIR T INC CIK: 353184 Q3 2013
Filing Information
Form Type 10-Q
Accession Number 0000353184-14-000003
Period End Date 20131231
Filing Date 20140210
Fiscal Year 2013
Fiscal Period Q3
XBRL Instance airt-20131231.xml
Filing Contents
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts (in Dollars) AllowanceForDoubtfulAccountsReceivableCurrent $66.00K USD Point-in-time
Allowance for doubtful accounts (in Dollars) AllowanceForDoubtfulAccountsReceivableCurrent $122.00K 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
Preferred stock, shares authorized PreferredStockSharesAuthorized 50,000.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $9.20M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $5.81M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $9.54M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 50,000.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $6.87M USD Point-in-time
Common stock, par value (in Dollars per share) CommonStockParOrStatedValuePerShare $0.25 USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $122,000 and $66,000 AccountsReceivableNetCurrent $11.69M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $122,000 and $66,000 AccountsReceivableNetCurrent $10.02M USD Point-in-time
Common stock, par value (in Dollars per share) CommonStockParOrStatedValuePerShare $0.25 USD Point-in-time
Notes and other receivables-current AccountsNotesAndLoansReceivableNetCurrent $145.49K USD Point-in-time
Notes and other receivables-current AccountsNotesAndLoansReceivableNetCurrent $146.61K USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 4.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 4.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.45M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $287.00K USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.36M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $315.00K USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.45M shares Point-in-time
Inventories InventoryNet $11.78M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.36M shares Point-in-time
Inventories InventoryNet $8.18M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $410.00K USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $410.00K USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssets $977.76K USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssets $619.13K USD Point-in-time
Total Current Assets AssetsCurrent $30.52M USD Point-in-time
Total Current Assets AssetsCurrent $30.53M USD Point-in-time
Property and Equipment, net PropertyPlantAndEquipmentNet $3.47M USD Point-in-time
Property and Equipment, net PropertyPlantAndEquipmentNet $3.97M USD Point-in-time
Cash Surrender Value of Life Insurance Policies CashSurrenderValueOfLifeInsurance $1.83M USD Point-in-time
Cash Surrender Value of Life Insurance Policies CashSurrenderValueOfLifeInsurance $1.78M USD Point-in-time
Notes and Other Receivables-Long Term NotesAndLoansReceivableNetNoncurrent $77.19K USD Point-in-time
Notes and Other Receivables-Long Term NotesAndLoansReceivableNetNoncurrent $158.28K USD Point-in-time
Other Assets OtherAssetsNoncurrent $114.27K USD Point-in-time
Other Assets OtherAssetsNoncurrent $120.43K USD Point-in-time
Total Assets Assets $36.52M USD Point-in-time
Total Assets Assets $36.05M USD Point-in-time
Accounts payable AccountsPayableCurrent $5.74M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.20M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $2.12M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $3.07M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $7.86M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $9.27M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $69.00K USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $69.00K USD Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,355,028 and 2,446,286 shares issued and outstanding CommonStockValue $588.75K USD Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,355,028 and 2,446,286 shares issued and outstanding CommonStockValue $611.57K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $5.09M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $6.32M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $21.19M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $21.51M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $28.12M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $27.73M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $27.18M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $27.05M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $36.52M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $36.05M USD Point-in-time
Income Statement 80 line items
Line Item Tag Value Unit Period
Operating Revenues Revenues $72.35M USD 3 Qtrs
Operating Revenues Revenues $29.83M USD 1 Quarter
Operating Revenues Revenues $75.30M USD 3 Qtrs
Operating Revenues Revenues $26.70M USD 1 Quarter
Flight-air cargo FlightairCargo $14.94M USD 3 Qtrs
Flight-air cargo FlightairCargo $14.54M USD 3 Qtrs
Flight-air cargo FlightairCargo $5.54M USD 1 Quarter
Flight-air cargo FlightairCargo $5.14M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $19.58M USD 3 Qtrs
Maintenance-air cargo MaintenanceairCargo $7.51M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $5.67M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $15.70M USD 3 Qtrs
Ground equipment sales GroundEquipmentExpense $23.84M USD 3 Qtrs
Ground equipment sales GroundEquipmentExpense $8.59M USD 1 Quarter
