10-K Filing

AIR T INC CIK: 353184 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0000353184-14-000011`
Period End Date	20140331
Filing Date	20140602
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	airt-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 45 Cash Flow Statement 64 Stockholders Equity 18 Comprehensive Income 1

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$150.00K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$66.00K	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`	$9.20M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.76M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50,000.00	shares	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
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$1.46M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $150,000 and $66,000	`AccountsReceivableNetCurrent`	$10.25M	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
Accounts receivable, less allowance for doubtful accounts of $150,000 and $66,000	`AccountsReceivableNetCurrent`	$11.69M	USD	Point-in-time
Notes and other receivables-current	`AccountsNotesAndLoansReceivableNetCurrent`	$1.63M	USD	Point-in-time
Notes and other receivables-current	`AccountsNotesAndLoansReceivableNetCurrent`	$145.49K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.36M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.36M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.45M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$761.00K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$287.00K	USD	Point-in-time
Inventories	`InventoryNet`	$8.18M	USD	Point-in-time
Inventories	`InventoryNet`	$12.24M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$410.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$210.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$619.13K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$845.60K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$30.53M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$31.15M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.47M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.99M	USD	Point-in-time
Cash Surrender Value of Life Insurance Policies	`CashSurrenderValueOfLifeInsurance`	$1.89M	USD	Point-in-time
Cash Surrender Value of Life Insurance Policies	`CashSurrenderValueOfLifeInsurance`	$1.78M	USD	Point-in-time
Notes and Other Receivables-LongTerm	`NotesAndLoansReceivableNetNoncurrent`	$59.61K	USD	Point-in-time
Notes and Other Receivables-LongTerm	`NotesAndLoansReceivableNetNoncurrent`	$158.28K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$114.27K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$135.73K	USD	Point-in-time
Total Assets	`Assets`	$36.05M	USD	Point-in-time
Total Assets	`Assets`	$37.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.59M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.86M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$9.02M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$69.00K	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$842.00K	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`	$588.76K	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`	$6.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.92M	USD	Point-in-time
Accumulated other comprehensive income (loss), net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.78K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.36M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$28.12M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.05M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$37.22M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$36.05M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Operating Revenues	`Revenues`	$103.06M	USD	Annual
Operating Revenues	`Revenues`	$100.77M	USD	Annual
Flight-air cargo	`FlightairCargo`	$20.02M	USD	Annual
Flight-air cargo	`FlightairCargo`	$20.68M	USD	Annual
Maintenance-air cargo	`MaintenanceairCargo`	$23.14M	USD	Annual
Maintenance-air cargo	`MaintenanceairCargo`	$25.72M	USD	Annual
Ground equipment sales	`GroundEquipmentExpense`	$35.01M	USD	Annual
Ground equipment sales	`GroundEquipmentExpense`	$24.58M	USD	Annual
Ground support services	`GroundSupportExpenses`	$13.59M	USD	Annual
Ground support services	`GroundSupportExpenses`	$10.33M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$12.84M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$11.30M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$752.41K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$532.77K	USD	Annual
Loss (gain) on sale of property and equipment	`GainLossOnDispositionOfAssets1`	$-4.36K	USD	Annual
Loss (gain) on sale of property and equipment	`GainLossOnDispositionOfAssets1`	$23.62K	USD	Annual
OperatingExpenses	`OperatingExpenses`	$100.34M	USD	Annual
OperatingExpenses	`OperatingExpenses`	$98.14M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$2.73M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$2.63M	USD	Annual
Gain on sale of marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	$10.95K	USD	Annual
Other investment income, net	`OtherNonoperatingIncomeExpense`	$15.14K	USD	Annual
Other investment income, net	`OtherNonoperatingIncomeExpense`	$1.83K	USD	Annual
NonoperatingIncomeExpense	`NonoperatingIncomeExpense`	$1.83K	USD	Annual
NonoperatingIncomeExpense	`NonoperatingIncomeExpense`	$26.10K	USD	Annual
Income Before Income Taxes	`IncomeLossFromContinuingOperations`	$2.66M	USD	Annual
Income Before Income Taxes	`IncomeLossFromContinuingOperations`	$2.73M	USD	Annual
Income Taxes	`IncomeTaxExpenseBenefit`	$1.06M	USD	Annual
Income Taxes	`IncomeTaxExpenseBenefit`	$1.19M	USD	Annual
Net Income	`NetIncomeLoss`	$1.47M	USD	Annual
Net Income	`NetIncomeLoss`	$1.67M	USD	Annual
Unrealized loss from marketable securities (net of $3,000 tax effect)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-7.78K	USD	Annual
Total Other Comprehensive Income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-7.78K	USD	Annual
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.67M	USD	Annual