Ground equipment sales GroundEquipmentExpense $9.31M USD 1 Quarter
Ground equipment sales GroundEquipmentExpense $19.23M USD 3 Qtrs
Ground support services GroundSupportExpenses $9.72M USD 3 Qtrs
Ground support services GroundSupportExpenses $2.52M USD 1 Quarter
Ground support services GroundSupportExpenses $7.58M USD 3 Qtrs
Ground support services GroundSupportExpenses $3.44M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $2.94M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.78M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $8.33M USD 3 Qtrs
General and administrative GeneralAndAdministrativeExpense $9.54M USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $540.29K USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $136.25K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $214.64K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $379.49K USD 3 Qtrs
Gain on sale of assets GainLossOnDispositionOfAssets1 $24.99K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $24.99K USD 3 Qtrs
OperatingExpenses OperatingExpenses $29.04M USD 1 Quarter
OperatingExpenses OperatingExpenses $70.36M USD 3 Qtrs
OperatingExpenses OperatingExpenses $25.72M USD 1 Quarter
OperatingExpenses OperatingExpenses $73.54M USD 3 Qtrs
Operating Income OperatingIncomeLoss $1.77M USD 3 Qtrs
Operating Income OperatingIncomeLoss $795.67K USD 1 Quarter
Operating Income OperatingIncomeLoss $1.99M USD 3 Qtrs
Operating Income OperatingIncomeLoss $986.54K USD 1 Quarter
Investment income InvestmentIncomeNet $11.25K USD 3 Qtrs
Investment income InvestmentIncomeNet $16.74K USD 3 Qtrs
Investment income InvestmentIncomeNet $4.17K USD 1 Quarter
Investment income InvestmentIncomeNet $3.22K USD 1 Quarter
Interest expense and Other InterestExpenseOther $5.84K USD 3 Qtrs
Interest expense and Other InterestExpenseOther $7.19K USD 3 Qtrs
Interest expense and Other InterestExpenseOther $4.94K USD 1 Quarter
Interest expense and Other InterestExpenseOther $4.00 USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $4.06K USD 3 Qtrs
NonoperatingIncomeExpense NonoperatingIncomeExpense $3.22K USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $-773.00 USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $10.90K USD 3 Qtrs
Income Before Income Taxes IncomeLossFromContinuingOperations $2.00M USD 3 Qtrs
Income Before Income Taxes IncomeLossFromContinuingOperations $794.90K USD 1 Quarter
Income Before Income Taxes IncomeLossFromContinuingOperations $1.78M USD 3 Qtrs
Income Before Income Taxes IncomeLossFromContinuingOperations $989.76K USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $340.00K USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $718.00K USD 3 Qtrs
Income Taxes IncomeTaxExpenseBenefit $357.00K USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $730.00K USD 3 Qtrs
Net Income NetIncomeLoss $632.76K USD 1 Quarter
Net Income NetIncomeLoss $1.28M USD 3 Qtrs
Net Income NetIncomeLoss $454.90K USD 1 Quarter
Net Income NetIncomeLoss $1.05M USD 3 Qtrs
Basic (in Dollars per share) EarningsPerShareBasic $0.26 USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $0.43 USD 3 Qtrs
Basic (in Dollars per share) EarningsPerShareBasic $0.52 USD 3 Qtrs
Basic (in Dollars per share) EarningsPerShareBasic $0.19 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $0.52 USD 3 Qtrs
Diluted (in Dollars per share) EarningsPerShareDiluted $0.19 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $0.43 USD 3 Qtrs
Diluted (in Dollars per share) EarningsPerShareDiluted $0.26 USD 1 Quarter
Dividends Declared Per Share (in Dollars per share) CommonStockDividendsPerShareDeclared $0.30 USD 3 Qtrs
Dividends Declared Per Share (in Dollars per share) CommonStockDividendsPerShareDeclared $0.25 USD 3 Qtrs
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 2.41M shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 2.43M shares 3 Qtrs
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 2.45M shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 2.45M shares 3 Qtrs
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.45M shares 3 Qtrs
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.44M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.45M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.46M shares 3 Qtrs
Cash Flow Statement 67 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $632.76K USD 1 Quarter
Net income NetIncomeLoss $1.28M USD 3 Qtrs
Net income NetIncomeLoss $454.90K USD 1 Quarter
Net income NetIncomeLoss $1.05M USD 3 Qtrs
(Gain) loss on disposal of equipment GainLossOnDispositionOfAssets $-2.18K USD 3 Qtrs
(Gain) loss on disposal of equipment GainLossOnDispositionOfAssets $24.99K USD 3 Qtrs
Change in accounts receivable and inventory reserves IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve $-105.07K USD 3 Qtrs
Change in accounts receivable and inventory reserves IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve $19.29K USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $540.29K USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $136.25K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $214.64K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $379.49K USD 3 Qtrs
Change in cash surrender value of life insurance IncreaseDecreaseInInsuranceAssets $51.00K USD 3 Qtrs
Change in cash surrender value of life insurance IncreaseDecreaseInInsuranceAssets $51.00K USD 3 Qtrs
Warranty reserve ProductWarrantyAccrualPeriodIncreaseDecrease $153.49K USD 3 Qtrs
Warranty reserve ProductWarrantyAccrualPeriodIncreaseDecrease $240.94K USD 3 Qtrs