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$1.46M	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.61	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.68	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.68	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.60	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.25	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.45M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.41M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.43M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.45M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.47M	USD	Annual
Net income	`NetIncomeLoss`	$1.67M	USD	Annual
Gain on sale of marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	$10.95K	USD	Annual
Loss (gain) on sale of property and equipment	`GainLossOnDispositionOfAssets`	$23.62K	USD	Annual
Loss (gain) on sale of property and equipment	`GainLossOnDispositionOfAssets`	$-4.36K	USD	Annual
Change in accounts receivable and inventory reserves	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$25.57K	USD	Annual
Change in accounts receivable and inventory reserves	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$-49.74K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$752.41K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$532.77K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInInsuranceAssets`	$106.43K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInInsuranceAssets`	$97.51K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$911.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$25.00K	USD	Annual
Warranty reserve	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$184.00K	USD	Annual
Warranty reserve	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$357.35K	USD	Annual
Compensation expense related to stock options	`ShareBasedCompensation`	$13.00K	USD	Annual
Compensation expense related to stock options	`ShareBasedCompensation`	$23.20K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.69M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.36M	USD	Annual
Notes receivable and other non-trade receivables	`IncreaseDecreaseInReceivables`	$48.00K	USD	Annual
Notes receivable and other non-trade receivables	`IncreaseDecreaseInReceivables`	$1.38M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$4.02M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-4.59M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$247.92K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-139.80K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-258.23K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$684.68K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$115.18K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-30.84K	USD	Annual
Income taxes payable/ receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-355.00K	USD	Annual
Income taxes payable/ receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$474.00K	USD	Annual
Total adjustments	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.69M	USD	Annual
Total adjustments	`IncreaseDecreaseInOtherOperatingCapitalNet`	$2.02M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-554.61K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.36M	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$1.73M	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$274.54K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$40.74K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.28M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$375.05K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.70M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-367.05K	USD	Annual
Payment of cash dividend	`PaymentsOfDividends`	$611.57K	USD	Annual
Payment of cash dividend	`PaymentsOfDividends`	$733.88K	USD	Annual
Repurchase off common stock	`PaymentsForRepurchaseOfCommonStock`	$1.08M	USD	Annual
Repurchase of stock options	`RepurchaseOfStockOptions`	$394.49K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$25.38K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.18M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-611.57K	USD	Annual
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.38M	USD	Annual
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.44M	USD	Annual
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$9.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$3.76M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$9.20M	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`	$3.76M	USD	Point-in-time
Change in fair value of marketable securities	`ChangeInFairValueOfMarketableSecurities`	$-10.78K	USD	Annual
Finished goods inventory transferred to equipment leased to customers	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$661.05K	USD	Annual
Interest	`InterestPaid`	$22.00K	USD	Annual
Interest	`InterestPaid`	$6.00K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$755.00K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$675.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$27.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$28.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.47M	USD	Annual
Net income	`NetIncomeLoss`	$1.67M	USD	Annual
Unrealized loss from marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-7.78K	USD	Annual
Cash dividend	`DividendsCash`	$733.88K	USD	Annual
Cash dividend	`DividendsCash`	$611.57K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$25.38K	USD	Annual
Exercise of stock options (in Shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	2,500.00	shares	Annual
Repurchase of stock options	`AdjustmentsToAdditionalPaidInCapitalRepurchaseOfStockOptions`	$394.49K	USD	Annual
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$1.08M	USD	Annual
Tax effect from exercise, forfeiture and repurchase of stock options	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$-65.00K	USD	Annual
Compensation expense related to stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$23.20K	USD	Annual
Compensation expense related to stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$13.00K	USD	Annual
Balance	`StockholdersEquity`	$27.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$28.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time

Comprehensive Income 1 line items

Line Item	Tag	Value	Unit	Period
Unrealized loss from marketable securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-3.00K	USD	Annual

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