Compensation expense related to stock options ShareBasedCompensation $17.82K USD 3 Qtrs
Compensation expense related to stock options ShareBasedCompensation $7.00K USD 3 Qtrs
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.61M USD 3 Qtrs
Accounts receivable IncreaseDecreaseInAccountsReceivable $-450.28K USD 3 Qtrs
Notes receivable and other non-trade receivables IncreaseDecreaseInReceivables $-208.87K USD 3 Qtrs
Notes receivable and other non-trade receivables IncreaseDecreaseInReceivables $-79.95K USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $4.43M USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $-1.04M USD 3 Qtrs
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $364.79K USD 3 Qtrs
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-234.34K USD 3 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $461.01K USD 3 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $-190.90K USD 3 Qtrs
Accrued expenses IncreaseDecreaseInAccruedLiabilities $705.89K USD 3 Qtrs
Accrued expenses IncreaseDecreaseInAccruedLiabilities $487.21K USD 3 Qtrs
Income taxes receivable/ payable IncreaseDecreaseInIncomeTaxesReceivable $-636.20K USD 3 Qtrs
Income taxes receivable/ payable IncreaseDecreaseInIncomeTaxesReceivable $28.00K USD 3 Qtrs
Total adjustments IncreaseDecreaseInOtherOperatingCapitalNet $-3.34M USD 3 Qtrs
Total adjustments IncreaseDecreaseInOtherOperatingCapitalNet $1.14M USD 3 Qtrs
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $87.06K USD 3 Qtrs
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-4.62M USD 3 Qtrs
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $292.51K USD 3 Qtrs
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $267.52K USD 3 Qtrs
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $123.25K USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $71.91K USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfPropertyPlantAndEquipment $39.14K USD 3 Qtrs
Proceeds from sale of assets ProceedsFromSaleOfPropertyPlantAndEquipment $8.00K USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-228.38K USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-284.51K USD 3 Qtrs
Payment of cash dividend PaymentsOfDividends $733.88K USD 3 Qtrs
Payment of cash dividend PaymentsOfDividends $611.57K USD 3 Qtrs
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $1.08M USD 3 Qtrs
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $25.38K USD 3 Qtrs
Repurchase of stock options RepurchaseOfStockOptions $222.74K USD 3 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-2.01M USD 3 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-611.57K USD 3 Qtrs
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $3.72M USD 3 Qtrs
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-2.32M USD 3 Qtrs
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $9.20M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $5.81M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $9.54M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $6.87M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $9.20M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $5.81M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $9.54M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $6.87M USD Point-in-time
Finished goods inventory transferred to equipment leased to customers NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $661.05K USD 3 Qtrs
Finished goods inventory transferred to equipment leased to customers NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $788.24K USD 3 Qtrs
Interest InterestPaid $5.80K USD 3 Qtrs
Interest InterestPaid $17.00K USD 3 Qtrs
Income taxes IncomeTaxesPaid $82.00K USD 3 Qtrs
Income taxes IncomeTaxesPaid $759.00K USD 3 Qtrs
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Balance at Beginning of Period StockholdersEquity $28.12M USD Point-in-time
Balance at Beginning of Period StockholdersEquity $27.73M USD Point-in-time
Cash dividend per share CommonStockDividendsPerShareCashPaid $0.30 USD 3 Qtrs
Balance at Beginning of Period StockholdersEquity $27.18M USD Point-in-time
Balance at Beginning of Period StockholdersEquity $27.05M USD Point-in-time
Cash dividend per share CommonStockDividendsPerShareCashPaid $0.25 USD 3 Qtrs
Net income NetIncomeLoss $632.76K USD 1 Quarter
Net income NetIncomeLoss $1.28M USD 3 Qtrs
Net income NetIncomeLoss $454.90K USD 1 Quarter
Net income NetIncomeLoss $1.05M USD 3 Qtrs
Cash dividend DividendsCash $611.57K USD 3 Qtrs
Cash dividend DividendsCash $733.88K USD 3 Qtrs
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $25.38K USD 3 Qtrs
Exercise of stock options (in Shares) StockIssuedDuringPeriodSharesStockOptionsExercised 2,500.00 shares 1 Quarter
Compensation expense related to stock options AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $17.82K USD 3 Qtrs
Compensation expense related to stock options AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $7.00K USD 3 Qtrs
Repurchase of stock options AdjustmentsToAdditionalPaidInCapitalRepurchaseOfStockOptions $222.74K USD 3 Qtrs
Repurchase of common stock StockRepurchasedDuringPeriodValue $1.08M USD 3 Qtrs
Balance at End of Period StockholdersEquity $28.12M USD Point-in-time
Balance at End of Period StockholdersEquity $27.73M USD Point-in-time
Balance at End of Period StockholdersEquity $27.18M USD Point-in-time
Balance at End of Period StockholdersEquity $27.05M USD Point-in-time

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

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